---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-025605"
form_type: "8-K"
ticker: "GEOS"
cik: "0001001115"
company_name: "GEOSPACE TECHNOLOGIES CORP"
filed_at: "2024-08-08T23:59:59+00:00"
generated_at: "2026-05-31T10:38:15.967105+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Geospace Q3 revenue $25.9M, net loss $2.1M; CEO succession; buyback extended

## Summary
- Q3 fiscal 2024 revenue $25.9M (down 21% YoY); net loss $2.1M ($0.16/share) vs net income $3.2M ($0.24/share) in prior year.
- Oil & Gas segment revenue fell 48% to $9.2M due to rental fleet gaps; Adjacent Markets record $16.0M up 7.5%.
- CEO transition: EVP/COO Rich Kelley becomes President/CEO on Oct 1, 2024; current CEO Rick Wheeler stays as advisor through Dec 31, remains on board.
- Stock repurchase program extended from $5M to $7M; 512,000 shares repurchased as of Aug 7, 2024.
- Strong balance sheet: $42.5M cash/short-term investments, no debt, $15M credit line; Q4 capex expected $5M.

## SEC filing metadata
- accession: 0001437749-24-025605
- form_type: 8-K
- ticker: GEOS
- cik: 0001001115
- company_name: GEOSPACE TECHNOLOGIES CORP
- filed_at: 2024-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1001115/000143774924025605/0001437749-24-025605-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1001115/000143774924025605/geos20240808_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-025605
- JSON: https://secwatch.observer/filing/0001437749-24-025605.json
- Plain text: https://secwatch.observer/filing/0001437749-24-025605.txt

## Key facts
- Executive change
  Walter (Rick) Wheeler changed role as Principal Executive Officer and Senior Strategic Advisor at GEOSPACE TECHNOLOGIES CORP.
  - Action: will remain as Principal Executive Officer and Senior Strategic Advisor
  - Role: Principal Executive Officer and Senior Strategic Advisor
  source text: Walter (Rick) Wheeler will remain with the Company as Principal Executive Officer and Senior Strategic Advisor to the CEO through and until his retirement on December 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1001115/000143774924025605/0001437749-24-025605-index.htm
- Executive change
  Richard (Rich) Kelley was elected as President and Chief Executive Officer at GEOSPACE TECHNOLOGIES CORP.
  - Action: elected
  - Role: President and Chief Executive Officer
  source text: the Company’s Board of Directors elected Richard (Rich) Kelley, currently serving as Executive Vice President and Chief Operating Officer, to the role of President and Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1001115/000143774924025605/0001437749-24-025605-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.