季報
季度報告
10-Q
2026-08-07
Geospace Technologies第三財季收入跌36% 淨虧損971萬美元
AI 繁中摘要
Geospace Technologies（納斯達克：GEOS）公布截至2026年6月30日止第三財季（2026財年Q3）業績，期內收入及盈利均顯著受壓，錄得大額虧損。
📉 業績重點（未經審核）
- 第三季總收入1,580萬美元，按年大跌36%，去年同期為2,484萬美元。
- 產品收入1,522萬美元，低於去年同期的2,323萬美元；租賃收入僅58.6萬美元，去年同期為161.6萬美元。
- 第三季淨虧損970.8萬美元，每股虧損0.75美元；去年同期淨利潤76萬美元，每股盈利0.06美元。
- 首九個月（2025年10月至2026年6月）累計收入6,113萬美元，去年同期為8,009萬美元；累計淨虧損3,052萬美元，每股虧損2.37美元，遠差於去年同期的淨虧損66.2萬美元。
📊 分部表現（產品及服務收入，不含租賃）
- Smart Water：第三季462萬美元，去年同期1,052萬美元，跌幅明顯。
- Energy Solutions：第三季539萬美元，去年同期661萬美元，輕微下滑。
- Intelligent Industrial：第三季521萬美元，去年同期610萬美元。
💰 財務狀況
- 截至2026年6月30日，現金及等價物僅283萬美元，遠低於去年9月底的2,634萬美元；另有限制現金200萬美元。
- 總資產1.251億美元，股東權益9,571萬美元，較去年9月底的1.255億美元大幅減少。
- 存貨總值5,071萬美元，持續偏高；期內確認存貨過時費用230萬美元。
- 期內經營現金流出2,735萬美元，主要受
展開英文正文
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the Quarterly Period Ended June 30, 2026 OR
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from ____ to ____
Commission file number 001-13601
GEOSPACE TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Texas
76-0447780
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
7007 Pinemont
Houston, Texas
77040
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (713) 986-4444
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock
GEOS
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026 the registrant had 12,935,603 shares of common stock, $0.01 par value per share, outstanding.
Table of Contents
Table of Contents
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
14
Item 3. Quantitative and Qualitative Disclosures about Market Risk
19
Item 4. Controls and Procedures
20
Item 5. Other Information
20
PART II. OTHER INFORMATION
Item 6. Exhibits
21
2
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands except share amounts)
(unaudited)
June 30, 2026
September 30, 2025
ASSETS
Current assets:
Cash and cash equivalents
$2,833 $26,338
Restricted cash
2,000 —
Trade accounts and financing receivables, net
17,486 28,009
Inventories, net
39,572 30,901
Prepaid expenses and other current assets
6,918 3,252
Total current assets
68,809 88,500
Non-current inventories, net
11,141 17,113
Rental equipment, net
4,560 8,120
Property, plant and equipment, net
22,759 23,244
Non-current financing receivables
10,761 8,190
Operating right-of-use assets
614 915
Goodwill
1,258 1,258
Other intangible assets, net
4,731 5,155
Other non-current assets
494 542
Total assets
$125,127 $153,037
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable trade
$6,257 $10,369
Operating lease liabilities
454 420
Contingent consideration
1,788 —
Deferred contract liabilities
11,438 —
Other current liabilities
8,309 13,641
Total current liabilities
28,246 24,430
Non-current contingent consideration
962 2,540
Non-current operating lease liabilities
209 554
Deferred tax liabilities, net
— 4
Total liabilities
29,417 27,528
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding
— —
Common Stock, $.01 par value, 20,000,000 shares authorized; 14,493,863 and 14,378,962 shares issued, respectively; and 12,935,603 and 12,820,702 shares outstanding, respectively
145 144
Additional paid-in capital
99,526 98,845
Retained earnings
15,037 45,558
Accumulated other comprehensive loss
(4,498) (4,538)
Treasury stock, at cost, 1,558,260 shares
(14,500) (14,500)
Total stockholders’ equity
95,710 125,509
Total liabilities and stockholders’ equity
$125,127 $153,037
The accompanying notes are an integral part of the consolidated financial statements.
