Structural margin compression is evident as gross margins plummeted to 3.5% in 2026Q2, failing to cover fixed costs during periods of reduced seismic sensor demand.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 |
|---|
| Sales/Revenue | 100.89M | 110.8M | 135.6M | 124.51M | 89.25M | 94.86M | 87.83M | 95.81M | 75.75M | 73.72M | 62.06M | 84.87M | 236.91M | 300.61M | 191.66M | 172.97M | 128.53M | 92.86M | 134.5M | 138.11M | 103.7M | 72.82M | 63.54M | 50.85M | 65.05M | 63.62M | 53.47M | 42.03M | 65.82M | 41M |
| Revenue Growth % | -13.43% | -18.29% | 8.91% | 39.5% | -5.91% | 8% | -8.32% | 26.48% | 2.75% | 18.79% | -26.87% | -64.18% | -21.19% | 56.84% | 10.81% | 34.57% | 38.42% | -30.96% | -2.61% | 33.18% | 42.4% | 14.61% | 24.94% | -21.82% | 2.25% | 18.97% | 27.23% | -36.15% | 60.54% | - |
| Cost of Goods Sold | 86.5M | 77.91M | 83.03M | 72.82M | 71.21M | 78.57M | 64.4M | 64.38M | 64.78M | 94.4M | 81.42M | 96.07M | 140.45M | 160.85M | 109.6M | 98.86M | 81.18M | 66.29M | 87.44M | 87.6M | 67.44M | 50.94M | 40.79M | 38.34M | 46.48M | 42.96M | 35.03M | 21.22M | 35.6M | 22.7M |
| COGS % of Revenue | - | 70.31% | 61.23% | 58.48% | 79.78% | 82.82% | 73.32% | 67.2% | 85.52% | 128.06% | 131.2% | 113.2% | 59.28% | 53.51% | 57.18% | 57.15% | 63.16% | 71.38% | 65.01% | 63.43% | 65.04% | 69.95% | 64.19% | 75.39% | 71.46% | 67.52% | 65.5% | 50.48% | 54.08% | 55.37% |
| Gross Profit | 14.39M | 32.9M | 52.57M | 51.69M | 18.04M | 16.29M | 23.43M | 31.43M | 10.97M | -20.68M | -19.36M | -11.2M | 96.46M | 139.76M | 82.06M | 74.11M | 47.36M | 26.57M | 47.05M | 50.51M | 36.26M | 21.88M | 22.75M | 12.52M | 18.57M | 20.66M | 18.45M | 20.81M | 30.22M | 18.3M |
| Gross Margin % | 14.26% | 29.69% | 38.77% | 41.52% | 20.22% | 17.18% | 26.68% | 32.8% | 14.48% | -28.06% | -31.2% | -13.2% | 40.72% | 46.49% | 42.82% | 42.85% | 36.84% | 28.62% | 34.99% | 36.57% | 34.96% | 30.05% | 35.81% | 24.61% | 28.54% | 32.48% | 34.5% | 49.52% | 45.92% | 44.63% |
| Gross Profit Growth % | - | -37.43% | 1.71% | 186.48% | 10.73% | -30.46% | -25.44% | 186.44% | 153.05% | -6.82% | -72.88% | -111.61% | -30.98% | 70.31% | 10.73% | 56.5% | 78.21% | -43.53% | -6.84% | 39.31% | 65.68% | -3.82% | 81.76% | -32.58% | -10.14% | 12.01% | -11.38% | -31.13% | 65.15% | - |
| Operating Expenses | 44.94M | 44.18M | 45.46M | 40.36M | 41.18M | 33.16M | 41.47M | 30.39M | 31.71M | 33.64M | 36.15M | 41.35M | 42.66M | 38.53M | 31.2M | 29.71M | 26.25M | 22.96M | 26.87M | 22.39M | 21.8M | 18.48M | 16.88M | 16.5M | 18.13M | 18.8M | 20.25M | 20.25M | 20.2M | 7.8M |
| OpEx % of Revenue | - | 39.87% | 33.52% | 32.42% | 46.14% | 34.96% | 47.21% | 31.72% | 41.87% | 45.63% | 58.25% | 48.73% | 18.01% | 12.82% | 16.28% | 17.18% | 20.42% | 24.73% | 19.98% | 16.21% | 21.03% | 25.37% | 26.57% | 32.44% | 27.87% | 29.56% | 37.87% | 48.17% | 30.69% | 19.02% |
