{"id":526934,"date":"2021-08-11T16:23:14","date_gmt":"2021-08-11T20:23:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/"},"modified":"2021-08-11T16:23:14","modified_gmt":"2021-08-11T20:23:14","slug":"ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/","title":{"rendered":"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0"},"content":{"rendered":"
\n

HOUSTON, Aug. 11, 2021 (GLOBE NEWSWIRE) — ION Geophysical Corporation (NYSE: IO) today reported\u00a0revenues of $19.7\u00a0million in the\u00a0second quarter 2021, a 40%\u00a0increase\u00a0compared to $14.0\u00a0million in the first\u00a0quarter 2021\u00a0and a 13%\u00a0decrease\u00a0compared to $22.7\u00a0million one year ago.<\/p>\n

Net loss attributable to ION in the second quarter 2021 was $23.6\u00a0million, or a loss of $0.90\u00a0per share, compared to $5.2\u00a0million, or a loss of $0.37\u00a0per share in the second quarter 2020.\u00a0Excluding special items in both periods, the Company reported an Adjusted net loss attributable to ION in the\u00a0second quarter 2021\u00a0of\u00a0$11.1\u00a0million, or a loss of\u00a0$0.43\u00a0per share, compared to an Adjusted net loss attributable o ION of\u00a0$12.1 million, or a loss of\u00a0$0.85\u00a0per share in the second quarter 2020.\u00a0The Company reported Adjusted EBITDA of\u00a0$0.1\u00a0million for the second quarter 2021, compared to\u00a0$(6.6)\u00a0million in the first quarter 2021 and\u00a0$0.2\u00a0million one year ago. Reconciliations\u00a0of special items to the reported financial results and\u00a0Adjusted EBITDA to the closest comparable GAAP numbers can be found in the tables of this press release.<\/p>\n

Year-to-date revenues were $33.8\u00a0million, a 57%\u00a0decrease\u00a0compared to $79.1\u00a0million one year ago. Net loss attributable to ION was $30.7\u00a0million in the first half of 2021, or a loss of $1.47\u00a0per share, compared to\u00a0$7.5\u00a0million, or a loss of\u00a0$0.53\u00a0per share in the first half of 2020. Excluding special items in both periods, Adjusted net loss attributable to ION in the first half of 2021 was\u00a0$26.0\u00a0million, or a loss of\u00a0$1.24\u00a0per share, compared to\u00a0$7.3\u00a0million, or a loss of\u00a0$0.52\u00a0per share in the first half of 2020.\u00a0The Company reported Adjusted EBITDA of\u00a0$(6.5)\u00a0million\u00a0in the first half of\u00a02021\u00a0compared to\u00a0$23.1\u00a0million\u00a0in the first half of 2020.<\/p>\n

At June 30, 2021, backlog, which consists of commitments for multi-client programs and proprietary imaging projects, was $13.9\u00a0million, a decline from the first quarter 2021 as the Company\u2019s Mid North Sea High 3D multi-client program in the North Sea proceeded ahead of schedule this quarter.<\/p>\n

\u201cWe delivered sequential revenue improvement, partly due to starting the second, significantly larger phase of our Mid North Sea High 3D multi-client program in the second quarter.\u00a0Our strategic decision to participate in the 3D new acquisition multi-client market exposes us to larger scale earnings potential and enables ION to capture existing market share without an improvement in industry conditions.\u00a0Our team is actively cultivating additional 3D program opportunities, including several with potential to start this year.\u00a0A key 3D ingredient, our proprietary Gemini\u2122 source technology continues to perform extraordinarily well\u00a0and was recently highlighted by Shell for its role in enhancing exploration insights in an eco-friendlier\u00a0manner.\u00a0 We continue to benefit commercially from the global 2D data collaboration with PGS, which helps diversify both companies\u2019 geographic exposure to opportunities globally while also increasing\u00a0sales efficiency.\u00a0<\/p>\n

\u201cOperations Optimization\u00a0revenues improved during the second quarter, consistent with increasing global offshore activity.\u00a0We continue to advance our diversification strategy into ports and offshore logistics. Notably, the Marlin\u2122 SmartPort deployments across nearly 20 UK ports continue to receive positive client feedback on the value our software delivers, such as enhancing decision-making via simple, visual dashboards. Based on the local success in the UK, our business development team recently expanded outreach in North America, Latin America and Africa.\u00a0The climate-smart digital infrastructure we are promoting with US Department of Commerce support is garnering significant interest for country-scale digitalization solutions spanning maritime detection, port management and\u00a0illegal fishing.\u00a0WellAlert\u2122 conversations have also advanced beyond our initial target market, receiving positive feedback in a number of regulatory environments and, as a result, we started developing a full-scale prototype.<\/p>\n

\u201cWe expect the seismic market will continue gradually improving yet remain challenging in the near-term. As such, in the third quarter we are implementing a significant cost reduction program targeting\u00a0$15 million\u00a0to $20 million of annualized savings, building on the over $40 million eliminated last year, in an effort to right-size our business while still being able to capitalize on evolving market opportunities.<\/p>\n

