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MIND Technology, Inc. Stock Price: Quote, Forecast, Splits & News (MIND)

Perplexity Finance

Company Profile

MIND Technology, Inc. Price & Performance (MIND)

Stock Performance

Updated Apr 28, 8:00 PM UTC

MIND Technology, Inc.

$6.59USD

+$0.06 (+0.92%)

After Hours

+$0.05 (+0.76%)

Open

$6.54

Market Cap

$52.52M

Year High

$11.10

High

$6.79

P/E Ratio

1.5

Year Low

$3.05

Low

$6.41

Dividend Yield

0.00%

Volume

171.87K

Latest News

Record Earnings Propel MIND Technology Shares 29% Higher
Apr 25, 2025
MIND Technology delivered a standout Q4 2025, with revenues rising 12% year-over-year and net income swinging to $5.1 million from a prior loss. The upbeat results sent shares surging 29% to $7.02, as investors responded to robust demand, improved margins, and a positive outlook for fiscal 2026.123
Strategic $100M Shelf Offering Signals Growth Ambitions at MIND Technology
Apr 22, 2025
MIND Technology has filed to raise up to $100 million through a shelf offering, aiming to bolster its capital flexibility amid rising demand and liquidity constraints. The move follows a year of profitability gains and a strong $31 million backlog, positioning the firm for expansion in key marine and defense sectors.45
Analysts Remain Bullish as MIND Technology Outpaces Market Expectations
Apr 15, 2025
MIND Technology’s Q4 revenues of $15 million exceeded analyst forecasts by $2.8 million, with adjusted EBITDA climbing to $3 million. Analysts have set a one-year price target of $8, reflecting optimism about sustained growth and operational efficiency, and rating the stock a strong buy for the coming year.36

What's Happening

Peers

Earnings

Report Date

Apr 22, 2025

Reported Revenue

15M

Beat +23.31%

Avg 1d Change

23.39%

Report Period

Q4 2025

Reported EPS

0.25

Beat +38.89%

Implied Move 1d

—

Transcript

10m 1s

Thank you, operator. Good morning. And welcome to the MIND Technology Fiscal twenty twenty five Fourth Quarter Earnings Conference Call. We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer and Mark Cox, Vice President and Chief Financial Officer. Before I turn the call over to Rob, I have few housekeeping items to run through. If you would like to listen to a replay of today's call, it will be available approximately ninety days via via going to the Investor Relations section of the company's website and that's mindtechnology.com. Or via a recorded telephonic replay until April 30. Information on how to access the replay features was provided in yesterday's earnings release. Information reported on this call speaks only as of today, Wednesday, 04/23/2025. Therefore, you are advised that time sensitive information may no longer be accurate as of the time of any replay listening or transcript reading. Before we begin, let me remind you that statements made by management during this call may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations, and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control.

11m 34s

That may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC including its annual report on Form 10 ks the year ended 01/31/2025. Furthermore, as we start this call, please also refer to the statement regarding forward looking incorporated in our press release issued yesterday And please note that the contents of our conference call this morning are covered by these statements. And now with that behind me, I'd like to turn the call over to Rob Capps, Rob? Okay. Thanks, Jim, and thank all of you for joining us today. Today, I'll discuss some highlights from the quarter and fiscal twenty twenty five, Mark will then provide a more detailed update on our financials. Now I'll return to wrap things up with some remarks about our outlook. As expected, MIND delivered very strong fourth quarter that contributed to a record fiscal twenty twenty five. Our business continues to perform at a high level, and I'm pleased with our consistent execution and operational efficiency.

12m 46s

Our renewed focus encouraging business environment and pipeline of opportunities are delivering improved year over year results. We're optimistic for continued success in future periods. Our cash flow from operations again grew during the quarter, which is an indication of our improved liquidity. We're pleased to have generated a fifth consecutive quarter of profitable results, This is a trend we expect to continue. There will undoubtedly be quarterly revenue fluctuations going forward. We will also undoubtedly experience a quarter with lower revenue than we've seen recently. However, the transformation that MIND has undergone has established a more resilient business. We have greater order visibility, a strong demand environment, our balance sheet and capital structure are much improved. As a result, we believe MIND remains strategically positioned for growth improved financial results and continued profitability in coming periods. We enter fiscal twenty twenty six with a backlog of approximately $16,000,000 Although backlog was down a bit at year end, this is to be expected at times as we execute and make substantial deliveries like we did during the fourth quarter. However, as we have mentioned before, there were a number of highly confident orders pending at year end. Accordingly, we've received approximately $15,900,000 of orders [indiscernible] To year end to further support our backlog.

