MIND TECHNOLOGY, INC. REPORTS FISCAL 2026 THIRD QUARTER RESULTS

Core Viewpoint - MIND Technology, Inc. reported a decline in revenues and net income for the third quarter of fiscal 2026, but highlighted strong after-market activity and improved liquidity as positive factors for future performance [1][2][5][6]. Financial Performance - Revenues for Q3 FY2026 were approximately $9.7 million, down from $13.6 million in Q2 FY2026 and $12.1 million in Q3 FY2025 [1]. - Operating income was approximately $774,000 for Q3 FY2026, compared to $2.7 million in Q2 FY2026 and $1.9 million in Q3 FY2025 [2]. - Net income for Q3 FY2026 was approximately $62,000, a significant decrease from $1.9 million in Q2 FY2026 and $1.3 million in Q3 FY2025 [2]. - Adjusted EBITDA for Q3 FY2026 was approximately $1.3 million, down from $3.1 million in Q2 FY2026 and $2.0 million in Q3 FY2025 [3]. Order Backlog and Market Activity - The backlog of Marine Technology Product orders 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 [4]. - The company received additional orders totaling approximately $9.5 million after October 31, 2025 [4]. - Higher margin after-market activity accounted for about 64% of revenues in the first nine months of the fiscal year [5]. Liquidity and Financial Position - The company generated positive adjusted EBITDA and cash flow from operating activities, raising approximately $11.0 million through its ATM program during the quarter [6]. - MIND ended the quarter with nearly $36.0 million in working capital, including $19.4 million in cash, equating to approximately $4.00 per share of common stock [6]. Future Outlook - The company expects an improved fourth quarter based on the anticipated delivery schedule of its backlog and recent orders [5][7].