MIND Technology(US:MIND)2025-12-09 21:26Financial Performance - Revenues for Q3 fiscal 2026 were approximately $9.7 million, down 28.7% from $13.6 million in Q2 fiscal 2026 and down 19.5% from $12.1 million in Q3 fiscal 2025[2] - Operating income for Q3 fiscal 2026 was $774,000, a decrease of 71.5% from $2.7 million in Q2 fiscal 2026 and down 59.3% from $1.9 million in Q3 fiscal 2025[3] - Net income for Q3 fiscal 2026 was $62,000, compared to $1.9 million in Q2 fiscal 2026 and approximately $1.3 million in Q3 fiscal 2025, resulting in a net income per share of $0.01[3] - Adjusted EBITDA for Q3 fiscal 2026 was approximately $1.3 million, down 58.1% from $3.1 million in Q2 fiscal 2026 and down 35% from $2.0 million in Q3 fiscal 2025[4] - For the nine months ended October 31, 2025, net income was $1,021 million, a decrease from $3,043 million in the same period of 2024, representing a decline of approximately 66.5%[23] - EBITDA for the nine months ended October 31, 2025, was $3,355 million, down from $5,080 million in 2024, reflecting a decrease of about 34%[24] - Adjusted EBITDA for the nine months ended October 31, 2025, was $4,191 million, down from $5,221 million in 2024, reflecting a decrease of approximately 19.8%[24] Cash Flow and Working Capital - The company generated approximately $11.0 million in cash through its ATM program during the quarter, ending with nearly $36.0 million in working capital, of which $19.4 million was cash[7] - Net cash provided by operating activities for the nine months ended October 31, 2025, was $3,803 million, compared to a net cash used of $1,407 million in 2024, indicating a significant turnaround[23] - Cash and cash equivalents at the end of the period were $19,387 million, up from $3,505 million at the end of the same period in 2024, showing an increase of approximately 453%[23] - The company reported a net cash used in investing activities of $512 million for the nine months ended October 31, 2025, compared to a net cash provided of $244 million in 2024[23] Assets and Equity - Total current assets increased to $42.8 million as of October 31, 2025, compared to $32.1 million as of January 31, 2025[19] - Total stockholders' equity rose to $39.9 million as of October 31, 2025, up from $27.3 million as of January 31, 2025[19] Backlog and Future Expectations - The backlog of Marine Technology Products was approximately $7.2 million as of October 31, 2025, down from $12.8 million at July 31, 2025 and $26.2 million at October 31, 2024[5] - The company expects an improved fourth quarter based on the anticipated delivery schedule of its backlog and recent orders[6] Stock-Based Compensation and Foreign Exchange - Stock-based compensation for the nine months ended October 31, 2025, was $836 million, significantly higher than $141 million in 2024, marking an increase of about 493%[23] - The company experienced a foreign exchange rate effect of $6 million on cash and cash equivalents for the nine months ended October 31, 2025, compared to a negative effect of $2 million in 2024[23] Accounts Receivable Changes - Changes in accounts receivable for the nine months ended October 31, 2025, resulted in a cash inflow of $1,228 million, compared to a cash outflow of $3,006 million in 2024[23] Common Stock Issuance - The net proceeds from the issuance of common stock amounted to $10,754 million in the nine months ended October 31, 2025, while there were no proceeds in the same period of 2024[23]