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SAEX SAExploration

SAExploration Holdings, Inc. is an oilfield services company. It is engaged in the provision of seismic data acquisition and logistical support services, which includes program design, planning & permitting; camp services; surveying & drilling; and reclamation. The company was founded on February 2, 2011 and is headquartered in Houston, TX.

Company profile

Ticker
SAEX, SAEXQ
Exchange
CEO
Michael Faust
Employees
Incorporated
Location
Fiscal year end
Former names
Trio Merger Corp.
SEC CIK
Subsidiaries
SAExploration Sub, Inc. • SAExploration, Inc. • SAExploration Seismic Services (US), LLC • NES, LLC • Southeast Asian Exploration Pte., Ltd. • SAExploration Papua New Guinea Ltd. • Southeast Asian Exploration Pte Ltd. • SAExploration (Australia) Pty Ltd. • SAE (Australia) Pty Ltd. • SAExploration (Brasil) Servicos Sismicos Ltda. ...
IRS number
274867100

SAEX stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 Nov 20
5 Dec 21
31 Dec 21
Quarter (USD)
Sep 20 Jun 20 Mar 20 Sep 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 22.06M 22.06M 22.06M 22.06M 22.06M 22.06M
Cash burn (monthly) 2.06M 344.33K 9.98M 2.41M 1.9M (positive/no burn)
Cash used (since last report) 29.24M 4.89M 141.64M 34.23M 26.96M n/a
Cash remaining -7.17M 17.18M -119.57M -12.17M -4.9M n/a
Runway (months of cash) -3.5 49.9 -12.0 -5.0 -2.6 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Other Dispose J No No 1.0952 22 24.09 1,431,072
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Acquire X No No 0.0001 239,830 23.98 1,431,094
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Other Dispose J Yes No 1.0952 32 35.05 2,336,520
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Acquire X Yes No 0.0001 342,369 34.24 2,336,552
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Other Dispose J No No 1.0952 80 87.62 1,191,264
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Acquire X No No 0.0001 871,354 87.14 1,191,344
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Other Dispose J Yes No 1.0952 135 147.85 1,994,183
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Acquire X Yes No 0.0001 1,461,688 146.17 1,994,318
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Other Dispose J No No 1.0952 14 15.33 319,990
28 Jul 20 Whitebox Advisors Common Stock, $0.0001 par value Acquire X No No 0.0001 148,995 14.9 320,004

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Largest transactions
Shares Bought/sold Change

Financial report summary

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Competition
Dawson Geophysical
Risks
  • We are subject to risks and uncertainties associated with our Chapter 11 proceedings.
  • Even if a Chapter 11 plan of reorganization is consummated, we may not be able to achieve our stated goals and continue as a going concern.
  • Any plan of reorganization that we may implement will be based in large part upon assumptions and analyses developed by us. If these assumptions and analyses prove to be incorrect, our plan may be unsuccessful in its execution.
  • In certain instances, a Chapter 11 case may be converted to a case under Chapter 7 of the Bankruptcy Code.
  • Trading in our securities is highly speculative and poses substantial risks. We expect that the shares of our existing common stock and warrants to purchase shares of our common stock will be extinguished and existing equity holders will not receive consideration in respect of their equity.
  • We may be subject to claims that will not be discharged in our Chapter 11 proceedings, which could have a material adverse effect on our financial condition and results of operations.
  • Transfers of our equity, or issuances of equity before or in connection with our Chapter 11 proceedings, may impair our ability to utilize our federal income tax net operating loss carryforwards in future years.
  • The pursuit of the Chapter 11 proceedings has consumed and will continue to consume a substantial portion of the time and attention of our management and will impact how our business is conducted, which may have an adverse effect on our business and results of operations.
  • We may not meet certain conditions of the RSA, which could result in the automatic termination of such agreement and the BCA.
  • Our backlog can vary significantly from time to time. Our backlog estimates are based on certain assumptions and are subject to unexpected adjustments and cancellations and thus may not be timely converted to revenues in any particular fiscal period, if at all, or be indicative of our actual operating results for any future period.
Management Discussion
  • Net loss for the three months ended September 30, 2020 and 2019 was $30.0 million and $13.0 million, respectively.  The significant factors in this change were an increase of $12.0 million in other expense, net and a decrease of $12.1 million in gross (loss) profit partially offset by a $7.8 million decrease in selling, general and administrative (“SG&A”) expenses.
  • Revenue from services in the three months ended September 30, 2020 decreased $21.1 million compared with the three months ended September 30, 2019 driven primarily by the cancellation and postponement of contracts due to the significant uncertainty in the outlook for oil and natural gas development as a result of the significant decline in oil prices since the beginning of 2020 due to the COVID–19 pandemic and its impact on the worldwide economy and global demand for oil.  
  • Gross (loss) profit for the three months ended September 30, 2020 decreased $12.1 million compared with the three months ended September 30, 2019. Included in the three months ended September 30, 2020 was an additional reserve of $2.7 million related to the potential monetization of our tax credits receivable.  Gross profit as a percentage of revenues was (405.3)% for the three months ended September 30, 2020 compared with 14.0% for the three months ended September 30, 2019.  The negative impact on gross profit as a percentage of revenues can be attributed to the decrease in revenues and the fixed costs involved in our projects.
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