| Selling, General & Admin | 31.29M | 29.82M | 26.55M | 25.95M | 23.48M | 21.93M | 23.07M | 23.63M | 19.87M | 20.24M | 21.53M | 22.67M | 25.29M | 23.38M | 18.91M | 18.05M | 16.62M | 14.57M | 18.53M | 16.73M | 15.17M | 13.52M | 12.09M | 11.27M | 11.54M | 12.53M | 10.09M | 9.68M | 11.8M | 3.9M |
| SG&A % of Revenue | - | 26.91% | 19.58% | 20.84% | 26.31% | 23.11% | 26.26% | 24.66% | 26.24% | 27.45% | 34.7% | 26.71% | 10.68% | 7.78% | 9.87% | 10.44% | 12.93% | 15.69% | 13.78% | 12.11% | 14.63% | 18.56% | 19.02% | 22.17% | 17.74% | 19.69% | 18.87% | 23.04% | 17.93% | 9.51% |
| Research & Development | 18.05M | 18.92M | 16.25M | 15.86M | 18.1M | 14.84M | 16.57M | 15.49M | 10.83M | 13.78M | 13.85M | 14.69M | 16.54M | 14.69M | 12.17M | 11.53M | 9.93M | 8.06M | 8.95M | 7.33M | 6.63M | 4.96M | 4.79M | 5.23M | 5.35M | 6.28M | 6.15M | 6.25M | 5.6M | 2.4M |
| R&D % of Revenue | - | 17.07% | 11.98% | 12.74% | 20.28% | 15.64% | 18.86% | 16.17% | 14.3% | 18.69% | 22.32% | 17.31% | 6.98% | 4.89% | 6.35% | 6.67% | 7.72% | 8.68% | 6.65% | 5.31% | 6.4% | 6.81% | 7.55% | 10.28% | 8.22% | 9.87% | 11.49% | 14.86% | 8.51% | 5.85% |
| Other Operating Expenses | -780K | -4.55M | 2.65M | -1.45M | -407K | -3.6M | 1.83M | -8.73M | 1.01M | -380K | 763K | 3.99M | 833K | 457K | 118K | 128K | -295K | 330K | -604K | -1.67M | 0 | 0 | 0 | 0 | 1.25M | 0 | 4.01M | 4.32M | 2.8M | 1.5M |
| Operating Income | -30.55M | -11.28M | 7.12M | 11.33M | -23.14M | -16.87M | -18.04M | 1.03M | -20.74M | -54.32M | -55.51M | -52.55M | 53.8M | 101.23M | 50.87M | 44.41M | 21.11M | 3.61M | 20.18M | 28.12M | 14.45M | 3.41M | 5.87M | -3.98M | 434K | 1.86M | -1.8M | 567K | 10.02M | 10.5M |
| Operating Margin % | -30.28% | -10.18% | 5.25% | 9.1% | -25.92% | -17.78% | -20.54% | 1.08% | -27.38% | -73.69% | -89.45% | -61.93% | 22.71% | 33.67% | 26.54% | 25.67% | 16.42% | 3.89% | 15.01% | 20.36% | 13.94% | 4.68% | 9.24% | -7.83% | 0.67% | 2.92% | -3.37% | 1.35% | 15.23% | 25.61% |
| Operating Income Growth % | - | -258.55% | -37.17% | 148.96% | -37.13% | 6.47% | -1846.27% | 104.98% | 61.82% | 2.14% | -5.62% | -197.69% | -46.85% | 99.01% | 14.55% | 110.37% | 484.87% | -82.12% | -28.22% | 94.58% | 324.16% | -41.97% | 247.44% | -1017.51% | -76.62% | 202.88% | -418.17% | -94.34% | -4.54% | - |
| EBITDA | -20.39M | -1.14M | 21.88M | 27.57M | -3.58M | 3.91M | 5.65M | 20.37M | -6.33M | -36.56M | -35.6M | -33.01M | 71.57M | 113.46M | 60.45M | 51.45M | 26.29M | 8.8M | 24.75M | 31.82M | 18.34M | 7.56M | 10.83M | 286K | 5.29M | 6.3M | 2.21M | 4.89M | 12.82M | 12M |
| EBITDA Margin % | -20.22% | -1.03% | 16.14% | 22.14% | -4.01% | 4.12% | 6.44% | 21.26% | -8.36% | -49.59% | -57.36% | -38.89% | 30.21% | 37.74% | 31.54% | 29.75% | 20.46% | 9.47% | 18.4% | 23.04% | 17.69% | 10.38% | 17.05% | 0.56% | 8.13% | 9.9% | 4.13% | 11.62% | 19.48% | 29.27% |