“In today\u2019s rapidly evolving landscape, we are focused on empowering clients to operate more efficiently and sustainably.\u00a0Our offshore data and digitalization technologies are key ingredients for enabling the sustainable use of marine resources, combating climate change\u00a0and optimizing energy development while supporting the transition to renewable sources. We have doubled down on our diversification efforts and expect momentum to continue building as the year unfolds.\u201d<\/p>\n

At quarter close, the Company\u2019s total liquidity of $32.8\u00a0million consisted of $26.7\u00a0million of cash (including net revolver borrowings of $19.8\u00a0million) and $6.1\u00a0million of remaining available borrowing capacity under the revolving credit facility.<\/p>\n

In April 2021, the Company successfully completed its bond exchange and rights offering, which\u00a0extended\u00a0the bond maturity to 2025\u00a0with a lower interest rate and\u00a0a convertible feature that provides a path to convert the\u00a0debt to equity. In total,\u00a0$116.2 million of New Notes due in December 2025 were issued and\u00a010.9 million shares of Common Stock that generated $14 million in net proceeds. A total of\u00a0$7.1 million of Old Notes remained outstanding and due in December 2021.\u00a0Although the Company\u2019s balance sheet was bolstered by these transactions and revenue in the second quarter improved sequentially, the timing of the market recovery remains uncertain and revenues for the first half of 2021 were lower than expected. These lower than planned revenues will have an impact on second half cash collections necessary to fund the Company’s operations and meet its debt and other obligations, therefore triggering a going concern issue for ION.\u00a0The Company continually evaluates conditions in the capital markets, and will continue to explore additional funding opportunities through private or public equity transactions, debt financing or other capital sources, such as the sale of non-strategic assets to meet its ongoing cash needs.\u00a0<\/p>\n

\n SECOND QUARTER 2021<\/strong>\n <\/p>\n

The Company\u2019s segment revenues for the second quarter were as follows (in thousands):\u00a0<\/p>\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nJune 30, 2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nMarch 31, 2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n% Change<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJune 30, 2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n% Change<\/td>\n\u00a0<\/td>\n<\/tr>\n
E&P Technology & Services<\/td>\n\u00a0<\/td>\n$<\/td>\n11,704<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,236<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n15,226<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23<\/td>\n)%<\/td>\n<\/tr>\n
Operations Optimization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,010<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,800<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,505<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n%<\/td>\n<\/tr>\n
Total<\/td>\n\u00a0<\/td>\n$<\/td>\n19,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n22,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13<\/td>\n)%<\/td>\n<\/tr>\n<\/table>\n

E&P Technology & Services segment revenues were $11.7\u00a0million for the second quarter 2021, compared to\u00a0$7.2\u00a0million for the first quarter 2021\u00a0and $15.2 million for the\u00a0second quarter 2020. Within E&P Technology & Services, multi-client\u00a0revenues were $9.3\u00a0million, an\u00a0increase of\u00a0160% from first quarter 2021\u00a0and a\u00a0decrease\u00a0of 23%\u00a0from second quarter 2020. The sequential\u00a0increase\u00a0in multi-client revenues reflects starting the second, much larger phase of our Mid North Sea High 3D multi-client program and an increase in 2D data library sales. The second quarter 2021\u00a0decrease\u00a0compared to\u00a0second quarter 2020 is primarily due to lower volume of\u00a0multi-client sales.\u00a0A portion of\u00a02D data library sales during the second quarter 2021 were attributed to our global 2D data library partnership with PGS.\u00a0Imaging and Reservoir Services\u00a0revenues were $2.4\u00a0million, a\u00a0decrease of\u00a034%\u00a0from first quarter 2021 and\u00a0from second quarter 2020, due to lower proprietary tender activity.<\/p>\n

Operations Optimization segment\u00a0revenues were $8.0\u00a0million for the second quarter 2021 compared to\u00a0$6.8\u00a0million for the first quarter 2021\u00a0and $7.5 million for second quarter 2020. Within\u00a0Operations Optimization, Optimization Software & Services revenues were $3.4\u00a0million, an\u00a018%\u00a0increase\u00a0from first quarter 2021 and flat\u00a0to second quarter 2020.\u00a0The sequential increase is due to increased seismic vessel activity offshore. Devices revenues were $4.6\u00a0million,\u00a0a\u00a017%\u00a0increase from first quarter 2021 and a\u00a012%\u00a0increase\u00a0from second quarter 2020 due to higher sales of towed streamer equipment spares and repairs.<\/p>\n

