MIND Technology(MIND) - 2026 Q1 - Quarterly Results

MIND Technology, Inc. Fiscal 2026 First Quarter Results Financial Highlights 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] Management Commentary 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] - 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] - 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] - 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] Financial Statements Condensed Consolidated Balance Sheets 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 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 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 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] Other Information 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] - MIND Technology provides technology to various marine-focused industries, and its Seamap unit designs and manufactures marine exploration and survey equipment[12] - The report includes forward-looking statements and advises readers not to place undue reliance on them due to significant risks and uncertainties[13][15]