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Thursday, May 19, 2022

ION Geophysical Corp. (IO) Stock Losing Momentum in Premarket. What’s Going on.

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.


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IO stock price during the regular trading session of March 25, 2022, was $1.02 with a decline of 5.56%. Its price further plunged deep as of the writing in the premarket session of March 28, 2022, by 11.8%.

IO: Events and Happenings

On March 09, 2022, IO updated that PNC Bank, National Association had sold and allocated its commitment and outstanding loans under the company’s Revolving Credit and Security Contract to its several 2025 noteholders. Additionally, the company also announced its entry into a First Modification to the Second Forbearance and Seventh Modification to the Credit Contract with the acquiring lenders. The lenders agreed upon the extension of the recent forbearance through April 4, 2022.

On February 04, 2022, IO announced the receipt of notification from the NYSE regarding its stock price falling below the continued listing obligations. The average closing price of the company’s common stock should remain above $1.00 per share over 30 consecutive business days. It has six months to regain compliance with the continued listing of NYSE obligations.

On January 14, 2022, IO issued the initial fourth-quarter 2021 results and stated the revenues to be up to $40 million, with a 45% increase year-over-year.

IO: Key Financials

IO released its unaudited financials for the third fiscal quarter of 2021 on November 3, 2021, for the three months ended September 30, 2021. Some focal highlights are discussed below.

Revenue

The company posted revenues of $44.4 million in Q3 2021 against $16.2 million during the comparable quarter in 2020. Its revenues gained by 173% over the year and topped the expectations by $141 thousand.

EPS

Net losses basic and diluted per share during Q3 2021 were $0.5 million or $0.02 in comparison to $16.6 million or $1.16 during the same third quarter of 2020. The company’s EPS increased considerably over the year and it topped the EPS estimations by $0.10.

Conclusion

IO stock raised by 5% year-to-date and the financial indicators of the company was optimistic. Its price fell in Monday’s premarket as the worsening virus resurgence in China raised concerns about the biggest international crude importer’s demand. There is no official press release or regulatory filing reported by the company.

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