Consolidated gross margin for the quarter was 18%, compared to 6%\u00a0for the first quarter 2021\u00a0and\u00a020%\u00a0one year ago. Gross margin in E&P Technology & Services was 9%\u00a0compared to\u00a0(22)%\u00a0for the first quarter 2021\u00a0and\u00a015%\u00a0one year ago, consistent with the increase or decrease in revenues during the period. Operations Optimization gross margin was 33%, compared to\u00a036%\u00a0for the first quarter 2021\u00a0and\u00a031%\u00a0one year ago.<\/p>\n

Consolidated operating expenses were $11.0\u00a0million, consistent with the first quarter 2021\u00a0and a\u00a09%\u00a0increase\u00a0from $10.1\u00a0million in the second quarter 2020\u00a0resulting from the one-time, non-cash adjustment made to marketing and sales expenses\u00a0in second quarter 2020.<\/p>\n

Income tax expense (benefit) was $8.8\u00a0million\u00a0for the\u00a0second\u00a0quarter\u00a02021\u00a0compared to $(6.8)\u00a0million\u00a0for the first quarter 2021\u00a0and\u00a0$3.1\u00a0million for the\u00a0second\u00a0quarter\u00a02020.\u00a0The income tax expense for the first and\u00a0second quarter 2021 primarily resulted from the reversal and subsequent re-establishment, respectively, of the non-cash valuation allowance\u00a0of $7.7\u00a0million due to the Company\u2019s going concern conclusion.\u00a0Excluding the valuation allowance, the Company\u2019s income tax expense primarily relates to results generated by its non-U.S. businesses in Latin America.\u00a0<\/p>\n

\n YEAR-TO-DATE\u00a02021<\/strong>\n <\/p>\n

The Company\u2019s segment revenues for the first six months of the year\u00a0were as follows (in thousands):<\/p>\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nSix Months Ended June 30,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n% Change<\/td>\n\u00a0<\/td>\n<\/tr>\n
E&P Technology & Services<\/td>\n\u00a0<\/td>\n$<\/td>\n18,940<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n61,740<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(69<\/td>\n)%<\/td>\n<\/tr>\n
Operations Optimization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,810<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,405<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15<\/td>\n)%<\/td>\n<\/tr>\n
Total<\/td>\n\u00a0<\/td>\n$<\/td>\n33,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n79,145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(57<\/td>\n)%<\/td>\n<\/tr>\n<\/table>\n

E&P Technology & Services segment revenues were\u00a0$18.9\u00a0million for the first half of\u00a02021, compared to\u00a0$61.7\u00a0million for first half of\u00a02020. Within E&P Technology & Services, multi-client\u00a0revenues were\u00a0$12.8\u00a0million, a decrease\u00a0of 76%\u00a0from the first half of\u00a02020, primarily due to lower volume of\u00a0data library sales, including a significant 2D data library deal that was closed in the first quarter of 2020 that was not repeated during the first half of 2021. Imaging and Reservoir Services\u00a0revenues were $6.1\u00a0million, a decrease\u00a0of 29%\u00a0from first half of\u00a02020, due to lower proprietary tender activity.<\/p>\n

Operations Optimization segment\u00a0revenues were $14.8\u00a0million for the first half of\u00a02021 compared to\u00a0$17.4\u00a0million for the first half of\u00a02020. Within\u00a0Operations Optimization, Optimization Software & Services revenues were $6.2\u00a0million, a\u00a020%\u00a0decrease\u00a0from first half of\u00a02020 due to reduced seismic vessel activity offshore. Devices revenues were $8.6\u00a0million, a 10%\u00a0decrease\u00a0from first half of\u00a02020 due to lower sales of towed streamer equipment spares and repairs.<\/p>\n

Consolidated gross margin for the first half of 2021\u00a0was 13%, compared to\u00a042%\u00a0for the first half of 2020, primarily due to the decline in revenues. Gross margin in E&P Technology & Services was (3)%\u00a0compared to\u00a042%\u00a0one year ago\u00a0resulting from a significant 2D data library deal that closed during the first quarter of\u00a0\u00a02020 that was not repeated during the first half of\u00a02021.\u00a0Operations Optimization gross margin was 34%, compared to\u00a040%\u00a0one year ago\u00a0primarily due to the decline in revenues.<\/p>\n

Consolidated operating expenses were $22.1\u00a0million, a\u00a031%\u00a0decrease\u00a0from\u00a0$32.1\u00a0million in the first half of\u00a02020\u00a0partially resulting from the\u00a0goodwill impairment recognized in the first half of 2020\u00a0that was not repeated in the first half of 2021 and\u00a0the reduction in\u00a0compensation expense implemented during the first half of 2020.\u00a0Excluding the impact of special items from last year, second quarter 2021\u00a0adjusted operating expenses declined by\u00a014% compared to the adjusted operating expenses of\u00a0$25.8\u00a0million one year ago.\u00a0Operating margin was\u00a0(52)%, compared to\u00a01%\u00a0one year ago. The decline in operating margin was the result of the decline\u00a0in revenues.\u00a0<\/p>\n