3
Table of Contents
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended
Nine Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenue:
Products
$
15,218
$
23,227
$
58,571
$
74,580
Rental
586
1,616
2,561
5,509
Total revenue
15,804
24,843
61,132
80,089
Cost of revenue:
Products
13,295
15,150
51,198
43,166
Rental
2,013
2,154
6,048
7,487
Total cost of revenue
15,308
17,304
57,246
50,653
Gross profit
496
7,539
3,886
29,436
Operating expenses:
Selling, general and administrative
6,711
7,546
22,348
21,741
Research and development
3,863
4,238
13,126
14,367
Change in fair value of contingent consideration
62
—
210
—
Provision for credit losses
(2
)
2
6
21
Total operating expenses
10,634
11,786
35,690
36,129
Gain on disposal of property:
—
4,616
—
4,616
Income (loss) from operations
(10,138
)
369
(31,804
)
(2,077
)
Other income (expense):
Interest expense
(40
)
(44
)
(112
)
(131
)
Interest income
521
537
1,771
1,975
Foreign currency transaction gains (losses), net
(25
)
4
(219
)
(265
)
Other, net
(27
)
(38
)
(89
)
(109
)
Total other income, net
429
459
1,351
1,470
Income (loss) before income taxes
(9,709
)
828
(30,453
)
(607
)
Income tax expense (benefit)
(1
)
68
68
55
Net income (loss)
$
(9,708
)
$
760
$
(30,521
)
$
(662
)
Income (loss) per common share:
Basic
$
(0.75
)
$
0.06
$
(2.37
)
$
(0.05
)
Diluted
$
(0.75
)
$
0.06
$
(2.37
)
$
(0.05
)
Weighted average common shares outstanding:
Basic
12,934,962
12,805,414
12,899,390
12,783,832
Diluted
12,934,962
12,805,414
12,899,390
12,783,832
The accompanying notes are an integral part of the consolidated financial statements.
4
Table of Contents
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
Three Months Ended
Nine Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net income (loss)
$
(9,708
)
$
760
$
(30,521
)
$
(662
)
Other comprehensive income (loss):
Change in unrealized losses on available-for-sale securities, net of tax
—
(1
)
—
(58
)
Foreign currency translation adjustments
42
136
40
(198
)
Total other comprehensive income (loss)
42
135
40
(256
)
Total comprehensive income (loss)
$
(9,666
)
$
895
$
(30,481
)
$
(918
)
The accompanying notes are an integral part of the consolidated financial statements.
5
Table of Contents
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE nine months ended June 30, 2026 and 2025
(in thousands, except share amounts)
(unaudited)
Common Stock
Accumulated
Additional
Other
Shares
Paid-In
Retained
Comprehensive
Treasury
Outstanding
Amount
Capital
Earnings
Loss
Stock
Total
Balance at October 1, 2025
12,820,702
$
144
$
98,845
$
45,558
$
(4,538
)
$
(14,500
)
$
125,509
Net loss
—
—
—
(9,765
)
—
—
(9,765
)
Other comprehensive income
—
—
—
—
20
—
20
Issuance of common stock pursuant to the vesting of restricted stock units
86,217
—
—
—
—
—
—
Common stock exchanged for withholding taxes on stock-based compensation
(19,001
)
—
(305
)
—
—
—
(305
)
Stock-based compensation
—
—
419
—
—
—
419
Balance at December 31, 2025
12,887,918
144
98,959
35,793
(4,518
)
(14,500
)
115,878
Net loss
—
—
—
(11,048
)
—
—
(11,048
)
Other comprehensive loss
—
—
—
—
(22
)
—
(22
)
Issuance of common stock pursuant to the vesting of restricted stock units
43,200
1
(1
)
—
—
—
—
Stock-based compensation
—
—
325
—
—
—
325
Balance at March 31, 2026
12,931,118
$
145
$
99,283
$
24,745
$
(4,540
)
$
(14,500
)
$
105,133
Net loss
—
—
—
(9,708
)
—
—
(9,708
)
Other comprehensive income
—
—
—
—
42
—
42
Issuance of common stock pursuant to the vesting of restricted stock units
5,750
—
—
—
—
—
—
Common stock exchanged for withholding taxes on stock-based compensation
(1,265
)
—
(12
)
—
—
—
(12
)
Stock-based compensation
—
—
255
—
—
—
255
Balance at June 30, 2026
12,935,603
$
145
$
99,526
$
15,037
$
(4,498
)
$
(14,500
)
$
95,710
Balance at October 1, 2024
12,709,381
$
142
$
97,342
$
55,282
$
(4,257
)
$
(13,885
)
$
134,624
Net income
—
—
—
8,376
—
—
8,376
Other comprehensive loss
—
—
—
—
(442
)
—
(442
)
Issuance of common stock pursuant to the vesting of restricted stock units
109,180
1
(1
)
—
—
—
—
Purchase of treasury stock
(19,664
)
—
—
—
—
(197
)
(197
)
Stock-based compensation
—
—
349
—
—
—
349
Balance at December 31, 2024
12,798,897
143
97,690
63,658
(4,699
)
(14,082
