14 unchanged sentences
Changes in Internal Control Over Financial Reporting
−Removed: In the fourth quarter of fiscal year 2024, management determined that during the first two quarters of the fiscal year there was a material weakness in the design of its internal controls over financial reporting related to segregation of duties which had the potential to materially impact substantially all account balances and transactions, which management believes did not result in a material misstatement of its financial statements.
−Removed: A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: As of July 1, 2024, management implemented system configuration changes to address this segregation of duties issue.
−Removed: We believe this measure remediated the material weakness identified and has strengthened the internal controls over financial reporting.
There have not been any other changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the fiscal quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
20 unchanged sentences
Employment Termination and Consulting Agreement dated June 30, 2023 between the Company and Michael J.
−Removed: Sheen incorporated by reference to Exhibit 10.21 to the Registrant's Annual Report on Form 10-K for the year ended September 30, 2023 filed November November 17, 2023.*
+Added: Sheen (incorporated by reference to Exhibit 10.21 to the Registrant's Annual Report on Form 10-K for the year ended September 30, 2023 filed November 17, 2023).*
Employment Agreement effective as of January 1, 2012, by and between OYO Geospace Corporation and Walter R.
2 unchanged sentences
Adams (incorporated by reference to Exhibit 99.2 to the Registrant ’ s Current Report on Form 8-K filed December 9, 2011).*
−Removed: Employment Agreement dated April 29, 2024 between Richard Kelley and the Company.**
+Added: Employee Termination Agreement dated January 1, 2025 between the Company and Walter R.
+Added: Wheeler (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2024, filed February 6, 2025).*
+Added: Employment Agreement dated April 29, 2024 between the Company and Richard J.
+Added: Kelley (incorporated by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed November 22, 2024).*
+Added: Employment Agreement effective January 1, 2025, between the Company and Richard J.
+Added: Kelley (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 4, 2025).*
+Added: Employment Agreement effective January 1, 2025, between the Company and Robert Louis Curda (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 4, 2025).*
+Added: Employment Agreement effective January 1, 2025, between the Company and Ronald Todd Bushey.* **
Geospace Technologies Corporation 2014 Long-Term Incentive Plan (incorporated by reference to Appendix A to the Company ’ s Proxy Statement on Schedule 14A filed December 11, 2013).*
14 unchanged sentences
Credit Agreement dated July 26, 2023 among the Company, and each other person from time to time party thereto as a borrower, and Woodforest National Bank, as lender (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed August 1, 2023).
+Added: First Amended and Restated Credit Agreement dated August 29, 2025 among the Company and each other person from time to time party thereto as a borrower, and Woodforest National Bank, as lender (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed September 4, 2025).
Commercial Contract – Improved Property, dated June 3, 2019 by and between GTC, Inc.
1 unchanged sentence
General Code of Business Conduct and Supplemental Code of Ethics for CEO and Senior Financial Officers (incorporated by reference to Exhibit 14.1 to the Registrant ’ s Current Report on Form 8-K filed February 6, 2019).
−Removed: Insider Trading Policy for Employees, Officers and Directors.**
+Added: Insider Trading Policy for Employees, Officers and Directors (incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed November 22, 2024).
Subsidiaries of the Registrant.**
4 unchanged sentences
Certification of the Company’s Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
−Removed: Executive Compensation Clawback Policy.**
+Added: Executive Compensation Clawback Policy (incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed November 22, 2024).
The following financial information from the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL):
−Removed: (i) the Consolidated Balance Sheets as of September 30, 2024 and September 30, 2023, (ii) the Consolidated Statements of Operations for the years ended September 30, 2024 and 2023, (iii) the Consolidated Statements of Comprehensive Loss for the years ended September 30, 2024 and 2023, (iv) the Consolidated Statements of Stockholders’ Equity for the years ended September 30, 2024 and 2023, (v) the Consolidated Statements of Cash Flows for the years ended September 30, 2024 and 2023 and (vi) Notes to Consolidated Financial Statements.**
+Added: (i) the Consolidated Balance Sheets as of September 30, 2025 and September 30, 2024, (ii) the Consolidated Statements of Operations for the years ended September 30, 2025 and 2024, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended September 30, 2025 and 2024, (iv) the Consolidated Statements of Stockholders’ Equity for the years ended September 30, 2025 and 2024, (v) the Consolidated Statements of Cash Flows for the years ended September 30, 2025 and 2024 and (vi) Notes to Consolidated Financial Statements.**
The cover page from the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 formatted in iXBRL.
4 unchanged sentences
GEOSPACE TECHNOLOGIES CORPORATION
−Removed: /s/ WALTER R.
−Removed: Wheeler, Director and Principal Executive Officer
+Added: /s/ RICHARD J.
+Added: Kelley, Director and Principal Executive Officer
November 21, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
−Removed: /s/ WALTER R.
+Added: /s/ RICHARD J.
Director and Principal Executive Officer
1 unchanged sentence
/s/ ROBERT L.
−Removed: Vice President, Chief Financial Officer and Secretary
+Added: Executive Vice President, Chief Financial Officer and Secretary
November 21, 2025
(Principal Financial Officer and Principal Accounting Officer)
+Added: /s/ STEPHEN C.
Chairman of the Board
7 unchanged sentences
Giesinger, Jr.
−Removed: /s/ STEPHEN C.
−Removed: November 22, 2024
/s/ RICHARD F.
November 21, 2025
+Added: /s/ WALTER R.
+Added: November 21, 2025
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
3 unchanged sentences
Consolidated Statements of Operations for the Years Ended September 30, 2025 and 2024
−Removed: Consolidated Statements of Comprehensive Income for the Years Ended September 30, 2024 and 2023
+Added: Consolidated Statements of Comprehensive Income (Loss) for the Years Ended September 30, 2025 and 2024
Consolidated Statements of Stockholders ’ Equity for the Years Ended September 30, 2025 and 2024
4 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of Geospace Technologies Corporation and its subsidiaries (the Company) as of September 30, 2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the two years in the period ended September 30, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements).
+Added: We have audited the accompanying consolidated balance sheets of Geospace Technologies Corporation and its subsidiaries (the Company) as of September 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the two years in the period ended September 30, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.
12 unchanged sentences
Critical Audit Matters
−Removed: The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:
−Removed: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.
−Removed: The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
+Added: The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
+Added: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.
+Added: The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Inventory Valuation
−Removed: As described in Note 1 to the consolidated financial statements, the Company’s consolidated inventories balance, which is stated at lower of cost or net realizable value, was $44.2 million as of September 30, 2024.
+Added: As described in Note 1 to the financial statements, the Company’s carrying value of inventories, net, which is stated at lower of cost or net realizable value, was $48 million as of September 30, 2025.
The valuation of inventories is based on the Company’s periodic review of the composition of its inventories to determine if market demand, product modifications, technology changes, excessive quantities on-hand and other factors hinder its ability to recover its investment in such inventories.
10 unchanged sentences
We evaluated management’s process for subsequent adjustments to net realizable value by performing a retrospective review on an individual item basis to test for subsequent changes in the inventory values after the net realizable value had been established.
−Removed: We compared actual purchases and sales data on an individual item basis for all inventory items and aggregated to perform an independent assessment of the net realizable value of inventory.
−Removed: Recoverability of Long-lived Assets — Emerging Markets Asset Group
−Removed: As discussed in Note 11 to the consolidated financial statements, at September 30, 2024 the Company performed a recoverability assessment on the long-lived assets of its Emerging Markets asset group.
−Removed: In performing the recoverability assessment, the Company first compared the carrying value of the asset group to the estimated undiscounted cash flows to be generated over the remaining useful life of the asset group's primary asset, its developed technology.
−Removed: Because the carrying value of the asset group exceeded the estimated undiscounted cash flows, the Company then estimated the fair value of the asset group and recorded an impairment charge of $2.8 million.
−Removed: We identified the recoverability assessment of long-lived assets for the Emerging Market’s asset group as a critical audit matter because of the significant assumptions management used in estimating the undiscounted cash flows expected to be generated by the asset group over the remaining life of the primary asset, including revenue growth rates and projected gross margins, among others.
−Removed: Auditing management’s assumptions involved a high degree of auditor judgment and increased audit effort due to the impact these assumptions could have on the recoverability conclusion of the Emerging Market’s asset group and the resulting impairment recorded.
−Removed: Our audit procedures related to the Company’s recoverability assessment of long-lived assets for the Emerging Markets asset group included the following, among others:
−Removed: We obtained an understanding of the relevant controls related to management’s recoverability assessment and tested such controls for design and operating effectiveness, including controls over management’s review of the significant assumptions used in estimating the undiscounted cash flows.
