Geospace Technologies Corp

geospace.com

What Do They Do?

Manufactures seismic equipment, smart-water products and security systems for energy companies, water utilities and government agencies.

How Do They Make Money?

Customers buy manufactured products, with sales tied to shipment or delivery; short-term equipment rentals generate revenue over the rental period.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	94% FY2022: 72%		Sold outright
Rental Recurring	6.0%		Recurring

Who Are Their Customers?

Water utilities, meter makers and property managers buy smart-water products; seismic contractors and oil-and-gas companies buy seismic equipment; government agencies and industrial customers buy security and industrial products. Imaging equipment also reaches direct users and specialized resellers.

Customers above 10% of revenue, FY2025

of revenue from two customers (19%, 16%)

FY2024: 43% from two customers

Do Revenues Turn Into Profits?

No. It lost $9.7M in FY2025.

Operating income, FY2025

−10% of revenue

▼ Now a loss vs FY2024 ($7.1M, 5%)

Net income, FY2025

−9% of revenue

▲ +48% (Loss) vs FY2024 (−$6.6M, −5%)

Free cash flow, FY2025

−27% of revenue

▲ +133% (Loss) vs FY2024 (−$12.9M, −10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −36%; vs $24.8M in Q3 FY2025
Net income: ▼ Now a loss; vs $760K in Q3 FY2025

Product share of revenue vs 93.5% in Q3 FY2025

Growing. Revenue grew 17% in 4 years, from $94.9M in FY2021 to $110.8M in FY2025, about 4% a year.

Smart water becomes a distinct segment Smart-water products move from a broader adjacent-markets grouping to a dedicated business segment, centered on water connectivity products and Aquana offerings.

Security adds heartbeat detection The security offering adds Heartbeat Detector, a people-detection product alongside Quantum’s border and perimeter systems.

Ocean-bottom nodes shift toward sales The latest report describes customers shifting from rentals toward purchases, while the older report describes both node sales and a rental fleet.

Revenue over time

Product Rental Rental Equipment

$200M$100M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Water Hero, Moen, Watercop, Mueller, Sensus, Badger, Sercel, Dynamic Technologies, INOVA, SmartSolo, STRYDE, Geophysical Technology, Alcatel-Lucent, Avalon Sciences, Boeing, General Dynamics, Lockheed Martin, Raytheon, Ensco, and Elbit Systems

Comments