Financial Performance & Growth - MIND Technology achieved revenue of $46863 thousand in FY25, compared to $36510 thousand in FY24 and $25012 thousand in FY23[16] - Gross profit increased to $20967 thousand in FY25 from $15971 thousand in FY24 and $9950 thousand in FY23[16] - The company reported operating income of $6818 thousand in FY25, a significant improvement from $518 thousand in FY24 and a loss of ($5650) thousand in FY23[16] - Adjusted EBITDA reached $8237 thousand in FY25, up from $2311 thousand in FY24 and a loss of ($3392) thousand in FY23[16] Backlog & Order Flow - The company's firm backlog was $211 million as of April 30, 2025[20] - The company's backlog was $384 million at the end of FY24, compared to $157 million at the end of FY23 and $93 million at the end of FY22[19] Market & Industry - Global spending on exploration, excluding appraisal, is projected to average $22 billion per year over the next five years[11] - Global capital expenditure on subsea facilities is expected to grow at a compound annual growth rate of 10% from 2024 to 2027[12] Strategic Initiatives - MIND Technology eliminated outstanding debt and recapitalized by converting all preferred stock to common stock[14] - The company sold its Klein Sonar Unit in August 2023 and streamlined management and corporate operations[13] - Approximately 71% of revenue in FY1Q26 is from recurring after-market (spares, etc), historically around 40%[38]

Financial Performance & Growth - MIND Technology's revenue increased significantly from $25.012 million in FY23 to $46.863 million in FY25[16], representing an 87.36% increase over two years - Gross profit also saw substantial growth, rising from $9.950 million in FY23 to $20.967 million in FY25[16], a 110.72% increase - The company achieved a turnaround in operating income, moving from a loss of $5.650 million in FY23 to a profit of $6.818 million in FY25[16] - Adjusted EBITDA improved from a loss of $3.392 million in FY23 to $8.237 million in FY25[16] - The company's backlog as of April 30, 2025, was $21.1 million[20] Strategic Initiatives & Market Position - MIND Technology sold its Klein Sonar Unit in August 2023 and streamlined management and corporate operations[13] - The company eliminated outstanding debt and recapitalized by converting all preferred stock to common stock[14] - Approximately 71% of revenue in FY1Q26 came from recurring after-market (spares, etc)[38], compared to a historical average of ~40%[38] - Global spending on exploration, excluding appraisal, should average $22 billion per year in real terms over the next five years[11] - Global capital expenditure on subsea facilities is set for a 10% compound annual growth rate from 2024 to 2027[12]

Summary of Mind Technologies Conference Call Company Overview - **Company Name**: Mind Technologies - **Industry**: Offshore exploration and survey equipment manufacturing - **Core Business**: Designs, manufactures, and sells equipment for data gathering in offshore exploration and survey markets, without conducting surveys or processing data [2][3] Key Market Areas - **Exploration**: Traditional oil and gas exploration and other types of exploration - **Survey Markets**: Offshore installations and maritime security, which is an emerging market [3] - **Product Offerings**: Seismic source controllers, GNSS positioning systems, solid toe seismic arrays, and repair/support services [3] Financial Health - **Profitability**: The company is profitable with a strong ongoing business and good growth opportunities [4] - **Capital Structure**: Pristine capital structure with no debt and limited employee options [4][5] - **Market Environment**: Positive macro environment with increasing customer backlogs and profitability [5][6] Growth Drivers - **Long-term Outlook**: Positive long-term outlook for offshore exploration and survey work, with new applications emerging such as wind farms and carbon capture facilities [6] - **Non-Oil and Gas Exploration**: Opportunities in marine environments for rare earths and other resources [7] - **Transformation**: Significant company transformation over the last two years, including the sale of the underperforming Klein unit, which allowed for debt retirement and working capital deployment [8][9] Strategic Initiatives - **Focus on Core Business**: Streamlining management and operations to focus on the CMAT business [9][10] - **Equity Restructuring**: Conversion of preferred stock to common stock to eliminate overhang and restore profitability [11][12] - **Investment Banking Partnership**: Engaged Lucian Capital to explore strategic alternatives without pursuing large acquisitions [13][15] Financial Metrics - **Adjusted EBITDA**: Defined as EBITDA plus stock-based compensation, with significant growth in financial metrics due to streamlined operations and