Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
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 | Q3 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,908,567 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 12,327 | $ 18,803 |
Short-term investments | 30,189 | 14,921 |
Trade accounts and note receivable, net | 16,164 | 21,373 |
Inventories, net | 24,557 | 18,430 |
Prepaid expenses and other current assets | 2,771 | 2,251 |
Total current assets | 86,008 | 75,778 |
Non-current inventories, net | 17,362 | 24,888 |
Rental equipment, net | 16,907 | 21,587 |
Property, plant and equipment, net | 24,037 | 24,048 |
Non-current trade accounts receivable | 1,510 | 0 |
Operating right-of-use assets | 527 | 714 |
Goodwill | 736 | 736 |
Other intangible assets, net | 4,505 | 4,805 |
Other non-current assets | 361 | 486 |
Total assets | 151,953 | 153,042 |
Current liabilities: | ||
Accounts payable trade | 4,230 | 6,659 |
Operating lease liabilities | 215 | 257 |
Other current liabilities | 9,693 | 12,882 |
Total current liabilities | 14,138 | 19,798 |
Non-current operating lease liabilities | 368 | 512 |
Deferred tax liabilities, net | 26 | 16 |
Total liabilities | 14,532 | 20,326 |
Commitments and contingencies (Note 11) | ||
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; 14,204,082 and 14,030,481 shares issued, respectively; and 13,070,615 and 13,188,489 shares outstanding, respectively | 142 | 140 |
Additional paid-in capital | 97,067 | 96,040 |
Retained earnings | 68,142 | 61,860 |
Accumulated other comprehensive loss | (17,431) | (17,824) |
Treasury stock, at cost, 1,133,467 and 841,992 shares, respectively | (10,499) | (7,500) |
Total stockholders’ equity | 137,421 | 132,716 |
Total liabilities and stockholders’ equity | $ 151,953 | $ 153,042 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Sep. 30, 2023 |
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) | 14,204,082 | 14,030,481 |
Common stock, outstanding (in shares) | 13,070,615 | 13,188,489 |
Treasury stock, shares (in shares) | 1,133,467 | 841,992 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue: | ||||
Total revenue | $ 25,858,000 | $ 32,715,000 | $ 100,160,000 | $ 95,194,000 |
Cost of revenue: | ||||
Total cost of revenue | 17,332,000 | 18,736,000 | 63,517,000 | 57,732,000 |
Gross profit | 8,526,000 | 13,979,000 | 36,643,000 | 37,462,000 |
Operating expenses: | ||||
Selling, general and administrative | 6,941,000 | 6,655,000 | 19,313,000 | 19,477,000 |
Research and development | 4,011,000 | 4,356,000 | 11,476,000 | 12,097,000 |
Provision for (recovery of) credit losses | (33,000) | (178,000) | (84,000) | (41,000) |
Total operating expenses | 10,919,000 | 10,833,000 | 30,705,000 | 31,533,000 |
Income (loss) from operations | (2,393,000) | 3,146,000 | 5,938,000 | 7,244,000 |
Other income (expense): | ||||
Interest expense | (44,000) | (22,000) | (144,000) | (100,000) |
Interest income | 472,000 | 88,000 | 954,000 | 371,000 |
Foreign currency transaction gains (losses), net | (70,000) | 301,000 | (253,000) | 593,000 |
Other, net | (37,000) | (66,000) | (104,000) | (72,000) |
Total other income, net | 321,000 | 301,000 | 453,000 | 792,000 |
Income (loss) before income taxes | (2,072,000) | 3,447,000 | 6,391,000 | 8,036,000 |
Income tax expense (benefit) | (2,000) | 219,000 | 109,000 | 268,000 |
Net income (loss) | $ (2,070,000) | $ 3,228,000 | $ 6,282,000 | $ 7,768,000 |
Income (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.16) | $ 0.25 | $ 0.47 | $ 0.59 |
Diluted (in dollars per share) | $ (0.16) | $ 0.24 | $ 0.47 | $ 0.59 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 13,216,386 | 13,171,654 | 13,270,444 | 13,131,795 |
Diluted (in shares) | 13,216,386 | 13,320,881 | 13,431,714 | 13,157,919 |
Satellite Property [Member] | ||||
Operating expenses: | ||||
Gain on disposal of property | $ 0 | $ 0 | $ 0 | $ 1,315,000 |
Product [Member] | ||||
Revenue: | ||||
Total revenue | 20,223,000 | 19,727,000 | 83,434,000 | 56,976,000 |
Cost of revenue: | ||||
Total cost of revenue | 14,179,000 | 14,522,000 | 53,016,000 | 43,083,000 |
Rental [Member] | ||||
Revenue: | ||||
Total revenue | 5,635,000 | 12,988,000 | 16,726,000 | 38,218,000 |
Cost of revenue: | ||||
Total cost of revenue | $ 3,153,000 | $ 4,214,000 | $ 10,501,000 | $ 14,649,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ (2,070) | $ 3,228 | $ 6,282 | $ 7,768 |
Other comprehensive income (loss): | ||||
Change in unrealized gains on available-for-sale securities, net of tax | (17) | 2 | (22) | 17 |
Foreign currency translation adjustments | 46 | (208) | 415 | (1,550) |
Total other comprehensive income (loss) | 29 | (206) | 393 | (1,533) |
