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Note 8 - Trade Accounts and Financing Receivables

12 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

8. Trade Accounts and Financing Receivables

Trade accounts receivable, net (excluding financing receivables) are reflected in the following table (in thousands):

		*AS OF SEPTEMBER 30,*
		*2025*				*2024*
Trade accounts receivable		$	12,725			$	16,151
Allowance for credit losses			(63	)			(4	)
Total			12,662				16,147
Less current portion			(12,662	)			(14,637	)
Non-current trade accounts receivable		$	—			$	1,510

Allowances for credit losses related to trade accounts receivable are reflected in the following table (in thousands):

		*AS OF SEPTEMBER 30,*
		*2025*				*2024*
Allowance for credit losses:
Beginning of period			4				125
Provision for credit losses			69				65
Recoveries			(3	)			(175	)
Charge offs, net			(6	)			(11	)
Currency translation			(1	)			—
End of period		$	63			$	4

Trade accounts receivable balances are charged off against the allowance whenever it is probable that the receivable balance will not be recoverable.

Financing receivables are reflected in the following table (in thousands):

		*AS OF SEPTEMBER 30,*
		*2025*				*2024*
Promissory notes		$	19,149			$	12,996
Sales-type lease			5,302				—
Total financing receivables			24,451				12,996
Discount to fair value and unearned income			(914	)			(900	)
Total financing receivables, net			23,537				12,096
Less current portion			(15,347	)			(7,231	)
Non-current financing receivables		$	8,190			$	4,865

In September 2025, the Company entered into a $3.9 million promissory note with a customer related to a product sale. The note bears interest at 8.75% per annum and matures in September 2028. Principal and interest installments of $0.1 million are due monthly beginning in October 2025. The note is collateralized by the product sold.

In August 2025, the Company entered into a $3.6 million promissory note with a customer related to a product sale. The note bears interest at 8.75% per annum and matures in August 2028. Principal and interest installments of $0.1 million are due monthly beginning in September 2025. The note is collateralized by the product sold.

In November 2024, the Company entered into a sales-type lease with a customer on wireless seismic equipment from its rental fleet. The lease matures in October 2025. Interest income of $0.6 million was recognized on the lease for the fiscal year ended September 30, 2025. Ownership of the equipment will transfer to the customer at the end of the lease term.

In August 2024, the Company entered into a $9.4 million promissory note with a customer related to a product sale. The note bears interest at 9.5% per annum and matures in December 2025. Principal and interest installments of $0.9 million are due monthly beginning in January 2025. The note is collateralized by the product sold.

In August 2024, the Company entered into a $3.5 million promissory note with the buyer of its Russian subsidiary. The note is bears interest at 5% per annum and is for a 10-year term. Principal and interest installments of $37,000 are due monthly beginning in November 2024. Based on a fair value analysis performed at the date of sale, a discount to fair value of $0.9 million was placed on the note. Interest income on the amortization of the discount will be recognized under the effective interest method.

Credit quality indicators used for the non-current portion of trade accounts and notes receivable consisted of historical collection experience, internal credit risk grades and collateral. The Company determines the allowance for credit losses through a review of several factors, including historical collection experience, customer credit worthiness, current aging of customer accounts and current financial conditions of its customers.