Financial Performance - Revenues from continuing operations for Q4 fiscal 2025 were approximately $15.0 million, a 24.0% increase from $12.1 million in Q3 fiscal 2025 and a 11.9% increase from $13.4 million in Q4 fiscal 2024[2] - Operating income from continuing operations for Q4 fiscal 2025 was approximately $2.8 million, compared to $1.9 million in Q3 fiscal 2025 and $2.3 million in Q4 fiscal 2024; full year operating income was $6.8 million compared to $518,000 in fiscal 2024[3] - Net income for Q4 fiscal 2025 was approximately $2.0 million, or $0.25 per share, compared to $1.3 million, or $0.35 per share in Q4 fiscal 2024[3] - Adjusted EBITDA from continuing operations for Q4 fiscal 2025 was approximately $3.0 million, up from $2.0 million in Q3 fiscal 2025 and $2.6 million in Q4 fiscal 2024[4] - Revenues from marine technology products for the three months ended January 31, 2025, increased to $15,044 thousand, up 12.4% from $13,378 thousand in the same period of 2024[18] - Gross profit for the twelve months ended January 31, 2025, was $20,967 thousand, representing a 31.3% increase compared to $15,971 thousand in 2024[18] - Operating income for the twelve months ended January 31, 2025, rose to $6,818 thousand, compared to only $518 thousand in 2024[18] - Net income for the twelve months ended January 31, 2025, was $5,074 thousand, a significant increase from $274 thousand in 2024[18] - Adjusted EBITDA from continuing operations for the twelve months ended January 31, 2025, was $8,237 thousand, compared to $2,311 thousand in 2024, marking a 256.2% increase[22] Financial Position - Cash on hand at the end of Q4 fiscal 2025 was approximately $5.3 million, indicating a solid financial position with positive cash flow from operations[6] - Total assets as of January 31, 2025, were $36.7 million, an increase from $33.5 million in 2024[16] - Total stockholders' equity increased to $27.3 million as of January 31, 2025, compared to $22.6 million in 2024[16] - Cash and cash equivalents at the end of the period on January 31, 2025, were $5,336 thousand, slightly up from $5,289 thousand at the beginning of the period[20] Operational Efficiency - Total operating expenses for the twelve months ended January 31, 2025, decreased to $14,149 thousand from $15,453 thousand in 2024, reflecting a reduction of 8.4%[18] - The company reported a net cash provided by operating activities of $651 thousand for the twelve months ended January 31, 2025, compared to a net cash used of $4,967 thousand in 2024[20] - The company experienced a decrease in accounts receivable by $5,246 thousand for the twelve months ended January 31, 2025, compared to a decrease of $3,343 thousand in 2024[20] Strategic Initiatives - The company is exploring options for additional scale, including organic growth opportunities and potential acquisitions, and has retained Lucid Capital Markets LLC for assistance[7] - The company plans to file a shelf registration statement with the SEC to prepare for potential future capital needs related to growth projects or acquisitions[8] - Preferred stock dividends declared were $946 thousand in 2024, which the company did not declare in 2025, indicating a strategic shift in capital allocation[20] Backlog Information - The backlog of Marine Technology Products as of January 31, 2025, was approximately $16.2 million, down from $26.2 million at October 31, 2024, and $38.4 million at January 31, 2024; however, firm orders totaling approximately $15.9 million were booked after January 31, 2025[5]
MIND Technology(MIND) - 2025 Q4 - Annual Results