Total comprehensive income (loss) | $ (2,041) | $ 3,022 | $ 6,675 | $ 6,235 |
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 Sep. 30, 2022 | 13,021,241 | ||||||
Balance at Sep. 30, 2022 | $ 139 | $ 94,667 | $ 49,654 | $ (15,313) | $ (7,500) | $ 121,647 | |
Net income | 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 | 7,768 | ||||||
Other comprehensive income (loss) | (1,533) | ||||||
Balance (in shares) at Jun. 30, 2023 | 13,186,489 | ||||||
Balance at Jun. 30, 2023 | 140 | 95,741 | 57,422 | (16,846) | (7,500) | 128,957 | |
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 | 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 | |
Net income | 0 | 0 | 3,228 | 0 | 0 | 3,228 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (206) | 0 | (206) | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 15,000 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | |
Stock-based compensation | 0 | 398 | 0 | 0 | 0 | 398 | |
Balance (in shares) at Jun. 30, 2023 | 13,186,489 | ||||||
Balance at Jun. 30, 2023 | 140 | 95,741 | 57,422 | (16,846) | (7,500) | 128,957 | |
Balance (in shares) at Sep. 30, 2023 | 13,188,489 | ||||||
Balance at Sep. 30, 2023 | 140 | 96,040 | 61,860 | (17,824) | (7,500) | 132,716 | |
Net income | 0 | 0 | 12,679 | 0 | 0 | 12,679 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 506 | 0 | 506 | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 128,601 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 2 | (2) | 0 | 0 | 0 | 0 | |
Stock-based compensation | 0 | 406 | 0 | 0 | 0 | 406 | |
Balance (in shares) at Dec. 31, 2023 | 13,317,090 | ||||||
Balance at Dec. 31, 2023 | 142 | 96,444 | 74,539 | (17,318) | (7,500) | 146,307 | |
Balance (in shares) at Sep. 30, 2023 | 13,188,489 | ||||||
Balance at Sep. 30, 2023 | 140 | 96,040 | 61,860 | (17,824) | (7,500) | 132,716 | |
Net income | 6,282 | ||||||
Other comprehensive income (loss) | 393 | ||||||
Balance (in shares) at Jun. 30, 2024 | 13,070,615 | ||||||
Balance at Jun. 30, 2024 | 142 | 97,067 | 68,142 | (17,431) | (10,499) | 137,421 | |
Balance (in shares) at Dec. 31, 2023 | 13,317,090 | ||||||
Balance at Dec. 31, 2023 | 142 | 96,444 | 74,539 | (17,318) | (7,500) | 146,307 | |
Net income | 0 | 0 | (4,327) | 0 | 0 | (4,327) | |
Other comprehensive income (loss) | 0 | 0 | 0 | (142) | 0 | (142) | |
Issuance of common stock pursuant to the vesting of restricted stock units (in shares) | 45,000 | ||||||
Issuance of common stock pursuant to the vesting of restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | |
Stock-based compensation | 0 | 356 | 0 | 0 | 0 | 356 | |
Balance (in shares) at Mar. 31, 2024 | 13,362,090 | ||||||
Balance at Mar. 31, 2024 | 142 | 96,800 | 70,212 | (17,460) | (7,500) | 142,194 | |
Net income | 0 | 0 | (2,070) | 0 | 0 | (2,070) | |
Other comprehensive income (loss) | 0 | 0 | 0 | 29 | 0 | 29 | |
Stock-based compensation | 0 | 267 | 0 | 0 | 0 | 267 | |
Balance (in shares) at Jun. 30, 2024 | 13,070,615 | ||||||
Purchase of treasury stock (in shares) | (291,475) | ||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (2,999) | (2,999) | |
Balance at Jun. 30, 2024 | $ 142 | $ 97,067 | $ 68,142 | $ (17,431) | $ (10,499) | $ 137,421 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 6,282 | $ 7,768 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred income tax expense | 10 | 1 |
Rental equipment depreciation | 8,534 | 9,204 |
Property, plant and equipment depreciation | 2,595 | 2,785 |
Amortization of intangible assets | 300 | 622 |
Accretion of discounts on short-term investments | (415) | (50) |
Stock-based compensation expense | 1,029 | 1,074 |
Provision for (recovery of) credit losses | (84) | (41) |
Inventory obsolescence expense | 144 | 2,131 |
Gross profit from sale of rental equipment | (20,751) | (4,318) |
Realized foreign currency translation loss from dissolution of foreign subsidiary | 0 | 38 |
Effects of changes in operating assets and liabilities: | ||
Trade accounts and note receivable | 5,162 | (10,561) |
Inventories | (5,787) | (7,175) |
Other assets | (176) | 453 |
Accounts payable trade | (1,408) | 1,290 |
Other liabilities | (2,973) | 1,654 |
Net cash provided by (used in) operating activities | (7,527) | 3,128 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (3,577) | (1,862) |
Proceeds from the sale of property, plant and equipment | 2 | 4,406 |
Investment in rental equipment | (8,181) | (6,213) |
Proceeds from the sale of rental equipment | 30,948 | 11,095 |
Purchases of short-term investments | (24,033) | 0 |
Proceeds from the sale of short-term investments | 8,750 | 900 |
Net cash provided by investing activities | 3,909 | 8,326 |
