Was it the case that management didn’t promise any monster quarter in the last call? It’s probably profitable, though. I wonder if the stock price will take a hit tomorrow… In the big picture, it still doesn’t matter, the direction is right!
On the call, they said it’s the worst quarter. So it should be known to the market, but we’ll see…
A four million order even before earnings
6 Likes
Damn, this is Mind’s way of publishing these occasionally right before the earnings report. It’s not precisely timed, so it probably won’t be a big deal even if they publish it after the earnings report. If the earnings report were lukewarm, they could boost it with a trade the day after the earnings report. Makes one wonder what kind of earnings report will come out 
4 Likes
Alright, the report is out, and it’s bad, even though we were warned. About 5 million in deliveries remained with Mind due to freight etc. In other words, buyers are delaying because they have to pay the rest upon delivery, and the market situation has made customers cautious. It’s a bad situation and not Mind’s fault, but what can you do. Looks like it’s going to be a dark day for the portfolio today. I took a small hedging measure earlier by selling 1000 units from OST at 6.94 and yesterday after-hours another 2000 units from AOT at 6.40. Still, enough damage will be done. In the long run, this is just one quarter among others, and the next one will apparently be really good again. It’s a shame that MIND has to report 4 times a year. For this type of company, 2 times a year would be more descriptive.
MIND is not in any trouble; cash reserves grew by another four million, and some Q1 expenses were one-off due to the conversion. Orders and collaboration arrangements are starting to come in again. So I will probably buy back the sold shares, but only when I think I’ve found the bottom.
THE WOODLANDS, Texas, June 10, 2025 /PRNewswire/ – MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2026 first quarter ended April 30, 2025.
Revenues for the first quarter of fiscal 2026 were approximately $7.9 million compared to $15.0 million for the fourth quarter of fiscal 2025 and $9.7 million for the first quarter of fiscal 2025.
The Company reported an operating loss of approximately $658,000 for the first quarter of fiscal 2026 compared to operating income of $2.8 million for the fourth quarter of fiscal 2025 and $730,000 for the first quarter of fiscal 2025. Net loss for the first quarter of fiscal 2026 amounted to $970,000 compared to net income of $2.0 million for the fourth quarter of fiscal 2025 and $954,000 for the first quarter of fiscal 2025. Net loss attributable to common stockholders was $970,000, or a loss of $0.12 per share for the first quarter of fiscal 2026 compared to net income attributable to common stockholders of $2.0 million, or $0.25 per share for the fourth quarter of fiscal 2025 and $7,000, or less than $0.01 per share for the first quarter of fiscal 2025.
Adjusted EBITDA from continuing operations for the first quarter of fiscal 2026 was a loss of approximately $179,000 compared to income of $3.0 million for the fourth quarter of fiscal 2025 and $1.5 million for the first quarter of fiscal 2025. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) from continuing operations and cash used in operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.
The backlog of Marine Technology Products as of April 30, 2025 related to our Seamap segment was approximately $21.1 million compared to $16.2 million at January 31, 2025 and $31 million at April 30, 2024.
Rob Capps, MIND’s President and Chief Executive Officer, stated, "As expected, MIND’s results for the first quarter were down sequentially after a record fourth quarter. This revenue decline was further driven by approximately $5.5 million of orders that, while completed, were not shipped prior to quarter end because either the delivery of third-party components was delayed, or the customers were unable to arrange delivery. We now expect to deliver these orders in the second quarter. Despite these delays, cash flow from operations grew again during the quarter to approximately $4.1 million, resulting in a quarter-end cash balance of approximately $9.2 million. This is an indication of our much-improved liquidity.
