MIND TECHNOLOGY, INC. REPORTS FISCAL 2026 SECOND QUARTER RESULTS
MIND Technology (NASDAQ: MIND) reported strong fiscal 2026 second quarter results, with revenues reaching $13.6 million, up from $7.9 million in Q1 FY2026 and $10.0 million in Q2 FY2025. The company achieved an operating income of $2.7 million and net income of $1.9 million ($0.24 per share).
The company's Adjusted EBITDA improved to $3.1 million, compared to negative $179,000 in Q1 FY2026. Seamap segment backlog stood at $12.8 million as of July 31, 2025, down from $21.1 million in the previous quarter. After-market activities represented approximately 68% of revenues in the first six months of the fiscal year.
Management remains optimistic about the balance of fiscal 2026, despite noting some market uncertainty affecting customer decision-making for the following year.
MIND Technology (NASDAQ: MIND) ha riportato solidi risultati nel secondo trimestre fiscale 2026, con ricavi pari a $13,6 milioni, in crescita rispetto a $7,9 milioni nel primo trimestre FY2026 e $10,0 milioni nel Q2 FY2025. La societ脿 ha registrato un utile operativo di $2,7 milioni e un utile netto di $1,9 milioni ($0,24 per azione).
L'EBITDA rettificato 猫 salito a $3,1 milioni, rispetto a -$179.000 nel Q1 FY2026. L'ordine arretrato del segmento Seamap era pari a $12,8 milioni al 31 luglio 2025, in calo rispetto a $21,1 milioni nel trimestre precedente. Le attivit脿 after-market hanno rappresentato circa il 68% dei ricavi nei primi sei mesi dell'esercizio.
La direzione rimane ottimista sul resto del FY2026, pur segnalando una certa incertezza di mercato che sta influenzando le decisioni dei clienti per l'anno successivo.
MIND Technology (NASDAQ: MIND) present贸 s贸lidos resultados en el segundo trimestre fiscal de 2026, con ingresos de $13,6 millones, frente a $7,9 millones en el T1 FY2026 y $10,0 millones en el T2 FY2025. La compa帽铆a alcanz贸 un ingreso operativo de $2,7 millones y un ingreso neto de $1,9 millones ($0,24 por acci贸n).
El EBITDA ajustado mejor贸 hasta $3,1 millones, en comparaci贸n con -$179.000 en el T1 FY2026. La cartera de pedidos del segmento Seamap era de $12,8 millones al 31 de julio de 2025, por debajo de los $21,1 millones del trimestre anterior. Las actividades de posventa representaron aproximadamente el 68% de los ingresos en los primeros seis meses del ejercicio.
La direcci贸n se mantiene optimista respecto al resto del FY2026, aunque se帽al贸 cierta incertidumbre del mercado que est谩 afectando las decisiones de los clientes para el a帽o siguiente.
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须岇偓鞚� 臁办爼 EBITDA電� $3.1氚彪鞙茧 臧滌劆霅橃柎 2026 須岅硠鞐半弰 1攵勱赴鞚� -$179,000鞐愳劀 順胳爠霅橃棃鞀惦媹雼�. Seamap 攵�氍� 靾橃＜ 鞛旍暋鞚� 2025雲� 7鞗� 31鞚� 旮办 $12.8氚彪鞙茧 鞝勲秳旮� $21.1氚彪鞐愳劀 臧愳唽頄堨姷雼堧嫟. 鞎犿攧韯半旒� 頇滊彊鞚� 須岅硠鞐半弰 靸侂皹旮� 毵れ稖鞚� 鞎� 68%毳� 彀頄堨姷雼堧嫟.
瓴届榿歆勳潃 瓿犼皾鞚� 雼れ潓 鞐半弰 鞚橃偓瓴办爼鞐� 鞓來枼鞚� 氙胳箻電� 鞚茧秬 鞁滌灔 攵堩檿鞁れ劚鞐愲弰 攵堦惮頃橁碃 2026 須岅硠鞐半弰 鞛旍棳 旮瓣皠鞐� 雽�頃� 雮欔磤鞝侅瀰雼堧嫟.
MIND Technology (NASDAQ: MIND) a publi茅 de solides r茅sultats pour le deuxi猫me trimestre fiscal 2026, avec un chiffre d'affaires de 13,6 M$, en hausse par rapport 脿 7,9 M$ au T1 FY2026 et 10,0 M$ au T2 FY2025. La soci茅t茅 a r茅alis茅 un r茅sultat d'exploitation de 2,7 M$ et un r茅sultat net de 1,9 M$ (0,24 $ par action).