Income tax expense\u00a0was $1.9\u00a0million\u00a0for the first half of\u00a02021, compared to\u00a0$8.9\u00a0million for the first half of\u00a02020.\u00a0The income tax\u00a0expense for the first half of 2021 and 2020 primarily relates to results generated by our non-U.S. businesses in Latin America.\u00a0<\/p>\n

\n CONFERENCE CALL<\/strong>\n <\/p>\n

The Company has scheduled a conference call for Thursday, August 12, 2021, at 10:00 a.m.\u00a0Eastern Time that will include a slide presentation to be posted in the Investor Relations section of the ION website by 9:00 a.m. Eastern Time. To participate in the conference call, dial (833) 362-0195\u00a0at least 10 minutes before the call begins and ask for the ION conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until August 19, 2021. To access the replay, dial (855) 859-2056 and use pass code\u00a08154095.<\/p>\n

Investors, analysts and the general public will also have the opportunity to listen to the conference call live over the Internet by visiting ir.iongeo.com. An archive of the webcast will be available shortly after the call on the Company\u2019s website.\u00a0<\/p>\n

\n About ION<\/strong>\n <\/p>\n

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics.\u00a0Learn more at iongeo.com.<\/p>\n

\n Contact<\/strong>\n <\/p>\n

Mike Morrison
Executive Vice President and Chief Financial Officer
+1.281.879.3615<\/p>\n

\n The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services\u037e pricing pressure\u037e decreased demand\u037e changes in oil prices\u037e agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels\u037e the COVID-19 pandemic\u037e the ultimate benefits of our completed restructuring transactions; political, execution, regulatory, and currency risks; and the impact to our liquidity in the current uncertain macroeconomic environment.\u00a0For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form 10-Q for the quarter ended March 31, 2021, filed on May 6, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission (SEC), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The\u00a0Company expressly disclaims any obligation to revise or update any forward-looking statements.<\/em>\n <\/p>\n