7 Likes
Here is the earnings call transcript.
https://www.investing.com/news/transcripts/earnings-call-transcript-mind-technology-q1-2026-revenue-decline-impacts-stock-93CH-4091314
Very interesting read. Delayed orders would have turned the quarter positive and revenue close to 13.5 million. What makes it interesting are the $80,000,000 USD tax deductions that Mind has available from its US operations. More sales are coming from the US, a factory has been built there. Its production will be small, a few million, but it is all practically tax-free. MIND thus has $80 million in unused tax deductions (2x market value). An estimated 25% of this would be usable, unless they come up with other additional revenue from the US. The next quarter will be positive, and this new 4 million order is naturally not yet in the published order book. 75% of the revenue came from the after-sales side, meaning it is gradually becoming a good cornerstone for MIND’s earnings. Based on these talks, I bought back some of what I sold, and the rest if the markets continue to be foolish.
10 Likes
The attached news about the concluded cooperation is behind the recent rise. The partner’s name doesn’t ring a bell to me.
1 Like
That might be, but on the publication day, it took a -10% hit, so I don’t quite subscribe to it as the reason for the rise. Perhaps it was more that the quarterly report opened up. It wasn’t so bad after all. Timing of trades, tax deductions, 4 million additional sales, and positive cash flow.
Edit: Kraken’s announcement of a 100 million PP again got speculations about MIND’s acquisition going, though 100 million CAD is not enough for anything.
3 Likes
Considering yesterday’s stock price increase, you are probably right. I just hadn’t found another reason, and the start of the rise fit well with that collaboration announcement. Luckily, I eventually got on board with this too and even added more after the earnings report. As for me, I’m not scared by the timing of orders, as long as the bigger picture remains.
4 Likes
It’s been quiet in the thread, so I feel a bit obligated to scribble something.
Found a quite comprehensive article about MIND from another forum.
And to my delight, I noticed they are looking for more people for their renovated Texas factory. Remember that everything pushed out from the Texas factory is tax-free for a long time (80,000,000) with unused tax deductions in the US.
9 Likes
Institutional ownership 36.22%. Latest additions yesterday.
12 Likes
MIND Technology, Inc. (“MIND” or the “Company”) (Nasdaq: MIND) announced today that on August 28, 2025, it entered into an equity distribution agreement with Lucid Capital Markets LLC pursuant to which it may sell up to $25.0 million of common stock from time to time under an “at-the-market” program. Additionally, on August 28, 2025, the Company’s Board of Directors authorized the repurchase of up to $4.0 million of the Company’s common stock at any time through August 31, 2027.
Rob Capps, President and CEO of MIND, stated, “We have taken these preparatory steps so that we can act quickly and efficiently should circumstances or market conditions warrant. These actions are consistent with our stated strategy to explore all ways to enhance stockholder value. Should we have a need for additional capital to exploit growth opportunities or should there be an opportunity to raise non-dilutive capital, the ATM program will enable us to do so in a very efficient manner. On the other hand, should market conditions indicate that investment in our own stock is the best use of our capital, the stock buyback program will position us to do that quickly and efficiently.”
What are they trying to achieve with this? At least selling the company doesn’t seem likely in the near future based on this.
4 Likes
Hard to say, maybe CC will provide answers. I would guess that the increase in working capital is aimed at one of the following: acquisition, easier inventory management, or factory expansion (there was talk about capacity and its sufficiency at some point). It would be concerning if capital were needed to cover fixed costs.
Authorizing own share repurchases at this point is, in my opinion, a brilliant idea. If the ATM 25 million causes enough selling pressure, Mind can buy back its own shares cheaper.