−Removed: We tested the reasonableness of management’s forecasts of revenue and gross margins by comparing them to historical results, evaluating publicly available industry information, considering the probability of additional contracts with its significant customers by reviewing supporting documentation, and comparing current year results to prior year estimates.
−Removed: We tested the underlying data used by management in the development of the estimated undiscounted cash flows for completeness and accuracy by agreeing it to source data.
+Added: We compared actual purchases and sales data on an individual item basis for selected inventory items and aggregated to perform an independent assessment of the net realizable value of inventory.
/s/ RSM US LLP
5 unchanged sentences
Opinion on the Internal Control Over Financial Reporting
−Removed: We have audited Geospace Technologies Corporation and its subsidiaries (the Company) internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
+Added: We have audited Geospace Technologies Corporation’s (the Company) internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
28 unchanged sentences
Short-term investments
−Removed: 30,227 14,921
−Removed: Trade accounts and notes receivable, net
+Added: Trade accounts and financing receivables, net
28,009 21,868
8 unchanged sentences
Rental equipment, net
−Removed: 14,186 21,587
Property, plant and equipment, net
23,244 21,083
−Removed: Non-current trade accounts and note receivable, net
+Added: Non-current trade accounts and financing receivables, net
Operating right-of-use assets
10 unchanged sentences
24,430 17,197
+Added: Contingent consideration
Non-current operating lease liabilities
13 unchanged sentences
( 4,538 ) ( 4,257 )
−Removed: Treasury stock, at cost, 1,496,701 shares and 841,992 shares, respectively
+Added: Treasury stock, at cost, 1,558,260 and 1,496,701 shares, respectively
( 14,500 ) ( 13,885 )
10 unchanged sentences
Rental equipment
−Removed: 19,562 51,176
Total revenue
3 unchanged sentences
Rental equipment
−Removed: 13,707 17,683
Total cost of revenue
8 unchanged sentences
Provision for (recovery of) credit losses
−Removed: ( 110 ) ( 138 )
Total operating expenses
1 unchanged sentence
Gain on disposal of property
−Removed: Income from operations
+Added: Income (loss) from operations
+Added: ( 11,284 ) 7,117
Other income (expense):
3 unchanged sentences
Interest income
−Removed: Foreign currency transaction gains (losses), net
+Added: Foreign currency transaction losses, net
( 275 ) ( 270 )
+Added: ( 145 ) ( 143 )
Total other income (expense), net
1,948 ( 13,581 )
−Removed: Income (loss) before income taxes
+Added: Loss before income taxes
( 9,336 ) ( 6,464 )
Income tax expense
−Removed: Net income (loss)
$ ( 9,724 ) $ ( 6,578 )
−Removed: Income (loss) per common share:
+Added: Loss per common share:
$ ( 0.76 ) $ ( 0.50 )
5 unchanged sentences
Geospace Technologies Corporation and Subsidiaries
−Removed: Consolidated Statements of Comprehensive Income
+Added: Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
YEAR ENDED SEPTEMBER 30,
−Removed: Net income (loss)
$ ( 9,724 ) $ ( 6,578 )
2 unchanged sentences
Foreign currency translation adjustments
−Removed: 417 ( 2,515 )
−Removed: Change in unrealized gains on available-for-sale securities, net of tax
+Added: Change in unrealized gains (losses) on available-for-sale securities, net of tax
Total other comprehensive income (loss), net
( 281 ) 13,567
−Removed: Total comprehensive income
+Added: Total comprehensive income (loss)
$ ( 10,005 ) $ 6,989
10 unchanged sentences
— — — ( 6,578 ) — — ( 6,578 )
−Removed: Other comprehensive loss
+Added: Other comprehensive income
— — — — 13,567 — 13,567
1 unchanged sentence
175,601 2 ( 2 ) — — — —
+Added: Purchase of treasury stock
+Added: ( 654,709 ) — — — — ( 6,385 ) ( 6,385 )
Stock-based compensation
3 unchanged sentences
— — — ( 9,724 ) — — ( 9,724 )
−Removed: Other comprehensive income
+Added: Other comprehensive loss
— — — — ( 281 ) — ( 281 )
13 unchanged sentences
Cash flows from operating activities:
−Removed: Net income (loss)
$ ( 9,724 ) $ ( 6,578 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
−Removed: Deferred income tax expense
+Added: Adjustments to reconcile net loss to net cash used in operating activities:
+Added: Deferred income tax expense (benefit)
Rental equipment depreciation
−Removed: 10,859 11,766
Property, plant and equipment depreciation
5 unchanged sentences
Provision for (recovery of) credit losses
−Removed: ( 110 ) ( 138 )
Inventory obsolescence expense
Loss on sale of subsidiary
−Removed: Realized foreign currency translation gain from dissolution of foreign subsidiary
Gross profit from sale of rental equipment
( 16,402 ) ( 30,998 )
−Removed: Loss on disposal of equipment
−Removed: Gain on disposal of property
+Added: (Gain) loss on disposal of property, plant and equipment
+Added: Realized gain on investments
Effects of changes in operating assets and liabilities:
2 unchanged sentences
( 7,571 ) ( 10,985 )
+Added: ( 1,345 ) ( 199 )
Accounts payable trade
1 unchanged sentence
4,803 ( 2,979 )
−Removed: Net cash provided by (used in) operating activities
+Added: Net cash used in operating activities
( 22,232 ) ( 9,083 )
8 unchanged sentences
Purchase of short-term investments
−Removed: ( 32,078 ) ( 24,782 )
Proceeds from the sale of short-term investments
30,407 17,338
+Added: Payment for business acquisition
+Added: Payments received on note receivable related to sale of subsidiary
Cash disposed from sale of subsidiary
−Removed: Net cash provided by (used in) investing activities
−Removed: 3,824 ( 11,882 )
+Added: Net cash provided by investing activities
Cash flows from financing activities:
−Removed: Payments of contingent consideration
Debt issuance costs
Purchase of treasury stock
+Added: ( 615 ) ( 6,385 )
Net cash used in financing activities
5 unchanged sentences
Cash and cash equivalents, beginning of fiscal year
−Removed: 18,803 16,109
Cash and cash equivalents, end of fiscal year
4 unchanged sentences
Summary of Significant Accounting Policies
−Removed: Geospace Technologies Corporation (“Geospace”) designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs.
−Removed: Geospace also designs and manufactures Adjacent Markets products including industrial products, imaging equipment, and provides contract manufacturing services, and Emerging Market products consisting of border and perimeter security products.
−Removed: Geospace and its subsidiaries are referred to collectively as the “Company”.
+Added: Geospace Technologies Corporation and its subsidiaries are referred to collectively as the “Company”.
+Added: The Company designs and manufactures sophisticated technology solutions for applications in energy exploration, smart water management, as well as industrial and Internet of Things ("IoT").
+Added: The Company's seismic equipment and services are marketed to the energy exploration industry and used to locate, characterize and monitor hydrocarbon producing reservoirs.
+Added: The Company also markets its seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications.
+Added: The Company designs and manufacture other products of a non-seismic nature, including water meter connector cables, imaging equipment, remote shutoff water valves and ("IoT") platform.
+Added: Additionally, the Company provides specialized contract manufacturing services.
+Added: In recent years, the revenue contribution from our non-energy related products has grown to represent nearly half of our total revenue.
+Added: Its business diversification strategy has centered largely on translating expertise in ruggedized engineering and technology manufacturing into expanded customer markets.
Basis of Presentation
20 unchanged sentences
In such cases, the Company may require collateral.
−Removed: Allowances are recognized for immediately for expected credit losses.
+Added: Allowances are recognized immediately for expected credit losses.
The Company determines the allowance for credit losses through a review of several factors, including historical collection experience, customer credit worthiness, current aging of customer accounts and current financial conditions of its customers.
1 unchanged sentence
Two customers each comprised 19.1 % and 16.2 % of the Company’s revenue during fiscal year 2025 .
−Removed: At September 30, 2024 , the Company had trade accounts and notes receivable from these customers of $ 4.1 million and $ 9.5 million, respectively.
+Added: At September 30, 2025 , the Company had trade accounts and financing receivables from these customers of $ 7.3 million and $ 2.2 million, respectively.
Two customers each comprised 27.4 % and 16.0 % of the Company’s revenue during fiscal year 2024 .
−Removed: At September 30, 2023 , the Company had trade accounts and notes receivable from these customers of $ 3.5 million and $ 4.8 million, respectively.
+Added: At September 30, 2024 , the Company had trade accounts and financing receivables from these customers of $ 4.1 million and $ 9.5 million, respectively.