\n Tables to follow<\/em>\n <\/p>\n

\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong>
\n
\n (Unaudited)\u00a0<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n March 31, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (In thousands, except per share data)<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Service revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n12,366<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,464<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n15,547<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,830<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n63,032<\/td>\n\u00a0<\/td>\n<\/tr>\n
Product revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,348<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,572<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,920<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,113<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total net revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n79,145<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,270<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,493<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,542<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of products<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,853<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,907<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,880<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,760<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,508<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of multi-client data library<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,167<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,928<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research, development and engineering<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,382<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,947<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,329<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,044<\/td>\n\u00a0<\/td>\n<\/tr>\n
Marketing and sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,179<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,759<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,219<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,938<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,077<\/td>\n\u00a0<\/td>\n<\/tr>\n
General, administrative and other operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,387<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,801<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,845<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,803<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,150<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,093<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,056<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,112<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,074<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,381<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,234<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,472<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,615<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n854<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,299<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,262<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,414<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,561<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,635<\/td>\n)<\/td>\n<\/tr>\n
Other income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,070<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(607<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,677<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,200<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,750<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,103<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,115<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,853<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,419<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,776<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,849<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,052<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,926<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23,526<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,254<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,167<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30,780<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,507<\/td>\n)<\/td>\n<\/tr>\n
Less: Net income (loss) attributable to noncontrolling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(60<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss attributable to ION<\/td>\n\u00a0<\/td>\n$<\/td>\n(23,586<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,163<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,219<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(30,749<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,482<\/td>\n)<\/td>\n<\/tr>\n
Net loss per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.90<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.46<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.37<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.47<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.53<\/td>\n)<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,198<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,718<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,241<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,236<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n CONSOLIDATED BALANCE SHEETS<\/strong>
\n
\n (Unaudited)\u00a0<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (In thousands, except share data)<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n26,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n37,486<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,531<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,045<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unbilled receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,127<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,262<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,783<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,267<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,243<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,116<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62,415<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,176<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,131<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,511<\/td>\n\u00a0<\/td>\n<\/tr>\n
Multi-client data library, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,914<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,898<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,565<\/td>\n\u00a0<\/td>\n<\/tr>\n
Right-of-use assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,594<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,501<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,079<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,926<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n179,262<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n193,593<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND STOCKHOLDERS\u2019 DEFICIT<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current maturities of long-term debt<\/td>\n\u00a0<\/td>\n$<\/td>\n26,976<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n143,731<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,971<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,418<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,151<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,363<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued multi-client data library royalties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,341<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,359<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,840<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,648<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current maturities of operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,360<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,570<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102,639<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n226,089<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt, net of current maturities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n106,861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liabilities, net of current maturities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,289<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,372<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n202<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n222<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 Total liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n243,991<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n264,683<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deficit:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $0.01 par value; authorized 100,000,000 shares; outstanding 28,577,886 and 14,333,101 shares at June 30, 2021 and December 31, 2020, respectively.<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n995,323<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n958,584<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,042,265<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,011,516<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,398<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,913<\/td>\n)<\/td>\n<\/tr>\n
\u00a0 Total stockholders\u2019 deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(66,055<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(72,702<\/td>\n)<\/td>\n<\/tr>\n
Noncontrolling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,326<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,612<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 Total deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(64,729<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(71,090<\/td>\n)<\/td>\n<\/tr>\n
\u00a0 Total liabilities and deficit<\/td>\n\u00a0<\/td>\n$<\/td>\n179,262<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n193,593<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>
\n
\n (In thousands)<\/strong>
\n
\n (Unaudited)\u00a0<\/strong>\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended June 30,<\/strong>\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash flows from operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n$<\/td>\n(23,526<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,167<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(30,780<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,507<\/td>\n)<\/td>\n<\/tr>\n
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization (other than multi-client library)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,421<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,008<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,380<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,848<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of multi-client data library<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,434<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,681<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,719<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,701<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of multi-client data library<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,167<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,150<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n493<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n477<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n779<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,094<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of government relief funding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,923<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,923<\/td>\n)<\/td>\n<\/tr>\n
Provision for expected credit losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n498<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on restructuring transactions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,743<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(83<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n338<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in operating assets and liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,157<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,546<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,955<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,678<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unbilled receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,026<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,746<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,151<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,080<\/td>\n)<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n951<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n339<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n179<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable, accrued expenses and accrued royalties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,293<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,618<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,891<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,930<\/td>\n)<\/td>\n<\/tr>\n
Deferred revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,636<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(821<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,813<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(466<\/td>\n)<\/td>\n<\/tr>\n
Other assets and liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,012<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 \u00a0 Net cash provided by (used in) operating activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,031<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,317<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,308<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,351<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash flows from investing activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment in multi-client data library<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,432<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,928<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,643<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,596<\/td>\n)<\/td>\n<\/tr>\n
Purchase of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(191<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(201<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(767<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(697<\/td>\n)<\/td>\n<\/tr>\n
\u00a0 \u00a0 Net cash used in investing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,623<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,129<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,410<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,293<\/td>\n)<\/td>\n<\/tr>\n
Cash flows from financing activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Borrowings under revolving line of credit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayments under revolving line of credit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,500<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,500<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,750<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,500<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from the rights offering<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,836<\/td>\n\u00a0<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,836<\/td>\n\u00a0<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments on notes payable and long-term debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,824<\/td>\n)<\/td>\n(b)<\/td>\n\u00a0<\/td>\n(767<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(18,576<\/td>\n)<\/td>\n(b)<\/td>\n\u00a0<\/td>\n(1,527<\/td>\n)<\/td>\n<\/tr>\n
Costs associated with debt issuance<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,890<\/td>\n)<\/td>\n(c)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,696<\/td>\n)<\/td>\n(c)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net proceeds from the registered direct offering<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,802<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Receipt of Paycheck Protection Program loan<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,923<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(259<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(575<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 \u00a0 Net cash provided by financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,363<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,671<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,041<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,901<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of change in foreign currency exchange rates on cash, cash equivalents and restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(206<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(78<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n538<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net increase (decrease) in cash, cash equivalents and restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,497<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,755<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,497<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, cash equivalents and restricted cash at beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,555<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,688<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,118<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, cash equivalents and restricted cash at end of period<\/td>\n\u00a0<\/td>\n$<\/td>\n29,058<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n62,615<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n29,058<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n62,615<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(a) Represents $30.1\u00a0million in New Notes and $11.7\u00a0million of ION’s common stock issued in connection with the Rights Offering.
(b)\u00a0Consist of $17.1 million payment for the Old Notes resulting from the Exchange Offer.
(c)\u00a0Represents transaction costs incurred in connection with the Restructuring Transactions.<\/p>\n

The following table is a reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:<\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (In thousands)<\/strong>\n <\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n26,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n62,540<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash included in prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,327<\/td>\n\u00a0<\/td>\n(d)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total cash, cash equivalents, and restricted cash shown in consolidated statements of cash flows<\/td>\n\u00a0<\/td>\n$<\/td>\n29,058<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n62,615<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(d) Relates to letters of credit issued during third quarter 2020, primarily in connection with the Houston office lease deposit.<\/p>\n