14m 8s

These orders and others that we expect to receive in the coming weeks and months bode well for continued strong financial performance as we progress through fiscal twenty twenty six. As a reminder, new orders don't always arrive at a constant rate throughout the year, and order flow is often sporadic. Beyond our backlog, we have an active pipeline of pending and highly confident orders and prospects that are well in excess of our backlog received orders. This backlog and pipeline of confidence for strong and sustainable financial results in coming periods. Three meaningful contributors to our backlog and improved financial results are our GunLink source controllers, BuoyLink positioning systems, and SeaLink streamer systems. As a whole, our C MET business enjoys a strong market position in each of its products, even a dominant position in some cases. We currently have a number of other pending orders across these product lines, and I'm confident that the favorable market dynamics our focus will prove to be a recipe for success in generating many more orders in the future. Another component that has meaningfully contributed to our financial results is our aftermarket business. Roughly 40% of our revenue comes from this aftermarket activity, As our installed base of CMAP products continues to expand, with the chance for aftermarket opportunities such as spare parts, repairs and support services.

15m 31s

As a reminder, our products are deployed in a very harsh environment and damage is common. Often inevitable. This is good for MIND. Since customers will require more from us than just their initial purchase. As I've done in the past, must remind you that the timing of specific orders is subject to variability due to any number of challenges, unforeseen circumstances, or customer delivery requirements. Optimizing our supply chain to drive revenue improvements continues to be an area of focus. Our improved order visibility has been instrumental managing lead times on components and meeting delivery requirements of our customers. While our efforts initially led to an increase in inventories, we have been able to draw down our inventory balances in recent quarters. Now turning to our results. Marine Technology product revenues for the fourth quarter and full fiscal fiscal year 2025 were $15,000,000 and $46,900,000 respectively. Both periods represented meaningful growth for our business enabled us to set records for nearly all key financial metrics. We continue to capitalize on macro tailwinds and customer engagement to simulate order flow and generate improved results. We've deliberately worked to improve our execution efficiency and cost structure. We expect these efforts to deliver consistent profitability in future quarters.

16m 53s

General market conditions within the marine technology space continue to be strong. We see a number of opportunities and continue to field inquiries and respond to requests for quotations. Our team continues to develop new and innovative ways to adapt and implement our technologies to meet the evolving needs of our customers. Our recent SeaLink streamer system sales are a good example of this. As a result, we are making additional investments to further develop and advance the next generation of our ultra high resolution ceiling streamer systems. I'm confident that our differentiated approach and best in class suite of products will continue to give us the competitive advantage to address the demand we see within the marine technology industry. Now, I'll let Mark walk you through the fourth quarter and full year financial results in a bit more detail. Thanks, Rob, and good morning, everyone. For a final time, I would like to remind everyone that with the sale of Klein in August 2023, those operations have been treated as discontinued operations and results for prior periods have been restated to reflect that. Accordingly, the prior period comparative data reported yesterday and discussed here today do not include amounts related to decline.

18m 8s

They include only our ongoing business. Rob mentioned earlier, revenues from marine technology product sales totaled a record $15,000,000 in the quarter, which was up about 12% from the same period a year ago, and 24% sequentially from our fiscal twenty twenty five third quarter. Full year revenue amounted to approximately 46,900,000.0 which was up approximately 28% over the previous year represents the highest annual revenue ever reported by our CMAP business. These record results are representative of the deliberate actions we've taken to improve MIND's financial stability and positioning within the market. We are continuing to see strength in all our key markets the favorable customer demand environment gives us confidence for sustainable, high level revenue. In 2026. Full year gross profit was approximately 21,000,000 which was about 31% higher when compared to fiscal twenty twenty four. This represents a gross profit margin of approximately 45% for the year, As I previously mentioned, we implemented various price increases early in 2025, that contributed to elevated revenue throughout the year, We are benefiting from greater production efficiencies on the cost side that drove year over year gross profit margin improvement. Our general and administrative expenses were $3,000,000 for the fourth quarter of twenty twenty five, which was flat when compared to the same quarter a year ago.

