ION Geophysical Corp. (IO) is a leading company focused on the delivery of data-driven choice-making to businesses related to offshore energy and maritime tasks. The company enables its customers to improve their investments by accessing the peculiar analytics and software.
The price of IO stock during the regular trading on January 31, 2022, with a 3.02% incline was $0.46. At last check in the premarket on February 1, 2022, the stock further jumped by 4.91%.
IO: Events and Happenings
IO reported about its webinar regarding the crucial topic ‘The Digital Software Interfaces for Seismic Survey Optimization and Remote QC’ on February 2, 2022. On January 14, 2022, IO reported about its entry into a Forbearance and 5th Amendment under its Security and Credit Contract with PNC Bank, National Association. PNC agreed upon the waiver of a cross-default. Additionally, IO also reported about its entry into a contract with its 2025 Noteholders to refrain from imposing their rights till February 15, 2022.
On December 23, 2021, IO reported the receipt of notification from the NYSE regarding non-compliance with its listing standards. The company was listed below criteria because its market capitalization was not more than $50 million over a 30-day period.
On December 17, 2021, IO reported about the award of an agreement with a Middle Eastern Exploration and Production company. Additionally, the company also grabbed a Letter of Intent from the East African Ministry of Ports & Maritime Transport for the company’s Marlin digital infrastructure.
IO: Key Financials
On November 3, 2021, IO reported its financial results for the third quarter ended September 30, 2021. Some of the key features are as follows.
Revenue
Revenue in Q3 2021 was $44.4 million compared to $16.2 million in the same period of 2020. The company recorded a 173% increase in revenue over the period of the year.
Net Loss per Share
Basic and diluted net loss per share in Q3 2021 was $0.5 million or $0.02 compared to $16.6 million or $1.16 in the same period in 2020.
Assets
The total current assets of the company in Q3 2021 were reported to be $74 million.
On October 14, 2021, IO reported about the inclusion of its Marlin SmartPort in Gateways to Growth which is the UK’s pioneer Ports Association program.
Conclusion
IO stock down-performed in the last few months by 67% due to economic recession as a result of the pandemic. The current premarket surge in the stock is likely the outcome of the company’s announcement of hosting a webinar on digital software interfaces. The financial experts believe that the company is on the right track to develop strong investor relations.
