Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001001115 | |
Entity Registrant Name | GEOSPACE TECHNOLOGIES CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-13601 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 76-0447780 | |
Entity Address, Address Line One | 7007 Pinemont | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77040 | |
City Area Code | 713 | |
Local Phone Number | 986-4444 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | GEOS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,171,489 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 22,805 | $ 16,109 |
Short-term investments | 0 | 894 |
Trade accounts and notes receivable, net | 25,908 | 20,886 |
Inventories, net | 20,477 | 19,995 |
Prepaid expenses and other current assets | 1,404 | 2,077 |
Total current assets | 70,594 | 59,961 |
Non-current inventories, net | 17,508 | 12,526 |
Rental equipment, net | 20,579 | 28,199 |
Property, plant and equipment, net | 22,690 | 26,598 |
Operating right-of-use assets | 836 | 957 |
Goodwill | 736 | 736 |
Other intangible assets, net | 5,143 | 5,573 |
Other non-current assets | 356 | 506 |
Total assets | 138,442 | 135,056 |
Current liabilities: | ||
Accounts payable trade | 5,021 | 5,595 |
Contingent consideration | 0 | 175 |
Operating lease liabilities | 248 | 241 |
Other current liabilities | 6,967 | 6,616 |
Total current liabilities | 12,236 | 12,627 |
Non-current operating lease liabilities | 654 | 769 |
Deferred tax liabilities, net | 15 | 13 |
Total liabilities | 12,905 | 13,409 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common Stock, $.01 par value, 20,000,000 shares authorized; 14,013,481 and 13,863,233 shares issued, respectively; and 13,171,489 and 13,021,241 shares outstanding, respectively | 140 | 139 |
Additional paid-in capital | 95,343 | 94,667 |
Retained earnings | 54,194 | 49,654 |
Accumulated other comprehensive loss | (16,640) | (15,313) |
Treasury stock, at cost, 841,992 shares | (7,500) | (7,500) |
Total stockholders’ equity | 125,537 | 121,647 |
Total liabilities and stockholders’ equity | $ 138,442 | $ 135,056 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 14,013,481 | 13,863,233 |
Common stock, outstanding (in shares) | 13,171,489 | 13,021,241 |
Treasury stock, shares (in shares) | 841,992 | 841,992 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||||
Total revenue | $ 31,370,000 | $ 24,700,000 | $ 62,479,000 | $ 42,691,000 |
Cost of revenue: | ||||
Total cost of revenue | 18,421,000 | 17,890,000 | 38,996,000 | 34,179,000 |
Gross profit | 12,949,000 | 6,810,000 | 23,483,000 | 8,512,000 |
Operating expenses: | ||||
Selling, general and administrative | 6,387,000 | 5,991,000 | 12,822,000 | 11,735,000 |
Research and development | 3,483,000 | 4,673,000 | 7,741,000 | 9,942,000 |
Change in estimated fair value of contingent consideration | 0 | (2,218,000) | 0 | (4,658,000) |
Bad debt expense | 17,000 | 13,000 | 137,000 | 28,000 |
Total operating expenses | 9,887,000 | 8,459,000 | 20,700,000 | 17,047,000 |
Income (loss) from operations | 4,377,000 | (1,649,000) | 4,098,000 | (8,535,000) |
Other income (expense): | ||||
Interest expense | (39,000) | 0 | (78,000) | 0 |
Interest income | 127,000 | 126,000 | 283,000 | 320,000 |
Foreign exchange gains, net | 185,000 | 93,000 | 292,000 | 111,000 |
Other, net | 6,000 | (19,000) | (6,000) | (36,000) |
Total other income, net | 279,000 | 200,000 | 491,000 | 395,000 |
Income (loss) before income taxes | 4,656,000 | (1,449,000) | 4,589,000 | (8,140,000) |
Income tax expense | 19,000 | 25,000 | 49,000 | 102,000 |
Net income (loss) | $ 4,637,000 | $ (1,474,000) | $ 4,540,000 | $ (8,242,000) |
Income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.35 | $ (0.11) | $ 0.35 | $ (0.64) |
Diluted (in dollars per share) | $ 0.35 | $ (0.11) | $ 0.35 | $ (0.64) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 13,156,715 | 12,999,022 | 13,111,866 | 12,958,911 |
Diluted (in shares) | 13,156,715 | 12,999,022 | 13,111,866 | 12,958,911 |
Satellite Property [Member] | ||||
Operating expenses: | ||||
Gain on disposal of property | $ 1,315,000 | $ 0 | $ 1,315,000 | $ 0 |
Product [Member] | ||||
Revenue: | ||||
Total revenue | 17,701,000 | 21,565,000 | 37,249,000 | 34,597,000 |
Cost of revenue: | ||||
Total cost of revenue | 13,196,000 | 13,500,000 | 28,561,000 | 24,850,000 |
Rental [Member] | ||||
Revenue: | ||||
Total revenue | 13,669,000 | 3,135,000 | 25,230,000 | 8,094,000 |
Cost of revenue: | ||||
Total cost of revenue | $ 5,225,000 | $ 4,390,000 | $ 10,435,000 | $ 9,329,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 4,637 | $ (1,474) | $ 4,540 | $ (8,242) |
Other comprehensive income (loss): | ||||
Change in unrealized gains on available-for-sale securities, net of tax | 7 | 2 | 15 | (7) |
Foreign currency translation adjustments | (1,348) | (1,558) | (1,342) | (1,691) |
Total other comprehensive loss | (1,341) | (1,556) | (1,327) | (1,698) |
Total comprehensive income (loss) | $ 3,296 | $ (3,030) | $ 3,213 | $ (9,940) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 12,969,542 | ||||||
Balance at Dec. 31, 2020 | $ 137 | $ 92,935 | $ 72,510 | $ (16,320) | $ (6,805) | $ 142,457 | |
Net income (loss) | 0 | 0 | (6,768) | 0 | 0 | (6,768) | |
Other comprehensive income (loss) | 0 | 0 | 0 | (142) | 0 | (142) | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 84,762 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 1 | 0 | 0 | 0 | 0 | 1 | |
Stock-based compensation | 0 | 536 | 0 | 0 | 0 | 536 | |
Purchase of treasury stock (in shares) | (72,563) | ||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (695) | (695) | |
Balance (in shares) at Dec. 31, 2021 | 12,981,741 | ||||||
Balance at Dec. 31, 2021 | 138 | 93,471 | 65,742 | (16,462) | (7,500) | 135,389 | |
Net income (loss) | 0 | 0 | (1,474) | 0 | 0 | (1,474) | |
Other comprehensive income (loss) | 0 | 0 | 0 | (1,556) | 0 | (1,556) | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 37,500 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 1 | (1) | 0 | 0 | 0 | 0 | |
Stock-based compensation | 0 | 418 | 0 | 0 | 0 | 418 | |
Balance (in shares) at Mar. 31, 2022 | 13,019,241 | ||||||
Balance at Mar. 31, 2022 | 139 | 93,888 | 64,268 | (18,018) | (7,500) | 132,777 | |
Balance (in shares) at Sep. 30, 2022 | 13,021,241 | ||||||
Balance at Sep. 30, 2022 | 139 | 94,667 | 49,654 | (15,313) | (7,500) | 121,647 | |
Net income (loss) | 0 | 0 | (97) | 0 | 0 | (97) | |
Other comprehensive income (loss) | 0 | 0 | 0 | 14 | 0 | 14 | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 109,748 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 1 | 0 | 0 | 0 | 0 | 1 | |
Stock-based compensation | 0 | 370 | 0 | 0 | 0 | 370 | |
Balance (in shares) at Dec. 31, 2022 | 13,130,989 | ||||||
Balance at Dec. 31, 2022 | 140 | 95,037 | 49,557 | (15,299) | (7,500) | 121,935 | |
Balance (in shares) at Sep. 30, 2022 | 13,021,241 | ||||||
Balance at Sep. 30, 2022 | 139 | 94,667 | 49,654 | (15,313) | (7,500) | 121,647 | |
Net income (loss) | 4,540 | ||||||
Other comprehensive income (loss) | (1,327) | ||||||
Balance (in shares) at Mar. 31, 2023 | 13,171,489 | ||||||
Balance at Mar. 31, 2023 | 140 | 95,343 | 54,194 | (16,640) | (7,500) | 125,537 | |
Balance (in shares) at Dec. 31, 2022 | 13,130,989 | ||||||