L'EBITDA ajust茅 s'est am茅lior茅 脿 3,1 M$, contre -179 000 $ au T1 FY2026. Le carnet de commandes du segment Seamap s'茅levait 脿 12,8 M$ au 31 juillet 2025, en baisse par rapport 脿 21,1 M$ le trimestre pr茅c茅dent. Les activit茅s apr猫s-vente ont repr茅sent茅 environ 68 % des revenus au cours des six premiers mois de l'exercice.
La direction reste optimiste pour le reste de l'exercice 2026, tout en notant une certaine incertitude du march茅 qui affecte les d茅cisions des clients pour l'ann茅e suivante.
MIND Technology (NASDAQ: MIND) meldete starke Ergebnisse f眉r das zweite Quartal des Gesch盲ftsjahres 2026, mit Umsatzerl枚sen von $13,6 Millionen, gegen眉ber $7,9 Millionen im Q1 FY2026 und $10,0 Millionen im Q2 FY2025. Das Unternehmen erzielte ein operatives Ergebnis von $2,7 Millionen und ein Nettoergebnis von $1,9 Millionen ($0,24 je Aktie).
Das bereinigte EBITDA verbesserte sich auf $3,1 Millionen, gegen眉ber -$179.000 im Q1 FY2026. Der Auftragsbestand der Seamap-Sparte belief sich zum 31. Juli 2025 auf $12,8 Millionen, nach $21,1 Millionen im Vorquartal. Aftermarket-Aktivit盲ten machten in der ersten H盲lfte des Gesch盲ftsjahres etwa 68% der Ums盲tze aus.
Das Management bleibt trotz gewisser Marktunsicherheit, die die Kundenentscheidungen f眉r das folgende Jahr beeinflusst, optimistisch f眉r den weiteren Verlauf des Gesch盲ftsjahres 2026.
- Revenue increased 71.4% quarter-over-quarter to $13.6 million
- Achieved net income of $1.9 million vs. loss in previous quarter
- Strong Adjusted EBITDA of $3.1 million, up from negative $179,000 in Q1
- After-market activities contributed 68% of first-half revenues
- Management expects imminent orders to restore backlog levels
- Backlog decreased to $12.8 million from $21.1 million in previous quarter
- Market uncertainty is slowing customer decision-making for next year
- Delivery delays affected first quarter performance
Insights
MIND Technology delivered strong Q2 results with 72% YoY revenue growth, turning losses into profits, and maintaining a solid order pipeline.
MIND Technology has delivered a remarkably strong fiscal Q2 2026, demonstrating significant improvement across all key financial metrics. Revenue jumped to
The company's profitability metrics show even more impressive gains. Operating income reached
A particularly telling metric is Adjusted EBITDA, which reached
While the backlog decreased to
The company maintains a positive outlook for the remainder of fiscal 2026, despite noting some customer decision-making delays for the following year due to market uncertainty. With a strong balance sheet, no debt issues mentioned, and continued focus on technological innovation, MIND Technology appears well-positioned to maintain its performance trajectory in the near term.
Revenues for the second quarter of fiscal 2026 were approximately
The Company reported an operating income of approximately
Adjusted EBITDA for the second quarter of fiscal 2026 was approximately
The backlog of Marine Technology Products related to our Seamap segment was approximately
Rob Capps, MIND's President and Chief Executive Officer, stated, "MIND delivered strong results for the second quarter that were largely in line with our expectations. We resumed our cadence of positive Adjusted EBITDA and profitability after delivery delays in the first quarter briefly interrupted our momentum. We also generated improved Seamap revenues driven by systems sales and the growing contributions from our after-market activities. After-market activities accounted for about
"Despite broad economic uncertainty, we are continuing to capitalize on pockets of demand, and MIND remains well positioned for long-term success. We are focused on enhancing and maximizing shareholder value and believe we have taken necessary steps to strategically position the Company to realize its full potential. We intend to evaluate all suitable opportunities with a goal of maintaining financial flexibility, preserving our balance sheet, adding scale, expanding our offerings and growing existing product lines.
"Looking forward, given our current visibility, we remain bullish on the balance of this fiscal year. Customer interest and engagement related to our Seamap product lines remains steady. However, the prevalent uncertainty within the market has slowed customer decision making for next year. Despite this, the current strength of our existing backlog and pipeline of orders give us optimism for favorable financial performance in the coming quarters. We expect customers to solidify their plans for next year in the coming months, and I look forward to sharing updates as our longer-term pipeline takes shape.
