[Fiscal 2026 Second Quarter Results Overview](index=1&type=section&id=Fiscal%202026%20Second%20Quarter%20Results%20Overview) MIND Technology, Inc. reported strong Q2 FY26 financial performance, driven by Seamap systems sales and after-market contributions, with management optimistic about future prospects despite backlog fluctuations [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) MIND Technology, Inc. reported strong Q2 FY26 financial performance, with significant increases in revenue, operating income, net income, and Adjusted EBITDA, resuming profitability after Q1 delivery delays Fiscal 2026 Second Quarter Financial Performance (in millions) | Metric | Q2 FY26 | Q1 FY26 | Q2 FY25 | | :-------------------------------- | :------ | :------ | :------ | | Revenues | $13.6 | $7.9 | $10.0 | | Operating Income (Loss) | $2.7 | $(0.658) | $1.4 | | Net Income (Loss) | $1.9 | $(0.970) | $0.798 | | Net Income (Loss) Attributable to Common Stockholders | $1.9 | $(0.970) | $(0.149) | | Net Income (Loss) Per Share | $0.24 | $(0.12) | $(0.11) | | Adjusted EBITDA | $3.1 | $(0.179) | $1.8 | - The backlog of Marine Technology Products for the Seamap segment was approximately **$12.8 million** as of July 31, 2025, a decrease from **$21.1 million** at April 30, 2025, and **$26.2 million** at July 31, 2024[4](index=4&type=chunk) - After-market activities contributed approximately **68%** of total revenues in the first six months of fiscal year 2026[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Rob Capps expressed satisfaction with strong Q2 results, driven by Seamap systems sales and after-market contributions, highlighting focus on shareholder value and optimism for the fiscal year despite backlog decline - MIND delivered strong Q2 results, largely in line with expectations, **resuming positive Adjusted EBITDA and profitability** after Q1 delivery delays[5](index=5&type=chunk) - Improved Seamap revenues were driven by systems sales and increasing contributions from after-market activities, which accounted for **about 68% of revenues** in the first six months of the fiscal year[5](index=5&type=chunk) - Despite a decline in reported backlog, the **pipeline of prospects remains strong**, with specific orders **expected to restore backlog levels imminently**[5](index=5&type=chunk) - The company is focused on **enhancing shareholder value** by **maintaining financial flexibility**, **preserving the balance sheet**, adding scale, expanding offerings, and growing existing product lines[6](index=6&type=chunk) - Management remains **bullish on the balance of the fiscal year**, citing steady customer interest in Seamap products and **optimism for favorable financial performance**, despite market uncertainty slowing customer decision-making for the next year[7](index=7&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section details the company's conference call, global operations, specialized offerings, and important disclaimers regarding forward-looking statements and non-GAAP financial measures [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) MIND Technology, Inc. scheduled a conference call to discuss its fiscal 2026 second quarter results, providing access details for investors - A conference call was scheduled for Wednesday, **September 10, 2025, at 9:00 a.m. Eastern Time** to discuss fiscal 2026 second quarter results[9](index=9&type=chunk) - Investors can access the call by dialing (412) 902-0030 or listening live on the MIND Technology website[9](index=9&type=chunk) - A telephonic replay and webcast archive will be available through September 17, 2025, and for approximately 90 days, respectively[9](index=9&type=chunk) [About MIND Technology](index=3&type=section&id=About%20MIND%20Technology) MIND Technology, Inc. is a global provider of technology to various oceanographic and security industries, with its Seamap unit specializing in marine exploration and survey equipment - MIND Technology, Inc. provides technology to the **oceanographic, hydrographic, defense, seismic, and security industries**[10](index=10&type=chunk) - The company is headquartered in The Woodlands, Texas, with a global presence including operating locations in the United States, Singapore, Malaysia, and the United Kingdom[10](index=10&type=chunk) - Its Seamap unit designs, manufactures, and sells **specialized, high-performance marine exploration and survey equipment**[10](index=10&type=chunk) [Forward-looking Statements](index=3&type=section&id=Forward-looking%20Statements) The press release contains forward-looking statements regarding future operations and financial position, subject to significant risks and uncertainties that could cause actual results to differ materially - Statements in the press release regarding future results, financial position, business strategy, and objectives are considered "**forward-looking statements**" under the **Private Securities Litigation Reform Act of 1995**[11](index=11&type=chunk) - These statements are based on current expectations and beliefs but involve **significant risks and uncertainties**, such as reductions in customer capital budgets, capital availability, and volatility in commodity prices, which could cause **actual results to differ materially**[11](index=11&type=chunk) - The company undertakes no obligation to publicly update or revise any forward-looking statements after their date, unless required by law[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures like Adjusted EBITDA to provide investors with additional insights into operating results, not as substitutes for GAAP results - **Non-GAAP financial measures** are numerical measures of performance that either exclude or include amounts not normally excluded or included in **GAAP-comparable measures**[14](index=14&type=chunk) - Management believes these measures are **useful for investors to understand period-over-period operating results**, analyze business trends, and assess performance, and are used in forecasting, budgeting, and compensation[14](index=14&type=chunk) - Non-GAAP measures should only be used in conjunction with GAAP results and are **not measures of financial performance or liquidity under GAAP**[14](index=14&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated balance sheets, statements of operations, cash flows, and a reconciliation of non-GAAP financial measures, highlighting key financial positions and performance [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a slight decrease in total assets and liabilities, with an increase in total stockholders' equity as of July 31, 2025, compared to January 31, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Item | July 31, 2025 | January 31, 2025 | | :-------------------------------- | :------------ | :--------------- | | Cash and cash equivalents | $7,832 | $5,336 | | Total current assets | $31,728 | $32,115 | | Total assets | $35,831 | $36,720 | | Total current liabilities | $6,621 | $8,645 | | Total liabilities | $6,987 | $9,388 | | Total stockholders' equity | $28,844 | $27,332 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations reflect significant revenue and profit growth for the three months ended July 31, 2025, compared to the prior year, with net income attributable to common stockholders turning positive Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $13,561 | $10,036 | $21,463 | $19,714 | | Gross profit | $6,829 | $4,778 | $10,160 | $8,996 | | Operating income | $2,664 | $1,430 | $2,006 | $2,160 | | Net income | $1,929 | $798 | $959 | $1,752 | | 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) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended July 31, 2025, the company generated positive cash flow from operating activities, a significant improvement from the prior year, leading to an increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by (used in) operating activities | $2,909 | $(3,695) | | Net cash (used in) provided by investing activities | $(419) | $311 | | Net cash provided by financing activities | $0 | $0 | | Net change in cash and cash equivalents | $2,496 | $(3,385) | | Cash and cash equivalents, end of period | $7,832 | $1,904 | [Reconciliation of Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The reconciliation provides a clear bridge from GAAP net income and net cash from operating activities to non-GAAP EBITDA and Adjusted EBITDA, demonstrating strong non-GAAP profitability Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $1,929 | $798 | $959 | $1,752 | | Depreciation and amortization | $217 | $236 | $442 | $503 | | Provision for income taxes | $670 | $672 | $964 | $917 | | **EBITDA** | **$2,816** | **$1,706** | **$2,365** | **$3,172** | | Stock-based compensation | $281 | $46 | $553 | $95 | | **Adjusted EBITDA** | **$3,097** | **$1,752** | **$2,918** | **$3,267** | - **EBITDA is defined as net income before interest income and expense, provision for income taxes, and depreciation and amortization**. **Adjusted EBITDA further excludes non-cash foreign exchange gains/losses, stock-based compensation, impairment of intangible assets, and other non-cash tax-related items**[21](index=21&type=chunk)