Balance at Dec. 31, 2022 | 140 | 95,037 | 49,557 | (15,299) | (7,500) | 121,935 | |
Net income (loss) | 0 | 0 | 4,637 | 0 | 0 | 4,637 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (1,341) | 0 | (1,341) | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 40,500 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | |
Stock-based compensation | 0 | 306 | 0 | 0 | 0 | 306 | |
Balance (in shares) at Mar. 31, 2023 | 13,171,489 | ||||||
Balance at Mar. 31, 2023 | $ 140 | $ 95,343 | $ 54,194 | $ (16,640) | $ (7,500) | $ 125,537 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 4,540 | $ (8,242) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Deferred income tax expense (benefit) | 0 | (7) |
Rental equipment depreciation | 6,442 | 7,205 |
Property, plant and equipment depreciation | 1,896 | 2,071 |
Amortization of intangible assets | 430 | 893 |
Accretion of discounts on short-term investments | 1 | 76 |
Stock-based compensation expense | 676 | 954 |
Bad debt expense | 137 | 28 |
Inventory obsolescence expense | 1,836 | 1,106 |
Change in estimated fair value of contingent consideration | 0 | (4,658) |
Gross profit from sale of used rental equipment | (3,925) | (10,741) |
Realized loss on short-term investments | 0 | 18 |
Effects of changes in operating assets and liabilities: | ||
Trade accounts and notes receivable | (8,352) | 4,666 |
Unbilled receivables | 0 | 1,051 |
Inventories | (7,882) | (1,313) |
Other assets | 1,702 | 1,027 |
Accounts payable trade | (574) | (1,746) |
Other liabilities | (226) | (2,720) |
Net cash used in operating activities | (5,078) | (10,332) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (1,126) | (509) |
Investment in rental equipment | (635) | (2,368) |
Proceeds from the sale of used rental equipment | 8,794 | 3,000 |
Purchases of short-term investments | 0 | (450) |
Proceeds from the sale of short-term investments | 900 | 6,174 |
Net cash provided by investing activities | 12,154 | 5,847 |
Cash flows from financing activities: | ||
Payments on contingent consideration | (175) | (807) |
Purchase of treasury stock | 0 | (695) |
Net cash used in financing activities | (175) | (1,502) |
Effect of exchange rate changes on cash | (205) | 132 |
Increase (decrease) in cash and cash equivalents | 6,696 | (5,855) |
Cash and cash equivalents, beginning of fiscal year | 16,109 | 14,066 |
Cash and cash equivalents, end of fiscal period | 22,805 | 8,211 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 26 | 81 |
Issuance of note receivable related to sale of used rental equipment | 0 | 11,745 |
Inventory transferred to rental equipment | 82 | 814 |
Inventory transferred to property, plant and equipment | 0 | 172 |
Satellite Property [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on disposal of property and equipment | (1,315) | 0 |
Cash flows from investing activities: | ||
Proceeds from the sale of property, plant and equipment | 3,682 | 0 |
Equipment [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on disposal of property and equipment | (464) | 0 |
Cash flows from investing activities: | ||
Proceeds from the sale of property, plant and equipment | $ 539 | $ 0 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The consolidated balance sheet of Geospace Technologies Corporation and its subsidiaries (the “Company”) at September 30, 2022 March 31, 2023 three six March 31, 2023 2022 three six March 31, 2023 not Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("U.S.") were omitted pursuant to the rules of the Securities and Exchange Commission. The accompanying consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 September 30, 2022 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to revenue recognition, bad debt reserves, collectability of rental revenue, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, useful lives of long-lived assets, impairment of long-lived assets, impairment of goodwill and other intangible assets, contingent consideration and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. While management believes current estimates are reasonable and appropriate, actual results may Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original or remaining maturity at the time of purchase of three March 31, 2023 September 30, 2022 March 31, 2023 March 31, 2023 may second 2023, Impairment of Long-lived Assets The Company's long-lived assets are reviewed for impairment whenever an event or circumstance indicates that the carrying amount of an asset or group of assets may not March 31, 2023 no may not Recently Issued Accounting Pronouncements In June 2016, no first September 30, 2024, first first September 30, 2024 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. In accordance with ASC Topic 606, Revenue from Contracts with Customers 606” The Company primarily derives product revenue from the sale of its manufactured products. Revenue from these product sales, including the sale of used rental equipment, is recognized when obligations under the terms of a contract are satisfied, control is transferred and collectability of the sales price is probable. The Company records deferred revenue when customer funds are received prior to shipment or delivery or performance has not not not not Revenue from engineering services is recognized as services are rendered over the duration of a project, or as billed on a per hour basis. Field service revenue is recognized when services are rendered and is generally priced on a per day rate. The Company also generates revenue from short-term rentals under operating leases of its manufactured products. Rental revenue is recognized as earned over the rental period if collectability of the rent is reasonably assured. Rentals of the Company’s equipment generally range from daily rentals to minimum rental periods of up to one 606 not 842, Leases As permissible under ASC 606, not one one The Company has elected to treat shipping and handling activities in a sales transaction after the customer obtains control of the goods as a fulfillment cost and not At March 31, 2023 September 30, 2022 three six March 31, 2023 2022 At March 31, 2023 one For each of the Company’s operating segments, the following table presents revenue (in thousands) only from the sale of products and the performance of services under contracts with customers. Therefore, the table excludes all revenue earned from rental contracts. Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Oil and Gas Markets Traditional exploration product revenue $ 3,296 $ 1,217 $ 6,051 $ 1,797 Wireless exploration product revenue 1,411 10,500 7,170 14,258 Reservoir product revenue 132 394 287 821 Total revenue 4,839 12,111 13,508 16,876 Adjacent Markets Industrial product revenue 9,642 5,993 17,572 11,006 Imaging product revenue 3,029 3,162 5,885 6,279 Total revenue 12,671 9,155 23,457 17,285 Emerging Markets Revenue 191 299 284 436 Total $ 17,701 $ 21,565 $ 37,249 $ 34,597 See Note 14 For each of the geographic areas where the Company operates, the following table presents revenue (in thousands) from the sale of products and services under contracts with customers. The table excludes all revenue earned from rental contracts: Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Asia $ 1,443 $ 1,679 $ 7,977 $ 6,357 Canada 333 659 1,094 1,057 Europe 1,792 11,432 2,926 12,743 United States 13,479 7,305 24,070 13,324 Other 654 490 1,182 1,116 Total $ 17,701 $ 21,565 $ 37,249 $ 34,597 Revenue is attributable to countries based on the ultimate destination of the product sold, if known. If the ultimate destination is not |
