Exhibit 99.1

NEWS RELEASE

7007 Pinemont Drive

Houston, TX 77040 USA

Contact: Rick Wheeler

President and CEO

TEL:     713.986.4444

FAX:     713.986.4445

FOR IMMEDIATE RELEASE

GEOSPACE TECHNOLOGIES REPORTS FISCAL YEAR 2018 FIRST

QUARTER RESULTS

Houston, Texas – February 6, 2018 – Geospace Technologies (NASDAQ: GEOS) today announced a net loss of $9.5 million, or $0.72 per diluted share, on revenue of $14.6 million for its first quarter ended December 31, 2017. This compares with a net loss of $11.7 million, or $0.89 per diluted share, on revenue of $15.3 million for the prior year.

Walter R. (“Rick”) Wheeler, President and CEO of Geospace Technologies said, “Our first quarter revenue of $14.6 million represent a decrease of 4% from last year’s first quarter.    Notwithstanding a $3.8 million reduction in rental revenue and a $0.3 million portion of termination costs included in our cost of goods sold, we experienced an improvement in our first quarter gross profit margins. The improvement over last year primarily resulted from the sale of 14,000 single-channel GSX stations from our rental fleet to an international seismic contractor and a $2.7 million reduction in inventory obsolescence expense. Demand for product sales and rental continues to be inconsistent from quarter to quarter, and we expect this trend to continue while worldwide oil and gas exploration efforts remain subdued.    

Setting aside bad debt expense for comparison purposes, operating expenses for the first quarter were $8.3 million, down from $8.5 million last year. Operating expenses in the current quarter would have been even lower were it not for the remaining $0.4 million portion of one-time termination costs associated with our recent workforce reduction. Going forward, we expect that the workforce reductions implemented will generate an annualized cash savings of approximately $6 million, impacting both cost of goods sold and operating expenses. Despite the loss for the quarter, our balance sheet as of December 31, 2017 remains debt free and includes $46 million of cash, cash equivalents, and short term investments. Together with a borrowing availability of $26.3 million, our total liquidity at the end of the quarter was $72.3 million.”

“In the first quarter ended December 31, 2017, revenue from our traditional seismic products totaled $3.8 million, reflecting an increase of $1.2 million or 47% when compared to the first quarter of last year. The increased revenue is a direct result of the sale of geophone sensors from our rental fleet. If we begin to see seismic exploration activities increase in response to higher crude oil prices and if existing oversupplies of traditional seismic equipment are consumed, we can expect an overall improvement in revenue from our traditional products, albeit lumpy as sales in recent quarters have demonstrated.”

“Our wireless seismic products generated revenue of $3.6 million in the first quarter. This is a decrease of $2.7 million, or 43% from the corresponding period a year ago. In last year’s first quarter, revenue was boosted by a performing rental contract for our marine OBX products, whereas the first quarter of this fiscal year did not have any significant OBX rentals. However, the difference was partially offset by the sale in this quarter of 14,000 single-channel GSX stations. We believe that the recent sales of our wireless products in an otherwise tough seismic market are a testament to the optimum utility they can provide to our customers.”

“Total revenue from our reservoir seismic products in the first quarter was $0.6 million compared with $0.5 million for the same three month period last year. Revenue for both periods was primarily driven by the sale, repair, and rental of our borehole seismic tools. The differences in revenue across these periods are within typical variances of an overall flat demand for these products. Revenue from this segment is expected to remain essentially unchanged absent any revenue from PRM systems, which is not expected in the foreseeable future.”

“Our non-seismic business segment produced $6.5 million of revenue in the three months ended December 31, 2017. This is an increase of 13% compared to last year’s first quarter. Within this segment, the largest increase in revenue over last year came from our industrial products, which grew 19% to $3.7 million. Year-over-year revenue from our imaging products in the first quarter also increased a modest 5% to $2.8 million. Compared to last year’s fourth quarter, revenue from our non-seismic segment decreased by 9%, which can be partially attributed to a certain level of seasonality impacting our industrial product revenue. However, we continue to expect revenue from these products to incrementally grow as their use within the industry expands.”

“Oil prices have come a long way since their $30 low point two years ago and much of the volatility seen in the past has abated for now. As a result, many oil companies have reported at least an intention to increase capital spending, although rather conservatively in most cases. While certainly encouraging, examination shows that a majority of these increases are earmarked for production related expenditures and not directed toward new exploration efforts. Because of this, the seismic industry will continue to face struggles because the amount of services and equipment available in the marketplace to acquire seismic data far exceeds the amount that current levels of exploration work can sustain. In most respects, this further translates to an existing oversupply of seismic equipment and instrumentation, which in effect reduces demand for many of our products. We believe that the current low level of exploration being funded by oil and gas companies is insufficient to provide them with a sustainable future of production opportunities. The implication is that exploration efforts will eventually need to increase, even though

there is no real clarity regarding the timeline of improvement. We believe that our genuine commitment to our customers and our dedication to embed quality, innovation, and efficiency into our products help cement a position of leadership and preference in our industry. This, in conjunction with our strong balance sheet and conservative cost conscious management, gives us a sound footing to both endure the current market conditions and to benefit in their recovery.”

Conference Call Information

Geospace Technologies will host a conference call to review its fiscal year 2018 first quarter financial results on February 7, 2018, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (203) 518-9797 (US) or (866) 518-6930 (International). Please reference the conference ID: GEOSQ118 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor tab of our website at www.geospace.com.

About Geospace Technologies

Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding our expected operating results, the adoption and sale of our products in various geographic regions, anticipated levels of capital expenditures and the sources of funding therefore, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, decreases in commodity price levels, which could reduce demand for our products, the failure of our products to achieve market acceptance, despite substantial

investment by us, our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, and any negative impact from our restatement of our financial statements regarding current assets. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT REVENUE AND OPERATING LOSS

(in thousands)

(unaudited)