| EBITDA Growth % | -341.28% | -105.2% | -20.62% | 870.86% | -191.55% | -30.92% | -72.25% | 421.78% | 82.68% | -2.7% | -7.84% | -146.12% | -36.92% | 87.68% | 17.49% | 95.69% | 198.84% | -64.45% | -22.22% | 73.49% | 142.7% | -30.24% | 3687.76% | -94.59% | -16.1% | 185.07% | -54.77% | -61.9% | 6.86% | - |
| D&A (Non-Cash Add-back) | 10.16M | 10.15M | 14.77M | 16.24M | 19.56M | 20.78M | 23.69M | 19.34M | 14.41M | 17.77M | 19.91M | 19.55M | 17.77M | 12.23M | 9.59M | 7.05M | 5.18M | 5.19M | 4.57M | 3.7M | 3.89M | 4.15M | 4.96M | 4.27M | 4.85M | 4.44M | 4.01M | 4.32M | 2.8M | 1.5M |
| EBIT | -28.93M | -9.17M | -6.28M | 12.7M | -22.62M | -13.48M | -16.55M | 2.37M | -19.46M | -54.07M | -55.31M | -49.6M | 54.01M | 101.35M | 52.06M | 44.66M | 21.14M | 3.91M | 20.18M | 28.12M | 14.45M | 3.41M | 5.87M | -3.98M | 434K | 1.86M | -1.8M | 567K | 10.02M | 10.5M |
| Net Interest Income | 2.19M | 2.37M | 1.37M | 405K | 911K | 1.44M | 1.06M | 1.21M | 747K | 614K | 350K | 198K | -348K | 620K | 544K | 224K | 16K | 207K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.35M | 2.54M | 1.56M | 539K | 976K | 1.44M | 1.1M | 1.31M | 1.08M | 653K | 376K | 427K | 123K | 880K | 743K | 267K | 254K | 809K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 154K | 169K | 187K | 134K | 65K | 0 | 38K | 99K | 336K | 39K | 26K | 229K | 471K | 260K | 199K | 43K | 238K | 602K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.91M | 1.95M | -13.58M | 1.24M | 453K | 3.39M | 1.45M | 1.24M | 951K | 215K | 177K | 2.72M | -256K | -134K | 997K | 214K | -206K | -298K | 233K | 118K | -204K | -44K | 35K | 50K | -770K | -226K | 41K | 84K | 277K | 100K |
| Pretax Income | -28.64M | -9.34M | -6.46M | 12.57M | -22.68M | -13.48M | -16.59M | 2.27M | -19.79M | -54.11M | -55.33M | -49.83M | 53.54M | 101.09M | 51.86M | 44.62M | 20.9M | 3.31M | 20.42M | 28.24M | 14.25M | 3.36M | 5.91M | -3.93M | -336K | 1.63M | -1.76M | 651K | 10.3M | 10.6M |
| Pretax Margin % | -28.39% | -8.43% | -4.77% | 10.09% | -25.41% | -14.21% | -18.89% | 2.37% | -26.13% | -73.4% | -89.16% | -58.72% | 22.6% | 33.63% | 27.06% | 25.8% | 16.26% | 3.57% | 15.18% | 20.45% | 13.74% | 4.62% | 9.3% | -7.73% | -0.52% | 2.56% | -3.3% | 1.55% | 15.65% | 25.85% |
| Income Tax | 470K | 388K | 114K | 363K | 173K | 578K | 2.65M | 2.42M | -580K | 2.68M | -9.36M | -17.19M | 16.63M | 31.54M | 16.74M | 14.91M | 6.82M | 1.55M | 6.27M | 8.64M | 4.48M | 812K | -47K | -1.4M | -857K | 292K | -572K | -187K | 3.6M | 4M |
| Effective Tax Rate % | -1.64% | -4.16% | -1.76% | 2.89% | -0.76% | -4.29% | -15.96% | 106.43% | 2.93% | -4.96% | 16.92% | 34.5% | 31.06% | 31.2% | 32.29% | 33.41% | 32.63% | 46.84% | 30.69% | 30.59% | 31.42% | 24.15% | -0.8% | 35.58% | 255.06% | 17.91% | 32.44% | -28.73% | 34.95% | 37.74% |
| Net Income | -29.11M | -9.72M | -6.58M | 12.21M | -22.86M | -14.06M | -19.24M | -146K | -19.21M | -56.79M | -45.97M | -32.64M | 36.91M | 69.56M | 35.12M | 29.71M | 14.08M | 1.76M | 14.15M | 19.6M | 9.77M | 2.51M | 5.95M | -2.53M | 1.12M | 1.34M | -1.19M | 838K | 6.7M | 6.6M |