Geospace Technologies Corporation and Subsidiaries
Notes to Consolidated Financial Statements—(Continued)
−Removed: Certain models of the Company’s oil and gas marine wireless products require a timing device it purchases from a United States of America manufacturer.
−Removed: The Company currently does not possess the ability to manufacture this component and has no other reliable source for this device.
−Removed: If this manufacturer were to discontinue its production of this timing device, were to become unwilling to contract with the Company on competitive terms or were unable to supply the component in sufficient quantities to meet its requirements, the Company’s ability to compete in the marine wireless marketplace could be impaired, which could adversely affect its financial performance.
−Removed: The device is used in certain models of the Company’s rental equipment.
−Removed: The Company had no product sales in fiscal year 2024 requiring this device.
−Removed: Product sales requiring this device in fiscal year 2023 represented approximately 4 % of the Company's revenue.
+Added: The Company purchases certain electronic components used in its land and marine wireless nodes from two single source suppliers.
+Added: In the event a change in one or both suppliers is necessary, significant engineering design efforts would be required by the Company.
The Company purchases all of its thermal film from one manufacturer for its imaging products.
1 unchanged sentence
If the manufacturer were to discontinue producing thermal film, were to become unwilling to contract with the Company on competitive terms or were unable to supply thermal film in sufficient quantities to meet its requirements, the Company’s ability to compete in the direct thermal imaging marketplace could be impaired, which could adversely affect its financial performance.
−Removed: Thermal film sales represented approximately 5 % of the Company’s revenue in each of fiscal years 2024 and 2023 .
−Removed: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued guidance surrounding credit losses for financial instruments that replaces the incurred loss impairment methodology in generally accepted accounting principles.
−Removed: The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other financial instruments.
−Removed: For available-for-sale debt securities with unrealized losses, credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities.
−Removed: The Company adopted this standard on October 1, 2023.
−Removed: The adoption of this standard did not have any material impact on its consolidated financial statements.
+Added: Thermal film sales represented approximately 7 % and 5 % of the Company’s revenue for fiscal years 2025 and 2024, respectively.
Short-term Investments
3 unchanged sentences
Reversals of credit losses are recorded in current period income as they occur.
+Added: The Company had no short-term investments at September 30, 2025.
The Company records a write-down of its inventories when the cost basis of any manufactured product, including any estimated future costs to complete the manufacturing process, exceeds its net realizable value.
4 unchanged sentences
Inventory obsolescence reserves are recorded when such assessments reveal that portions or components of the Company’s inventory investment will not be realized in its operating activities.
−Removed: The Company reviews it inventories for classification purposes.
+Added: The Company reviews its inventories for classification purposes.
The value of inventories not expected to be realized in cash, sold or consumed during its next operating cycle are classified as non-current assets.
11 unchanged sentences
The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is reflected in the statements of operations.
+Added: Business Acquisitions
+Added: The Company accounts for its business acquisitions under the acquisition method of accounting.
+Added: The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values.
+Added: The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability.
+Added: The Company utilized the excess earnings method to value its fourth quarter fiscal year 2025 acquisition of Geovox Securities, Inc.
+Added: The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined.
+Added: Contingent Consideration
+Added: The Company established an earn-out liability in connection with its acquisition of Geovox in the fourth quarter of fiscal year 2025.
+Added: The Company engaged the services of a valuation firm to measure the fair value of the liability.
+Added: The valuation technique used to measure the fair value of the liability was a Monte Carlo simulation.
+Added: The primary inputs included revenue forcast, risk free rate, revenue volatility, revenue discount rate and payment discount rate.
+Added: Company reviews and assesses the value of the liability on a quarterly basis.
+Added: Adjustments, if any, will be included as a component of earnings in the consolidated statements of operations.
Impairment of Long-lived Assets
3 unchanged sentences
At September 30, 2024, in light of the Company's historical losses and continued delays in obtaining additional contracts from the U.S.
−Removed: Customs and Border Protection and other customers on its Emerging Markets segment, the Company performed a recoverability assessment on the long-lived assets of its Emerging Markets asset group in which its carrying value was compared to estimated undiscounted cash flows over the remaining useful life of the asset group's primary asset, its developed technology.
+Added: Customs and Border Protection and other customers on its Emerging Markets segment (now a component of the Company's Intelligent Industrial segment), the Company performed a recoverability assessment on the long-lived assets of its Emerging Markets asset group in which its carrying value was compared to estimated undiscounted cash flows over the remaining useful life of the asset group's primary asset, which is its developed technology.
The carrying value of the asset group was in excess of the estimated undiscounted future cash flows.
7 unchanged sentences
If, based on the qualitative assessment of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is more than its carrying amount then it does not perform a quantitative assessment.
−Removed: However, if the Company concludes otherwise, then a it performs a quantitative assessment.
+Added: However, if the Company concludes otherwise, then it performs a quantitative assessment.
If, based on the quantitative assessment, the Company determines that the fair value of a reporting unit is less that its carrying amount, a goodwill impairment is recognized equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of the goodwill.
37 unchanged sentences
Results of operations have been translated using the average exchange rates during the year.
−Removed: Resulting translation adjustments have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity.
+Added: Resulting translation adjustments have been recorded as a component of accumulated other comprehensive losses in stockholders’ equity.
Foreign currency transaction gains and losses are included in the statements of operations as they occur.
17 unchanged sentences
Recently Adopted Accounting Pronouncements
−Removed: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued guidance surrounding credit losses for financial instruments that replaces the incurred loss impairment methodology in generally accepted accounting principles.
−Removed: The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other financial instruments.
−Removed: For available-for-sale debt securities with unrealized losses, credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities.
−Removed: The Company adopted this standard on October 1, 2023.
−Removed: The adoption of this standard did not have any material impact on its consolidated financial statements.
−Removed: Recently Issued Accounting Pronouncements
−Removed: In November 2023, the FASB issued guidance which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.
+Added: In November 2023, the Financial Accounting Standards Board (the "FASB") issued guidance which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.
The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024.
1 unchanged sentence
The guidance shall be applied retrospectively to all prior periods presented in the financial statements.
−Removed: The Company is currently evaluating the provisions of this guidance and the impact on its consolidated financial statements.
+Added: The Company adopted this guidance in the fourth quarter of fiscal year 2024 and is reflected in Note 21.
+Added: The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.
+Added: Recently Issued Accounting Pronouncements
+Added: In November 2024, the FASB, as further amended in January 2025, issued guidance requiring enhanced disclosures in financial statements by requiring detailed disclosures of specific expenses like inventory purchases, employee compensation, depreciation, and intangible assets amortization.
+Added: The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 31, 2027.
+Added: Early adoption is permitted.
+Added: The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.
In December 2023, the FASB issued guidance regarding improvements in income tax disclosure which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.
2 unchanged sentences
The guidance allows for adoption using either a prospective or retrospective transition method.
−Removed: The adoption of this guidance is not expected to have any material impact on its consolidation financial statements.
+Added: The adoption of this guidance is not expected to have any material impact on its consolidated financial statements.
Geospace Technologies Corporation and Subsidiaries
1 unchanged sentence
Revenue Recognition
−Removed: In accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606” ), the Company recognizes revenue when performance of contractual obligations are satisfied, generally when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services.
+Added: In accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606” ), the Company recognizes revenue when performances of contractual obligations are satisfied, generally when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services.
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.
−Removed: The Company records deferred revenue when customer funds are received prior to shipment or delivery or performance has not yet occurred.
+Added: The Company records deferred revenue when customer funds are received prior to shipment or delivery or hen performance has not yet occurred.
The Company assesses collectability during the contract assessment phase.
5 unchanged sentences
The Company also generates revenue from short-term rentals under operating leases of its manufactured products.
−Removed: 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 year.
−Removed: The Company has determined that ASC 606 does not apply to rental contracts, which are within the scope of ASC Topic 842, Leases .
+Added: Rental revenue is recognized within the scope of ASC 842, Leases ("ASC 842" ).
+Added: The Company regularly evaluates the collectability of its lease receivables on a lease-by-lease basis.
+Added: 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.
+Added: In accordance with ASC 842, rental revenue is recognized as earned over the rental period if collectability of the rent is reasonably assured.
+Added: When collectability of amounts are no longer probable the Company records a direct write-off of the rent receivable to rental revenue and limits future rental revenue recognition to cash received.
+Added: During the second quarter of fiscal year 2025, the Company determined that the collectability of receivables from a rental customer was less than probable.
+Added: As a result of this determination, the rent receivable balance due from this customer of $ 2.2 million was reversed against rental revenue.
+Added: Any future cash received from this customer will be recognized as rental revenue.
As permissible under ASC 606, sales taxes and transaction-based taxes are excluded from revenue.
