#USA #The Woodlands #MIND Technology #Seamap #Fiscal 2026

MIND Technology's Q1 Fiscal 2026 Results

On June 10, 2025, MIND Technology, Inc. (NASDAQ: MIND) revealed its financial results for the first quarter of fiscal 2026, which ended on April 30, 2025. In this report, the company outlined a significant decline in revenues compared to previous quarters, as well as the challenges it faced in operational performance.

Financial Overview

For the first quarter of fiscal 2026, MIND Technology reported revenues of approximately $7.9 million. This marks a notable decrease from the $15.0 million generated in the fourth quarter of fiscal 2025 and a slight decline compared to $9.7 million recorded in the same quarter of the previous year (fiscal 2025).

Operating losses were reported at around $658,000, contrasting with an operating income of $2.8 million in the fourth quarter of the prior fiscal year. The net loss stood at $970,000 for the first quarter, which is a sharp decline from the net income of $2.0 million during the previous quarter. The loss attributable to common stockholders was reported at $0.12 per share for this quarter.

MIND's adjusted EBITDA from continuing operations revealed a loss of approximately $179,000, compared to an income of $3.0 million in the fourth quarter of fiscal 2025 and $1.5 million for the first quarter of fiscal 2025.

Trade and Operational Challenges

The significant dip in revenue was attributed to delays in shipments, affecting around $5.5 million in orders. These delays arose due to holdups in receiving third-party components and logistical issues from customers. This led MIND to forecast a stronger revenue uplift in the following quarter as they expect to fulfill these orders soon.

Rob Capps, the President and CEO, commented on operational dynamics, stating, "Variability in customer delivery requirements is nothing new for us. We have undertaken substantial measures to optimize our operations, thus enabling us to manage controllable factors. Despite the setbacks, we've seen operational cash flow improve to $4.1 million, underscoring enhanced liquidity."

Future Outlook

MIND Technology remains optimistic about the upcoming quarter and the full fiscal year. Capps pointed to a robust backlog amounting to about $21.1 million related to Marine Technology Products. He expressed confidence that they would navigate through the current economic uncertainties and continue to seek growth opportunities.

Though seasonal increases in general and administrative costs were noted in the early quarter, these were compounded by additional one-time expenses related to restructuring operations in the UK. Capps affirmed that the company’s balance sheet and cash positions remain solid, enabling MIND to explore strategic opportunities for growth.

MIND will host a conference call on June 11, 2025, at 9:00 AM Eastern Time to discuss these results further. Interested participants can join by calling in or accessing the live stream via the company’s investor relations webpage.

About MIND Technology

MIND Technology, Inc. specializes in providing advanced technology for various industries, including oceanographic and defense sectors. With its headquarters located in The Woodlands, Texas, the company has a global presence, operating in locations including the U.S., Singapore, Malaysia, and the UK. Its subsidiary, Seamap, focuses on marine exploration and survey equipment, aiming to uphold a leading position in the technological advancements within the marine sector.

For stakeholders and potential investors, monitoring MIND’s progress across operational and financial milestones will be critical as the company aims to recover from current challenges while strategically enhancing its market position moving forward.