secwatch.observer — SEC 8-K summary
======================================

Issuer:     GEOSPACE TECHNOLOGIES CORP (GEOS)
CIK:        0001001115
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001437749-24-015735
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Geospace Q2 revenue down 23% to $24.3M, net loss $4.3M; appoints COO, $5M buyback
--------------------------------------------------------------------------------

- Q2 FY2024 revenue $24.3M (down 23% YoY); net loss $4.3M ($0.32/sh) vs net income $4.6M ($0.35/sh) a year ago.
- Oil & Gas segment revenue $10.8M (down 41% YoY) on lower OBX rental utilization; Adjacent Markets $12.2M (down 4%).
- H1 FY2024 net income $8.4M ($0.62/sh) on revenue $74.3M; cash/short-term investments $51.2M, no debt.
- Appointed Richard Kelley (former Sercel President) as EVP and COO effective April 29, 2024; initial base salary $335K.
- Board authorized up to $5M stock repurchase program with no time limit; funded from existing cash or operations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1001115/000143774924015735/0001437749-24-015735-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1001115/000143774924015735/geos20240509_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-015735

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer