How did GEOS's Q4 earnings surprise investors?

**GEOS's Q4 earnings did not meet investor expectations.** Here's a detailed analysis:

1. **Revenue Achievement**: Geospace Technologies Corp. (GEOS) achieved record revenue in Q4, with annual revenue reaching $135.6 million, the highest in a decade. This indicates a positive performance in terms of sales and market presence.

2. **Net Loss Impact**: However, the company reported a net loss of $12.9 million for the fiscal year, which is a negative indicator. This loss, coupled with a net loss of $1 per share in Q4, suggests that investors' expectations regarding profitability were not met.
3. **Adjusted Net Income**: The adjusted net income for Q4, excluding noncash charges, was $10.7 million. This figure is higher than the net income reported, indicating that noncash charges had a significant impact on the net loss. Investors might have had concerns about the sustainability of earnings if these charges were not excluded.
4. **Strategic Challenges**: The company faced significant noncash charges and strategic divestitures, which likely contributed to the net loss. These challenges might have affected investor confidence and perceptions of the company's financial health.
5. **Market Reaction**: The achievement of record revenue amidst strategic challenges could lead to mixed market reactions. While the revenue achievement might be seen as a positive sign, the net loss and noncash charges could raise concerns about the company's profitability and long-term sustainability.

In conclusion, while GEOS's Q4 performance showcased record revenue, the net loss and noncash charges exposed vulnerabilities that likely surprised and disappointed investors, particularly those who focused on profitability metrics.