favorable market conditions [16][17] - **Backlog and Visibility**: Strong backlog and visibility into future orders, with a large pipeline of pending orders [18][19] Product and Market Insights - **CMAP Unit**: Primary operating unit based in Singapore, known for its dominance in the marine exploration and survey markets [22][23] - **Product Dominance**: GunLink dominates the energy source controller market with nearly 100% market share [24] - **Aftermarket Business**: Historically, 40% of revenues from aftermarket activities, recently increased to almost 70%, indicating growth in repair and service needs [33] Future Opportunities - **Organic Growth**: Anticipated growth in traditional marine exploration and new applications for technology [30][31] - **Maritime Security**: Potential to apply streamer technology for defense applications, with plans to re-enter this market [36][37] - **Global Presence**: Operations in Singapore, Malaysia, Texas, and the UK, supporting a global customer base [38][39] Conclusion - **Investment Opportunity**: Mind Technologies presents a compelling investment opportunity due to its profitability, growth potential, and clean capital structure [41] - **Market Position**: Recognized as a leader in the marine exploration and survey market, with a focus on enhancing shareholder value [41]

THE WOODLANDS, Texas, June 18, 2025 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today its management will be participating in the iAccess Alpha Virtual Best Ideas Summer Investment Conference June 24–25, 2025.Representing MIND, Rob Capps, President and CEO, will deliver a presentation at 11:00am EDT on Tuesday, June 24th, and the webcast can be accessed live here: https://www.webcaster4.com/Webcast/Page/3118/52638. This will be followed by one-on-one meetings wit ...

THE WOODLANDS, Texas, June 17, 2025 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that its Seamap unit has entered into a collaboration agreement with GWL Overseas Ltd. ("GWL") for the further development, promotion and production of GWL's Floatseis data acquisition system.Mark Welker, Vice President of MIND and Seamap Managing Director, stated, "We believe Floatseis is a novel autonomous marine data acquisition system. We are excited to be working with GWL t ...

Core Insights - MIND Technology, Inc. experienced a significant decline in stock price, dropping 10.6% following the release of its fiscal first quarter earnings, underperforming the S&P 500 index which fell only 0.5% during the same period [1] Financial Performance - For the first quarter of fiscal 2026, MIND reported a net loss of $0.12 per share, a decline from breakeven earnings per share in the same quarter last year, attributed to lower sales volume and increased operating expenses [2] - Revenues for the quarter were $7.9 million, representing an 18.4% decrease from $9.7 million in the prior year, resulting in a net loss of $1 million compared to a net income of $1 million in the year-ago quarter [2] - Adjusted EBITDA turned negative at $0.2 million, down from a positive $1.5 million a year earlier, indicating a significant drop in operational profitability [3] Gross Profit and Margins - Gross profit for the quarter was $3.3 million, down 21% from $4.2 million in the same quarter last year, driven by lower sales volume and reduced absorption of fixed manufacturing costs [4] - Gross margin decreased from approximately 43.6% in the prior-year quarter to around 42.2%, showing some resilience despite the revenue decline [4] Operating Expenses - Operating expenses increased by 14.4% year over year to $4 million, primarily due to a rise in general and administrative costs, including non-recurring items related to the reorganization of U.K. operations and third-party consulting for tax strategy [5] Cash Flow and Liquidity - MIND generated $4.1 million in cash flow from operations, a significant improvement from a $4.8 million outflow in the same quarter last year, ending the quarter with a cash balance of $9.2 million and working capital of $22.8 million, indicating improved liquidity [6] Management Commentary - CEO Rob Capps described the quarter as a predictable step-down following a record fourth quarter, with results affected by delayed deliveries due to supply chain bottlenecks and customer-side logistics issues [7] - Management expects these shipments to be recognized in the second quarter of fiscal 2026, potentially reversing some of the first-quarter revenue shortfall [7] - Capps expressed confidence in the company's long-term trajectory, citing ongoing investments in operational optimization and liquidity improvements, along with a strong backlog and healthy pipeline of opportunities [8] Factors Influencing Revenue - Revenue was significantly impacted by shipment delays, with approximately $5.5 million in orders completed but not recognized due to timing issues with third-party component deliveries or customer logistics [10] - Elevated G&A costs were influenced by one-time expenses related to international restructuring and tax advisory services, further affecting operating income [11] Guidance - Management reiterated expectations for a stronger second quarter as delayed shipments are recognized and new opportunities arise, citing strong market tailwinds and customer demand as positive indicators for the remainder of fiscal 2026 [12] Other Developments - MIND is nearing completion of an expansion project at its Huntsville, TX facility, which will enhance its ability to provide repair and manufacturing services [13] - The Seamap product line continues to see broad deployment, creating future aftermarket service opportunities [13]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's analysis for the quarter ended April 30, 2025, along with market risk disclosures and controls [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for the quarter ended April 30, 2025, show a net loss of $970 thousand, a shift from prior-year net income, with total assets of $36.2 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity as of April 30, 2025, and January 31, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2025 | January 31, 2025 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $9,172 | $5,336 | | Accounts receivable, net | $7,779 | $11,817 | | Inventories, net | $13,447 | $13,745 | | **Total Assets** | **$36,226** | **$36,720** | | **Current Liabilities** | | | | Accounts payable | $2,011 | $2,558 | | Total current liabilities | $8,941 | $8,645 | | **Total Liabilities** | **$9,592** | **$9,388** | | **Total Stockholders' Equity** | **$26,634** | **$27,332** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's revenues, expenses, and net income or loss for the three months ended April 30, 2025, and 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Revenues | $7,902 | $9,678 | | Gross Profit | $3,331 | $4,218 | | Total Operating Expenses | $3,989 | $3,488 | | Operating Income (Loss) | $(658) | $730 | | Net Income (Loss) | $(970) | $954 | | Net Income (Loss) Attributable to Common Stockholders | $(970) | $7 | | Net Loss per Common Share - Basic and Diluted | $(0.12) | $— | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the cash inflows and outflows from operating, investing, and financing activities for the three months ended April 30, 2025, and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,068 | $(4,753) | | Net cash (used in) provided by investing activities | $(237) | $391 | | Net cash provided by financing activities | $— | $— | | **Net change in cash and cash equivalents** | **$3,836** | **$(4,365)** | | Cash and cash equivalents, beginning of period | $5,336 | $5,289 | | **Cash and cash equivalents, end of period** | **$9,172** | **$924** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides additional information and explanations regarding the company's financial statements, including liquidity, revenue by geography, and significant events - As of April 30, 2025, the company had working capital of approximately **$22.8 million**, including **$9.2 million** in cash and cash equivalents. Management believes it has adequate liquidity to meet future operating requirements[24](index=24&type=chunk) Revenue by Geography (in thousands) | Geography | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | United States | $550 | $325 | | China | $259 | $5,768 | | Norway | $3,275 | $2,758 | | Singapore | $1,027 | $211 | | Other | $2,811 | $817 | | **Total** | **$7,902** | **$9,678** | - On September 4, 2024, all outstanding shares of **9.00% Series A Cumulative preferred stock** were converted into approximately **6.6 million shares of common stock** and retired, eliminating obligations for preferred stock dividends[50](index=50&type=chunk)[53](index=53&type=chunk) - As of April 30, 2025, the company operates as a single reporting segment, **Seamap Marine Products**, providing products and services for marine exploration, survey, and maritime security[55](index=55&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 fiscal 2026 financial performance, attributing revenue decline to delayed orders, while highlighting increased backlog and positive operating cash flow, affirming adequate liquidity Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in thousands) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Net income (loss) | $(970) | $954 | | EBITDA | $(451) | $1,466 | | Adjusted EBITDA | $(179) | $1,514 | - The decline in Q1 revenue was attributed to a significant order of approximately **$4.5 million** being delayed due to third-party component issues, and another **$1.0 million** in orders awaiting customer shipment