Cash flows from financing activities: | ||
Purchase of treasury stock | (2,999) | 0 |
Payments on contingent consideration | 0 | (175) |
Net cash used in financing activities | (2,999) | (175) |
Effect of exchange rate changes on cash | 141 | (124) |
Increase (decrease) in cash and cash equivalents | (6,476) | 11,155 |
Cash and cash equivalents, beginning of period | 18,803 | 16,109 |
Cash and cash equivalents, end of period | 12,327 | 27,264 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 185 | 111 |
Inventory transferred to rental equipment | 5,765 | 117 |
Satellite Property [Member] | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Loss (gain) on disposal of property and equipment | 0 | (1,315) |
Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Loss (gain) on disposal of property and equipment | $ 11 | $ (432) |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2024 | |
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, 2023 June 30, 2024 three nine June 30, 2024 2023 three nine June 30, 2024 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. GAAP") 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, 2023 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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, credit loss, 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 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 June 30, 2024 may 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 June 30, 2024 no may not Recently Adopted Accounting Pronouncements In June 2016, October 1, 2023. not Recently Issued Accounting Pronouncements In November 2023, December 15, 2023, December 15, 2024. In December 2023, fourth 2026. not All other new accounting pronouncements that have been issued, but not not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 September 30, 2023 three June 30, 2024, nine June 30, 2024, three nine June 30, 2024 three nine June 30, 2023 no no June 30, 2024 one For the three June 30, 2024 2023, nine June 30, 2024 2023, Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Oil and Gas Markets Traditional exploration product revenue $ 2,005 $ 3,363 $ 7,239 $ 9,414 Wireless exploration product revenue 1,460 907 36,008 8,077 Reservoir product revenue 189 523 303 810 Total revenue 3,654 4,793 43,550 18,301 Adjacent Markets Industrial product revenue 13,026 11,678 28,492 29,250 Imaging product revenue 2,903 3,147 9,405 9,032 Total revenue 15,929 14,825 37,897 38,282 Emerging Markets Revenue 640 109 1,987 393 Total $ 20,223 $ 19,727 $ 83,434 $ 56,976 See Note 12 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 Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Asia (including Russian Federation) $ 3,430 $ 3,287 $ 39,318 $ 11,264 Canada 178 85 2,406 1,179 Europe 1,137 1,856 4,022 4,782 United States 14,436 13,481 35,685 37,551 Other 1,042 1,018 2,003 2,200 Total $ 20,223 $ 19,727 $ 83,434 $ 56,976 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 | 9 Months Ended |
Jun. 30, 2024 | |
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. The Company’s short-term investments were composed of the following (in thousands): As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 21,655 $ — $ (21 ) $ 21,634 U.S. treasury securities and securities of U.S. government-sponsored agency 8,566 — (11 ) 8,555 Total $ 30,221 $ — $ (32 ) $ 30,189 As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 11,310 $ — $ (15 ) $ 11,295 U.S. treasury securities and securities of U.S. government-sponsored agency 3,622 4 — 3,626 Total $ 14,932 $ 4 $ (15 ) $ 14,921 The Company had no securities in a material unrealized loss position at June 30, 2024 September 30, 2023 not not three nine June 30, 2024 2023 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 9 Months Ended |
Jun. 30, 2024 | |
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 Company measures its short-term investments at fair value on a recurring basis. The following tables present the fair value of the Company’s short-term investments by valuation hierarchy and input (in thousands): As of June 30, 2024 (Level 1) (Level 2) (Level 3) Totals Short-term investments: Corporate bonds $ — $ 21,634 $ — $ 21,634 U.S. treasury securities and securities of U.S. government-sponsored agency 8,555 8,555 Total assets $ — $ 30,189 $ — $ 30,189 As of September 30, 2023 (Level 1) (Level 2) (Level 3) Totals Short-term investments: Corporate bonds $ — $ 11,295 $ — $ 11,295 U.S. treasury securities and securities of U.S. government-sponsored agency — 3,626 — 3,626 Total assets $ — $ 14,921 $ — $ 14,921 |
Note 5 - Trade Accounts and Not
Note 5 - Trade Accounts and Notes Receivable | 9 Months Ended |