5 unchanged sentences
Amounts billed to a customer in a sales transaction related to reimbursable shipping and handling costs are included in revenue, and the associated costs incurred by the Company for reimbursable shipping and handling expenses are reported in cost of revenue.
−Removed: The Company incurred shipping and handling expenses of $ 0.3 million and $ 0.5 million, respectively, for the fiscal years ended September 30, 2024 and 2023 , respectively.
−Removed: At September 30, 2024 , the Company had no deferred contract liabilities and no deferred contract costs.
−Removed: At September 30, 2023, the Company had deferred contract liabilities of $ 0.7 million and no deferred contract cost.
−Removed: At October 1, 2022, the Company had no deferred contract liabilities and no deferred contract costs.
−Removed: At October 1, 2022, the Company had accounts receivable from contracts with customers of $ 13.2 million.
−Removed: For the fiscal year ended September 30, 2024 , revenue of $ 0.7 million was recognized from deferred contract liabilities.
−Removed: For the fiscal year ended September 30, 2023 , no revenue was recognized from deferred contract liabilities and no cost of revenue was recognized from deferred contract costs.
−Removed: At September 30, 2024 , all contracts had an original duration of one year or less.
−Removed: For the fiscal years ended September 30, 2024 and 2023 , revenue recognized from contracts with customers satisfied over-time was $ 1.3 million and $ 0.2 million, respectively.
−Removed: All other revenue from contracts with customers was recognized at a point-in-time.
−Removed: Revenue satisfied over-time for the fiscal years ended September 30, 2024 and 2023 over-time was from the Company's Emerging Markets operating segment.
+Added: The Company incurred shipping and handling expenses of $ 0.3 million for each of the fiscal years ended September 30, 2025 and 2024 , respectively.
+Added: At September 30, 2025 and 2024, the Company had no deferred contract liabilities and no deferred contract costs.
+Added: At October 1, 2023, the Company had deferred contract liabilities of $ 0.7 million and no deferred contract costs.
+Added: For the fiscal years ended September 30, 2025 and 2024, revenue of zero and $ 0.7 million, respectively, was recognized from deferred contract liabilities.
+Added: For each of the fiscal years ended September 30, 2025 and 2024, no cost of revenue was recognized from deferred contract costs.
+Added: At September 30, 2025, October 1, 2024 and October 1, 2023, the Company had accounts receivable from contracts with customers of $ 11.4 million, $ 12.6 million and $ 11.2 million, respectively.
+Added: Accounts receivable from contracts with customers excludes accounts receivable from rental contracts.
+Added: For the fiscal years ended September 30, 2025 and 2024 , revenue of $ 1.8 million and $ 1.3 million, respectively, was recognized from contracts with customers satisfied over-time.
+Added: Revenue satisfied over-time for the fiscal year ended September 30, 2025 was from the Company's Energy Solutions operating segment.
+Added: Revenue satisfied over-time for the fiscal year ended September 30, 2024 was from the Company's Intelligent Industrial operating segment.
+Added: All other revenue from contracts with customers for the fiscal years ended September 30, 2025 and 2024 was recognized at a point-in-time.
+Added: At September 30, 2025, the aggregate amount of transaction price allocation to unsatisfied performance obligations on contracts with a duration in excess of one year was approximately $ 92 million.
+Added: These unsatisfied performance obligations are expected to be fulfilled over the next 18 months.
+Added: The majority of the revenue will be recognized over-time over the duration of the contracts.
+Added: All other revenue from contracts with customers is being recognized at a point-in time and have a duration of one year or less.
+Added: 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.
Geospace Technologies Corporation and Subsidiaries
3 unchanged sentences
YEAR ENDED SEPTEMBER 30,
−Removed: Oil and Gas Markets
−Removed: Traditional exploration product revenue
$ 35,816 $ 32,434
−Removed: Wireless exploration product revenue
−Removed: 48,094 10,168
−Removed: Reservoir product revenue
−Removed: Total revenue
−Removed: 58,356 23,211
−Removed: Adjacent Markets
−Removed: Industrial product revenue
−Removed: 43,058 36,859
−Removed: Imaging product revenue
+Added: Energy Solutions
44,600 58,878
−Removed: Total revenue
+Added: Intelligent Industrial
23,788 24,724
−Removed: Emerging Markets
$ 104,204 $ 116,036
13 unchanged sentences
Notes to Consolidated Financial Statements—(Continued)
+Added: Business Acquisition
+Added: On August 1, 2025, the Company acquired all the outstanding stock of Geovox.
+Added: Geovox's Heartbeat Detector® is a heartbeat detection security technology developed by the United States Department of Energy’s Oak Ridge National Laboratory.
+Added: It is used in more than a dozen countries to address human trafficking and prison security.
+Added: The Heartbeat Detector® uses proprietary sensors to rapidly identify people hidden in vehicles, providing a modern, user-friendly interface in as little as 10 seconds.
+Added: The Heartbeat Detector® relies on geophones the Company manufactures and aligns with the Company's current perimeter security and surveillance offerings in its Intelligent Industrial segment.
+Added: The Geovox acquisition was accounted for under the acquisition method of accounting.
+Added: The total value of the consideration paid for acquisitions was allocated to the underlying net assets acquired, based on their respective estimated fair values.
+Added: The Company utilized the excess earnings method to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it used the most appropriate measure to value each asset or liability.
+Added: The Company will recognize measurement-period adjustments, if any, in the reporting period in which the adjustment amount is determined.
+Added: The acquisition purchase price for Geovox consisted of (i) cash of $ 1.7 million, which included $ 1.5 million paid at closing and $ 0.2 million to be paid June 1, 2027, and (ii) contingent earn-out payments of up to $ 3.3 million over a four -year period.
+Added: The contingent payments, if any, will be derived from certain eligible revenue that may be generated during the four -year period.
+Added: In connection with the acquisition the Company recorded goodwill of $ 0.5 million, other intangible assets of $ 3.7 million, and an initial contingent earn-out liability of $ 2.5 million.
+Added: Also see Notes 6 and 12.
+Added: Legal and professional costs of $ 35,000 related to the acquisition are included in selling, general and administrative expenses for the fiscal year ended September 30, 2025.
Sale of Subsidiary
1 unchanged sentence
The sale was consummated pursuant to a stock purchase agreement between the Company and a group of former employees based in the Russian Federation ("the Buyer").
−Removed: Consideration to the Company consists of a $ 1.0 million cash payment due from the buyer within 90 days of the sale and a $ 3.5 million promissory note.
+Added: Consideration to the Company consisted of a $ 1.0 million cash payment due from the buyer within 90 days of the sale and a $ 3.5 million promissory note.
The note is for a 10 -year term and bears interest at 5 % per annum.
2 unchanged sentences
Based on a fair value analysis performed on the promissory note as of the sale date, the Company recorded a $ 0.9 million discount to fair value on the note receivable.
−Removed: The note receivable is included as components of current and non-current trade accounts and notes receivable, net, on the consolidated balance sheet as of September 30, 2024.
+Added: The note receivable is included as components of current and non-current trade accounts and financing receivables, net, on the consolidated balance sheet as of September 30, 2024.
The sale did not have a material effect on the Company's consolidated net assets and is not expected to have a material effect on the Company's future revenue, profits or losses.
7 unchanged sentences
While the debt represents a direct obligation to absorb significant losses of the VIE, the debt does not establish the right and power to direct activities that most significantly impact the economic performance of the entity.
−Removed: The Company retained no equity or voting interest, has no employees that are directors or advisors of the new ownership group, and has no direct influence on the day-to-day decisions in operations or affect the VIE's ability to generate profits or losses.
+Added: The Company retained no equity or voting interest, has no employees that are directors or advisors of the new ownership group, and has no direct influence on the day-to-day decisions in operations or affects on the VIE's ability to generate profits or losses.
As such, the Company has determined it is not the primary beneficiary of the VIE.
−Removed: The Company's maximum exposure to loss at September 30, 2024 due to its involvement with the VIE is the carrying value of our account and note receivable from the sale of our former subsidiary, which is $ 3.6 million.
+Added: The Company's maximum exposure to loss at September 30, 2025 due to its involvement with the VIE is the carrying value of our note receivable from the sale of our former subsidiary, which was $ 3.2 million.
Short-term Investments
1 unchanged sentence
These 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.
−Removed: The Company’s short-term investments were composed of the following (in thousands):
−Removed: AS OF SEPTEMBER 30, 2024
−Removed: Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value
−Removed: Short-term investments:
−Removed: Corporate bonds
−Removed: $ 21,814 $ 35 $ — $ 21,849
−Removed: treasury securities and securities of U.S.