arrangements, with resolution expected in Q2 fiscal 2026[72](index=72&type=chunk) - The backlog of firm orders increased to approximately **$21.1 million** as of April 30, 2025, up from **$16.9 million** as of January 31, 2025, providing good visibility for the remainder of fiscal 2026[73](index=73&type=chunk) - Strategic initiatives include adapting **SeaLink solid streamer technology** for new applications such as hydrographic surveys for windfarm projects and maritime security[77](index=77&type=chunk)[81](index=81&type=chunk) Seamap Business Performance (in thousands) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Revenues | $7,902 | $9,678 | | Gross Profit | $3,331 | $4,218 | | Gross Profit Margin | 42% | 44% | - General and administrative expenses increased to **$3.4 million** from **$2.8 million** year-over-year, driven by non-recurring costs for restructuring UK operations, tax planning, and higher stock-based compensation[83](index=83&type=chunk) - The company had working capital of **$22.8 million**, including **$9.2 million** in cash, as of April 30, 2025, relying on cash on hand and operating cash flows for liquidity with no credit facility[89](index=89&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from foreign currency fluctuations, with approximately $1.2 million in foreign currency cash holdings, and no exposure to interest rate risk due to absence of debt - The company is exposed to foreign currency risk from transactions denominated in British pounds, Singapore dollars, and Euros, holding approximately **$1.2 million** in foreign currency denominated cash as of April 30, 2025[101](index=101&type=chunk) - A hypothetical **10% adverse change** in the U.S. dollar against these foreign currencies would result in a loss of approximately **$120 thousand** in the value of these cash deposits[102](index=102&type=chunk) - As of April 30, 2025, the company had **no debt**, and therefore no exposure to interest rate risk[103](index=103&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of April 30, 2025, with no material changes to internal control over financial reporting during the quarter - The principal executive and financial officers concluded that the company's disclosure controls and procedures were **effective** as of April 30, 2025[104](index=104&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended April 30, 2025[105](index=105&type=chunk) [PART II. OTHER INFORMATION](index=28&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other required disclosures including legal proceedings, risk factors, sales of equity securities, defaults, mine safety, and exhibits [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings deemed to have a material adverse effect on its financial condition or operations - The company is not currently a party to any **material legal proceedings**[107](index=107&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors since the Annual Report on Form 10-K for the fiscal year ended January 31, 2025 - There have been **no material changes** in risk factors from those described in the Annual Report on Form 10-K for the year ended January 31, 2025[108](index=108&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable for the current reporting period - Not applicable[112](index=112&type=chunk) [Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the current reporting period - Not applicable[109](index=109&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the current reporting period - Not applicable[110](index=110&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) This section is not applicable for the current reporting period - Not applicable[111](index=111&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The exhibits filed with the Form 10-Q include **CEO and CFO certifications** (Exhibits 31.1, 31.2, 32.1) and **Inline XBRL data files** (Exhibits 101 and 104)[113](index=113&type=chunk)[114](index=114&type=chunk)

MIND Technology (MIND) Q1 2026 Earnings Call June 11, 2025 09:00 AM ET Company Participants Zach Vaughan - Vice PresidentRobert P. Capps - President & CEOMark Cox - Vice President & CFORoss Taylor - Partner and Portfolio Manager Conference Call Participants Tyson Bauer - Senior AnalystNone - Analyst Operator Greetings. Welcome to MIND Technologies First Quarter Fiscal twenty twenty six Earnings Conference Call. At this time, participants are in a listen only mode. A question and answer session will follow t ...

MIND Technology (MIND) Q1 2026 Earnings Call June 11, 2025 09:00 AM ET Speaker0 Greetings. Welcome to MIND Technologies First Quarter Fiscal twenty twenty six Earnings Conference Call. At this time, participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Zach Vaughan. Thank you, sir. You may begin. Speaker1 Thank you, operator. Good morning, welcome to the MIND T ...