\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n SUMMARY OF SEGMENT INFORMATION<\/strong>
\n
\n (In thousands)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n March 31, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net revenues:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
E&P Technology & Services:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
New Venture<\/td>\n\u00a0<\/td>\n$<\/td>\n3,882<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,087<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,686<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,969<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,127<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Data Library<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,393<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,484<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,867<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,877<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total multi-client revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,571<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,553<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53,125<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Imaging and Reservoir Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,429<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,665<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,673<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,094<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,615<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,704<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,236<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,226<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18,940<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,740<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operations Optimization:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Optimization Software & Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,370<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,844<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,377<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,214<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Devices<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,956<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,601<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,010<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,800<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,505<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,810<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,405<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total net revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n19,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n22,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n79,145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit (loss):<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
E&P Technology & Services<\/td>\n\u00a0<\/td>\n$<\/td>\n1,018<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,607<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,264<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(589<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n25,994<\/td>\n\u00a0<\/td>\n(b)<\/td>\n<\/tr>\n
Operations Optimization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,620<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,466<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,320<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,086<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,934<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total gross profit<\/td>\n\u00a0<\/td>\n$<\/td>\n3,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n32,928<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross margin:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
E&P Technology & Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(22<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operations Optimization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total gross margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
E&P Technology & Services<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,691<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(4,853<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n442<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,544<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18,394<\/td>\n\u00a0<\/td>\n(b)<\/td>\n<\/tr>\n
Operations Optimization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(820<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(474<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(576<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,733<\/td>\n)<\/td>\n(c)<\/td>\n<\/tr>\n
Support and other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,934<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,561<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,440<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,495<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,807<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,381<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,234<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,472<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,615<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n854<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,299<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,262<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,414<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,561<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,635<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,070<\/td>\n)<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(607<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,771<\/td>\n\u00a0<\/td>\n(d)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,677<\/td>\n)<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,200<\/td>\n\u00a0<\/td>\n(d)<\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n(14,750<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(14,103<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,115<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(28,853<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,419<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(a)\u00a0Includes the loss on restructuring transaction\u00a0of $4.7 million for the three and six months ended June 30, 2021 resulting from the exchange of our Old Notes for New Notes.
(b)\u00a0Includes impairment of multi-client data library of $1.2\u00a0million for the six months ended June 30, 2020.
(c)\u00a0Includes impairment of goodwill of\u00a0$4.2\u00a0million for the six\u00a0months ended June 30, 2020.
(d)\u00a0Includes amortization of government relief funding of $6.9 million for the three and six months ended June 30, 2020.<\/p>\n

\n
\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n Summary of Net Revenues by Geographic Area<\/strong>
\n
\n (In thousands)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n March 31, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Europe<\/td>\n\u00a0<\/td>\n$<\/td>\n6,599<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,366<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,684<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n10,965<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n46,684<\/td>\n\u00a0<\/td>\n<\/tr>\n
Africa<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,479<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,117<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,251<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,684<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asia Pacific<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,437<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,201<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,722<\/td>\n\u00a0<\/td>\n<\/tr>\n
Latin America<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,072<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,503<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,992<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,242<\/td>\n\u00a0<\/td>\n<\/tr>\n
North America<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n934<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,208<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,204<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,432<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,083<\/td>\n\u00a0<\/td>\n<\/tr>\n
Middle East<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n704<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n727<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n942<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,141<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,347<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n489<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n259<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n161<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,917<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total net revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n19,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n22,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n174,679<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n Reconciliation of Adjusted EBITDA to Net Loss (Non-GAAP Measure) <\/strong>
\n
\n (In thousands) <\/strong>
\n
\n (Unaudited) <\/strong>\n <\/p>\n

The term EBITDA (excluding non-recurring items) represents net loss before net interest expense, income taxes, depreciation and amortization and other non-recurring charges such as impairment charges, severance expenses,\u00a0government relief and loss on restructuring transactions. The term Adjusted EBITDA is EBITDA (excluding non-recurring items) but also excludes the impact of fair value adjustments related to the Company\u2019s outstanding stock appreciation awards. EBITDA (excluding non-recurring items) and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA (excluding non-recurring items) and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included EBITDA (excluding non-recurring items) and Adjusted EBITDA as a supplemental disclosure because its management believes that EBITDA (excluding non-recurring items) and Adjusted EBITDA provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n March 31, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n$<\/td>\n(23,526<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,254<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,167<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(30,780<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,507<\/td>\n)<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,299<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,262<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,635<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,776<\/td>\n\u00a0<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,849<\/td>\n)<\/td>\n(b)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,052<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,926<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,855<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,689<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,099<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,549<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of multi-client data library<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,167<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,150<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,102<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of government relief funding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,923<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,923<\/td>\n)<\/td>\n<\/tr>\n
Loss on restructuring transactions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDA excluding non-recurring items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,597<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,497<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,099<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock appreciation rights (credit) expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,010<\/td>\n)<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,590<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n150<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,490<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n23,089<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(a) Includes a full valuation allowance on our net deferred tax assets\u00a0of\u00a0$7.7\u00a0million resulting from the going concern conclusion\u00a0for the three months ended June\u00a030, 2021.
(b)\u00a0Includes reversal of valuation allowance on our\u00a0deferred tax assets of\u00a0$7.7\u00a0million resulting from the going concern\u00a0being removed for the three months ended March 31, 2021.<\/p>\n

\n
\n ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES<\/strong>
\n
\n Description of Special Items and Reconciliation of GAAP (As Reported) to Non-GAAP (As Adjusted) Measures<\/strong>
\n
\n (In thousands, except per share data) <\/strong>
\n
\n (Unaudited) <\/strong>\n <\/p>\n