Note 3 - Short-term Investments
Note 3 - Short-term Investments | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. The Company classifies its short-term investments as available-for-sale securities. Available-for-sale securities are carried at fair market value with net unrealized gains and losses reported as a component of accumulated other comprehensive loss in stockholders’ equity. No gains or losses were realized during the three six March 31, 2023 three six March 31, 2022 The Company’s short-term investments were composed of the following (in thousands): September 30, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 909 $ — $ (15 ) $ 894 The Company had no short-term investments at March 31, 2023 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. The Company’s financial instruments generally include cash and cash equivalents, short-term investments, trade accounts and notes receivable and accounts payable. Due to the short-term maturities of cash and cash equivalents, trade accounts and notes receivable and accounts payable, the carrying amounts of these financial instruments are deemed to approximate their fair value on the respective balance sheet dates. The valuation technique used to measure the fair value of the contingent consideration was based on internal estimates and the use of internal projections of future revenue. The Company measures its short-term investments and contingent consideration at fair value on a recurring basis. The following tables present the fair value of the Company’s short-term investments and contingent consideration by valuation hierarchy and input (in thousands): As of September 30, 2022 Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable (Level 1) (Level 2) (Level 3) Totals Short-term investments: Corporate bonds $ — $ 894 $ — $ 894 Total assets $ — $ 894 $ — $ 894 Contingent consideration liabilities: $ — $ — $ 175 $ 175 Total liabilities $ — $ — $ 175 $ 175 The Company had no short-term investments or contingent consideration payable at March 31, 2023 The following table summarizes changes in the fair value of the Company’s Level 3 six March 31, 2023 2022 Contingent consideration balance at October 1, 2022 $ 175 Fair value adjustments — Payment of contingent consideration (175 ) Contingent consideration at March 31, 2023 $ — Contingent consideration balance at October 1, 2021 $ 6,017 Fair value adjustments (4,658 ) Payment of contingent consideration (807 ) Contingent consideration balance at March 31, 2022 $ 552 Adjustments to the fair value of the contingent consideration were based on internal estimates and management assessments regarding potential future scenarios which involved significant judgment. |
Note 5 - Trade Accounts and Not
Note 5 - Trade Accounts and Notes Receivable | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Trade accounts receivable, net (excluding notes receivable) are reflected in the following table (in thousands): March 31, 2023 September 30, 2022 Trade accounts receivable $ 21,631 $ 13,252 Allowance for doubtful accounts (706 ) (591 ) Total $ 20,925 $ 12,661 The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses. The Company determines the allowance based upon historical experience and a current review of its trade accounts receivable balances. Trade accounts receivable balances are charged off against the allowance whenever it is probable that the receivable balance will not Notes receivable are reflected in the following table (in thousands): March 31, 2023 September 30, 2022 Notes receivable $ 4,983 $ 8,225 Less current portion (4,983 ) (8,225 ) Non-current notes receivable $ — $ — Promissory notes receivable are generally collateralized by the products sold, and bear interest at rates ranging from 7.0% to 9.5% per year. The promissory notes receivable mature at various times through January 2024. no During the second 2022, one March 31, 2023 During the second 2020, three fourth 2021, six second 2022. October 2022, six March 31, 2023 March 31, 2023 |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories consist of the following (in thousands): March 31, 2023 September 30, 2022 Finished goods $ 17,681 $ 14,653 Work in process 7,331 6,230 Raw materials 29,046 25,609 Obsolescence reserve (net realizable value adjustment) (16,073 ) (13,971 ) 37,985 32,521 Less current portion 20,477 19,995 Non-current portion $ 17,508 $ 12,526 Raw materials include semi-finished goods and component parts that totaled $11.5 million and $9.4 million at March 31, 2023 September 30, 2022, |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. In February 2023, 6410 7007 three Property, plant and equipment consisted of the following (in thousands): March 31, 2023 September 30, 2022 Land and land improvements $ 7,290 $ 7,855 Building and building improvements 21,903 24,588 Machinery and equipment 49,657 59,393 Furniture and fixtures 1,489 1,434 Tools and molds 3,280 3,243 Construction in progress 962 341 Transportation equipment 75 74 84,656 96,928 Accumulated depreciation and impairment (61,966 ) (70,330 ) $ 22,690 $ 26,598 Property, plant and equipment depreciation expense for the three six March 31, 2023 three six March 31, 2022 |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 8. As Lessee The Company has elected not 12 March 31, 2023 Maturities of the operating lease liabilities as of March 31, 2023 For fiscal years ending September 30, 2023 (remainder) $ 147 2024 278 2025 186 2026 130 2027 134 2028 91 Future minimum lease payments 966 Less interest (64 ) Present value of minimum lease payments 902 Less current portion (248 ) Non-current portion $ 654 Lease costs recognized in the consolidated statements of operations for the three six March 31, 2023 2022 Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Right-of-use operating lease costs $ 68 $ 68 $ 136 $ 136 Short-term lease costs 90 52 132 96 Total $ 158 $ 120 $ 268 $ 232 Right-of use operating lease costs and short-term lease costs are included as a component of total operating expenses. Other information related to operating leases is as follows (in thousands): Six Months Ended March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 123 $ 119 Weighted average remaining lease term (in years) 4.3 5.1 Weighted average discount rate 3.25 % 3.25 % The discount rate used on the operating right-of-use assets represented the Company’s incremental borrowing rate at the lease inception date. As Lessor Equipment The Company leases equipment to customers which generally range from daily rentals to minimum rental periods of up to one The Company regularly evaluates the collectability of its lease receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer, historical trends of the customer and current economic conditions. The Company suspends revenue recognition when the collectability of amounts due are no March 31, 2023 Rental revenue related to leased equipment for the three