19m 48s

As we've highlighted in previous quarters, the sale of Cline allowed us to reduce general and administrative expenses and to streamline overhead costs. Most notably corporate costs related to the supportive client. This resulted in full year savings of 851,000 when compared to 2024. Our research and development expense for the fourth quarter of twenty twenty five was 562,000 which was down sequentially compared to the same quarter a year ago. These costs are largely directed toward the development of our next generation streamer system. Operating income for the fourth quarter was approximately 2,800,000.0 compared to operating income of approximately $2,300,000 in the fourth quarter of twenty twenty four. Operating income for 2025 was 6,800,000.0 which was an increase of approximately 6,300,000.0 from 2024. Our fourth quarter adjusted EBITDA was approximately $3,000,000 compared to adjusted EBITDA of approximately 2,600,000.0 in the fourth quarter a year ago. Adjusted EBITDA for fiscal twenty twenty five was 8,200,000.0 which was an increase of approximately 256% when compared to 2024. Net income from continuing operations for the fourth quarter was $2,000,000 which was an improvement of 36% from the same quarter a year ago. Total net income from continuing operations for 2025 was approximately 5,100,000.0 compared to a loss of $1,100,000 in 2024.

21m 35s

As Rob mentioned, we're pleased to have achieved another quarter and full year of record results and continued profitability. As of 01/31/2025, we had working capital of approximately 23,500,000.0 including approximately $5,300,000 of cash on hand. Liquidity continued to be impacted by our operational requirements, such as acquiring inventory and executing on our backlog of orders. However, we did generate approximately $2,100,000 of cash flow from in the fourth quarter. The company continues to maintain a clean, debt free balance sheet with a simplified capital structure following the conversion of the preferred stock to common stock in the third quarter of twenty twenty five. We believe our solid footing and flexibility further enhance stockholder value in future periods. I'll now pass it back over to Rob for some concluding comments. Okay. Thanks, Mark. We're very pleased with where MIND is positioned today. We've stabilized the company, restored it to profitability, and positioned ourselves to take advantage of opportunities within our existing and future markets. MIND continues to benefit from significant customer interest and engagement related to our CMAP product lines. We're also continuously exploring innovative ways to expand and repurpose our existing technology for new applications. These favorable demand trends the market penetration of MIND's technology have resulted in a strong pipeline of orders.

23m 9s

And our improved visibility gives us confidence for sustained higher level revenue in future periods. Our strong balance sheet, simplified capital structure and streamlined operations also provide a great deal of flexibility from which to pursue various strategic alternatives. As we strive for growth. I'm excited for us to actively chase these new initiatives and opportunities. I'd like to comment now on the current political and economic environment. Specifically as it relates to tariffs and other trade restrictions. I'd remind everyone that the vast majority of our revenues are generated from our Singapore subsidiary. The similar proportion of our production activity takes place either in our Singapore or Malaysia facilities.

23m 50s

Furthermore, in fiscal twenty twenty five, almost 95% of our revenue was derived from customers outside The United States. Importantly, our import and export activity through The United is quite limited. Due to this, we do not currently anticipate a material direct impact on our business from the imposition of additional trade tariffs by The United States or other countries. Of course, this is a fluid situation and we along with most other businesses, continue to monitor the situation. As I think you can see, we believe MIND has much going for it. However, we're still a small company. Which presents certain challenges. We believe that in order to realize our potential and enhance shareholder value, MIND needs to add scale. We need to be bigger. There are a number of different ways we could achieve this. We can execute on identified organic growth opportunities, We can acquire assets for businesses that are similar to our current business. We can combine with other organizations. Where there could even be an outright sale of the company. All of these options are open to us. We intend to strategically evaluate all opportunities that present themselves with a focus on what's best for MIND and its shareholders.

25m 5s

As a result, we've retained lucid capital markets to assist in identifying and analyzing these various opportunities. We currently do not see a need to raise additional capital, and have no near term plans to do so. However, we believe prudent to prepare ourselves should such a need arise in the future. We want to ensure that we are positioned to act quickly and efficiently. Therefore, we intend to file a shelf registration statement with the Securities and Exchange Commission in the very near future. This will provide us with added financial flexibility. Our objective is to maintain the ability to pursue growth opportunities whatever they may be. MIND is far better positioned as company today than in recent years. And the macro environment remains advantageous. Which gives us optimism for the future. Our marine technology products continue to penetrate a variety of industries and markets. We believe our backlog of firm orders and pipeline of pending orders and other prospects reflective of the significant demand and market adoption of our product lines. While we're pleased with our record results for the fourth quarter, we do expect our first quarter results to return to more normalized level. However, we believe MIND is poised to capitalize on additional opportunities deliver favorable results in coming quarters.