THE WOODLANDS, TX / ACCESS Newswire / September 9, 2025 / Rob Capps, President & CEO of MIND Technology, Inc. (NASDAQ:MIND), will take the stage at the Investor Summit Virtual on September 16, 2025, offering investors an inside look at the company's growth strategies and market opportunities. About MIND Technology, Inc., MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. ...

Core Viewpoint - MIND Technology, Inc. has entered into an equity distribution agreement to sell up to $25 million of common stock and authorized a stock repurchase program of up to $4 million, aiming to enhance shareholder value and respond to market conditions efficiently [1][2]. Group 1: Equity Distribution Agreement - The company has established an equity distribution agreement with Lucid Capital Markets LLC, allowing it to sell up to $25 million of common stock under an "at-the-market" program [1]. - This program is designed to provide the company with the flexibility to raise capital quickly when market conditions are favorable [2]. Group 2: Stock Repurchase Program - The Board of Directors has authorized a stock repurchase program of up to $4 million, which can be executed at any time until August 31, 2027 [1]. - This initiative is intended to allow the company to invest in its own stock if market conditions suggest it is the best use of capital [2]. Group 3: Company Overview - MIND Technology, Inc. specializes in providing technology for various industries, including oceanographic, hydrographic, defense, seismic, and security sectors [3]. - The company is headquartered in The Woodlands, Texas, and has a global presence with key operations in the United States, Singapore, Malaysia, and the United Kingdom [3].

THE WOODLANDS, Texas, Aug. 26, 2025 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) announced today that it will release financial results for its fiscal 2026 second quarter ended July 31, 2025 after the market closes on Tuesday, September 9, 2025. In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, for Wednesday, September 10th at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. What: MIND Technology Fiscal 2026 Second Quarte ...

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]

Company Participation - MIND Technology, Inc. will participate in the iAccess Alpha Virtual Best Ideas Summer Investment Conference on June 24-25, 2025 [1] - Rob Capps, President and CEO of MIND, will present at 11:00am EDT on June 24th, followed by one-on-one meetings with investors on June 25th [2] Presentation Access - The presentation will be available on the Investor Relations section of MIND's website, and a replay of the webcast will be archived after the event [3] Conference Information - For more details about the iAccess Alpha Virtual Best Ideas Summer Investment Conference 2025, interested parties can visit the conference website [4] Company Overview - MIND Technology, Inc. provides technology solutions for the oceanographic, hydrographic, defense, seismic, and security industries, with a global presence in the United States, Singapore, Malaysia, and the United Kingdom [5]

Core Viewpoint - MIND Technology, Inc. has announced a collaboration with GWL Overseas Ltd. to develop and promote GWL's Floatseis data acquisition system, which is considered a novel autonomous marine data acquisition technology [1][2]. Company Overview - MIND Technology, Inc. provides technology solutions for various industries including oceanographic, hydrographic, defense, seismic, and security sectors. The company is headquartered in The Woodlands, Texas, and has a global presence with key operations in the United States, Singapore, Malaysia, and the United Kingdom [3]. - The Seamap unit of MIND designs, manufactures, and sells specialized high-performance marine exploration and survey equipment [3]. Collaboration Details - Mark Welker, Vice President of MIND and Managing Director of Seamap, expressed enthusiasm about refining and producing the Floatseis system for commercial deployment [2]. - Nikolay Amelin, CEO of GWL, highlighted the positive reception of the Floatseis concept and emphasized that the collaboration will leverage Seamap's production and support capabilities alongside GWL's development expertise to expedite the system's entry into the seismic data acquisition market [2].

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]