six March 31, 2023 three six March 31, 2022 Future minimum lease obligations due from the Company’s leasing customers on operating leases executed as of March 31, 2023 12 Rental equipment consisted of the following (in thousands): March 31, 2023 September 30, 2022 Rental equipment, primarily wireless recording equipment $ 79,479 $ 83,887 Accumulated depreciation and impairment (58,900 ) (55,688 ) $ 20,579 $ 28,199 Property During the first 2022, November 2021 five December 2021 Rental revenue related to these two property leases for the three six March 31, 2023 three six March 31, 2022 Future minimum lease payments due to the Company as of March 31, 2023 For fiscal years ending September 30, 2023 (remainder) $ 62 2024 128 2025 131 2026 132 2027 11 $ 464 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. The Company’s consolidated goodwill and other intangible assets consisted of the following (in thousands): Weighted- Average Remaining Useful Lives (in years) March 31, 2023 September 30, 2022 Goodwill: Emerging Markets reporting unit $ 4,336 $ 4,336 Adjacent Markets reporting unit 736 736 Total goodwill 5,072 5,072 Accumulated impairment losses (4,336 ) (4,336 ) $ 736 $ 736 Other intangible assets: Developed technology 13.7 $ 6,475 $ 6,475 Customer relationships -- 3,900 3,900 Trade names 0.5 2,022 2,022 Non-compete agreements 0.2 186 186 Total other intangible assets 7.1 12,583 12,583 Accumulated amortization (7,440 ) (7,010 ) $ 5,143 $ 5,573 At March 31, 2023 At March 31, 2023 no fourth not not Other intangible asset amortization expense for the three six March 31, 2023 2022 three six March 31, 2022 As of March 31, 2023 For fiscal years ending September 30, 2023 (remainder) $ 337 2024 395 2025 381 2026 374 2027 360 Thereafter 3,296 $ 5,143 |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. The Company had no long-term debt outstanding at March 31, 2023 September 30, 2022. In May 2022, 6410 two March 31, 2023 As discussed in Note 7, February 2023. March 31, 2023 one Debt issuance costs of $0.2 million were incurred in connection with the Agreement. These costs were capitalized in other assets on the consolidated balance sheet and are being amortized to interest expense over the term of the Agreement. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. During the six March 31, 2023 2014 four one As of March 31, 2023 March 31, 2023 |
Note 12 - Earnings (Loss) Per C
Note 12 - Earnings (Loss) Per Common Share | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. The following table summarizes the calculation of net earnings (loss) and weighted average common shares and common equivalent shares outstanding for purposes of the computation of earnings (loss) per share (in thousands, except share and per share data): Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Net income (loss) $ 4,637 $ (1,474 ) $ 4,540 $ (8,242 ) Less: Income allocable to unvested restricted stock — — — — Income (loss) attributable to common shareholders for diluted earnings (loss) per share $ 4,637 $ (1,474 ) $ 4,540 $ (8,242 ) Weighted average number of common share equivalents: Common shares used in basic earnings (loss) per share 13,156,715 12,999,022 13,111,866 12,958,911 Common share equivalents outstanding related to RSUs — — — — Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share 13,156,715 12,999,022 13,111,866 12,958,911 Earnings (loss) per share: Basic $ 0.35 $ (0.11 ) $ 0.35 $ (0.64 ) Diluted $ 0.35 $ (0.11 ) $ 0.35 $ (0.64 ) For the calculation of diluted earnings (loss) per share for the three six March 31, 2023 three six March 31, 2022 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Contingent Compensation Costs In connection with the acquisition of Aquana, LLC (“Aquana”) in July 2021, six no first four six no Legal Proceedings The Company is involved in various pending legal actions in the ordinary course of its business. Management is unable to predict the ultimate outcome of these actions, because of the inherent uncertainty of such actions. However, management believes that the most probable, ultimate resolution of current pending matters will not |
Note 14 - Segment Information
Note 14 - Segment Information | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. The Company reports and evaluates financial information for three operating business segments: Oil and Gas Markets, Adjacent Markets and Emerging Markets. The Oil and Gas Markets segment's products include wireless seismic data acquisition systems, reservoir characterization products and services, and traditional seismic exploration products such as geophones, hydrophones, leader wire, connectors, cables, marine streamer retrieval and steering devices and various other seismic products. The Adjacent Markets segment's products include imaging equipment, water meter products, remote shut-off valves and Internet of Things (IoT) platform, as well as and seismic sensors used for vibration monitoring and geotechnical applications such as mine safety applications and earthquake detection. The Emerging Markets segment designs and markets seismic products targeted at the border and perimeter security markets. The following table summarizes the Company’s segment information (in thousands): Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Revenue: Oil and Gas Markets $ 18,419 $ 15,146 $ 38,567 $ 24,800 Adjacent Markets 12,708 9,203 23,530 17,374 Emerging Markets 191 299 284 436 Corporate 52 52 98 81 Total $ 31,370 $ 24,700 $ 62,479 $ 42,691 Income (loss) from operations: Oil and Gas Markets $ 4,176 $ 1,656 $ 6,582 $ (2,514 ) Adjacent Markets 3,055 1,292 4,802 2,500 Emerging Markets (1,007 ) (1,384 ) (2,220 ) (2,204 ) Corporate (1,847 ) (3,213 ) (5,066 ) (6,317 ) Total $ 4,377 $ (1,649 ) $ 4,098 $ (8,535 ) |
Note 15 - Income Taxes
Note 15 - Income Taxes | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Consolidated income tax expense for the three six March 31, 2023 three six March 31, 2022 |
Note 16 - Risks and Uncertainti
Note 16 - Risks and Uncertainties | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Unusual Risks and Uncertainties [Table Text Block] | 16. Concentration of Credit Risk As of March 31, 2023 three March 31, 2023 six March 31, 2023 COVID- 19 The ongoing COVID- 19 19 COVID–19 COVID–19 Oil Commodity Price Levels Demand for many of the Company’s products and the profitability of its operations depend primarily on the level of worldwide oil and gas exploration activity. Prevailing oil and gas prices, with an emphasis on crude oil prices, and market expectations regarding potential changes in such prices significantly affect the level of worldwide oil and gas exploration activity. During periods of improved energy commodity prices, the capital spending budgets of oil and natural gas operators tend to expand, which results in increased demand for our customers services leading to increased demand in the Company’s products. Conversely, in periods when these energy commodity prices deteriorate, capital spending budgets of oil and natural gas operators tend to contract causing demand for the Company’s products to weaken. Historically, the markets for oil and gas have been volatile and are subject to wide fluctuations in response to changes in the supply of and