secwatch.observer — SEC 8-K summary
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Issuer:     GEOSPACE TECHNOLOGIES CORP (GEOS)
CIK:        0001001115
Form:       8-K
Filed at:   2024-08-08T23:59:59+00:00
Accession:  0001437749-24-025605
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1001115/000143774924025605/0001437749-24-025605-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1001115/000143774924025605/geos20240808_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-025605

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