26m 24s

As a result, we expect to deliver positive adjusted EBITDA and continued profitability as we progress through fiscal twenty twenty six. And beyond. Looking forward, we remain very well positioned for continued favorable results. Which has us excited for the future. Our efforts to transform the company in recent years have proven fruitful. And the renewed strength of our balance sheet has opened the door for us to pursue value enhancing strategic growth opportunities. We also remain encouraged by the current demand environment and customer engagement we are experiencing across our product lines. Additionally, our current visibility healthy customer engagement, strong backlog and robust pipeline give us optimism for an equally strong year ahead. We have a differentiated and market leading suite of products. A favorable market environment and a clean capital structure. We look forward to delivering another great year in fiscal twenty twenty six as we strive to maximize stockholder value. With that, operator, I think we can open the call up for some questions.

27m 27s

Thank you.

27m 40s

Queue.

27m 47s

The star keys. One moment while we poll for questions. Our first question is from Tyson Bauer with KC Capital. Please proceed.

28m 3s

Jason, your line is live.

28m 5s

Yes. Good morning, gentlemen. [indiscernible] And congratulations on another strong quarter. Let's drill down a little bit on the pipeline and the backlog. And what I refer to as your unofficial backlog which would include some of those aftermarket parts services which appears to be anywhere between $15,000,000 $20,000,000 that we could expect this year without knowing exactly when or but just historically that seems to be the range that we should get. Any backlog figure you provide is really that plus $15,000,000 $20,000,000 due to the ongoing parts of your business. Another part of your optimism seems to be when you put items into backlog, those are finite system sales. That you have a PO for. But they say customer X comes to you and says, our intentions are to order five systems this year. Here is the PO for the first one. And as the year rolls out, we will get you those other four without if there's no hiccups. Is that something that gives you that optimism and that confidence that yes, it's not in backlog currently, but we've been notified of intentions that this strong repeat customer almost like an accordion purchase order. Will give us further orders as we go through the year.

29m 44s

Yes. I might say it a little bit differently, you're right conceptually. Are absolutely opportunities that we are highly confident about that aren't in backlog because we don't have the paper in hand yet. And the reason that is, Tyson, these are complex systems and so there's lots of negotiations to go back as to configuration and delivery times and things like that. So there is a great deal of interaction with the customer prior to actually getting that order in hand. That gives us very high confidence in our number of areas.

30m 21s

Also back to your point about the aftermarket business, that oftentimes is kind of a book and build situation where while there will be some aftermarket activity in our backlog, reported backlog, it's not unusual get an order today that we deliver next month. So there's been a much quicker turn than with the larger complete systems, which can tend to be multi week or multi month lead times. But conceptually, you have a right that we have a very good visibility on items beyond our reported backlog.

30m 58s

And due to that customization of certain large systems, you may already be working on something in the design phase or to cater to that one vessel or or use. [indiscernible] you have it, it's just not you don't have the actual final PO because those final customization details have not been ironed out.

31m 20s

That's exactly right. As a matter of fact, in some cases, we're confident enough we'll start building stuff. So we'll actually load stuff into our MRP system and start to build process before we have the PO in hand. Now, not always. It depends on who the customer is and, you know, what the situation is, but there are certainly situations where we are comfortable enough to do to make those commitments.

31m 42s

And just going to get this one out of the way. The shelf registration historically, that is what mine and previously, Mitcham has always done. With a renewal with the 10 Ks each year The only reason was interrupted was because of the preferred stock events and converting Otherwise, you would have been active all the way through this process So we're just getting back to what we've always done in the past.

32m 12s

It's exactly right. While we were in arrears on the deferred dividends, we're not eligible to use that Form S-three, which is a shelf registration. So we're just I mean, people ask me why do this. I say, well, why not? I mean, this is a very common thing for companies to do just to have it available It's inexpensive to do. It's not that much work, so why wouldn't you do it?

32m 35s

Okay. And I think in the past on calls or when things were a little more stable, Organizational structure manufacturing capacity, technology wise, you have the structure organizationally to support probably two times growth or getting back. We've always kind of have the circle around that benchmark of getting the $100,000,000 of revenue Is that what you deem as where you want to get to at least for the next step whenever that occurs.