demand for oil and gas, market uncertainty and a variety of additional factors that are beyond its control. These factors include the level of consumer demand, regional and international economic conditions, weather conditions, domestic and foreign governmental regulations (including those related to climate change), price and availability of alternative fuels, political conditions, the war between Russian and Ukraine, instability and hostilities in the Middle East and other significant oil-producing regions, increases and decreases in the supply of oil and gas, the effect of worldwide energy conservation measures and the ability of the Organization of Petroleum Exporting Countries ("OPEC') to set and maintain production levels and prices of foreign imports. Crude oil prices held above $70 per barrel throughout 2022 March 2023, may Generally, imbalances in the supply and demand for oil and gas will affect oil and gas prices and, in such circumstances, demand for the Company’s oil and gas products may Armed Conflict Between Russia and Ukraine A portion of the Company's oil and gas product manufacturing is conducted through its wholly-owned subsidiary Geospace Technologies Eurasia LLC ("GTE"), which is based in the Russian Federation. In February 2022, 2022 first six 2023. may may The Company is actively monitoring the situation in Ukraine and Russia and assessing its impact on its business, including GTE. The net carrying value of this subsidiary on the Company's consolidated balance sheet at March 31, 2023 may 2022 first six 2023. no |
Note 17 - Exit and Disposal Act
Note 17 - Exit and Disposal Activities | 6 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 17. During the first 2023, first 2023, March 31, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated balance sheet of Geospace Technologies Corporation and its subsidiaries (the “Company”) at September 30, 2022 March 31, 2023 three six March 31, 2023 2022 three six March 31, 2023 not Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("U.S.") were omitted pursuant to the rules of the Securities and Exchange Commission. The accompanying consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 September 30, 2022 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to revenue recognition, bad debt reserves, collectability of rental revenue, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, useful lives of long-lived assets, impairment of long-lived assets, impairment of goodwill and other intangible assets, contingent consideration and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. While management believes current estimates are reasonable and appropriate, actual results may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original or remaining maturity at the time of purchase of three March 31, 2023 September 30, 2022 March 31, 2023 March 31, 2023 may second 2023, |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The Company's long-lived assets are reviewed for impairment whenever an event or circumstance indicates that the carrying amount of an asset or group of assets may not March 31, 2023 no may not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, no first September 30, 2024, first first September 30, 2024 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Oil and Gas Markets Traditional exploration product revenue $ 3,296 $ 1,217 $ 6,051 $ 1,797 Wireless exploration product revenue 1,411 10,500 7,170 14,258 Reservoir product revenue 132 394 287 821 Total revenue 4,839 12,111 13,508 16,876 Adjacent Markets Industrial product revenue 9,642 5,993 17,572 11,006 Imaging product revenue 3,029 3,162 5,885 6,279 Total revenue 12,671 9,155 23,457 17,285 Emerging Markets Revenue 191 299 284 436 Total $ 17,701 $ 21,565 $ 37,249 $ 34,597 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Asia $ 1,443 $ 1,679 $ 7,977 $ 6,357 Canada 333 659 1,094 1,057 Europe 1,792 11,432 2,926 12,743 United States 13,479 7,305 24,070 13,324 Other 654 490 1,182 1,116 Total $ 17,701 $ 21,565 $ 37,249 $ 34,597 |
Note 3 - Short-term Investmen_2
Note 3 - Short-term Investments (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | September 30, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 909 $ — $ (15 ) $ 894 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2022 Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable (Level 1) (Level 2) (Level 3) Totals Short-term investments: Corporate bonds $ — $ 894 $ — $ 894 Total assets $ — $ 894 $ — $ 894 Contingent consideration liabilities: $ — $ — $ 175 $ 175 Total liabilities $ — $ — $ 175 $ 175 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Contingent consideration balance at October 1, 2022 $ 175 Fair value adjustments — Payment of contingent consideration (175 ) Contingent consideration at March 31, 2023 $ — Contingent consideration balance at October 1, 2021 $ 6,017 Fair value adjustments (4,658 ) Payment of contingent consideration (807 ) Contingent consideration balance at March 31, 2022 $ 552 |
Note 5 - Trade Accounts and N_2
Note 5 - Trade Accounts and Notes Receivable (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Receivable [Table Text Block] | March 31, 2023 September 30, 2022 Trade accounts receivable $ 21,631 $ 13,252 Allowance for doubtful accounts (706 ) (591 ) Total $ 20,925 $ 12,661 |
Schedule of Notes Receivables [Table Text Block] | March 31, 2023 September 30, 2022 Notes receivable $ 4,983 $ 8,225 Less current portion (4,983 ) (8,225 ) Non-current notes receivable $ — $ — |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current and Noncurrent [Table Text Block] | March 31, 2023 September 30, 2022 Finished goods $ 17,681 $ 14,653 Work in process 7,331 6,230 Raw materials 29,046 25,609 Obsolescence reserve (net realizable value adjustment) (16,073 ) (13,971 ) 37,985 32,521 Less current portion 20,477 19,995 Non-current portion $ 17,508 $ 12,526 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2023 September 30, 2022 Land and land improvements $ 7,290 $ 7,855 Building and building improvements 21,903 24,588 Machinery and equipment 49,657 59,393 Furniture and fixtures 1,489 1,434 Tools and molds 3,280 3,243 Construction in progress 962 341 Transportation equipment 75 74 84,656 96,928 Accumulated depreciation and impairment (61,966 ) (70,330 ) $ 22,690 $ 26,598 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | For fiscal years ending September 30, 2023 (remainder) $ 147 2024 278 2025 186 2026 130 2027 134 2028 91 Future minimum lease payments 966 Less interest (64 ) Present value of minimum lease payments 902 Less current portion (248 ) Non-current portion $ 654 |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Right-of-use operating lease costs $ 68 $ 68 $ 136 $ 136 Short-term lease costs 90 52 132 96 Total $ 158 $ 120 $ 268 $ 232 |
