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MIND

MIND Technology, Inc.

MIND

MIND Technology, Inc. • NASDAQ
$9.53 ▲ 7.26% (+0.65)
Market Cap $75.91 M
52w High $14.50
52w Low $3.75
Dividend Yield 0%
P/E 2.1
Volume 84.75K
Outstanding Shares 7.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $13.561M ▲ $4.165M ▲ $1.929M ▲ 14.225% ▲ $0.24 ▲ $2.816M ▲
Q1-2025 $7.902M ▼ $3.764M ▼ $-970K ▼ -12.275% ▼ $-0.12 ▼ $-451K ▼
Q4-2024 $15.044M ▲ $3.768M ▲ $2.031M ▲ 13.5% ▲ $0.26 ▼ $2.922M ▲
Q3-2024 $12.105M ▲ $3.545M ▲ $1.291M ▲ 10.665% ▲ $2.87 ▲ $1.908M ▲
Q2-2024 $10.036M $3.348M $798K 7.951% $0.15 $1.706M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $7.832M ▼ $35.831M ▼ $6.987M ▼ $28.844M ▲
Q1-2025 $9.172M ▲ $36.226M ▼ $9.592M ▲ $26.634M ▼
Q4-2024 $5.336M ▲ $36.72M ▲ $9.388M ▼ $27.332M ▲
Q3-2024 $3.505M ▲ $36.107M ▼ $10.9M ▼ $25.207M ▲
Q2-2024 $1.904M $37.836M $13.349M $24.487M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.929M ▲ $-1.159M ▼ $-182K ▲ $0 $-1.34M ▼ $-1.341M ▼
Q1-2025 $-970K ▼ $4.068M ▲ $-237K ▼ $0 $3.836M ▲ $3.831M ▲
Q4-2024 $2.031M ▲ $2.058M ▼ $-224K ▼ $0 ▲ $1.831M ▲ $1.834M ▼
Q3-2024 $1.291M ▲ $2.288M ▲ $-67K ▲ $-619K ▼ $1.601M ▲ $2.221M ▲
Q2-2024 $798K $1.058M $-80K $0 $980K $978K

Revenue by Products

Product Q3-2022Q4-2022Q1-2023Q2-2023
Marine Technology Products
Marine Technology Products
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MIND’s income statement shows a small business that has moved from steady losses toward roughly break‑even and then a modest profit in the most recent year. Revenue has been edging up, and profitability metrics like operating income and EBITDA have improved from negative to slightly positive. That said, the overall scale is still very small, so any single contract, delay, or one‑time gain or loss can cause noticeable swings in reported earnings. The history also shows that results have been volatile, so the recent improvement is encouraging but not yet deeply proven over a long period.

Balance Sheet

Balance Sheet The balance sheet looks lean and relatively simple. The company carries no financial debt, which reduces pressure from interest payments and lenders. Assets and equity are modest, reflecting a small enterprise with limited balance‑sheet firepower but also limited leverage risk. Cash levels are not large, so the company appears to have some financial flexibility but not a deep cash cushion. Overall, it resembles a small, asset‑light technology firm that must manage working capital carefully but is not weighed down by heavy borrowing.

Cash Flow

Cash Flow Cash flow from operations has historically been negative but has moved closer to break‑even in recent years, echoing the trend seen in the income statement. Free cash flow has similarly improved from outflows toward roughly neutral. Capital spending is very low, suggesting an asset‑light model where most value comes from engineering and design rather than large physical plants. The flip side is that with only modest operating inflows and a small cash base, the company has limited internal capacity to fund major expansion without tapping other sources of capital if needed.

Competitive Edge

Competitive Edge MIND operates in a narrow but technically demanding niche: marine seismic and survey equipment. Within this space, its Seamap products have a long track record and a reputation for reliability, which helps with repeat business and long‑term relationships. The company offers integrated systems—controllers, positioning, and streamers—plus global support, which can make switching to competitors inconvenient and risky for customers. A key rival’s exit from part of the market has likely strengthened MIND’s position in certain product lines. However, the firm remains small versus larger industrial and defense players, and it is exposed to project‑driven, cyclical end markets like energy exploration and offshore infrastructure.

Innovation and R&D

Innovation and R&D Innovation is centered on the Seamap platform: high‑performance seismic controllers, positioning systems, and streamer technology. The collaboration on the Floatseis autonomous data acquisition system is a notable forward‑looking effort, aiming at more efficient and flexible marine surveys. MIND is also steering its technology toward growing areas such as offshore wind, marine infrastructure, and defense applications. R&D appears focused and applied rather than broad, with an emphasis on improving data quality, reliability, and integration of systems. The key question is not whether the company can design advanced gear—it clearly can—but whether it can turn these innovations into a steady stream of commercial orders in newer markets.

Summary

MIND Technology looks like a small, specialized marine tech company that has recently cleaned up its structure, sold a non‑core unit, and refocused on its Seamap business. Financial performance has shifted from consistent losses to something closer to stability and modest profitability, but at a fragile scale where individual contracts and market swings matter a lot. The balance sheet is light but relatively safe, with no debt and modest cash. Competitively, MIND holds a respected position in a narrow niche, supported by long‑standing customer relationships and specialized technology. Its future trajectory will likely be shaped by how well it executes on new products like Floatseis and how successfully it taps growth areas such as offshore wind and defense, all while managing the inherent volatility of project‑based marine markets.

NEWS

November 25, 2025 · 4:15 PM UTC

MIND Technology Announces Fiscal 2026 Third Quarter Earnings Release and Conference Call Schedule

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September 9, 2025 · 4:15 PM UTC

MIND TECHNOLOGY, INC. REPORTS FISCAL 2026 SECOND QUARTER RESULTS

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September 9, 2025 · 12:00 PM UTC

Rob Capps, President & CEO of MIND Technology, Inc., to Present at Investor Summit Virtual on September 16, 2025

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September 2, 2025 · 4:15 PM UTC

MIND Technology Announces ATM and Stock Buyback Programs

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