| Net Margin % | -28.86% | -8.78% | -4.85% | 9.8% | -25.61% | -14.82% | -21.91% | -0.15% | -25.36% | -77.03% | -74.07% | -38.46% | 15.58% | 23.14% | 18.32% | 17.18% | 10.96% | 1.9% | 10.52% | 14.19% | 9.42% | 3.44% | 9.37% | -4.98% | 1.72% | 2.1% | -2.23% | 1.99% | 10.18% | 16.1% |
| Net Income Growth % | -78.05% | -47.83% | -153.89% | 153.4% | -62.61% | 26.95% | -13079.45% | 99.24% | 66.17% | -23.54% | -40.84% | -188.43% | -46.93% | 98.07% | 18.2% | 110.99% | 700.11% | -87.56% | -27.79% | 100.6% | 289.71% | -57.89% | 335.02% | -326.36% | -16.37% | 212.34% | -242.12% | -87.49% | 1.52% | - |
| Net Income (Continuing) | -29.11M | -9.72M | -6.58M | 12.21M | -22.86M | -14.06M | -19.24M | -146K | -19.21M | -56.79M | -45.97M | -32.64M | 36.91M | 69.56M | 35.12M | 29.71M | 14.08M | 1.76M | 14.15M | 19.6M | 9.77M | 2.51M | 5.95M | -2.53M | 433K | 1.34M | -1.19M | 838K | 6.7M | 6.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 189K | 145K | 119K | 263K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.26 | -0.76 | -0.50 | 0.92 | -1.76 | -1.05 | -1.42 | -0.01 | -1.45 | -4.32 | -3.52 | -2.51 | 2.84 | 5.38 | 2.72 | 2.36 | 1.14 | 0.14 | 1.16 | 1.62 | 0.82 | 0.22 | 0.52 | -0.23 | 0.10 | 0.12 | -0.11 | 0.07 | 0.65 | 0.83 |
| EPS Growth % | -77.39% | -52% | -154.35% | 152.27% | -67.62% | 26.06% | -12927.52% | 99.25% | 66.44% | -22.73% | -40.24% | -188.38% | -47.21% | 97.79% | 15.25% | 107.02% | 714.29% | -87.93% | -28.4% | 97.56% | 272.73% | -57.69% | 326.09% | -330% | -16.67% | 209.09% | -249.86% | -88.71% | -21.69% | - |
| EPS (Basic) | - | -0.76 | -0.50 | 0.93 | -1.76 | -1.05 | -1.42 | -0.01 | -1.45 | -4.32 | -3.52 | -2.51 | 2.85 | 5.40 | 2.75 | 2.39 | 1.17 | 0.15 | 1.20 | 1.69 | 0.86 | 0.22 | 0.53 | -0.23 | 0.10 | 0.12 | -0.11 | 0.07 | 0.66 | 0.83 |
| Diluted Shares Outstanding | 12.88M | 12.79M | 13.15M | 13.22M | 12.99M | 13.36M | 13.53M | 13.39M | 13.25M | 13.13M | 13.04M | 13M | 13M | 12.94M | 12.9M | 12.57M | 12.39M | 12.16M | 12.23M | 12.13M | 11.91M | 11.49M | 11.37M | 11.1M | 11.1M | 11.2M | 10.86M | 10.9M | 10.33M | 7.95M |
| Basic Shares Outstanding | 12.88M | 12.79M | 13.15M | 13.15M | 12.99M | 13.36M | 13.53M | 13.39M | 13.25M | 13.13M | 13.04M | 13M | 12.95M | 12.89M | 12.79M | 12.44M | 12.06M | 11.9M | 11.82M | 11.59M | 11.37M | 11.21M | 11.15M | 11.1M | 11.07M | 10.98M | 10.86M | 10.77M | 10.14M | 7.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical revenue volatility
According to the provided quarterly financial data, GEOS has experienced significant top-line volatility, with revenue fluctuating from a high of $50.0M in 2024Q1 to a low of $18.0M in 2025Q2, reflecting the inherent instability of project-based seismic equipment sales and lumpy government contract procurement cycles.