−Removed: government-sponsored agency
−Removed: 8,356 22 — 8,378
−Removed: $ 30,170 $ 57 $ — $ 30,227
+Added: The Company had no short-term investments as of September 30, 2025.
+Added: The Company’s short-term investments as of September 30, 2024 were composed of the following (in thousands):
AS OF SEPTEMBER 30, 2024
7 unchanged sentences
$ 30,170 $ 57 $ — $ 30,227
−Removed: At September 30, 2024 and 2023 , accrued interest receivable related to these investments of $ 0.3 million and $ 0.1 million, respectively, are included as a component of prepaid expenses and other current assets.
−Removed: The Company has no debt securities in a material unrealized loss position at September 30, 2024 and 2023 and does not believe the unrealized losses associated with these debt securities represent credit losses based on the evaluation of evidence, which includes an assessment of whether it is more likely than not it will be required to sell or intend to sell the investment before recovery of the investments amortized cost basis.
−Removed: No gains or losses were realized from the sale of short-term investments for the fiscal years ended September 30, 2024 and 2023 .
−Removed: The Company’s short-term investments have contractual maturities ranging from October 2024 to September 2025.
+Added: At September 30, 2024, accrued interest receivable related to these short-term investments was $ 0.3 million, which is included as a component of prepaid expenses and other current assets.
+Added: The Company has no debt securities in a material unrealized loss position at September 30, 2024 and does not believe the unrealized losses associated with these debt securities represent credit losses based on the evaluation of evidence, which includes an assessment of whether it is more likely than not it will be required to sell or intend to sell the investment before recovery of the investments amortized cost basis.
+Added: A gain of $ 9,000 was realized from the sale of short-term investments for the fiscal year ended September 30, 2025.
+Added: No gains or losses were realized from the sale of short-term investments for the fiscal year ended September 30, 2024.
Geospace Technologies Corporation and Subsidiaries
1 unchanged sentence
Fair Value of Financial Instruments
−Removed: The Company’s financial instruments generally include cash and cash equivalents, short-term investments, trade accounts, notes receivable and accounts payable.
−Removed: Due to the short-term maturities of cash and cash equivalents, trade accounts and notes receivable and accounts payable, the carrying amounts approximate fair value on the respective balance sheet dates.
−Removed: The Company measures its short-term investments at fair value on a recurring basis.
−Removed: The following tables present the fair value of the Company’s short-term investments and note receivable on sale of subsidiary by valuation hierarchy and input (in thousands):
+Added: The Company’s financial instruments generally include cash and cash equivalents, short-term investments, trade accounts and financing receivables and accounts payable.
+Added: Due to the short-term maturities of cash and cash equivalents, trade accounts receivable and accounts payable, the carrying amounts approximate fair value on the respective balance sheet dates.
+Added: The Company measures its contingent consideration and short-term investments at fair value on a recurring basis.
+Added: The following tables present the fair value of the Company’s continent consideration, short-term investments and note receivable on sale of subsidiary by valuation hierarchy and input (in thousands):
AS OF SEPTEMBER 30, 2025
+Added: Contingent consideration
+Added: $ — — $ ( 2,540 ) $ ( 2,540 )
+Added: AS OF SEPTEMBER 30, 2024
(Level 1) (Level 2) (Level 3) Totals
10 unchanged sentences
$ — $ — $ 2,600 $ 2,600
−Removed: AS OF SEPTEMBER 30, 2023
−Removed: (Level 1) (Level 2) (Level 3) Totals
−Removed: Short-term investments:
−Removed: Corporate bonds
−Removed: $ — $ 11,295 $ — $ 11,295
−Removed: treasury securities and securities of U.S.
−Removed: government-sponsored agency
−Removed: — 3,626 — 3,626
−Removed: $ — $ 14,921 $ — $ 14,921
Assets and Liabilities Measured on a Nonrecurring Basis
4 unchanged sentences
Also see Note 4 to these consolidated financial statements.
−Removed: The measurements utilized to determine the implied fair value of the Company's Emerging Markets asset group as of September 30, 2024 represented significant unobservable inputs (Level 3 ).
+Added: At September 30, 2024, the Company performed a recoverability assessment on its long-lived assets of its Intelligent Industrial asset group (formerly Emerging Markets) in which its carrying value was compared to the estimated undiscounted cash flows over the remaining useful life of the asset group's primary asset, which is its developed technology.
+Added: Accordingly, a fair value analysis was performed.
+Added: Based on the assessment, the Company determined the fair value of the asset was less than its carrying value and recorded an impairment charge of $ 2.8 million on this asset group, which impaired its intangible assets in their entirety.
The Company determined the fair value of this asset group to be approximately zero.
+Added: The measurements utilized to determine the implied fair value represented significant unobservable inputs (Level 3 ).
See Note 12 for more information.
+Added: In connection with the Company's acquisition of Geovox in August 2025, it recorded an initial contingent earn-out liability of $ 2.5 million.
+Added: The Company engaged the services of a valuation firm to measure the fair value of the liability.
+Added: The primary inputs included revenue forcast, risk free rate, revenue volatility, revenue discount rate and payment discount rate (Level 3 ).
+Added: Contingent payments, if any, will be based on eligible revenue generated during a four -year earn-out period.
+Added: The maximum amount of contingent payments is $ 3.3 million.
+Added: The following table summarizes the changes in the fair value of the contingent consideration for the fiscal year September 30, 2025:
+Added: Balance at October 1, 2024
+Added: Contingent consideration pursuant to acquisition
+Added: Fair value adjustments
+Added: Payment of contingent consideration
+Added: Balance at September 30, 2025
Geospace Technologies Corporation and Subsidiaries
2 unchanged sentences
Accumulated other comprehensive loss consisted of the following (in thousands):
−Removed: Unrealized Losses on Available-for-Sale Securities
+Added: Unrealized Gains (Losses) on Available-for-Sale Securities
Foreign Currency Translation Adjustments
1 unchanged sentence
$ ( 11 ) $ ( 17,813 ) $ ( 17,824 )
−Removed: Other comprehensive income (loss)
+Added: Other comprehensive income
67 13,500 13,567
1 unchanged sentence
$ 56 ( 4,313 ) ( 4,257 )
−Removed: Other comprehensive income
+Added: Other comprehensive loss
( 57 ) ( 224 ) ( 281 )
1 unchanged sentence
$ ( 1 ) $ ( 4,537 ) $ ( 4,538 )
−Removed: Trade Accounts and Notes Receivable
−Removed: Trade accounts receivable, net (excluding notes receivable) are reflected in the following table (in thousands):
+Added: Trade Accounts and Financing Receivables
+Added: Trade accounts receivable, net (excluding financing receivables) are reflected in the following table (in thousands):
AS OF SEPTEMBER 30,
3 unchanged sentences
12,662 16,147
−Removed: 16,147 20,157
Less current portion
7 unchanged sentences
( 3 ) ( 175 )
−Removed: ( 11 ) ( 303 )
+Added: Charge offs, net
Currency translation
End of period
−Removed: Trade accounts receivable at September 30, 2024 , included $ 1.5 million classified as non-current, which is due in December 2025.
Trade accounts receivable balances are charged off against the allowance whenever it is probable that the receivable balance will not be recoverable.
−Removed: Notes receivable are reflected in the following table (in thousands):
+Added: Financing receivables are reflected in the following table (in thousands):
AS OF SEPTEMBER 30,
−Removed: Notes receivable
+Added: Promissory notes
$ 19,149 $ 12,996
−Removed: Discount to fair value
+Added: Sales-type lease
+Added: Total financing receivables
+Added: 24,451 12,996
+Added: Discount to fair value and unearned income
+Added: ( 914 ) ( 900 )
+Added: Total financing receivables, net
+Added: 23,537 12,096
Less current portion
( 15,347 ) ( 7,231 )
−Removed: Non-current notes receivable
+Added: Non-current financing receivables
+Added: $ 8,190 $ 4,865
Geospace Technologies Corporation and Subsidiaries
Notes to Consolidated Financial Statements—(Continued)
+Added: In September 2025, the Company entered into a $ 3.9 million promissory note with a customer related to a product sale.
+Added: The note bears interest at 8.75 % per annum and matures in September 2028.
+Added: Principal and interest installments of $ 0.1 million are due monthly beginning in October 2025.
+Added: The note is collateralized by the product sold.
In August 2025, the Company entered into a $ 3.6 million promissory note with a customer related to a product sale.
+Added: The note bears interest at 8.75 % per annum and matures in August 2028.
+Added: Principal and interest installments of $ 0.1 million are due monthly beginning in September 2025.
+Added: The note is collateralized by the product sold.