Jun. 30, 2024 | |
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): June 30, 2024 September 30, 2023 Trade accounts receivable $ 17,709 $ 20,282 Allowance for credit losses (35 ) (125 ) Total 17,674 20,157 Less current portion (16,164 ) (20,157 ) Non-current trade accounts receivable $ 1,510 $ — Trade accounts receivable at June 30, 2024 December 2025. not Allowance for credit losses related to trade accounts receivable are reflected in the following table (in thousands): Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Allowance for credit losses: Beginning of period 67 706 125 591 Provision for credit losses 5 16 60 400 Recoveries (38 ) (194 ) (144 ) (441 ) Write-offs — (321 ) (7 ) (327 ) Currency translation 1 1 1 (15 ) End of period $ 35 $ 208 $ 35 $ 208 The Company had one September 30, 2023, January 2024. |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories consist of the following (in thousands): June 30, 2024 September 30, 2023 Finished goods $ 16,588 $ 18,555 Work in process 6,748 11,992 Raw materials 28,187 26,832 Obsolescence reserve (net realizable value adjustment) (9,604 ) (14,061 ) 41,919 43,318 Less current portion 24,557 18,430 Non-current portion $ 17,362 $ 24,888 Inventory obsolescence expense for each of the three nine June 30, 2024 three nine June 30, 2023 June 30, 2024 September 30, 2023 |
Note 7 -Rental Equipment
Note 7 -Rental Equipment | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 7. 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 June 30, 2024 Rental revenue related to leased equipment for the three nine June 30, 2024 three nine June 30, 2023 Future minimum lease obligations due from the Company’s leasing customers on operating leases executed as of June 30, 2024 12 Rental equipment consisted of the following (in thousands): June 30, 2024 September 30, 2023 Rental equipment, primarily wireless recording equipment $ 80,976 $ 82,926 Accumulated depreciation (64,069 ) (61,339 ) $ 16,907 $ 21,587 |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. On July 26, 2023, May 6, 2022, no 1.00, 1.00, July 2025. June 30, 2024 June 30, 2024 June 30, 2024 September 30, 2023 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. During the nine June 30, 2024 2014 four one As of June 30, 2024 June 30, 2024 four |
Note 10 - Earnings (Loss) Per C
Note 10 - Earnings (Loss) Per Common Share | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. 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 Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income (loss) $ (2,070 ) $ 3,228 $ 6,282 $ 7,768 Less: Income allocable to unvested restricted stock — — — — Income (loss) attributable to common shareholders for diluted earnings (loss) per share $ (2,070 ) $ 3,228 $ 6,282 $ 7,768 Weighted average number of common share equivalents: Common shares used in basic earnings (loss) per share 13,216,386 13,171,654 13,270,444 13,131,795 Common share equivalents outstanding related to RSUs — 149,227 161,270 26,124 Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share 13,216,386 13,320,881 13,431,714 13,157,919 Earnings (loss) per share: Basic $ (0.16 ) $ 0.25 $ 0.47 $ 0.59 Diluted $ (0.16 ) $ 0.24 $ 0.47 $ 0.59 For the calculation of diluted earnings (loss) per share for the three June 30, 2024 2023, nine June 30, 2024 2023 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company reports and evaluates financial information for three The following table summarizes the Company’s segment information (in thousands): Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue: Oil and Gas Markets $ 9,174 $ 17,672 $ 59,930 $ 56,239 Adjacent Markets 15,970 14,862 38,020 38,392 Emerging Markets 640 109 1,987 393 Corporate 74 72 223 170 Total $ 25,858 $ 32,715 $ 100,160 $ 95,194 Income (loss) from operations: Oil and Gas Markets $ (2,302 ) $ 3,238 $ 9,126 $ 9,820 Adjacent Markets 4,661 4,346 9,491 9,148 Emerging Markets (1,148 ) (1,047 ) (2,424 ) (3,267 ) Corporate (3,604 ) (3,391 ) (10,255 ) (8,457 ) Total $ (2,393 ) $ 3,146 $ 5,938 $ 7,244 The Company's manufacturing operations for its operating business segments are combined. Therefore, the Company does not no |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Consolidated income tax expense (benefit) for the three nine June 30, 2024 three nine June 30, 2023 |
Note 14 - Risks and Uncertainti
