The following is a summary of the Geospace Technologies Corporation (GEOS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Geospace Technologies reported a net income of $8.4 million in the first half of 2024, but posted a Q2 net loss of $4.3 million due to low utilization of their OBX and Mariner ocean-bottom nodes.

• The company's Q2 2024 revenue was $24.3 million, a decrease from Q2 of the previous year's revenue of $31.4 million.

• Despite the challenges faced, the company remains debt-free with over $51 million in cash and short-term investments.

Business Progress:

• Geospace anticipates an improved performance of its oil and gas market segment due to expected better utilization of ocean-bottom nodes in the second half of 2024.

• The adjacent markets segment and the emerging markets segment performed well in Q2, contributing significantly to overall revenue.

• The company plans on investing in expanding capacity to meet demand, with planned investments in its rental fleet and plant/equipment.

• The company also has multiple discussions underway for utilizing its Quantum array monitoring system and other analytics in various projects.

More details: Geospace Technologies IR

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