33m 7s

Yes, I don't know that I have a specific target. We certainly have substantial capacity to grow our existing business I think to do it quickly, we want to add some things to it. As I've inferred in my comments, we need to be bigger need some more scale. And I think quicker we do that, the better without going out and doing something stupid. So that's what we're looking to do and looking at various ways we can do that.

33m 35s

And I guess we'll put in quotes, everything's on the table, that it hasn't been in the past, but you've just officially put it in the press release that everything's on the table. You're not anchored to any one thing. Whatever is best for the shareholders, that's what you're going to do. In the within the industry in the past years, purchase multiples of had a huge spread. From, say, high single digits EBITDA multiples all the way to mid double digit EBITDA obviously, by case and depending on growth and technology in there. We've seen some that are highly correlated to yourselves get some pretty healthy double digit EBITDA multiple [indiscernible] Is that kind of the mindset if somebody comes in through the door with that kind of offer you're going to take a serious look at it. To I mean, obviously, have to consider anything that comes in the door. And pass it without getting specific, it just depends on the circumstances, every deal looks different and what's the potential what's the certainty. So we're just gonna evaluate each deal, if any, that comes through each that comes through the word and for things that we can uncover.

34m 45s

Okay. And last question for me. Peers just going through, we got a week left of the quarter. So we may walk back a little bit in Q1 and revenue due to the lumpiness exists as part of the business. And then as we get into Q2 and forward, we really start to pick up steam again Obviously, there could be some lumpiness in three and some of those quarters, but we walked back a little bit in Q1 solid quarter, build the backlog. Q2, we start to see some acceleration.

35m 16s

Yes, I think that's a fair statement. Mean, obviously, you take the fourth quarter, it jumps four, that's probably a little bit aggressive for us right now. We think we will come back some in the first quarter. But again, we feel really good about the full year.

35m 28s

That sounds great. Thanks a lot, gentlemen.

35m 31s

Good, Tatshan. Our next is from Russ Taylor with ARS Investment Partners. Please proceed.

35m 41s

Thank you. It's always about tax ing and exhausting to follow Tyson because so many of your questions get checked off.

35m 47s

Next time, we'll let you you go first, Ross.

35m 49s

Oh, no. No. I don't wanna get Tyson angry with me. Probably be worse than getting my wife angry at me. Couple questions in here. Your EBITDA margin for the quarter was 20%. Your EBITDA margin for the year was around 16.6%. It therefore indicates you know, a certain sensitivity on the EBITDA margin to volume Would we or should we your EBITDA margin for the current fiscal year you're in the January 26 fiscal year. To come in somewhere between those two numbers as we see overall top line perform better than it did last year, but not necessarily the rate it did in the fourth quarter?

36m 36s

Yeah, that's a great question. Actually, I mean, you are right. There is some sensitivity to volume. [indiscernible] there's no doubt. I mean, you're absorbing more overhead. Over bigger amount of revenue. But I also think we see some opportunities to enhance productivity and enhance our margins fundamentally. This year. Now last year, it was a big year for us, a huge growth year. So we were going all out from a manufacturing and production standpoint. And I think that has some inefficiencies embedded in that. So we see some areas where we think we can improve that So I would hope that we can maintain those margins similar to what we've seen later in the year. If you look at the last couple of quarters, actually, had a better quarter better margin, I think, second or third quarter, I can't remember which.

37m 31s

So there certainly is a downward pressure from revenues aren't as high again, I think we can make some of that up, and that's what we hope to do.

37m 41s

Okay. Well, that's fantastic because that argues that we should expect to see the higher end particularly as you grow. Can you give us a little bit more color on the potential order book outlook? What types of [indiscernible] types of things are we are you looking at doing? There's a lot of talk, you know, I get people talking to me about, you know, the supposed plan to, you know, map the sea bottom in late thirty five thousand miles of cable and things of this nature. How do you fit into that and where do you see the various industries you serve you know, there's been talk about sea mining for rare earths and other precious metals and the like. Do you see that going for you?

38m 26s

Yeah. So that that kind of expands our market, you know, beyond your traditional energy exploration. And we've already been doing some of that. So especially our ultra high resolution streamer systems are really being used for ocean bottom mapping for survey purposes.