Note 14 - Risks and Uncertainties | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Unusual Risks and Uncertainties [Table Text Block] | 14. Concentration of Credit Risk During the three nine June 30, 2024 one three nine June 30, 2023 June 30, 2024 COVID- 19 The ongoing COVID- 19 19 COVID–19 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 Russia 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 have stabilized over the past two 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, 2023, first nine 2024. 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 GTE on the Company's consolidated balance sheet at June 30, 2024 may 2023, first nine 2024. no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Mar. 31, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | OTHER | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2024 | |
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, 2023 June 30, 2024 three nine June 30, 2024 2023 three nine June 30, 2024 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. GAAP") 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, 2023 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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, credit loss, 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 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 June 30, 2024 may |
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 June 30, 2024 no may not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In June 2016, October 1, 2023. not Recently Issued Accounting Pronouncements In November 2023, December 15, 2023, December 15, 2024. In December 2023, fourth 2026. not All other new accounting pronouncements that have been issued, but not not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Oil and Gas Markets Traditional exploration product revenue $ 2,005 $ 3,363 $ 7,239 $ 9,414 Wireless exploration product revenue 1,460 907 36,008 8,077 Reservoir product revenue 189 523 303 810 Total revenue 3,654 4,793 43,550 18,301 Adjacent Markets Industrial product revenue 13,026 11,678 28,492 29,250 Imaging product revenue 2,903 3,147 9,405 9,032 Total revenue 15,929 14,825 37,897 38,282 Emerging Markets Revenue 640 109 1,987 393 Total $ 20,223 $ 19,727 $ 83,434 $ 56,976 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Asia (including Russian Federation) $ 3,430 $ 3,287 $ 39,318 $ 11,264 Canada 178 85 2,406 1,179 Europe 1,137 1,856 4,022 4,782 United States 14,436 13,481 35,685 37,551 Other 1,042 1,018 2,003 2,200 Total $ 20,223 $ 19,727 $ 83,434 $ 56,976 |
Note 3 - Short-term Investmen_2
Note 3 - Short-term Investments (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 21,655 $ — $ (21 ) $ 21,634 U.S. treasury securities and securities of U.S. government-sponsored agency 8,566 — (11 ) 8,555 Total $ 30,221 $ — $ (32 ) $ 30,189 As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 11,310 $ — $ (15 ) $ 11,295 U.S. treasury securities and securities of U.S. government-sponsored agency 3,622 4 — 3,626 Total $ 14,932 $ 4 $ (15 ) $ 14,921 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2024 (Level 1) (Level 2) (Level 3) Totals Short-term investments: Corporate bonds $ — $ 21,634 $ — $ 21,634 U.S. treasury securities and securities of U.S. government-sponsored agency 8,555 8,555 Total assets $ — $ 30,189 $ — $ 30,189 As of September 30, 2023 (Level 1) (Level 2) (Level 3) Totals Short-term investments: Corporate bonds $ — $ 11,295 $ — $ 11,295 U.S. treasury securities and securities of U.S. government-sponsored agency — 3,626 — 3,626 Total assets $ — $ 14,921 $ — $ 14,921 |
Note 5 - Trade Accounts and N_2
Note 5 - Trade Accounts and Notes Receivable (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts Receivable [Table Text Block] | June 30, 2024 September 30, 2023 Trade accounts receivable $ 17,709 $ 20,282 Allowance for credit losses (35 ) (125 ) Total 17,674 20,157 Less current portion (16,164 ) (20,157 ) Non-current trade accounts receivable $ 1,510 $ — |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Allowance for credit losses: Beginning of period 67 706 125 591 Provision for credit losses 5 16 60 400 Recoveries (38 ) (194 ) (144 ) (441 ) Write-offs — (321 ) (7 ) (327 ) Currency translation 1 1 1 (15 ) End of period $ 35 $ 208 $ 35 $ 208 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current and Noncurrent [Table Text Block] | June 30, 2024 September 30, 2023 Finished goods $ 16,588 $ 18,555 Work in process 6,748 11,992 Raw materials 28,187 26,832 Obsolescence reserve (net realizable value adjustment) (9,604 ) (14,061 ) 41,919 43,318 Less current portion 24,557 18,430 Non-current portion $ 17,362 $ 24,888 |
Note 7 -Rental Equipment (Table
Note 7 -Rental Equipment (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block] | June 30, 2024 September 30, 2023 Rental equipment, primarily wireless recording equipment $ 80,976 $ 82,926 Accumulated depreciation (64,069 ) (61,339 ) $ 16,907 $ 21,587 |
Note 10 - Earnings (Loss) Per_2