Summary of Other Information Related to Lease Liabilities [Table Text Block] | Six Months Ended March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 123 $ 119 Weighted average remaining lease term (in years) 4.3 5.1 Weighted average discount rate 3.25 % 3.25 % |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block] | March 31, 2023 September 30, 2022 Rental equipment, primarily wireless recording equipment $ 79,479 $ 83,887 Accumulated depreciation and impairment (58,900 ) (55,688 ) $ 20,579 $ 28,199 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | For fiscal years ending September 30, 2023 (remainder) $ 62 2024 128 2025 131 2026 132 2027 11 $ 464 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Weighted- Average Remaining Useful Lives (in years) March 31, 2023 September 30, 2022 Goodwill: Emerging Markets reporting unit $ 4,336 $ 4,336 Adjacent Markets reporting unit 736 736 Total goodwill 5,072 5,072 Accumulated impairment losses (4,336 ) (4,336 ) $ 736 $ 736 Other intangible assets: Developed technology 13.7 $ 6,475 $ 6,475 Customer relationships -- 3,900 3,900 Trade names 0.5 2,022 2,022 Non-compete agreements 0.2 186 186 Total other intangible assets 7.1 12,583 12,583 Accumulated amortization (7,440 ) (7,010 ) $ 5,143 $ 5,573 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For fiscal years ending September 30, 2023 (remainder) $ 337 2024 395 2025 381 2026 374 2027 360 Thereafter 3,296 $ 5,143 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Net income (loss) $ 4,637 $ (1,474 ) $ 4,540 $ (8,242 ) Less: Income allocable to unvested restricted stock — — — — Income (loss) attributable to common shareholders for diluted earnings (loss) per share $ 4,637 $ (1,474 ) $ 4,540 $ (8,242 ) Weighted average number of common share equivalents: Common shares used in basic earnings (loss) per share 13,156,715 12,999,022 13,111,866 12,958,911 Common share equivalents outstanding related to RSUs — — — — Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share 13,156,715 12,999,022 13,111,866 12,958,911 Earnings (loss) per share: Basic $ 0.35 $ (0.11 ) $ 0.35 $ (0.64 ) Diluted $ 0.35 $ (0.11 ) $ 0.35 $ (0.64 ) |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Revenue: Oil and Gas Markets $ 18,419 $ 15,146 $ 38,567 $ 24,800 Adjacent Markets 12,708 9,203 23,530 17,374 Emerging Markets 191 299 284 436 Corporate 52 52 98 81 Total $ 31,370 $ 24,700 $ 62,479 $ 42,691 Income (loss) from operations: Oil and Gas Markets $ 4,176 $ 1,656 $ 6,582 $ (2,514 ) Adjacent Markets 3,055 1,292 4,802 2,500 Emerging Markets (1,007 ) (1,384 ) (2,220 ) (2,204 ) Corporate (1,847 ) (3,213 ) (5,066 ) (6,317 ) Total $ 4,377 $ (1,649 ) $ 4,098 $ (8,535 ) |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Mar. 31, 2023 | Sep. 30, 2022 |
Restricted Cash | $ 0.3 | $ 0.2 |
Minimum [Member] | ||
Cash, Uninsured Amount | 5 | |
Subsidiaries [Member] | Non-US [Member] | ||
Cash Equivalents, at Carrying Value | 4.5 | |
Subsidiaries [Member] | RUSSIAN FEDERATION | ||
Cash Equivalents, at Carrying Value | $ 3.2 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Contract with Customer, Liability, Current | $ 500 | $ 500 | $ 0 | ||
Capitalized Contract Cost, Net, Current | 100 | 100 | $ 0 | ||
Contract with Customer, Liability, Revenue Recognized | 0 | 0 | |||
Contract with Customer, Liability, Cost of Revenue Recognized | 0 | $ 0 | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 0 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 31,370 | $ 24,700 | $ 62,479 | $ 42,691 |
Product [Member] | ||||
Total revenue | 17,701 | 21,565 | 37,249 | 34,597 |
Operating Segments [Member] | Oil and Gas Markets [Member] | ||||
Total revenue | 18,419 | 15,146 | 38,567 | 24,800 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Traditional Exploration Product Revenue [Member] | ||||
Total revenue | 3,296 | 1,217 | 6,051 | 1,797 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Wireless Exploration Product Revenue [Member] | ||||
Total revenue | 1,411 | 10,500 | 7,170 | 14,258 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Reservoir Product Revenue [Member] | ||||
Total revenue | 132 | 394 | 287 | 821 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Product [Member] | ||||
Total revenue | 4,839 | 12,111 | 13,508 | 16,876 |
Operating Segments [Member] | Adjacent Markets [Member] | ||||
Total revenue | 12,708 | 9,203 | 23,530 | 17,374 |
Operating Segments [Member] | Adjacent Markets [Member] | Product [Member] | ||||
Total revenue | 12,671 | 9,155 | 23,457 | 17,285 |
Operating Segments [Member] | Adjacent Markets [Member] | Industrial Product [Member] | ||||
Total revenue | 9,642 | 5,993 | 17,572 | 11,006 |
Operating Segments [Member] | Adjacent Markets [Member] | Imaging Products [Member] | ||||
Total revenue | 3,029 | 3,162 | 5,885 | 6,279 |
Operating Segments [Member] | Emerging Markets [Member] | ||||
Total revenue | 191 | 299 | 284 | 436 |
Operating Segments [Member] | Emerging Markets [Member] | Product [Member] | ||||
Total revenue | $ 191 | $ 299 | $ 284 | $ 436 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 31,370 | $ 24,700 | $ 62,479 | $ 42,691 |
Product [Member] | ||||
Total revenue | 17,701 | 21,565 | 37,249 | 34,597 |
Asia [Member] | Product [Member] | ||||
Total revenue | 1,443 | 1,679 | 7,977 | 6,357 |
CANADA | Product [Member] | ||||
Total revenue | 333 | 659 | 1,094 | 1,057 |
Europe [Member] | Product [Member] | ||||
Total revenue | 1,792 | 11,432 | 2,926 | 12,743 |
UNITED STATES | Product [Member] | ||||
Total revenue | 13,479 | 7,305 | 24,070 | 13,324 |
Other [Member] | Product [Member] | ||||
Total revenue | $ 654 | $ 490 | $ 1,182 | $ 1,116 |
Note 3 - Short-term Investmen_3
Note 3 - Short-term Investments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Debt Securities, Realized Gain (Loss), Total | $ 0 | $ (11,000) | $ 0 | $ (18,000) | |
Short-Term Investments | $ 0 | $ 0 | $ 894,000 |
Note 3 - Short-term Investmen_4
Note 3 - Short-term Investments - Summary of Short-term Investments (Details) - Corporate Debt Securities [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Investments, amortized cost | $ 909 |
Investments, unrealized gains | 0 |
Investments, unrealized losses | (15) |
Investments, fair value | $ 894 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Business Combination, Contingent Consideration, Liability, Current | $ 0 | $ 175 |
Short-Term Investments | $ 0 | $ 894 |
Note 4 - Fair Value of Financ_4
Note 4 - Fair Value of Financial Instruments - Fair Value by Hierarchy (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Business Combination, Contingent Consideration, Liability, Current | $ 0 | $ 175 |
Fair Value, Recurring [Member] | ||
Total assets | 894 | |
Business Combination, Contingent Consideration, Liability, Current | 175 | |
Total liabilities | 175 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 0 | |
Business Combination, Contingent Consideration, Liability, Current | 0 | |
Total liabilities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 894 | |
Business Combination, Contingent Consideration, Liability, Current | 0 | |
Total liabilities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 0 | |
Business Combination, Contingent Consideration, Liability, Current | 175 | |
Total liabilities | 175 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Corporate bonds | 894 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Corporate bonds | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corporate bonds | 894 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Corporate bonds | $ 0 |
Note 4 - Fair Value of Financ_5
