Ion Geophysical Corporation (NYSE: IO) is down 10% in pre-market after announcing a $23.6 million loss or $0.9 per share in its Q2 2021. The company reported a 405 increase QoQ increase and a 13% YoY increase in revenue to $19.7 million despite reporting a loss. As a result, adjusted net loss attributable to the company minus special items was $11 million or $0.43 per share.
The seismic data provider for gas and oil firms had an adjusted EBITDA of $0.1 million in Q2 2021 compared to $0.2 a year ago. Since the start of the year, the company has generated $33.8 million in revenue, a 57% drop relative to last year. Net loss in the first half of 2021 was $30.7 million or $1.47 per share.
At the end of the quarter, the company’s backlog, which includes proprietary imaging projects and multi-client programs commitments, was around $13.9 million, which is a drop from Q1 2021 due to its Mid North Sea High 3D program proceeding earlier. Nevertheless, IO posted considerable revenue growth, and it is worth watching.
Market Reaction:
On Wednesday, IO stock jumped 0.70% at $1.46 with more than 247K shares, compared to its average volume of 797K shares. The stock has moved within a range of $1.4100 – 1.4700 after opening the trade at $1.45.
