MIND Technology(US:MIND)2025-07-02 07:42Financial Performance & Growth - MIND Technology achieved revenue of $46863 thousand in FY25, compared to $36510 thousand in FY24 and $25012 thousand in FY23[16] - Gross profit increased to $20967 thousand in FY25 from $15971 thousand in FY24 and $9950 thousand in FY23[16] - The company reported operating income of $6818 thousand in FY25, a significant improvement from $518 thousand in FY24 and a loss of ($5650) thousand in FY23[16] - Adjusted EBITDA reached $8237 thousand in FY25, up from $2311 thousand in FY24 and a loss of ($3392) thousand in FY23[16] Backlog & Order Flow - The company's firm backlog was $211 million as of April 30, 2025[20] - The company's backlog was $384 million at the end of FY24, compared to $157 million at the end of FY23 and $93 million at the end of FY22[19] Market & Industry - Global spending on exploration, excluding appraisal, is projected to average $22 billion per year over the next five years[11] - Global capital expenditure on subsea facilities is expected to grow at a compound annual growth rate of 10% from 2024 to 2027[12] Strategic Initiatives - MIND Technology eliminated outstanding debt and recapitalized by converting all preferred stock to common stock[14] - The company sold its Klein Sonar Unit in August 2023 and streamlined management and corporate operations[13] - Approximately 71% of revenue in FY1Q26 is from recurring after-market (spares, etc), historically around 40%[38]