3 Likes
Hopefully we’ll get more information tomorrow. I personally see the first one as perhaps the most likely, because it seems like preparations are being made for something that needs a quick reaction but might not necessarily materialize. Your other options don’t fit that. In my opinion, the buyback authorization also indicates that there wouldn’t be an acute need for money at the moment. But these are just irresponsible speculations. I’m eagerly awaiting tomorrow 
4 Likes
Tuosta osaria. Tämän kanssa käy näemmä aina niin, että joko tilaukset tai tulos falskaavat. Nyt siis saatu viime kvartaalista lykkääntyneitä tilauksia toimitettua, mikä näkyi tuloksessa mutta alensi tilauskantaa. Johto kutenkin kommenteissa luottavaisia, että loppuvuodesta asiakkaat tekevät investointipäätökset ja tilausten määrä tulee korjaantumaan. Tiedotteessa oli myös mainittu palveluliiketoiminnan osuus liikevaihdosta, mikä on 68 prosenttia, mitä olin joskus miettinyt mutta en ollut lähtenyt kaivamaan. Oheisessa tiedotteessa ei ollut mitään liittyen tuossa ylempänä olevaan osakeantijärjestelyyn, mutta ehkä sitä avataan tänään pidettävässä tiedotustilaisuudessa. Jos joku ehtii kuunnella tuoreeltaan, niin olisin kiitollinen, jos tietoja tippuisi tännekin. Varmaan ainakin @Perttu_Hamalainen on kuulolla 
Revenues for the second quarter of fiscal 2026 were approximately $13.6 million compared to $7.9 million for the first quarter of fiscal 2026 and $10.0 million for the second quarter of fiscal 2025.
The Company reported an operating income of approximately $2.7 million for the second quarter of fiscal 2026 compared to an operating loss of $658,000 for the first quarter of fiscal 2026 and operating income of $1.4 million for the second quarter of fiscal 2025. Net income for the second quarter of fiscal 2026 amounted to $1.9 million compared to a net loss of $970,000 for the first quarter of fiscal 2026 and net income of $798,000 for the second quarter of fiscal 2025. Net income attributable to common stockholders was $1.9 million, or $0.24 per share for the second quarter of fiscal 2026 compared to a net loss attributable to common stockholders of $970,000, or a loss of $0.12 per share for the first quarter of fiscal 2026 and a net loss of $149,000, or a loss of $0.11 per share for the second quarter of fiscal 2025. In computing net income (loss) per common share approximately 7,969,000 shares were outstanding for the first and second quarter of fiscal 2026 compared to approximately 1,406,000 shares during the 2025 fiscal second quarter.
–
The backlog of Marine Technology Products related to our Seamap segment was approximately $12.8 million as of July 31, 2025 compared to $21.1 million at April 30, 2025 and $26.2 million at July 31, 2024.
Rob Capps, MIND’s President and Chief Executive Officer, stated, "MIND delivered strong results for the second quarter that were largely in line with our expectations. We resumed our cadence of positive Adjusted EBITDA and profitability after delivery delays in the first quarter briefly interrupted our momentum. We also generated improved Seamap revenues driven by systems sales and the growing contributions from our after-market activities. After-market activities accounted for about 68% of our revenues in the first six months of this fiscal year. Overall, I’m pleased with our ability to consistently and efficiently execute our backlog and deliver favorable results. Although our reported backlog, consisting of firm orders for which we have purchase orders or contracts in hand, declined as of the end of the quarter, our pipeline of prospects remains strong. We believe the receipt of specific orders that will restore our backlog to a level comparable to that as of the end of the first quarter is imminent.
"Despite broad economic uncertainty, we are continuing to capitalize on pockets of demand, and MIND remains well positioned for long-term success. We are focused on enhancing and maximizing shareholder value and believe we have taken necessary steps to strategically position the Company to realize its full potential. We intend to evaluate all suitable opportunities with a goal of maintaining financial flexibility, preserving our balance sheet, adding scale, expanding our offerings and growing existing product lines.
"Looking forward, given our current visibility, we remain bullish on the balance of this fiscal year. Customer interest and engagement related to our Seamap product lines remains steady. However, the prevalent uncertainty within the market has slowed customer decision making for next year. Despite this, the current strength of our existing backlog and pipeline of orders give us optimism for favorable financial performance in the coming quarters. We expect customers to solidify their plans for next year in the coming months, and I look forward to sharing updates as our longer-term pipeline takes shape.