+Added: In November 2024, the Company entered into a sales-type lease with a customer on wireless seismic equipment from its rental fleet.
+Added: The lease matures in October 2025.
+Added: Interest income of $ 0.6 million was recognized on the lease for the fiscal year ended September 30, 2025.
+Added: Ownership of the equipment will transfer to the customer at the end of the lease term.
+Added: In August 2024, the Company entered into a $ 9.4 million promissory note with a customer related to a product sale.
The note bears interest at 9.5 % per annum and matures in December 2025.
5 unchanged sentences
Based on a fair value analysis performed at the date of sale, a discount to fair value of $ 0.9 million was placed on the note.
−Removed: Interest income on the amortization of the discount will recognized under the effective interest method.
+Added: Interest income on the amortization of the discount will be recognized under the effective interest method.
Credit quality indicators used for the non-current portion of trade accounts and notes receivable consisted of historical collection experience, internal credit risk grades and collateral.
48 unchanged sentences
The Company suspends revenue recognition when the collectability of amounts due are no longer probable and concurrently records a direct write-off of the lease receivable to rental revenue to limit rental revenue recognized to the cash collections received.
−Removed: As of September 30, 2024 , the Company’s trade accounts receivables included lease receivables of $ 1.0 million.
+Added: As of September 30, 2025 and 2024, the Company’s trade accounts receivables included lease receivables of $ 1.0 million and $ 1.0 million, respectively.
Geospace Technologies Corporation and Subsidiaries
Notes to Consolidated Financial Statements—(Continued)
−Removed: Rental revenue related to leased equipment for fiscal years 2024 and 2023 was $ 19.3 million and $ 51.0 million, respectively.
−Removed: Future minimum lease obligations due from the Company's leasing customers as of September 30, 2024 were $ 15.2 million, the majority of which is due within the next 12 months.
+Added: Rental revenue related to leased equipment for fiscal years 2025 and 2024 were $ 6.3 million and $ 19.3 million, respectively.
+Added: Future minimum lease obligations due from the Company's leasing customers as of September 30, 2025 were $ 0.4 million, all of which is due within the next 12 months.
+Added: In November 2024, the Company entered into a sales-type lease with a customer on wireless seismic equipment from its rental fleet.
+Added: The lease matures in October 2025.
+Added: Interest income of $ 0.6 million was recognized on the lease for the fiscal year ended September 30, 2025.
+Added: Ownership of the equipment will transfer to the customer at the end of the lease term.
+Added: Also see Note 8.
Rental equipment consisted of the following (in thousands):
6 unchanged sentences
Rental equipment depreciation expense was $ 6.2 million and $ 10.9 million in fiscal years 2025 and 2024 , respectively.
−Removed: During the first quarter of fiscal year 2022, the Company leased a portion of its property located in Calgary, Alberta, Canada and fully leased its warehouse in Bogotá, Colombia.
+Added: During fiscal year 2022, the Company leased a portion of its property located in Calgary, Alberta, Canada and fully leased its warehouse in Bogotá, Colombia.
The lease in Canada commenced in November 2021 and is for a five -year term.
The lease on the warehouse in Bogotá commenced in December 2021 and is currently on a month-to-month basis.
−Removed: Rental revenue related to these two properties was $ 0.3 million and $ 0.2 million in fiscal years 2024 and 2023 , respectively.
+Added: Rental revenue related to these two properties for each of the fiscal years ended September 30, 2025 and 2024 was $ 0.3 million.
Future minimum lease payments due to the Company as of September 30, 2025 were as follows (in thousands):
1 unchanged sentence
Property, Plant and Equipment
−Removed: At September 30, 2024 , the Company’s property located adjacent to its main campus at 7007 Pinemont Drive in Houston, Texas was classified as assets held for sale on the consolidated balance sheet.
−Removed: The 17.3 -acre property serves as additional parking for the main campus and contains legacy structures used to support the Company's manufacturing and warehousing operations.
−Removed: The carrying value of the property was $ 1.8 million at September 30, 2024 .
−Removed: The Company believes the fair market value of the property exceeds its carrying value.
−Removed: In February 2023, the Company sold its satellite property located at 6410 Langfield Road in Houston, Texas for a cash price of $ 3.7 million, net of closing costs of $ 0.3 million, and realized a gain on disposal of $ 1.3 million.
−Removed: The satellite property provided additional warehousing and maintenance and repair capacity for the Company’s marine rental equipment operations.
−Removed: The Company has relocated the operations of this facility to its main campus at 7007 Pinemont Drive in Houston, Texas.
+Added: In June 2025, the Company sold its property located at 4318 Northfield Lane in Houston, Texas.
+Added: The 17.3 -acre property served as additional parking for the main campus and contained legacy structures used to support the Company's manufacturing and warehousing operations.
+Added: The Company recognized a gain on disposal of property of $ 4.6 million during the third quarter of fiscal year 2025.
+Added: The gain is included as a component of loss from operations on the Company's consolidated statements of operations.
Property, plant and equipment consisted of the following (in thousands):
14 unchanged sentences
$ 23,244 $ 21,083
−Removed: Property, plant and equipment depreciation expense was $ 3.5 million and $ 3.7 million for the fiscal years ended September 30, 2024 and 2023 .
+Added: Property, plant and equipment depreciation expense was $ 3.8 million and $ 3.5 million for the fiscal years ended September 30, 2025 and 2024 , respectively.
Geospace Technologies Corporation and Subsidiaries
1 unchanged sentence
Goodwill and Other Intangible Assets
−Removed: At September 30, 2024 , the Company had goodwill of $ 0.7 million and other intangible assets, net of $ 0.5 million attributable to its Adjacent Markets reporting unit and other intangible assets, net of $ 1.2 million attributable to its Oil and Gas Markets reporting unit.
+Added: In August 2025, in connection with the Company's acquisition of Geovox, it recorded goodwill of $ 0.5 million (deductible for tax purposes) and other intangible assets of $ 3.7 million.
+Added: The operations of Geovox are included as a component of the Company's Intelligent Industrial reporting unit.
+Added: At September 30, 2025, the Company had goodwill of $ 0.5 million and other intangible assets, net of $ 3.7 million attributable to its Intelligent Industrial reporting unit, goodwill of $ 0.7 million and other intangible assets, net of $ 0.4 million attributable to its Smart Water reporting unit and other intangible assets, net of $ 1.1 million attributable to its Energy Solutions reporting unit.
Goodwill represents the excess cost of a business acquired over the fair market value of identifiable net assets at the date of acquisition.
At September 30, 2024, in light of the Company's historical losses and continued delays in obtaining additional contracts from the U.S.
−Removed: Customs and Border Protection and other customers on its Emerging Markets segment, the Company performed a recoverability assessment on the long-lived assets of its Emerging Markets asset group in which its carrying value was compared to estimated undiscounted cash flows over the remaining useful life of the asset group's primary asset, its developed technology.
+Added: Customs and Border Protection and other customers on its Industrial Intelligent segment, the Company performed a recoverability assessment on the long-lived assets of its Intelligent Industrial asset group (formerly a part of the Company's Emerging Markets asset group) in which its carrying value was compared to estimated undiscounted cash flows over the remaining useful life of the asset group's primary asset, which is its developed technology.
Accordingly, a fair value analysis was performed.
3 unchanged sentences
As a result of the assessment, the Company recorded an impairment charge of $ 2.8 million on this asset group, which impaired its intangible assets in their entirety.
−Removed: Also see Note 1 to these consolidated financial statements.
The Company’s consolidated goodwill and other intangible assets consisted of the following (in thousands):
Weighted-Average Remaining Useful Lives (in years) AS OF SEPTEMBER 30,
−Removed: Emerging Markets reporting unit
+Added: Intelligent Industrial
$ 4,858 $ 4,336
−Removed: Adjacent Markets reporting unit
Total goodwill
1 unchanged sentence
( 4,336 ) ( 4,336 )
+Added: $ 1,258 $ 736
Other intangible assets:
16 unchanged sentences
The Company had no long-term debt outstanding at September 30, 2025 or 2024 .
−Removed: On July 26, 2023, the Company entered into a credit agreement (“the Agreement”) with Woodforest National Bank, as sole lender.
−Removed: The Agreement refinanced the Company's credit agreement dated May 6, 2022, with Amerisource Funding, Inc., as administrative agent and as a lender, and Woodforest National Bank, as a lender.
−Removed: The Agreement provides a revolving credit facility with a maximum availability of $ 15 million.
−Removed: Availability under the Agreement is determined based upon a borrowing base comprised of certain of the Company’s domestic assets which include (i) 80 % of eligible accounts, plus (ii) 90 % of eligible foreign insured accounts, plus (iii) 25 % of eligible inventory plus (iv) 50 % of the orderly liquidation value of eligible equipment, in each case subject to certain limitations and adjustments.