"We continue to have a differentiated and market leading suite of products, a clean capital structure and strong balance sheet. I am excited for the opportunities that lay ahead. We are intent on building a more resilient business and maintaining our competitive advantage, which we will achieve through technological innovation, strategic growth initiatives and controlling what we can control operationally," concluded Capps.
CONFERENCE CALL
Management has scheduled a conference call for Wednesday, September 10, 2025 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's fiscal 2026 second quarter results.听 To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time.听 Investors may also listen to the conference live on the MIND Technology website, , by logging onto the site and clicking "Investor Relations". A telephonic replay of the conference call will be available through September 17, 2025, and may be accessed by calling (201) 612-7415 and using passcode 13755549#.听 A webcast archive will also be available at shortly after the call and will be accessible for approximately 90 days.听 For more information, please contact Dennard Lascar Investor Relations by email at [email protected].
ABOUT MIND TECHNOLOGY
MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries.听 Headquartered in
Forward-looking Statements
Certain statements and information in this press release concerning results for the quarter ended July 31, 2025 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.听 These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.听 While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.听 All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions.听 Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers' capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, and volatility in commodity prices for oil and natural gas.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.听 We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.
Non-GAAP Financial Measures
Certain statements and information in this press release contain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with
-Tables to Follow-
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MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) | ||||||||
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July 31, 2025 | January 31, 2025 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,832 | $ | 5,336 | ||||
Accounts receivable, net of allowance for credit losses of 听 听and January 31, 2025 | 10,926 | 11,817 | ||||||
Inventories, net | 11,817 | 13,745 | ||||||
Prepaid expenses and other current assets | 1,153 | 1,217 | ||||||
Total current assets | 31,728 | 32,115 | ||||||
Property and equipment, net | 1,158 | 890 | ||||||
Operating lease right-of-use assets | 841 | 1,320 | ||||||
Intangible assets, net | 2,017 | 2,308 | ||||||
Deferred tax asset | 87 | 87 | ||||||
Total assets | $ | 35,831 | $ | 36,720 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,179 | $ | 2,558 | ||||
Deferred revenue | 359 | 189 | ||||||
Customer deposits | 973 | 1,603 | ||||||
Accrued expenses and other current liabilities | 1,244 | 1,245 | ||||||
Income taxes payable | 2,391 | 2,473 | ||||||
Operating lease liabilities - current | 475 | 577 | ||||||
Total current liabilities | 6,621 | 8,645 | ||||||
Operating lease liabilities - non-current | 366 | 743 | ||||||
Total liabilities | 6,987 | 9,388 | ||||||
Stockholders' equity: | ||||||||
Common stock, 听 听outstanding at July 31, 2025 and January 31, 2025 | 80 | 80 | ||||||
Additional paid-in capital | 136,219 | 135,666 | ||||||
Accumulated deficit | (107,489) | (108,448) | ||||||
Accumulated other comprehensive gain | 34 | 34 | ||||||
Total stockholders' equity | 28,844 | 27,332 | ||||||
Total liabilities and stockholders' equity | $ | 35,831 | $ | 36,720 | ||||
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MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | ||||||||||||||||
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For the Three Months | For the Six Months | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues: | ||||||||||||||||
Sales of marine technology products | $ | 13,561 | $ | 10,036 | 21,463 | 19,714 | ||||||||||
Cost of sales: | ||||||||||||||||
Sales of marine technology products | 6,732 | 5,258 | 11,303 | 10,718 | ||||||||||||
Gross profit | 6,829 | 4,778 | 10,160 | 8,996 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 3,637 | 2,784 | 7,021 | 5,543 | ||||||||||||
Research and development | 311 | 328 | 691 | 790 | ||||||||||||
Depreciation and amortization | 217 | 236 | 442 | 503 | ||||||||||||
Total operating expenses | 4,165 | 3,348 | 8,154 | 6,836 | ||||||||||||
Operating income | 2,664 | 1,430 | 2,006 | 2,160 | ||||||||||||
Other income (expense): | ||||||||||||||||
Other, net | (65) | 40 | (83) | 509 | ||||||||||||
Total other income (expense) | (65) | 40 | (83) | 509 | ||||||||||||
