ION Geophysical Corporation (fka IOGPQ)

[MMMQA]

They have cash that is equal to the MC and have made a huge turnaround with the business model.This is gonna go back up and shorts are gonna have to cover soon enough.IO was trading over 10 bucks a share with far worse quarterly reports than this

.We achieved the best first quarter performance in six years despite challenges from both coronavirus and oil price volatility," said Chris Usher, ION's President and Chief Executive Officer. "Our strong revenues of $56 million generated positive operating income and $23 million in Adjusted EBITDA, and, as a result, we expect our liquidity position to improve as revenues are collected in the second quarter. Our first quarter results reflect the value of our offshore data library and validate the combined effectiveness of our strategic refocus and over $20 million cost reductions. Our team creatively closed a number of large multi-client contracts, some of which were delayed from the fourth quarter, even after E&P market dynamics changed. I remain confident in ION's value proposition to cost-effectively support customers' data-driven decision-making in this lower-for-longer exploration and production environment.