−Removed: Interest shall accrue on outstanding borrowings at a rate equal to Term SOFR (Secured Overnight Financing Rate) plus a margin equal to 3.25 % per annum.
+Added: On August 29, 2025, the Company amended its credit agreement (“the Agreement”) with Woodforest National Bank.
+Added: The Agreement extended the Company’s revolving loan agreement, dated as of July 26, 2023, with Woodforest.
+Added: The Agreement is for a three -year term and provides a revolving credit facility with a maximum availability of $ 25 million.
+Added: Interest shall accrue on outstanding borrowings at 30 Day Term SOFR plus a margin equal to 2.75 % per annum.
The Company is required to make monthly interest payments on borrowed funds.
−Removed: The Agreement is secured by substantially all the Company's assets, except for certain excluded property.
−Removed: The Agreement requires the Company to maintain a minimum (i) consolidated tangible net worth of $ 100 million, (ii) liquidity of $ 5 million, and (iii) current ratio no less than 2.00 to 1.00, in each case tested quarterly.
−Removed: The Agreement also requires the Company to maintain a springing minimum interest coverage ratio of 1.50 to 1.00, tested quarterly whenever there is an outstanding balance.
−Removed: The Agreement expires in July 2025.
−Removed: At September 30, 2024 , the Company's borrowing availability under the Agreement was $ 14.9 million after consideration of a $ 0.1 million outstanding letter of credit.
+Added: The Agreement is secured by substantially all of the Company's assets, except for certain excluded property.
+Added: The Agreement requires the Company to maintain (i) a minimum consolidated tangible net worth of $ 85 million, (ii) minimum liquidity of $ 10 million, and (iii) a minimum asset coverage ratio of 2.00 to 1.00.
+Added: The Agreement also requires the Company to maintain a springing minimum interest coverage ratio of at least 1.50 to 1.00, tested quarterly whenever (a) there is an outstanding balance on the revolving credit facility or (b) has letter of credit exposure greater than $ 1 million.
At September 30, 2025 , the Company was in compliance with all covenants under the Agreement.
−Removed: Debt issuance costs of $ 0.4 million were incurred in connection with the Agreement in fiscal year 2023.
+Added: At September 30, 2025 , the Company could borrow approximately $ 8 million under the Agreement without violating any debt covenants.
+Added: Debt issuance costs of $ 0.4 million were incurred in connection with the Agreement.
These costs were capitalized in other non-current assets on the consolidated balance sheet and are being amortized to interest expense over the term of the Agreement.
2 unchanged sentences
AS OF SEPTEMBER 30,
−Removed: Deferred revenue
+Added: Customer deposits and deferred revenue
$ 5,733 $ 1,427
27 unchanged sentences
The RSAs and RSUs are subject to certain restrictions described in the 2014 Plan.
+Added: No RSA's have been issued since 2019.
At September 30, 2025 , an aggregate of 682,071 shares of common stock were available for issuance under the 2014 Plan.
The following table summarizes the combined activity under the equity incentive plans for the indicated periods:
−Removed: Number of Nonqualified Options Outstanding
−Removed: Weighted Average Exercise Price per Share
−Removed: Number of RSAs
−Removed: Weighted Average Grant-date Fair Value per Share
Number of RSUs
18 unchanged sentences
All RSUs outstanding at September 30, 2025 and 2024 were issued from the 2014 Plan.
−Removed: No RSAs have been issued since fiscal year 2019 and none were outstanding at September 30, 2024 .
Stock-based compensation expense recognized for the fiscal years ended September 30, 2025 and 2024 was $ 1.5 million and $ 1.3 million, respectively.
The Company accounts for forfeitures as they occur and records compensation costs under the assumption that the holder will complete the requisite service period.
−Removed: As of September 30, 2024 , the Company had unrecognized compensation expense of $ 1.9 million relating to RSUs which is expected to be recognized over a weighted average period of 2.3 years.
+Added: As of September 30, 2025 , the Company had unrecognized compensation expense of $ 2.0 million relating to RSUs which is expected to be recognized over the next 1 - 4 years.
Geospace Technologies Corporation and Subsidiaries
1 unchanged sentence
Income Taxes:
−Removed: Components of income (loss) before income taxes were as follows (in thousands):
+Added: Components of loss before income taxes were as follows (in thousands):
YEAR ENDED SEPTEMBER 30,
8 unchanged sentences
YEAR ENDED SEPTEMBER 30, 2024
−Removed: Expense (benefit) for U.S.
+Added: Benefit for U.S.
federal income tax at statutory rate
16 unchanged sentences
The income tax expense for fiscal years 2025 and 2024 primarily reflects tax accrual for U.S.
−Removed: state and Russian income tax.
−Removed: The Company maintains a full valuation allowance against deferred tax assets resulting from net operating loss ("NOL") carry-fowards in the United States and Canada due to the uncertainty surrounding its ability to utilize such losses in the future to offset taxable income.
+Added: income tax and foreign withholding tax on U.S.
+Added: Texas contributed to the majority of the state tax expense for fiscal years 2025 and 2024.
+Added: The Company is currently unable to record any tax benefits for its tax loss in Canada due to the uncertainty surrounding its ability to utilize such losses in the future to offset taxable income.
Geospace Technologies Corporation and Subsidiaries
18 unchanged sentences
Deferred income tax liabilities:
−Removed: Intangible assets
Property and equipment
( 1,210 ) ( 1,249 )
−Removed: ( 105 ) ( 6 )
Total deferred income tax liabilities
9 unchanged sentences
Tax years that remain subject to examination by significant tax jurisdictions are the United States for tax years ending after 2016, the United Kingdom for tax years ending after 2023, and Canada for tax years ending after 2021.
−Removed: At of September 30, 2024 , the Company had NOL carry-forwards of approximately $ 85.6 million in the United States and $ 19.2 million in Canada which are available to offset future taxable income in those jurisdictions.
+Added: At September 30, 2025 , the Company had net operating loss ("NOL") carry-forwards of approximately $ 92.4 million in the United States and $ 19.2 million in Canada which are available to offset future taxable income in those jurisdictions.
The NOL carry-forward for Canada will begin to expire in 2033.
The NOL carry-forward for the United States which originated prior to the 2017 Tax Act of $ 32.4 million begins to expire in 2029 and those originating after the 2017 Tax Act of $ 60.0 million do not expire.
−Removed: Management of the Company has concluded that it was not more-likely-than- not that its U.S., Canadian and Russian net deferred tax assets will be realized in accordance with U.S.
+Added: Management of the Company has concluded that it was not more-likely-than- not that its U.S.
+Added: and Canadian net deferred tax assets will be realized in accordance with U.S.
On September 30, 2025 and September 30, 2024 , the Company had a valuation allowance against its U.S.
1 unchanged sentence
At September 30, 2025 and September 30, 2024 , the Company had a valuation allowance against its Canadian net deferred tax assets of $ 4.7 million and $ 4.8 million, respectively.
−Removed: At September 30, 2023 , the Company had a valuation allowance against its Russian net deferred tax assets of $ 0.4 million.
Geospace Technologies Corporation and Subsidiaries
Notes to Consolidated Financial Statements—(Continued)
−Removed: Income (Loss) Per Common Share
−Removed: Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares used in basic earnings (loss) per share during the period.
−Removed: Diluted earnings (loss) per share is determined on the assumption that outstanding RSUs have been exchanged for common stock and outstanding dilutive stock options have been exercised and the aggregate proceeds as defined were used to reacquire common stock using the average price of such common stock for the period.
−Removed: The following table summarizes the calculation of net income (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 amounts):
+Added: Loss Per Common Share
+Added: Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares used in basic loss per share during the period.
+Added: Diluted loss per share is determined on the assumption that outstanding RSUs have been exchanged for common stock and outstanding dilutive stock options have been exercised and the aggregate proceeds as defined were used to reacquire common stock using the average price of such common stock for the period.
+Added: The following table summarizes the calculation of net loss and weighted average common shares and common equivalent shares outstanding for purposes of the computation of loss per share (in thousands, except share and per share amounts):
YEAR ENDED SEPTEMBER 30,
−Removed: Net income (loss)
$ ( 9,724 ) $ ( 6,578 )
−Removed: Income allocable to unvested restricted stock
−Removed: Income (loss) attributable to common shareholders for diluted earnings (loss) per share
+Added: loss allocable to unvested restricted stock
+Added: Loss attributable to common shareholders for diluted loss per share
$ ( 9,724 ) $ ( 6,578 )
Weighted average number of common share equivalents:
−Removed: Common shares used in basic earnings (loss) per share
+Added: Common shares used in basic loss per share
12,793,075 13,151,600
Common share equivalents outstanding related to RSUs
−Removed: Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share
+Added: Total weighted average common shares and common share equivalents used in diluted loss per share
12,793,075 13,151,600
−Removed: Earnings (loss) per share:
+Added: Loss per share:
$ ( 0.76 ) $ ( 0.50 )
$ ( 0.76 ) $ ( 0.50 )
−Removed: For the calculation of diluted earnings (loss) per share for fiscal years 2024 and 2023 , RSUs of 408,895 and 308,568 , respectively, were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive.