Note 4 - Fair Value of Financial Instruments - Summary of Changes in Level 3 Financial Instruments (Details) - Contingent Consideration [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contingent consideration balance | $ 175 | $ 6,017 |
Fair value adjustments | 0 | (4,658) |
Payment of contingent consideration | (175) | (807) |
Contingent consideration balance | $ 0 | $ 552 |
Note 5 - Trade Accounts and N_3
Note 5 - Trade Accounts and Notes Receivable (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 39 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2020 | Mar. 31, 2023 | Sep. 30, 2022 | |
Financing Receivable, after Allowance for Credit Loss | $ 4,983 | $ 8,225 | ||
Promissory Note for Sale of Rental Equipment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 8,000 | |||
Notes Receivable, Term (Year) | 1 year | |||
Financing Receivable, after Allowance for Credit Loss | 2,000 | |||
Promissory Note for Sale of Product [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 10,000 | |||
Notes Receivable, Term (Year) | 3 years | |||
Financing Receivable, after Allowance for Credit Loss | 3,000 | |||
Notes Receivable, Periodic Payment | $ 300 | |||
Proceeds from Collection of Notes Receivable | $ 9,500 | |||
Rental Equipment [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,000 | |||
Product [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 12,500 | |||
Minimum [Member] | ||||
Notes Receivable, Interest Rate, Stated Percentage | 7% | |||
Maximum [Member] | ||||
Notes Receivable, Interest Rate, Stated Percentage | 9.50% |
Note 5 - Trade Accounts and N_4
Note 5 - Trade Accounts and Notes Receivable - Schedule of Trade Accounts and Notes Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Trade accounts receivable | $ 21,631 | $ 13,252 |
Allowance for doubtful accounts | (706) | (591) |
Total | $ 20,925 | $ 12,661 |
Note 5 - Trade Accounts and N_5
Note 5 - Trade Accounts and Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Financing Receivable, after Allowance for Credit Loss | $ 4,983 | $ 8,225 |
Less current portion | (4,983) | (8,225) |
Non-current notes receivable | $ 0 | $ 0 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Inventory, Raw Materials, Gross | $ 29,046 | $ 25,609 |
Semi-finished Goods and Component Parts [Member] | ||
Inventory, Raw Materials, Gross | $ 11,500 | $ 9,400 |
Note 6 - Inventories - Schedule
Note 6 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Finished goods | $ 17,681 | $ 14,653 |
Work in process | 7,331 | 6,230 |
Raw materials | 29,046 | 25,609 |
Obsolescence reserve (net realizable value adjustment) | (16,073) | (13,971) |
Inventory, Current and Noncurrent | 37,985 | 32,521 |
Less current portion | 20,477 | 19,995 |
Non-current portion | $ 17,508 | $ 12,526 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 0.9 | $ 1 | $ 1.9 | $ 2.1 | |
Satellite Property [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 3.7 | ||||
Payment of Closing Costs for Sale of Property | 0.3 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1.3 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Property, Plant and Equipment, Gross | $ 84,656 | $ 96,928 |
Accumulated depreciation and impairment | (61,966) | (70,330) |
Property, Plant and Equipment, Net | 22,690 | 26,598 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 7,290 | 7,855 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | 21,903 | 24,588 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 49,657 | 59,393 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 1,489 | 1,434 |
Tools, Dies and Molds [Member] | ||
Property, Plant and Equipment, Gross | 3,280 | 3,243 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 962 | 341 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 75 | $ 74 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 | |
Number of Operating Right of Use Asset Related to Leased Facility | 2 | 2 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 20,925,000 | $ 20,925,000 | $ 12,661,000 | |||
Lease Receivable [Member] | ||||||
Operating Lease, Lease Income | 13,600,000 | $ 3,100,000 | 25,100,000 | $ 8,000,000 | ||
Lessor, Operating Lease, Payment to be Received, Next Rolling 12 Months | 21,100,000 | 21,100,000 | ||||
Equipment [Member] | Lease Receivable [Member] | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 9,700,000 | $ 9,700,000 | ||||
Land [Member] | Calgary, Alberta, Canada [Member] | ||||||
Number of Operating Right of Use Asset Related to Leased Facility | 2 | 2 | ||||
Lessor, Operating Lease, Term of Contract (Year) | 5 years | |||||
Operating Lease, Lease Income | $ 52,000 | $ 51,000 | $ 98,000 | $ 81,000 | ||
Maximum [Member] | Equipment [Member] | ||||||
Lessor, Operating Lease, Term of Contract (Year) | 1 year | 1 year |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
2023 (remainder) | $ 147 | |
2024 | 278 | |
2025 | 186 | |
2026 | 130 | |
2027 | 134 | |
2028 | 91 | |
Future minimum lease payments | 966 | |
Less interest | (64) | |
Present value of minimum lease payments | 902 | |
Less current portion | (248) | $ (241) |
Non-current portion | $ 654 | $ 769 |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Right-of-use operating lease costs | $ 68 | $ 68 | $ 136 | $ 136 |
Short-term lease costs | 90 | 52 | 132 | 96 |
Total | $ 158 | $ 120 | $ 268 | $ 232 |
Note 8 - Leases - Other Informa
Note 8 - Leases - Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating cash flows from operating leases | $ 123 | $ 119 |
Weighted average remaining lease term (in years) (Year) | 4 years 3 months 18 days | 5 years 1 month 6 days |
Weighted average discount rate | 3.25% | 3.25% |
Note 8 - Leases - Rental Equipm
Note 8 - Leases - Rental Equipment (Details) - Equipment [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Rental equipment, primarily wireless recording equipment | $ 79,479 | $ 83,887 |
Accumulated depreciation and impairment | (58,900) | (55,688) |
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | $ 20,579 | $ 28,199 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payment to be Received (Details) - Land [Member] - Calgary, Alberta, Canada [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (remainder) | $ 62 |
2024 | 128 |
2025 | 131 |
2026 | 132 |
2027 | 11 |
Lessor, Operating Lease, Payment to be Received | $ 464 |
Note 9 - Goodwill and Other I_3
Note 9 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Goodwill, Ending Balance | $ 736 | $ 736 | $ 736 | ||
Finite-Lived Intangible Assets, Net | 5,143 | 5,143 | $ 5,573 | ||
Amortization of Intangible Assets | 200 | $ 400 | 430 | $ 893 | |
Adjacent Markets [Member] | |||||
Goodwill, Ending Balance | 700 | 700 | |||
Finite-Lived Intangible Assets, Net | 600 | 600 | |||
Emerging Markets [Member] | |||||
Finite-Lived Intangible Assets, Net | 3,200 | 3,200 | |||
Oil and Gas Markets [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 1,400 | $ 1,400 |
Note 9 - Goodwill and Other I_4
Note 9 - Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Goodwill, gross | $ 5,072 | $ 5,072 |
Goodwill, accumulated impairment losses | (4,336) | (4,336) |
Goodwill, net | $ 736 | 736 |
Weighted average remaining useful life (Year) | 7 years 1 month 6 days | |
Other intangible assets, gross | $ 12,583 | 12,583 |
Other intangible assets, accumulated amortization | (7,440) | (7,010) |
Finite-Lived Intangible Assets, Net | $ 5,143 | 5,573 |