Note 10 - Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income (loss) $ (2,070 ) $ 3,228 $ 6,282 $ 7,768 Less: Income allocable to unvested restricted stock — — — — Income (loss) attributable to common shareholders for diluted earnings (loss) per share $ (2,070 ) $ 3,228 $ 6,282 $ 7,768 Weighted average number of common share equivalents: Common shares used in basic earnings (loss) per share 13,216,386 13,171,654 13,270,444 13,131,795 Common share equivalents outstanding related to RSUs — 149,227 161,270 26,124 Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share 13,216,386 13,320,881 13,431,714 13,157,919 Earnings (loss) per share: Basic $ (0.16 ) $ 0.25 $ 0.47 $ 0.59 Diluted $ (0.16 ) $ 0.24 $ 0.47 $ 0.59 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue: Oil and Gas Markets $ 9,174 $ 17,672 $ 59,930 $ 56,239 Adjacent Markets 15,970 14,862 38,020 38,392 Emerging Markets 640 109 1,987 393 Corporate 74 72 223 170 Total $ 25,858 $ 32,715 $ 100,160 $ 95,194 Income (loss) from operations: Oil and Gas Markets $ (2,302 ) $ 3,238 $ 9,126 $ 9,820 Adjacent Markets 4,661 4,346 9,491 9,148 Emerging Markets (1,148 ) (1,047 ) (2,424 ) (3,267 ) Corporate (3,604 ) (3,391 ) (10,255 ) (8,457 ) Total $ (2,393 ) $ 3,146 $ 5,938 $ 7,244 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - Subsidiaries [Member] $ in Millions | Jun. 30, 2024 USD ($) |
Non-US [Member] | |
Cash Equivalents, at Carrying Value | $ 3.4 |
RUSSIAN FEDERATION | |
Cash Equivalents, at Carrying Value | $ 2 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2023 | |
Contract with Customer, Liability, Current | $ 0 | $ 0 | $ 700,000 | ||
Capitalized Contract Cost, Net, Current | 0 | 0 | $ 0 | ||
Contract with Customer, Liability, Revenue Recognized, Including Balance | 20,000 | $ 0 | 700,000 | $ 0 | |
Contract with Customer, Liability, Cost of Revenue Recognized | 0 | 0 | 0 | 0 | |
Transferred over Time [Member] | |||||
Contract with Customer, Liability, Revenue Recognized | $ 300,000 | $ 100,000 | $ 1,200,000 | $ 200,000 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total revenue | $ 25,858 | $ 32,715 | $ 100,160 | $ 95,194 |
Product [Member] | ||||
Total revenue | 20,223 | 19,727 | 83,434 | 56,976 |
Operating Segments [Member] | Oil and Gas Markets [Member] | ||||
Total revenue | 9,174 | 17,672 | 59,930 | 56,239 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Traditional Exploration Product Revenue [Member] | ||||
Total revenue | 2,005 | 3,363 | 7,239 | 9,414 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Wireless Exploration Product Revenue [Member] | ||||
Total revenue | 1,460 | 907 | 36,008 | 8,077 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Reservoir Product Revenue [Member] | ||||
Total revenue | 189 | 523 | 303 | 810 |
Operating Segments [Member] | Oil and Gas Markets [Member] | Product [Member] | ||||
Total revenue | 3,654 | 4,793 | 43,550 | 18,301 |
Operating Segments [Member] | Adjacent Markets [Member] | ||||
Total revenue | 15,970 | 14,862 | 38,020 | 38,392 |
Operating Segments [Member] | Adjacent Markets [Member] | Product [Member] | ||||
Total revenue | 15,929 | 14,825 | 37,897 | 38,282 |
Operating Segments [Member] | Adjacent Markets [Member] | Industrial Product [Member] | ||||
Total revenue | 13,026 | 11,678 | 28,492 | 29,250 |
Operating Segments [Member] | Adjacent Markets [Member] | Imaging Products [Member] | ||||
Total revenue | 2,903 | 3,147 | 9,405 | 9,032 |
Operating Segments [Member] | Emerging Markets [Member] | ||||
Total revenue | 640 | 109 | 1,987 | 393 |
Operating Segments [Member] | Emerging Markets [Member] | Product [Member] | ||||
Total revenue | $ 640 | $ 109 | $ 1,987 | $ 393 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total revenue | $ 25,858 | $ 32,715 | $ 100,160 | $ 95,194 |
Product [Member] | ||||
Total revenue | 20,223 | 19,727 | 83,434 | 56,976 |
Asia [Member] | Product [Member] | ||||
Total revenue | 3,430 | 3,287 | 39,318 | 11,264 |
CANADA | Product [Member] | ||||
Total revenue | 178 | 85 | 2,406 | 1,179 |
Europe [Member] | Product [Member] | ||||
Total revenue | 1,137 | 1,856 | 4,022 | 4,782 |
UNITED STATES | Product [Member] | ||||
Total revenue | 14,436 | 13,481 | 35,685 | 37,551 |
Other [Member] | Product [Member] | ||||
Total revenue | $ 1,042 | $ 1,018 | $ 2,003 | $ 2,200 |
Note 3 - Short-term Investmen_3
Note 3 - Short-term Investments (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 0 | 0 | 0 | ||
Debt Securities, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Short-term Investmen_4
Note 3 - Short-term Investments - Summary of Short-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Investments, amortized cost | $ 30,221 | $ 14,932 |