The financial results are reported in accordance with GAAP. However, management believes that certain non-GAAP performance measures may provide users of this financial information, additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure is adjusted income (loss) from operations or adjusted net income (loss), which excludes certain charges or amounts. This adjusted income (loss) amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for income (loss) from operations, net income (loss) or other income data prepared in accordance with GAAP. See the tables below for supplemental financial data and the corresponding reconciliation to GAAP financials for the three and six months ended June 30, 2021 and 2020\u00a0and three months ended March 31, 2021:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended March 31, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n As Reported<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Special Items<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Reported<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Special Items<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Reported<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Special Items<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n19,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n22,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n22,731<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,076<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,076<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,147<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,584<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,093<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7<\/td>\n)<\/td>\n(c)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,086<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,056<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(85<\/td>\n)<\/td>\n(c)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,971<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,381<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,381<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,234<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,227<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,472<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,387<\/td>\n)<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,299<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,299<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,262<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,262<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,414<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,414<\/td>\n)<\/td>\n<\/tr>\n
Other income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,070<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n626<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(607<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(607<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,923<\/td>\n)<\/td>\n(e)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(152<\/td>\n)<\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,750<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,054<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,103<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,096<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,115<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,838<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,953<\/td>\n)<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,776<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,743<\/td>\n)<\/td>\n(b)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,033<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,849<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,743<\/td>\n\u00a0<\/td>\n(d)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n894<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,052<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,052<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23,526<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,439<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,087<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,254<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,736<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,990<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,167<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,838<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,005<\/td>\n)<\/td>\n<\/tr>\n
Net loss (income) attributable to noncontrolling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(60<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(60<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) attributable to ION<\/td>\n\u00a0<\/td>\n$<\/td>\n(23,586<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n12,439<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(11,147<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,163<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,736<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(14,899<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,219<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,838<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(12,057<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.90<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.43<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.46<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.95<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.37<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.85<\/td>\n)<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,198<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,198<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,718<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,718<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,241<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,241<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(a) Represents loss on restructuring transaction of $4.7 million for the three\u00a0months ended June 30, 2021 resulting from the exchange of\u00a0Old Notes for New Notes.
(b)\u00a0Represents a full valuation allowance on net deferred tax assets\u00a0of\u00a0$7.7\u00a0million resulting from the going concern conclusion\u00a0for the three months ended June\u00a030, 2021.
(c) Represents stock appreciation rights awards expense for the three months ended\u00a0March 31, 2021 and June 30, 2020.
(d) Represents the\u00a0reversal of valuation allowance on net deferred tax assets of\u00a0$7.7\u00a0million resulting from the going concern being removed\u00a0for the three months ended March 31, 2021.
(e) Represents the\u00a0amortization of government relief funding of\u00a0$6.9\u00a0million\u00a0for the three months ended June\u00a030, 2020.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\u00a0\u00a0\u00a0<\/td>\n		\u00a0<\/td>\n\n For the Six Months Ended June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n For the Six Months Ended June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n As Reported<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Special Items<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Reported<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Special Items<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As Adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n33,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n79,145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n79,145<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,253<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,253<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46,217<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,167<\/td>\n)<\/td>\n(c)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,050<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,928<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,167<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,095<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,112<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7<\/td>\n)<\/td>\n(a)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,074<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,243<\/td>\n)<\/td>\n(d)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,831<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,615<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,608<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n854<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,264<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,561<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,561<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,635<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,635<\/td>\n)<\/td>\n<\/tr>\n
Other income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,677<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,696<\/td>\n\u00a0<\/td>\n(b)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,200<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,923<\/td>\n)<\/td>\n(e)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n277<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,853<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,703<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24,150<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,419<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n487<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,906<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,926<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n350<\/td>\n\u00a0<\/td>\n(c)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,276<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30,780<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,703<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(26,077<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,507<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n137<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,370<\/td>\n)<\/td>\n<\/tr>\n
Net loss attributable to noncontrolling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss) attributable to ION<\/td>\n\u00a0<\/td>\n$<\/td>\n(30,749<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n4,703<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(26,046<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,482<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n137<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,345<\/td>\n)<\/td>\n<\/tr>\n
Net loss per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.47<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.24<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.53<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.52<\/td>\n)<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,236<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,236<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(a)\u00a0Represents stock appreciation rights awards expense\u00a0for the six months ended June 30, 2021.
(b) Represents loss on restructuring transaction\u00a0of $4.7 million for the six months ended June 30, 2021 resulting from the exchange of\u00a0Old Notes for New Notes.
(c)\u00a0Represents the impairment of multi-client data library of $1.2 million and the related tax impact of $0.4 million for the six months ended March 31, 2020.
(d)\u00a0Represents impairment of goodwill of $4.2 million and severance expense of $3.1 million, partially offset by stock appreciation right awards credit of $1.0\u00a0million for the six\u00a0months ended June 30, 2020.
(e)\u00a0Represents\u00a0the\u00a0amortization of government relief funding of\u00a0$6.9\u00a0million\u00a0for the six months ended June\u00a030, 2020.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