38m 46s

So offshore installations, of all sorts We talked about wind farms. So there's some of the wind is out of that if you pardon the pun. But there's certainly lots of other applications that we see being used. So we continue to see interest in demand for that type of equipment. So I think that bodes well for us. As they start to look at other applications such as pipeline monitoring and undersea cables and things of that nature. I see our equipment can be used in those applications. And so the survey companies are looking to acquire that type of of equipment. We're seeing some of our traditional customers try to move into that area as well, expand their operations as well. So I think that all bodes very well for us. As far as the other mineral exploration, that's something that we've our equipment's been used for in the past. It's not been a a big driver for us. A lot of the governmental research organizations that we've sold to in the past are engaged in that type of activity. So I think that's only additive to our potential applications.

40m 1s

Okay. And yeah, it would make sense if sense. Have you seen any progress in the utilizing your systems in the defense space?

40m 13s

Not yet, but we are hopeful to kind of restart that. Frankly, we put that program pretty much on pause as we wanted to focus on near term opportunities and get this thing back to profitability. We still believe there are some significant opportunities there And so we've been reengaging in that activity and kind of looking at maybe a different way to approach that. And we'll talk more about that as time goes on, but I think that's still interesting potential market for us.

40m 46s

Okay. And I would also echo Tyson's comment, the shelf everyone has one, it's prudent to do it. To have it out there. So, you know, honestly, I know some people get scared about them, but you know, everyone does it, so why worry about it? So looking at looking at you talked about internal growth opportunities. You know, things Is that stuff that you guys have you know, you've worked on and you just are you waiting for the market to come to you? Or is that something you need to go out and kinda convince the market? Or is this design work you know, r and d work you need to get done?

41m 22s

Little bit about this. Earlier, there's some R and D work involved in some of this. And it's a little bit of both, frankly. There's some of it where we need to market to accept what we have but there's also some design work that goes along with that. So a little bit of both.

41m 38s

Okay. And so kind of sum up as we move you're in, you know, nearing the end of your fiscal first quarter for your twenty six year. You're looking at this and you see '26, you're you believe it should be a better year for the company than 'twenty five was. On the top middle, and bottom lines.

41m 57s

I think marginally better.

41m 59s

Marginally better. It's just we're not gonna see the same growth rate as we just saw this past year. But but, yeah, I think marginally better. I mean, obviously, there's lots of things that happened from a timing standpoint, overall, we feel very good about things.

42m 13s

Cool.

42m 14s

And one thing I would offer a thought to, if you end up looking to raise growth capital, at a point in time, consider a lot of smaller companies, I been investing in lately have been doing, you know, strategic where they bring in instead of going to the market to raise capital, which tends to get you a discount, they find a strategic [indiscernible] who's interested in establishing or building that relationship and pushing forward And that tends to whatever price they they take, the stock almost never sees that price again. So I would recommend that perhaps you look at, if you're looking at internal growth capital because you see that as an option as opposed to selling the company. Would agree. Company's too small to stay public as it is, so it either needs to get a lot bigger or it needs to be monetized. Or some combination of two. In timing. But I would say, know, look for people who might be interested in making an investment in you and your future and might be a natural buyer of the company. [indiscernible] Down the road and and see if they would contribute capital to help build out some of these growth opportunities as opposed to going into the marketplace and issuing equity where people will short your stock in front of it, although that's not legally allowed.

43m 28s

So I didn't Okay.

43m 31s

Yep.

43m 32s

But I'll and and I appreciate that. I said you guys you know, you've done a really the turnaround of this company has been pretty amazing. I don't think I've seen something turn so fast and so well since the Mariners traded Randy Johnson to the That's a while ago. Alright. Awesome. Yeah.

43m 52s

And you only took 300 points off of the ERA, but, hey. Take care.

43m 59s

Okay.

44m

This concludes our question and answer I would like to turn the floor back over to Rob Capps for closing comments.

44m 8s

Just like to thank everyone for joining us today and look forward to talking to you again here in a few weeks after our first quarter. Thanks very much.

