Geospace Technologies reduces workforce by 20% to cut costs

Geospace Technologies Corporation announced an organizational restructuring that will reduce its global workforce by approximately 20%. The company implemented the plan at the end of its second quarter of fiscal year 2026.

The restructuring includes a voluntary early retirement program for eligible employees and a reduction in force. The company expects the workforce reduction and cost-containment measures to generate approximately $10 million in annualized cash savings.

Geospace Technologies will incur $0.6 million in termination costs during its second fiscal quarter and an additional $0.7 million in costs during its third quarter ending June 30, 2026. These charges cover employee transition expenses, severance payments, and employee benefits.

The company stated that executive management evaluated the restructuring as part of efforts to operate more efficiently and profitably by optimizing its cost structure.

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