ION Geophysical (IO) Stock Soars 55% Amid Impressive Results For Second Quarter

For the third quarter of 2021, the Company is expected to generate revenues of approximately $44 to 45 million, which would represent an increase of 125% to 175% from the prior-year period. It also plans to report a significant improvement in adjusted EBITDA, which is expected to range from $21 to $22 million. IO stock soars 55% after announcing quarter results, its stock price equals $2.08.

ION’s third-quarter revenues grew significantly, with the increase being primarily due to the execution of the company’s 3D strategy. During this period, ION was able to increase its client base by approximately 50% as a result of the new 3D data sales that were made during the quarter. ION is accelerating the efforts to secure multi-million-dollar projects for port management, energy logistics, and maritime monitoring. It is also making good progress toward the annual cost savings target.