ION Geophysical Corporation (IO) stock plunged 21.74% in the pre-market trading session at the price of $1.08 despite no fundamental reason. The last published news was its financial results for the third quarter of 2021.
IO leverages innovative technologies to deliver data-driven solutions to maritime operations and offshore energy markets. The company facilitates customers to optimize investments and outcomes using its software, data, and distinctive analytics.
IO Third Quarter 2021 Earnings Report
On 3rd November 2021, IO published its earnings report for the third quarter ended 30th September 2021. IO calculated revenues of $44.4 million for the third quarter of 2021. It represents a 173% gain from $16.2 million for the third quarter of 2020. For the third quarter of 2021, net loss attributable to the company was $0.5 million, or per share of $0.02. Net loss was $16.6 million, or per share of $1.16, for the third quarter of 2020. For the first nine months of 2021, net loss was $31.2 million, or per share of $1.33.
Chief executive officer of IO, Chris Usher, remarked that their third-quarter financial results improved significantly. Higher revenue during the quarter resulted from the successful execution of their 3D program. Regardless of a challenging environment, their multi-client market share raised by roughly 50% after their new 3D strategy. The team has completed second phase of Mid-North Sea High and launched a third extension that will end by mid-November.
Regardless of the uncertainty of seismic market recovery, IO expects momentum to continue into Q4 due to a strong sales pipeline. Additionally, they witnessed strong sales of recently reimaged 3D Picanha data offshore Brazil. The demand for offshore digitalization technologies is rising, facilitating clients to function more sustainably and efficiently. Their team keeps on improving efficacy while focusing on strategic initiatives to transform the business, Mr. Chris concluded.
“Marlin SmartPort” Featured in Gateways to Growth
Earlier on 14th October 2021, IO reported that its Marlin SmartPort, a climate-smart business, had featured in Gateways to Growth. Marlin SmartPort enables companies to operate smarter, greener, and safer through digitalization. The Gateways to Growth features thought leaders and industries that drive efforts for a green future.