“We continue to have a differentiated and market leading suite of products, a clean capital structure and strong balance sheet. I am excited for the opportunities that lay ahead. We are intent on building a more resilient business and maintaining our competitive advantage, which we will achieve through technological innovation, strategic growth initiatives and controlling what we can control operationally,” concluded Capps.
5 Likes
I believe that the 68% share of service business emphasizes that the company’s products are actively used and the predicted growth for the industry is not pulled out of thin air. Perhaps the uncertainty prevailing in the global markets slows down the execution of new orders. The need has evidently not disappeared anywhere. The good thing is that service business is easy to transfer to the US side, where tax breaks (80 million USD) can be utilized. Apparently, this is also the management’s intention, as new staff has been hired there and the factory has been expanded. Service operations are also quite profitable. Hopefully, the pent-up demand will burst into a flood of orders at some point.
There’s nothing surprising in the result itself. Cash is growing, which is positive. Sales should be higher. Service business is now the foundation upon which new orders will create growth. The biggest fear that ATM was created to patch up the cash situation has been dismissed.
I set a sales target of 55 million for the year, and it is still possible with a couple of 16 million quarters.
5 Likes
CC listened to, and the stock price doesn’t quite reflect the call. Well, this often happens, and the fact is that there are only 12 million worth of deals on paper. On the other hand, their signing is just around the corner as the last technical details are being refined. There was talk of two deals totaling 10 million. The order book would thus be 22 million with these. The signings just didn’t make it into this quarter. It’s a small thing; the stock price would be up +10% and now it’s down by the same amount.
Otherwise, the quarter was good.
The Huntsville factory has also carried out third-party repairs and maintenance. Huntsville’s production is assumed to be around 10 million annually. It also produces components for the Singapore factory, as well as defense production. The latter is important to do there for security reasons.
According to management, the next Q3 and Q4 are also positive.
ATM was created for quick reaction if acquisition targets are found in the market.
Share buybacks were also created for quick reaction if management believes the stock price does not reflect the company’s value.
The current fiscal year will be similar to the previous one in terms of results, with small growth.
That’s a quick summary of what few people grasped.
8 Likes
Slightly concerned about MIND’s situation, not in the long term but in about a year’s term. The well-started growth in order backlog has alarmingly shrunk, even though the market situation should logically support order growth. Has the order backlog stalled due to lost customers, or is it a matter of customer delays?
Only 12 days left in the third quarter, and nothing has been heard about the postponed “imminent” orders. MIND has followed a somewhat peculiar line in its communication, and not all orders have been disclosed. However, I would expect that in a situation where a few “postponed” large orders are anticipated by investors, these would have been disclosed upon their signing.
Aftersales sells and is high-margin, but it doesn’t indicate the growth that the markets expect. MIND has no cash flow problems, but the investment story changes if it stagnates. The company’s valuation multiples are not dizzying, but good investment returns would, in my opinion, require the company’s sales to develop, supported by a growing order backlog.
Short positions have increased, and institutional investors have lightened their positions. I have personally halved my position and am strongly considering further reductions if no order confirmations are heard next week. Needless to say, they will be announced the day after my sales, and the stock will jump +30% with the support of short-sellers.
7 Likes
I’ve also been waiting for these “almost-there deals,” but they haven’t materialized.
That’s why I’m puzzled by the share price behavior, for example today, with high trading volume, it’s up 8%…
3 Likes
I was just about to write the same thing. Of course, sometimes they have published contract news just before the earnings report. Or maybe they will publish it when Q3 concludes.
I sold some when the share price was over 11 dollars, and bought back after the last earnings report for over 8 dollars. It has already risen from there, on the other hand, there would apparently be time until December for the next earnings report and a potential downward trigger (at least according to Yahoo Finance). What should I do, that’s the dilemma 
4 Likes