GEOSPACE TECHNOLOGIES CORP

Geospace Technologies reported a significant increase in net loss for the second quarter and first half of fiscal year 2026. For the three months ended March 31, 2026, net loss widened to $(11.05) million from $(9.80) million year-over-year, despite a slight increase in total revenue to $19.74 million. The six-month period saw an even sharper decline, with net loss reaching $(20.81) million on total revenue of $45.33 million, down from $55.25 million in the prior year. The company's cash and cash equivalents also decreased by nearly 50% since September 30, 2025.

Geospace Technologies reported a slight increase in Q2 2026 revenue to $19.7 million, up from $18.0 million in the comparable prior-year quarter. However, the company's net loss widened to $11.1 million, or $(0.86) per diluted share, compared to a net loss of $9.8 million in Q2 2025. For the six-month period, revenue decreased to $45.3 million from $55.2 million, and net loss significantly increased to $20.8 million from $1.4 million in the prior year. The company is undergoing a transformation strategy, including a 20% workforce reduction and other cost-cutting measures expected to generate $12 million in annualized savings, while facing near-term pressures in its Smart Water segment and lower ocean bottom node fleet utilization.

Geospace Technologies announced an organizational change plan including a voluntary early retirement plan and a reduction in force, resulting in a 20% decrease in its global workforce. The company expects to achieve approximately $10 million in annualized cash savings from this plan and other cost-containment measures.