Investments, unrealized gains | 0 | 4 |
Investments, unrealized losses | (32) | (15) |
Investments, fair value | 30,189 | 14,921 |
Corporate Debt Securities [Member] | ||
Investments, amortized cost | 21,655 | 11,310 |
Investments, unrealized gains | 0 | 0 |
Investments, unrealized losses | (21) | (15) |
Investments, fair value | 21,634 | 11,295 |
US Treasury and Government Short-Term Debt Securities [Member] | ||
Investments, amortized cost | 8,566 | 3,622 |
Investments, unrealized gains | 0 | 4 |
Investments, unrealized losses | (11) | 0 |
Investments, fair value | $ 8,555 | $ 3,626 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments - Fair Value by Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Total assets | $ 30,189 | $ 14,921 |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 30,189 | 14,921 |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | ||
Short term investment | 21,634 | 11,295 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short term investment | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short term investment | 21,634 | 11,295 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short term investment | 0 | 0 |
US Treasury and Government Short-Term Debt Securities [Member] | ||
Short term investment | 8,555 | 3,626 |
US Treasury and Government Short-Term Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short term investment | 0 | |
US Treasury and Government Short-Term Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short term investment | $ 8,555 | 3,626 |
US Treasury and Government Short-Term Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short term investment | $ 0 |
Note 5 - Trade Accounts and N_3
Note 5 - Trade Accounts and Notes Receivable (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,510 | $ 0 |
Trade Accounts for Sale of Product [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,500 | |
Promissory Note for Sale of Product [Member] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,200 |
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 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Trade accounts receivable | $ 17,709 | $ 20,282 | ||||
Allowance for credit losses | (35) | $ (67) | (125) | $ (208) | $ (706) | $ (591) |
Total | 17,674 | 20,157 | ||||
Less current portion | (16,164) | (20,157) | ||||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,510 | $ 0 |
Note 5 - Trade Accounts and N_5
Note 5 - Trade Accounts and Notes Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Beginning of period | $ 67 | $ 706 | $ 125 | $ 591 |
Provision for credit losses | 5 | 16 | 60 | 400 |
Recoveries | (38) | (194) | (144) | (441) |
Write-offs | 0 | (321) | (7) | (327) |
Currency translation | 1 | 1 | 1 | (15) |
End of period | $ 35 | $ 208 | $ 35 | $ 208 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2023 | |
Inventory Write-down | $ 100 | $ 300 | $ 144 | $ 2,131 | |
Inventory, Raw Materials, Gross | 28,187 | 28,187 | $ 26,832 | ||
Semi-finished Goods and Component Parts [Member] | |||||
Inventory, Raw Materials, Gross | $ 8,300 | $ 8,300 | $ 10,600 |
Note 6 - Inventories - Schedule
Note 6 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Finished goods | $ 16,588 | $ 18,555 |
Work in process | 6,748 | 11,992 |
Raw materials | 28,187 | 26,832 |
Obsolescence reserve (net realizable value adjustment) | (9,604) | (14,061) |
Inventory, Current and Noncurrent | 41,919 | 43,318 |
Less current portion | 24,557 | 18,430 |
Non-current portion | $ 17,362 | $ 24,888 |
Note 7 -Rental Equipment (Detai
Note 7 -Rental Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Sep. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 16,164 | $ 16,164 | $ 20,157 | |||
Lease Receivable [Member] | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 2,900 | 2,900 | ||||
Operating Lease, Lease Income | 5,600 | $ 12,900 | 16,500 | $ 38,000 | ||
Lessor, Operating Lease, Payment to be Received, Next Rolling 12 Months | $ 3,600 | $ 3,600 | ||||
Maximum [Member] | Equipment [Member] | ||||||
Lessor, Operating Lease, Term of Contract (Year) | 1 year |
Note 7 - Rental Equipment - Ren
Note 7 - Rental Equipment - Rental Equipment (Details) - Equipment [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Rental equipment, primarily wireless recording equipment | $ 80,976 | $ 82,926 |
Accumulated depreciation | (64,069) | (61,339) |
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | $ 16,907 | $ 21,587 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) - Woodforest National Bank [Member] - USD ($) $ in Thousands | Jul. 26, 2023 | Jun. 30, 2024 | Sep. 30, 2023 |
Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | ||
Line of Credit Facility, Borrowing Base as Percent of Certain Accounts Receivable | 80% | ||
Line of Credit Facility, Borrowing Base As Percent of Eligible Foreign Insured Accounts | 90% | ||
Line of Credit Facility, Borrowing Base as Percent of Eligible Inventory | 25% | ||
Line of Credit Facility, Borrowing Base as Percent of Forced Liquidation Value of Certain Inventory | 50% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
Debt Instrument, Covenant, Minimum Consolidated Tangible Net Worth | $ 100,000 | ||
Debt Instrument, Covenant, Minimum Liquidity | $ 5,000 | ||
Long-Term Line of Credit | $ 0 | $ 0 | |
Line of Credit [Member] | Minimum [Member] | |||
Current Ratio | 2 | ||
Interest Coverage Ratio | 1.5 | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 14,900 | ||
Long-Term Line of Credit | $ 100 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Details Textual) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Millions | 9 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 233,200 |
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 | $ 12.26 |
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Grants In Period, Grant Date Fair Value | $ | $ 2.9 |
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 | 412,770 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 3 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years |
Note 10 - Earnings (Loss) Per_3
Note 10 - Earnings (Loss) Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 412,770 | 230,322 | 251,500 | 364,188 |
Note 10 - Earnings (Loss) Per_4
Note 10 - Earnings (Loss) Per Common Share - Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ (2,070) | $ (4,327) | $ 12,679 | $ 3,228 | $ 4,637 | $ (97) | $ 6,282 | $ 7,768 |
Less: Income allocable to unvested restricted stock | 0 | 0 | 0 | 0 | ||||
Income (loss) attributable to common shareholders for diluted earnings (loss) per share | $ (2,070) | $ 3,228 | $ 6,282 | $ 7,768 | ||||
Common shares used in basic earnings (loss) per share (in shares) | 13,216,386 | 13,171,654 | 13,270,444 | 13,131,795 | ||||
Common share equivalents outstanding related to RSUs (in shares) | 0 | 149,227 | 161,270 | 26,124 | ||||
Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share (in shares) | 13,216,386 | 13,320,881 | 13,431,714 | 13,157,919 | ||||
Basic (in dollars per share) | $ (0.16) | $ 0.25 | $ 0.47 | $ 0.59 | ||||
Diluted (in dollars per share) | $ (0.16) | $ 0.24 | $ 0.47 | $ 0.59 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - Aquana, LLC [Member] - USD ($) $ in Thousands | 1 Months Ended | |
Jul. 31, 2021 | Jun. 30, 2024 | |
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 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 9 Months Ended |
Jun. 30, 2024 | |
Number of Operating Segments | 3 |
Note 12 - Segment Information -
Note 12 - Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 25,858 | $ 32,715 | $ 100,160 | $ 95,194 |
Income (loss) from operations | (2,393) | 3,146 | 5,938 | 7,244 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 74 | 72 | 223 | 170 |
Income (loss) from operations | (3,604) | (3,391) | (10,255) | (8,457) |
Oil and Gas Markets [Member] | Operating Segments [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,174 | 17,672 | 59,930 | 56,239 |
Income (loss) from operations | (2,302) | 3,238 | 9,126 | 9,820 |
Adjacent Markets [Member] | Operating Segments [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,970 | 14,862 | 38,020 | 38,392 |
Income (loss) from operations | 4,661 | 4,346 | 9,491 | 9,148 |
Emerging Markets [Member] | Operating Segments [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 640 | 109 | 1,987 | 393 |
Income (loss) from operations | $ (1,148) | $ (1,047) | $ (2,424) | $ (3,267) |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Expense (Benefit) | $ (2,000) | $ 219,000 | $ 109,000 | $ 268,000 |
Note 14 - Risks and Uncertain_2
Note 14 - Risks and Uncertainties (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 25,858 | $ 32,715 | $ 100,160 | $ 95,194 | |
Geospace Technologies Eurasia LLC (GTE) [Member] | |||||
Imported Product for Resale | 2,500 | $ 3,800 | |||
Equity, Attributable to Noncontrolling Interest | 6,000 | 6,000 | |||
Cash | $ 2,000 | 2,000 | |||
Geospace Technologies Eurasia LLC (GTE) [Member] | Geographic Distribution, Domestic [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,600 | $ 1,800 | |||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 1 | 1 | 1 | 1 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,300 | $ 1,500 | $ 35,000 | $ 4,400 | |
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 4,500 | $ 4,500 |