The lack of a consistent growth trajectory suggests that the company remains highly susceptible to the timing of offshore exploration budgets and municipal infrastructure spending. Investors should monitor whether the recent 9.5% revenue growth in 2026Q2 represents a sustainable recovery or merely a temporary fluctuation within a broader, unpredictable cycle.
As reported in recent financial statements, GEOS's gross margin has struggled to maintain stability, dropping to a low of 3.5% in 2026Q2, which highlights the company's difficulty in absorbing fixed manufacturing costs during periods of lower production volume and reduced demand for its specialized seismic sensor technology.
The sharp contraction in gross margins suggests that the company's high fixed-cost manufacturing model is currently misaligned with its revenue scale. This margin volatility appears to be a structural challenge, as the company lacks the pricing power to offset the impact of underutilized factory capacity during industry downturns.
Based on the income statement history, GEOS exhibits significant negative operating leverage, as evidenced by the 2026Q2 operating margin of -58.1%, which indicates that the company's fixed SG&A and R&D expenses are not scaling efficiently with the current, highly variable revenue base of $19.7M.
The inability to achieve positive operating income during revenue troughs suggests that the company's cost structure is too rigid for its current business model. This implies that unless management can successfully pivot toward more stable, higher-margin revenue streams, the company may continue to face significant earnings pressure during cyclical downturns.
Data from the last ten quarters reveals that GEOS maintains a substantial R&D and SG&A expense profile, with R&D spending consistently hovering around $4M to $5M per quarter, regardless of the significant fluctuations in top-line revenue and the resulting impact on the company's overall profitability.
This commitment to R&D, while potentially necessary for maintaining technical superiority in seismic sensors, appears to be a primary driver of the company's persistent net losses. The lack of expense discipline during revenue contractions warrants further investigation into whether the current R&D spend is yielding sufficient commercial returns.
Quick answers to the most common questions about buying GEOS stock.
For fiscal year 2025, Geospace Technologies Corporation (GEOS) reported total revenue of $110.8M. This represents a 170.3% increase compared to $41.0M in 1997.
Geospace Technologies Corporation (GEOS) reported a net loss of $9.7M for the fiscal year ending 2025.
Geospace Technologies Corporation (GEOS) reported an operating income of $-11.3M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Geospace Technologies Corporation (GEOS) generated $32.9M in gross profit for the year, representing a gross profit margin of 29.7%. This demonstrates the company's core pricing power and production efficiency.