#United States #The Woodlands #MIND Technology #Seamap #fiscal results

MIND Technology, Inc. Third Quarter Overview

MIND Technology, Inc. (NASDAQ: MIND) has recently released its financial outcomes for the third quarter of fiscal 2026, which concluded on October 31, 2025. This report reflects a slight decline in revenue while retaining a stable operating position. Revenues for the quarter stood at approximately $9.7 million, down from $13.6 million in the previous quarter and also from $12.1 million in the same period last year.

Operating income for the third quarter was approximately $774,000 compared to $2.7 million in the second quarter and $1.9 million in Q3 of fiscal 2025. The net income recorded was around $62,000, a decrease from $1.9 million in the preceding quarter and from $1.3 million year-over-year. Furthermore, the earnings attributable to common stockholders were about $0.01 per share in Q3, contrasting with $0.24 for the second quarter and $2.87 from the prior year’s comparable period.

Financial Metrics Breakdown

Adjusted EBITDA was about $1.3 million for Q3, again revealing a decline from $3.1 million in Q2 and $2.0 million in Q3 of fiscal 2025.

As for the backlog of orders in the Marine Technology Product segment, MIND reported about $7.2 million at the end of October 2025. This figure has decreased significantly from $12.8 million in July 2025 and $26.2 million from the same time last year. However, it is worth noting that MIND secured an additional $9.5 million in orders subsequent to the quarter end.

Rob Capps, President and CEO of MIND, expressed that the financial results for this quarter aligned closely with their expectations. Despite a slight reduction in Seamap revenues, the company witnessed robust after-market activities, which represented approximately 64% of total revenues in the first nine months of the fiscal year. This favorable performance in after-market services, coupled with consistent execution, allowed MIND to maintain profitability through the quarter.

Liquidity and Future Outlook

Capps further added that the company has made strides in improving its liquidity and overall financial health, having generated positive adjusted EBITDA along with cash flow from operating activities. During the quarter, MIND raised around $11 million through its ATM program. The company's working capital stood close to $36 million, with $19.4 million in cash, equating to approximately $4 per share of common stock. This solid financial footing provides MIND with substantial flexibility to pursue future growth opportunities.

Looking ahead, MIND anticipates a positive conclusion to fiscal 2026, maintaining a clean balance sheet with no debt and a simplified capital structure as part of its strategic objective to enhance value for shareholders.

Upcoming Conference Call

Management announced a conference call scheduled for December 10, 2025, at 9:00 a.m. Eastern Time (8:00 a.m. CT) to further discuss these financial results. Participants can access the call at (412) 902-0030 and are encouraged to join at least 10 minutes prior to the start time. A live audio webcast will also be accessible via MIND’s website under the Investor Relations section, along with a replay available for listening afterwards.

About MIND Technology, Inc.

MIND Technology, Inc. dedicates itself to developing technology solutions for various sectors including oceanographic, hydrographic, seismic, defense, and security industries. With its headquarters situated in The Woodlands, Texas, the company operates globally, with key facilities located in the U.S., Singapore, Malaysia, and the U.K., particularly through its Seamap unit that specializes in high-performance marine exploration tools.

MIND’s current trajectory indicates their commitment towards overcoming market challenges while continuously innovating to sustain growth. The management’s forward-looking strategies, reinforced by robust financial metrics, underline their optimism for the future.