HOUSTON, Aug. 11, 2021 (GLOBE NEWSWIRE) — ION Geophysical Corporation (NYSE: IO) today reported\u00a0revenues of $19.7\u00a0million in the\u00a0second quarter 2021, a 40%\u00a0increase\u00a0compared to $14.0\u00a0million in the first\u00a0quarter 2021\u00a0and a 13%\u00a0decrease\u00a0compared to $22.7\u00a0million one year ago. Net loss attributable to ION in the second quarter 2021 was $23.6\u00a0million, or a loss of $0.90\u00a0per share, compared to $5.2\u00a0million, or a loss of $0.37\u00a0per share in the second quarter 2020.\u00a0Excluding special items in both periods, the Company reported an Adjusted net loss attributable to ION in the\u00a0second quarter 2021\u00a0of\u00a0$11.1\u00a0million, or a loss of\u00a0$0.43\u00a0per share, compared to an Adjusted net loss attributable o ION of\u00a0$12.1 million, or a loss of\u00a0$0.85\u00a0per share in the second quarter 2020.\u00a0The Company reported Adjusted EBITDA of\u00a0$0.1\u00a0million for the second … <\/p>\n

Continue reading “ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0“<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-526934","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"HOUSTON, Aug. 11, 2021 (GLOBE NEWSWIRE) — ION Geophysical Corporation (NYSE: IO) today reported\u00a0revenues of $19.7\u00a0million in the\u00a0second quarter 2021, a 40%\u00a0increase\u00a0compared to $14.0\u00a0million in the first\u00a0quarter 2021\u00a0and a 13%\u00a0decrease\u00a0compared to $22.7\u00a0million one year ago. Net loss attributable to ION in the second quarter 2021 was $23.6\u00a0million, or a loss of $0.90\u00a0per share, compared to $5.2\u00a0million, or a loss of $0.37\u00a0per share in the second quarter 2020.\u00a0Excluding special items in both periods, the Company reported an Adjusted net loss attributable to ION in the\u00a0second quarter 2021\u00a0of\u00a0$11.1\u00a0million, or a loss of\u00a0$0.43\u00a0per share, compared to an Adjusted net loss attributable o ION of\u00a0$12.1 million, or a loss of\u00a0$0.85\u00a0per share in the second quarter 2020.\u00a0The Company reported Adjusted EBITDA of\u00a0$0.1\u00a0million for the second … Continue reading "ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-11T20:23:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNzU2OCM0MzU0MDM3IzIwMDY5Mzc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"19 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0\",\"datePublished\":\"2021-08-11T20:23:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\\\/\"},\"wordCount\":3912,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMwNzU2OCM0MzU0MDM3IzIwMDY5Mzc=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\\\/\",\"name\":\"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/","og_locale":"en_US","og_type":"article","og_title":"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0 - Market Newsdesk","og_description":"HOUSTON, Aug. 11, 2021 (GLOBE NEWSWIRE) — ION Geophysical Corporation (NYSE: IO) today reported\u00a0revenues of $19.7\u00a0million in the\u00a0second quarter 2021, a 40%\u00a0increase\u00a0compared to $14.0\u00a0million in the first\u00a0quarter 2021\u00a0and a 13%\u00a0decrease\u00a0compared to $22.7\u00a0million one year ago. Net loss attributable to ION in the second quarter 2021 was $23.6\u00a0million, or a loss of $0.90\u00a0per share, compared to $5.2\u00a0million, or a loss of $0.37\u00a0per share in the second quarter 2020.\u00a0Excluding special items in both periods, the Company reported an Adjusted net loss attributable to ION in the\u00a0second quarter 2021\u00a0of\u00a0$11.1\u00a0million, or a loss of\u00a0$0.43\u00a0per share, compared to an Adjusted net loss attributable o ION of\u00a0$12.1 million, or a loss of\u00a0$0.85\u00a0per share in the second quarter 2020.\u00a0The Company reported Adjusted EBITDA of\u00a0$0.1\u00a0million for the second … Continue reading \"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-11T20:23:14+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNzU2OCM0MzU0MDM3IzIwMDY5Mzc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"19 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0","datePublished":"2021-08-11T20:23:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/"},"wordCount":3912,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNzU2OCM0MzU0MDM3IzIwMDY5Mzc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ion-reports-second-quarter-2021-results-3d-strategy-contributes-to-40-sequential-revenue-increase-despite-challenging-market-backdrop\/","name":"ION reports second\u00a0quarter\u00a02021 results, 3D strategy contributes to 40%\u00a0sequential revenue increase despite\u00a0challenging market backdrop\u00a0 - 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