GEOSPACE TECHNOLOGIES CORP

Geospace Technologies Corporation designs and manufactures technology solutions for smart water management, energy exploration, and industrial and Internet of Things applications. The company's seismic equipment and services are marketed to the energy industry for locating, characterizing, and monitoring hydrocarbon producing reservoirs. These seismic products are also marketed to other industries for vibration monitoring, border and perimeter security, and various geotechnical applications. Geospace Technologies also designs and manufactures non-seismic products, including Hydroconn® connector cables, imaging equipment, remote shutoff water valves, and an Internet of Things (IoT) platform. Additionally, the company provides specialized contract manufacturing services. In recent years, revenue from non-energy related products has grown to represent nearly half of the total revenue. The company categorizes its customers and products into three segments: Smart Water, Energy Solutions, and Intelligent Industrial. The Smart Water segment's revenue contribution has grown to represent nearly half of the total revenue, largely due to the rise in water utility modernization, including its waterproof meter connector cable series. Demand for seismic products in the Energy Solutions segment has been vulnerable to downturns in the economy and the oil and gas industry. Effective October 1, 2024, the company changed the composition of its three operating business segments and its methodology for allocating manufacturing costs, including overhead and other costs of revenue, to the segments.