Developed Technology Rights [Member] | ||
Weighted average remaining useful life (Year) | 13 years 8 months 12 days | |
Other intangible assets, gross | $ 6,475 | 6,475 |
Customer Relationships [Member] | ||
Other intangible assets, gross | $ 3,900 | 3,900 |
Trade Names [Member] | ||
Weighted average remaining useful life (Year) | 6 months | |
Other intangible assets, gross | $ 2,022 | 2,022 |
Noncompete Agreements [Member] | ||
Weighted average remaining useful life (Year) | 2 months 12 days | |
Other intangible assets, gross | $ 186 | 186 |
Emerging Markets [Member] | ||
Goodwill, gross | 4,336 | 4,336 |
Finite-Lived Intangible Assets, Net | 3,200 | |
Adjacent Markets [Member] | ||
Goodwill, gross | 736 | $ 736 |
Goodwill, net | 700 | |
Finite-Lived Intangible Assets, Net | $ 600 |
Note 9 - Goodwill and Other I_5
Note 9 - Goodwill and Other Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
2023 (remainder) | $ 337 | |
2024 | 395 | |
2025 | 381 | |
2026 | 374 | |
2027 | 360 | |
Thereafter | 3,296 | |
Finite-Lived Intangible Assets, Net | $ 5,143 | $ 5,573 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
May 31, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | |
Long-Term Debt, Total | $ 0 | $ 0 | |
Line of Credit [Member] | Woodforest National Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | ||
Line of Credit Facility, Borrowing Base as Percent of Loan to Value of Property | 70% | ||
Line of Credit Facility, Borrowing Base as Percent of Forced Liquidation Value of Equipment | 50% | ||
Line of Credit Facility, Borrowing Base as Percent of Certain Accounts Receivable | 80% | ||
Line of Credit Facility, Borrowing Base as Percent of Forced Liquidation Value of Certain Inventory | 50% | ||
Line Of Credit Facility, Borrowing Base of Inventory, Percent of Credit Towards Accounts Receivable | 100% | ||
Line of Credit Facility, Expiration Period (Year) | 2 years | ||
Debt Instrument, Covenant, Minimum Consolidated Tangible Net Worth | $ 100,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 5,500 | ||
Debt Issuance Costs, Gross | $ 200 | ||
Line of Credit [Member] | Woodforest National Bank [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||
Line of Credit [Member] | Woodforest National Bank [Member] | Prime Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Details Textual) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Millions | 6 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 211,375 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.65 |
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Grants In Period, Grant Date Fair Value | $ | $ 1 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | shares | 394,924 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 2.2 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 394,924 | 371,484 | 394,924 | 371,484 |
Note 12 - Earnings (Loss) Per_4
Note 12 - Earnings (Loss) Per Common Share - Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 4,637 | $ (97) | $ (1,474) | $ 4,540 | $ (8,242) | $ (6,768) |
Less: Income allocable to unvested restricted stock | 0 | 0 | 0 | 0 | ||
Income (loss) attributable to common shareholders for diluted earnings (loss) per share | $ 4,637 | $ (1,474) | $ 4,540 | $ (8,242) | ||
Common shares used in basic earnings (loss) per share (in shares) | 13,156,715 | 12,999,022 | 13,111,866 | 12,958,911 | ||
Common share equivalents outstanding related to RSUs (in shares) | 0 | 0 | 0 | 0 | ||
Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share (in shares) | 13,156,715 | 12,999,022 | 13,111,866 | 12,958,911 | ||
Basic (in dollars per share) | $ 0.35 | $ (0.11) | $ 0.35 | $ (0.64) | ||
Diluted (in dollars per share) | $ 0.35 | $ (0.11) | $ 0.35 | $ (0.64) |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - Aquana, LLC [Member] - USD ($) $ in Thousands | 1 Months Ended | |
Jul. 31, 2021 | Mar. 31, 2023 | |
Business Combination, Contingent Consideration, Earn Out Period (Year) | 6 years | |
Business Combination, Required Continued Employment of Key Employees, Period (Year) | 4 years | |
Business Combination, Contingent Consideration, Liability, Total | $ 0 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 6 Months Ended |
Mar. 31, 2023 | |
Number of Operating Segments | 3 |
Note 14 - Segment Information -
Note 14 - Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 31,370 | $ 24,700 | $ 62,479 | $ 42,691 |
Income (loss) from operations | 4,377 | (1,649) | 4,098 | (8,535) |
Corporate, Non-Segment [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 52 | 52 | 98 | 81 |
Income (loss) from operations | (1,847) | (3,213) | (5,066) | (6,317) |
Oil and Gas Markets [Member] | Operating Segments [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,419 | 15,146 | 38,567 | 24,800 |
Income (loss) from operations | 4,176 | 1,656 | 6,582 | (2,514) |
Adjacent Markets [Member] | Operating Segments [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,708 | 9,203 | 23,530 | 17,374 |
Income (loss) from operations | 3,055 | 1,292 | 4,802 | 2,500 |
Emerging Markets [Member] | Operating Segments [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 191 | 299 | 284 | 436 |
Income (loss) from operations | $ (1,007) | $ (1,384) | $ (2,220) | $ (2,204) |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Expense (Benefit) | $ 19,000 | $ 25,000 | $ 49,000 | $ 102,000 |
Note 16 - Risks and Uncertain_2
Note 16 - Risks and Uncertainties (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) $ / bbl | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 31,370 | $ 24,700 | $ 62,479 | $ 42,691 | |
Oil and Gas, Average Sale Price (in USD per Barrel of Oil) | $ / bbl | 70 | ||||
Geospace Technologies Eurasia LLC (GTE) [Member] | |||||
Imported Product for Resale | 2,300 | $ 1,900 | |||
Equity, Attributable to Noncontrolling Interest | 6,000 | 6,000 | |||
Cash | $ 3,200 | 3,200 | |||
Geospace Technologies Eurasia LLC (GTE) [Member] | Geographic Distribution, Domestic [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,300 | $ 1,900 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 3 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 8,500 | 8,500 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | 4,900 | 4,900 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Three [Member] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 3,400 | $ 3,400 | |||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | |||||
Number of Major Customers | 3 | 3 | |||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer One [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 9,900 | $ 17,900 | |||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Two [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,900 | 5,600 | |||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Three [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,200 | $ 2,900 |
Note 17 - Exit and Disposal A_2
Note 17 - Exit and Disposal Activities (Details Textual) - Plan to Lower Costs and Raise Efficiencies [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2023 | |
Effect on Future Cash Flows, Amount | $ 2,000 | |
Restructuring and Related Cost, Incurred Cost | $ 600 | |
Restructuring and Related Cost, Expected Cost Remaining | $ 0 | |
Restructuring Reserve | $ 0 |