Income before income taxes | 2,599 | 1,470 | 1,923 | 2,669 | ||||||||||||
Provision for income taxes | (670) | (672) | (964) | (917) | ||||||||||||
Net income | $ | 1,929 | $ | 798 | $ | 959 | $ | 1,752 | ||||||||
Preferred stock dividends - undeclared | 鈥� | (947) | 鈥� | (1,894) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 1,929 | $ | (149) | $ | 959 | $ | (142) | ||||||||
Net income (loss) per common share - Basic and diluted | $ | 0.24 | $ | (0.11) | $ | 0.12 | $ | (0.10) | ||||||||
Shares used in computing net income (loss) per common share: | ||||||||||||||||
Basic and diluted | 7,969 | 1,406 | 7,969 | 1,406 | ||||||||||||
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MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | ||||||||
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For the Six Months Ended July 31, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 959 | $ | 1,752 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 442 | 503 | ||||||
Stock-based compensation | 553 | 95 | ||||||
Provision for inventory obsolescence | 30 | 45 | ||||||
Gross profit from sale of other equipment | 鈥� | (457) | ||||||
Changes in: | ||||||||
Accounts receivable | 979 | (3,032) | ||||||
Unbilled revenue | (90) | 75 | ||||||
Inventories | 1,896 | (5,742) | ||||||
Prepaid expenses and other current and long-term assets | 66 | 1,042 | ||||||
Income taxes receivable and payable | (81) | 54 | ||||||
Accounts payable, accrued expenses and other current liabilities | (23) | 2,465 | ||||||
Deferred revenue and customer deposits | (1,822) | (495) | ||||||
Net cash provided by (used in) operating activities | 2,909 | (3,695) | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (419) | (146) | ||||||
Sale of other equipment | 鈥� | 457 | ||||||
Net cash (used in) provided by investing activities | (419) | 311 | ||||||
Cash flows from financing activities: | ||||||||
Net cash provided by financing activities | 鈥� | 鈥� | ||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 6 | (1) | ||||||
Net change in cash and cash equivalents | 2,496 | (3,385) | ||||||
Cash and cash equivalents, beginning of period | 5,336 | 5,289 | ||||||
Cash and cash equivalents, end of period | $ | 7,832 | $ | 1,904 | ||||
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MIND TECHNOLOGY, INC. Reconciliation of Net Income and Net Cash Used in听Operating Activities to EBITDA听and Adjusted EBITDA from Continuing Operations (in thousands) (unaudited) | ||||||||||||||||
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For the Three Months | For the Six Months | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Reconciliation of Net income to EBITDA and Adjusted EBITDA | (in thousands) | |||||||||||||||
Net income | $ | 1,929 | $ | 798 | $ | 959 | $ | 1,752 | ||||||||
Depreciation and amortization | 217 | 236 | 442 | 503 | ||||||||||||
Provision for income taxes | 670 | 672 | 964 | 917 | ||||||||||||
EBITDA (1) | 2,816 | 1,706 | 2,365 | 3,172 | ||||||||||||
Stock-based compensation | 281 | 46 | 553 | 95 | ||||||||||||
Adjusted EBITDA (1) | $ | 3,097 | $ | 1,752 | $ | 2,918 | $ | 3,267 | ||||||||
Reconciliation of Net Cash (Used in) Provided by Operating Activities to EBITDA | ||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,159) | $ | 1,058 | $ | 2,909 | $ | (3,695) | ||||||||
Stock-based compensation | (281) | (46) | (553) | (95) | ||||||||||||
Provision for inventory obsolescence | (15) | (22) | (30) | (45) | ||||||||||||
Changes in accounts receivable | 3,096 | 111 | (889) | 2,957 | ||||||||||||
Taxes paid, net of refunds | 969 | 508 | 1,049 | 938 | ||||||||||||
Gross profit from sale of other equipment | 鈥� | 鈥� | 鈥� | 457 | ||||||||||||
Changes in inventory | (1,614) | 2,930 | (1,896) | 5,742 | ||||||||||||
Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue | 1,988 | (1,813) | 1,845 | (1,970) | ||||||||||||
Changes in prepaid expenses and other current and long-term assets | (158) | (942) | (66) | (1,042) | ||||||||||||
Other | (10) | (78) | (4) | (75) | ||||||||||||
EBITDA (1) | $ | 2,816 | $ | 1,706 | $ | 2,365 | $ | 3,172 | ||||||||
鈥� | ||
1. | EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, stock-based compensation, impairment of intangible assets and听other non-cash tax related items. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. We have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures, service debt and finance working capital requirements and we believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities. We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes. Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies. |
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Contacts: | Rob Capps, President & CEO |
MIND Technology, Inc. | |
281-353-4475 | |
鈥� | |
Ken Dennard / Zach Vaughan | |
Dennard Lascar Investor Relations | |
713-529-6600 | |
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