)
142,710
Net loss
—
—
—
(9,798
)
—
—
(9,798
)
Other comprehensive income
—
—
—
—
51
—
51
Issuance of common stock pursuant to the vesting of restricted stock units
44,950
1
(1
)
—
—
—
—
Purchase of treasury stock
(41,895
)
—
—
—
—
(418
)
(418
)
Stock-based compensation
—
—
547
—
—
—
547
Balance at March 31, 2025
12,801,952
$
144
$
98,236
$
53,860
$
(4,648
)
$
(14,500
)
$
133,092
Net income
—
—
—
760
—
—
760
Other comprehensive income
—
—
—
—
135
—
135
Issuance of common stock pursuant to the vesting of restricted stock units
5,000
—
—
—
—
—
—
Stock-based compensation
—
—
304
—
—
—
304
Balance at June 30, 2025
12,806,952
$
144
$
98,540
$
54,620
$
(4,513
)
$
(14,500
)
$
134,291
The accompanying notes are an integral part of the consolidated financial statements.
6
Table of Contents
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
June 30, 2026
June 30, 2025
Cash flows from operating activities:
Net loss
$
(30,521
)
$
(662
)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income tax benefit
(4
)
(16
)
Rental equipment depreciation
3,731
4,830
Property, plant and equipment depreciation
3,745
2,716
Amortization of intangible assets
424
112
Amortization of discount on note receivable
(56
)
(54
)
Accretion of discounts on short-term investments
—
(169
)
Stock-based compensation expense
999
1,200
Provision for credit losses
6
21
Inventory obsolescence expense
2,335
1,100
Gross loss (profit) from sale of rental equipment
145
(16,297
)
Loss (gain) on disposal of property, plant and equipment
105
(4,708
)
Realized gain on investments
—
(9
)
Change in fair value of contingent consideration
210
—
Effects of changes in operating assets and liabilities:
Trade accounts and financing receivables
(1,508
)
2,229
Inventories
(5,412
)
(5,617
)
Other assets
(3,254
)
(591
)
Accounts payable trade
(4,112
)
(4,232
)
Other liabilities
5,819
2,022
Net cash used in operating activities
(27,348
)
(18,125
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(3,321
)
(5,841
)
Proceeds from the sale of property, plant and equipment
—
8,663
Investment in rental equipment
(73
)
(1,083
)
Proceeds from the sale of rental equipment
9,407
5,122
Proceeds from the sale of short-term investments
—
28,408
Payments received on note receivable related to sale of subsidiary
216
137
Net cash provided by investing activities
6,229
35,406
Cash flows from financing activities:
Taxes payments on stock-based compensation for exchange of common stock
(317
)
—
Debt issuance costs
(62
)
—
Purchase of treasury stock
—
(615
)
Net cash used in financing activities
(379
)
(615
)
Effect of exchange rate changes on cash
(7
)
(2
)
(Decrease) increase in cash, cash equivalents and restricted cash
(21,505
)
16,664
Cash, cash equivalents and restricted cash, beginning of period
26,338
6,895
Cash, cash equivalents and restricted cash, end of period
4,833
23,559
Less: restricted cash
(2,000
)
—
Cash and cash equivalents, end of period
$
2,833
$
23,559
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes
$
76
$
122
Non-cash investing and financing activities:
Financing receivables related to sale of rental equipment
9,285
11,975
Inventory transferred to rental equipment
368
2,498
The accompanying notes are an integral part of the consolidated financial statements.
7
Table of Contents
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
1. Significant Accounting Policies
Basis of Presentation
The consolidated balance sheet of Geospace Technologies Corporation and its subsidiaries (the “Company”) at September 30, 2025, was derived from the Company’s audited consolidated financial statements at that date. The consolidated balance sheet at June 30, 2026 and the consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three and nine months ended June 30, 2026 and 2025 were prepared by the Company without audit. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position, results of operations and cash flows were made. All significant intercompany balances and transactions have been eliminated. The results of operations for the three and nine months ended June 30, 2026, are not necessarily indicative of the operating results for a full year or of future operations.
Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") were omitted pursuant to the rules of the Securities and Exchange Commission. The accompanying consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended September 30, 2025.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to revenue recognition, credit loss, collectability of rental revenue, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, useful lives of long-lived assets, impairment of long-lived assets, impairment of goodwill and other intangible assets, contingent consideration and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. While management believes current estimates are reasonable and appropriate, actual results may differ from these estimates under different conditions or assumptions.
Reclassifications
Certain amounts previously reported in the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on our previously reported net loss, stockholders' equity or cash flows.
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with an original or remaining maturity at the time of purchase of three months or less to be cash equivalents. At June 30, 2026 and September 30, 2025, cash and cash equivalents included $0.7 million and $0.8 million, respectively, held by the Company’s foreign subsidiaries and branch offices. At June 30, 2026, the Company's restricted cash of $2.0 million consisted of cash pledged with Woodforest National Bank as security on its credit agreement.
Concentration of Credit Risk
The Company sells products to customers throughout the United States and various foreign countries. The Company’s normal credit terms for trade receivables are 30 days. In certain situations, credit terms may be extended to 60 days or longer. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for its trade receivables. Additionally, the Company provides long-term financing in the form of promissory notes and sales-type leases when competitive conditions require such financing. In such cases, the Company may require collateral. Allowances are recognized immediately for expected credit losses. The Company determines the allowance for credit losses through a review of several factors, including historical collection experience, customer credit worthiness, and current aging of customer accounts and financial conditions of its customers. Receivables are charged off against the allowance whenever it is probable that the balance will not be recoverable.
The Company had trade accounts and notes receivable from one customer of $14.7 million at June 30, 2026. The Company recognized revenue from this customer for the three months and nine months ended June 30, 2026 of $35,000 and $14.2 million. This receivable and revenue are related to the Company's Energy Solutions segment. The Company had no revenue from this customer for the three and nine months ended June 30, 2025.
Impairment of Long-lived Assets
The Company's long-lived assets are reviewed for impairment whenever an event or circumstance indicates that the carrying amount of an asset or group of assets may not be recoverable. The impairment review, if necessary, includes a comparison of the expected future cash flows (undiscounted and without interest charges) to be generated by an asset group with the associated carrying value of the related assets. If the carrying value of the asset group exceeds the expected future cash flows, an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. During the quarter ended June 30, 2026, no events or changes in circumstances were identified indicating the carrying value of any of the Company's asset groups may not be recoverable.
Goodwill
The Company conducts its evaluation of goodwill at the reporting unit level on an annual basis as of September 30 and more frequently if events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The Company first assesses qualitative factors to determine if the fair value of a reporting unit exceeds its carrying amount. If, based on the qualitative assessment of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is more than its carrying amount then it does not perform a quantitative assessment. However, if the Company concludes otherwise, then it performs a quantitative assessment. If, based on the quantitative assessment, the Company determines that the fair value of a reporting unit is less than its carrying amount, a goodwill impairment is recognized equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of the goodwill.
Business Acquisitions
The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses multiple valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company utilized the excess earnings method to value its fourth quarter fiscal year 2025 acquisition of Geovox Security, Inc. ("Geovox"). The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined.
Contingent Consideration
The Company established an earn-out liability in connection with its acquisition of Geovox in the fourth quarter of fiscal year 2025. The Company engaged the services of a valuation firm to measure the fair value of the liability. The valuation technique used to measure the fair value of the liability was a Monte Carlo simulation. The primary inputs included revenue forecast, risk free rate, revenue volatility, revenue discount rate and payment discount rate. The Company reviews and assesses the value of the liability on a quarterly basis. Adjustments, if any, will be included as a component of earnings in the consolidated statements of operations.
Research and Development
We incur significant future research and development expenditures. These efforts are primarily aimed at the development of additional products for each of our business segments. The majority of our product research and development costs relates to the Company's engineers. The Company's engineering staff have been key to our past success. Research and development expense includes personnel costs of the Company's engineers, project expenditures, on-going product maintenance and improvements to our existing products, as well as general and administrative expenses associated with the engineering department. Research and development expens