Geospace Reports $9.8M Q1 Loss As Revenue Drops 31%
Geospace reported a first-quarter net loss of $9.8 million, or $0.76 per diluted share, compared with $8.4 million net income last year. Revenue plunged 31% to $25.6 million as Energy Solutions fell 40%, Smart Water dropped 21% and Industrial segment declined 8%.
1. Q1 Financial Results
Geospace posted a first-quarter net loss of $9.8 million, or $0.76 per diluted share, reversing a $8.4 million profit in the same period last year. Total revenue fell 31% to $25.6 million.
2. Segment Performance
Energy Solutions revenue declined 40% due to reduced utilization of the OBX rental fleet. Smart Water and Intelligent Industrial segments saw revenue declines of 21% and 8%, respectively.
3. Market Reaction and Outlook
Shares tumbled over 40% following the earnings release and management did not provide revenue or earnings guidance for upcoming quarters, increasing uncertainty around the recovery timeline.