Geospace Technologies：2024年度报告

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934Commission file number001-13601 GEOSPACE TECHNOLOGIES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Securities Registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated filer☒Non-accelerated filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ There were12,820,702shares of the Registrant’s Common Stock outstanding as of the close of business on October 31, 2025. As of March 31, 2025, theaggregate market value of the Registrant’s Common Stock held by non-affiliates was approximately $90million (based upon the closing price of $7.21on March31, 2025, as reported by The NASDAQ Global Select Market). DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the Registrant’s2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. PART I Item 1. Business Business Overview Unless otherwise specified, the discussion in this Annual Report on Form 10-K refers to Geospace Technologies Corporation and itssubsidiaries.We design and manufacture sophisticated technology solutions for applications in smart water management, energy exploration,aswell as industrial and Internet of Things. Our seismic equipment and services are marketed to the energyindustry and used to locate, characterizeand monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border andperimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, includingHydroconn®connector cables,imaging equipment,remote shutoff water valves and Internet of Things("IoT")platform. Additionally,weprovidespecialized contract manufacturing services, which leverage our capabilities and manufacturing resources. In recent years, the revenuecontribution from our non-energy related products has grown to represent nearly half of our total revenue. Our business diversification strategy hascentered largely on translating expertise in ruggedized engineering and technology manufacturing into expanded customer markets.We report andcategorize our customers and products into three different segments: Smart Water, Energy Solutions and Intelligent Industrial. In recent years, therevenue contribution from our Smart Water segment has grown to represent nearly half of our total revenue. This revenue growth in this segment islargely att