[MIND Technology, Inc. Fiscal 2026 First Quarter Results](index=1&type=section&id=MIND%20TECHNOLOGY%2C%20INC.%20REPORTS%20FISCAL%202025%20FIRST%20QUARTER%20RESULTS) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) MIND Technology reported Q1 FY2026 revenues of $7.9 million, an operating loss of $658 thousand, and a net loss of $970 thousand Q1 FY2026 Key Financial Metrics | Metric | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | | :--- | :--- | :--- | :--- | | Revenues (in millions) | $7.9 | $15.0 | $9.7 | | Operating Income (Loss) (in thousands) | ($658) | $2,800 | $730 | | Net Income (Loss) (in thousands) | ($970) | $2,000 | $954 | | Net Loss per Share | ($0.12) | $0.25 (Income) | <$0.01 (Income) | | Adjusted EBITDA (from continuing operations) (in thousands) | ($179) | $3,000 | $1,500 | - The backlog for Marine Technology Products (Seamap segment) was approximately **$21.1 million** as of April 30, 2025, an increase from **$16.2 million** at January 31, 2025, but a decrease from **$31 million** at April 30, 2024[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributed Q1 revenue decline to $5.5 million in delayed shipments, but highlighted strong cash flow of $4.1 million and improved liquidity - The Q1 revenue decline was exacerbated by approximately **$5.5 million** of completed orders that were not shipped due to delays in third-party components or customer delivery arrangements, with these shipments now expected in the second quarter[6](index=6&type=chunk) - Despite shipment delays, cash flow from operations grew to approximately **$4.1 million**, increasing the quarter-end cash balance to about **$9.2 million**, indicating improved liquidity[6](index=6&type=chunk) - Management believes the long-term positive trajectory remains intact, supported by a strong backlog and new opportunities, despite some near-term delays in purchase commitments due to global economic uncertainty[7](index=7&type=chunk) - First-quarter general and administrative costs were higher due to normal seasonality, non-recurring costs from a U.K. operations reorganization, and a third-party income tax position analysis[8](index=8&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of April 30, 2025, total assets were $36.2 million, total liabilities $9.6 million, and cash increased to $9.2 million Balance Sheet Highlights (in thousands) | Account | April 30, 2025 | January 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,172 | $5,336 | | Total current assets | $31,708 | $32,115 | | Total assets | $36,226 | $36,720 | | Total current liabilities | $8,941 | $8,645 | | Total liabilities | $9,592 | $9,388 | | Total stockholders' equity | $26,634 | $27,332 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 FY2026, the company reported $7.9 million in revenues, a gross profit of $3.3 million, and a net loss of $970 thousand Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 FY2026 (3 mo ended Apr 30, 2025) | Q1 FY2025 (3 mo ended Apr 30, 2024) | | :--- | :--- | :--- | | Revenues | $7,902 | $9,678 | | Gross Profit | $3,331 | $4,218 | | Operating Income (Loss) | $(658) | $730 | | Net Income (Loss) | $(970) | $954 | | Net Loss per Common Share | $(0.12) | $— | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 FY2026, the company generated $4.1 million in cash from operating activities, increasing cash and cash equivalents to $9.2 million Cash Flow Highlights (in thousands) | Metric | Q1 FY2026 (3 mo ended Apr 30, 2025) | Q1 FY2025 (3 mo ended Apr 30, 2024) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,068 | $(4,753) | | Net cash (used in) provided by investing activities | $(237) | $391 | | Net change in cash and cash equivalents | $3,836 | $(4,365) | | Cash and cash equivalents, end of period | $9,172 | $924 | [Non-GAAP Financial Measures Reconciliation](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20and%20Net%20Cash%20Used%20in%20Operating%20Activities%20to%20EBITDA%20and%20Adjusted%20EBITDA%20from%20Continuing%20Operations) For Q1 FY2026, the company reported an EBITDA loss of $451 thousand and an Adjusted EBITDA loss of $179 thousand Reconciliation to Adjusted EBITDA (in thousands) | Metric | Q1 FY2026 (3 mo ended Apr 30, 2025) | Q1 FY2025 (3 mo ended Apr 30, 2024) | | :--- | :--- | :--- | | Net income (loss) | $(970) | $954 | | Depreciation and amortization | $225 | $267 | | Provision for income taxes | $294 | $245 | | **EBITDA** | **$(451)** | **$1,466** | | Stock-based compensation | $272 | $48 | | **Adjusted EBITDA** | **$(179)** | **$1,514** | - EBITDA and Adjusted EBITDA are presented as important indicators for business performance and liquidity, excluding items like interest, taxes, depreciation, amortization, and certain non-cash charges to help investors analyze core cash operations[23](index=23&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) This section provides details on the Q1 FY2026 investor conference call, corporate profile, and standard legal disclaimers - A conference call to discuss Q1 FY2026 results is scheduled for Wednesday, June 11, 2025, at 9:00 a.m. Eastern Time[11](index=11&type=chunk) - MIND Technology provides technology to various marine-focused industries, and its Seamap unit designs and manufactures marine exploration and survey equipment[12](index=12&type=chunk) - The report includes forward-looking statements and advises readers not to place undue reliance on them due to significant risks and uncertainties[13](index=13&type=chunk)[15](index=15&type=chunk)