+Added: For the calculation of diluted loss per share for fiscal years 2025 and 2024 , RSUs of 332,693 and 408,895 , respectively, were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive.
Geospace Technologies Corporation and Subsidiaries
1 unchanged sentence
Commitments and Contingencies
−Removed: Contingent Compensation Costs
−Removed: In connection with the acquisition of Aquana, LLC ("Aquana") in 2021, the Company is subject to additional contingent cash payments to the former members of Aquana over a six -year earn-out period.
+Added: Contingent Consideration
+Added: In August 2025, the Company acquired Geovox.
+Added: In connection with the acquisition, the Company recorded an initial contingent earn-out liability of $ 2.5 million.
+Added: Contingent payments, if any, will be based on eligible revenue generated during a four -year earn-out period.
+Added: The maximum amount of contingent payments is $ 3.3 million.
+Added: In connection with the acquisition of Aquana in 2021, the Company is subject to additional contingent cash payments to the former members of Aquana over a seven -year earn-out period.
The contingent payments, if any, will be derived from certain eligible revenue generated during the earn-out period from products and services sold by Aquana.
There is no maximum limit to the contingent cash payments that could be made.
−Removed: The merger agreement with Aquana requires the continued employment of a certain key employee and former member of Aquana for the first four years of the six year earn-out period in order for any of Aquana’s former members to be eligible to any earn-out payments.
+Added: The merger agreement with Aquana requires the continued employment of a certain key employee and former member of Aquana for the first five years of the six year earn-out period in order for any of Aquana’s former members to be eligible to any earn-out payments.
Due to the continued employment requirement, no liability has been recorded for the estimated fair value of contingent earn-out payments for this transaction.
Earn-outs achieved, are recorded as compensation expense when incurred.
−Removed: Eligible revenue earned for fiscal year 2024 was $ 17,000 .
−Removed: No eligible revenue was earned in fiscal year 2023.
+Added: Eligible revenue earned for the fiscal years ended September 30, 2025 and 2024 was $ 0.1 million and $ 17,000 , respectively.
Legal Proceedings
8 unchanged sentences
Inventory transferred to rental equipment
−Removed: Note and accounts receivable related to sale of subsidiary
−Removed: Note receivable and accrued interest related to sale of rental equipment
+Added: Note and account receivable related to sale of subsidiary
+Added: Financing receivables and accrued interest related to sale of rental equipment
Account receivable related to sale of rental equipment
2 unchanged sentences
Segment and Geographic Information
−Removed: The Company reports and evaluates financial information for three operating business segments:
−Removed: Oil and Gas Markets, Adjacent Markets and Emerging Markets.
−Removed: 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.
−Removed: The Adjacent Markets segment’s products include imaging equipment, water meter products, remote shut-off valves and IoT platform, as well as seismic sensors used for vibration monitoring and geotechnical applications such as mine safety applications and earthquake detection.
−Removed: The Emerging Markets segment designs and markets seismic products targeted at the border and perimeter security markets.
−Removed: The following tables summarize the Company’s segment information:
+Added: Effective October 1, 2024, the Company changed the composition of its three operating business segments and changed its methodology for allocating manufacturing costs including overhead and other costs of revenue to the segments.
+Added: The Company's business segments are now comprised of:
+Added: Smart Water, Energy Solutions and Intelligent Industrial.
+Added: The Smart Water segment emphasizes the Company’s targeted approach in the water management industry.
+Added: This business segment contains the Hydroconn® smart water connectivity offerings and the Company's Aquana products.
+Added: The Energy Solutions segment encompasses the Company’s traditional business in oil and gas land and marine exploration products, reservoir monitoring solutions, and will additionally incorporate emerging energy solutions and microseismic monitoring.
+Added: This segment will include energy-related business from Quantum’s SADAR® products and associated analytics.
+Added: The Intelligent Industrial segment includes seismic sensor products used for vibration monitoring geotechnical applications such as mine safety applications and earthquake detection, seismic products targeted at the border and perimeter security markets, imaging products, as well as providing contract manufacturing services.
+Added: The change in methodology for allocating manufacturing costs affected each business segment's operating income (loss) but had no effect on consolidated operating income (loss).
+Added: The Company defines its segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources.
+Added: The Company’s CODM is the Chief Executive Officer.
+Added: The CODM regularly reviews revenue, gross profit, operating expenses and operating income (loss) by segment as the primary measures of segment performance.
+Added: The CODM reviews revenue as a primary indicator of operational performance, assessing how much revenue is brought in from core business activities, which reflects demand and execution of each segment’s strategy.
+Added: Gross profit is reviewed by the CODM as a diagnostic metric, particularly useful in evaluating margin trends.
+Added: Operating income is the key profitability metric used to assess performance across segments and make decisions related to resource allocation, including capital expenditures, headcount, and other investment initiatives.
+Added: Each of these metrics is considered in budgeting, forecasting, and operational planning decisions.
+Added: For financial reporting purposes, we are organized into these reportable segments and “Corporate”, which includes the remainder of our businesses.
+Added: The following table summarizes the Company’s segment information (in thousands).
+Added: Segment information for the fiscal year ended September 30, 2024 has been recast for comparability.
YEAR ENDED SEPTEMBER 30,
−Removed: Oil and Gas Markets
$ 35,816 $ 32,434
−Removed: Adjacent Markets
+Added: Energy Solutions
50,706 77,977
−Removed: Emerging Markets
+Added: Intelligent Industrial
23,960 24,891
−Removed: Income (loss) from operations:
−Removed: Oil and Gas Markets
110,803 135,598
−Removed: Adjacent Markets
+Added: Cost of revenue:
21,106 16,653
−Removed: Emerging Markets
+Added: Energy Solutions
36,580 46,922
+Added: Intelligent Industrial
20,082 19,335
−Removed: Depreciation and amortization expenses:
−Removed: Oil and Gas Markets
77,906 83,025
−Removed: Adjacent Markets
−Removed: Emerging Markets
+Added: Gross profit:
14,710 15,781
−Removed: Impairment, inventory obsolescence and stock-based compensation expenses:
−Removed: Oil and Gas Markets
−Removed: Adjacent Markets
−Removed: Emerging Markets
+Added: Energy Solutions
+Added: 14,126 31,055
+Added: Intelligent Industrial
+Added: 32,897 52,573
+Added: Operating expenses:
+Added: Energy Solutions
+Added: 13,738 12,485
+Added: Intelligent Industrial
+Added: 17,805 14,158
+Added: 48,797 45,456
+Added: Gain on disposal of property:
+Added: Income (loss) from operations:
+Added: Energy Solutions
+Added: Intelligent Industrial
+Added: ( 4,329 ) ( 6,691 )
+Added: ( 13,006 ) ( 13,977 )
+Added: ( 11,284 ) 7,117
+Added: Other segment disclosures:
Interest income:
−Removed: Oil and Gas Markets
−Removed: Adjacent Markets
−Removed: Emerging Markets
+Added: Energy Solutions
+Added: Intelligent Industrial
Interest expense:
−Removed: Oil and Gas Markets
−Removed: Adjacent Markets
−Removed: Emerging Markets
+Added: Energy Solutions
+Added: Depreciation and amortization expenses:
+Added: Energy Solutions
+Added: Intelligent Industrial
+Added: 10,146 14,766
+Added: Impairment, inventory obsolescence and stock-based compensation expenses:
+Added: Energy Solutions
+Added: Intelligent Industrial
The Company’s manufacturing operations for its business segments are combined.
3 unchanged sentences
Notes to Consolidated Financial Statements—(Continued)
−Removed: The Company generates revenue from product sales, product rentals and services from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation and the United Kingdom.
+Added: The Company generates revenue from product sales, product rentals and services from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation (sold in August 2024) and the United Kingdom.
Revenue generated by the Company’s subsidiaries is as follows (in thousands):
9 unchanged sentences
$ 26,552 $ 51,103
−Removed: 13,817 20,826
South America
8 unchanged sentences
$ 63,332 $ 61,487
−Removed: Russian Federation
United Kingdom
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.