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.
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.