MIND Technology(US:MIND)2025-07-02 07:41Financial 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]