44m 15s

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

Key Insights

MIND Technology reported record fourth quarter and full-year fiscal 2025 results, with Q4 marine technology product revenue of $15M (up 12% YoY and 24% sequentially) and full-year revenue of $46.9M (up 28% YoY), marking the highest annual revenue for its CMAP business.
The company achieved its fifth consecutive quarter of profitability, with Q4 operating income of $2.8M, adjusted EBITDA of $3M (20% margin), and net income from continuing operations of $2M; full-year adjusted EBITDA was $8.2M (up 256% YoY) and net income from continuing operations was $5.1M (vs. a loss in 2024).
MIND enters fiscal 2026 with a backlog of approximately $16M, supplemented by $15.9M in new orders post year-end, and maintains a robust pipeline of highly confident and pending orders, particularly in GunLink, BuoyLink, and SeaLink product lines; aftermarket business represents about 40% of revenue.
The company maintains a strong, debt-free balance sheet with $23.5M in working capital and $5.3M in cash as of January 31, 2025; it plans to file a shelf registration for added financial flexibility but has no near-term plans to raise capital.
Management expects Q1 FY26 results to normalize after a strong Q4 but anticipates continued profitability and positive adjusted EBITDA for the full year, with marginally better top, middle, and bottom lines compared to FY25; all strategic options for scaling the business—including organic growth, acquisitions, combinations, or sale—are being evaluated.

Recent Transcripts

Mine Technologies delivered strong Q3 results with significant revenue and profitability growth.

4th consecutive quarter

Mine Technologies posts strong Q2 results with profitability and a streamlined capital structure.

Q1 delivered profitability, improved margins, and strong backlog despite lower revenue.

First full-year profitability since 2014 with record revenue and backlog.

Income Statement

Revenue

	2021	2022	2023	2024	2025
Revenue	$21M	$23M	$35M	$37M	$21M
Cost of Revenue	$14M	$17M	$22M	$22M	$0
Gross Profit	$7.3M	$6M	$13M	$15M	$21M
Gross Profit %	34%	26%	37%	41%	100%
R&D Expenses	$3M	$3.6M	$3.4M	$2.1M	$1.9M

2021

2022

2023

2024

2025

Revenue

$21M

$23M

$35M

$37M

$21M

Cost of Revenue

$14M

$17M

$22M

Gross Profit

$7.3M

$6M

$13M

$15M

$21M

Gross Profit %

34%

26%

37%

41%

100%

R&D Expenses

$3M

$3.6M

$3.4M

$2.1M

$1.9M

Cash Flow

Net Income

	2021	2022	2023	2024	2025
Net Income	-$20M	-$15M	-$8.8M	-$1.1M	$5.1M
Dep. & Amort.	$4.6M	$2.2M	$1.9M	$1.2M	$944K
Def. Tax	$32K	-$106K	$207K	-$153K	$35K
Stock Comp.	$708K	$643K	$654K	$261K	$235K
Chg. in WC	$5.2M	-$4.3M	$2M	-$4.4M	$0

2021

2022

2023

2024

2025

Net Income

-$20M

-$15M

-$8.8M

-$1.1M

$5.1M

Dep. & Amort.

$4.6M

$2.2M

$1.9M

$1.2M

$944K

Def. Tax

$32K

-$106K

$207K

-$153K

$35K

Stock Comp.

$708K

$643K

$654K

$261K

$235K

Chg. in WC

$5.2M

-$4.3M

$2M

-$4.4M

Balance Sheet

Cash

	2021	2022	2023	2024	2025
Cash	$4.6M	$5.1M	$778K	$5.3M	$5.3M
ST Investments	$0	$0	$0	$0	$0
Cash & ST Inv.	$4.6M	$5.1M	$778K	$5.3M	$5.3M
Receivables	$4.7M	$8.1M	$4M	$6.6M	$12M
Inventory	$11M	$14M	$15M	$13M	$14M

2021

2022

2023

2024

2025

Cash

$4.6M

$5.1M

$778K

$5.3M

ST Investments

Cash & ST Inv.

$4.6M

$5.1M

$778K

$5.3M

Receivables

$4.7M

$8.1M

$4M

$6.6M

$12M

Inventory

$11M

$14M

$15M

$13M

$14M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

Overview
Latest News
Earnings
Income Statement
Cash Flow
Balance Sheet
Related

Earnings

Report Date

Apr 22, 2025

Reported Revenue

15M

Beat +23.31%

Avg 1d Change

23.39%

Report Period

Q4 2025

Reported EPS

0.25

Beat +38.89%

Implied Move 1d

—

Transcript

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27m 27s

Thank you.

27m 40s

Queue.

27m 47s

The star keys. One moment while we poll for questions. Our first question is from Tyson Bauer with KC Capital. Please proceed.

28m 3s

Jason, your line is live.

28m 5s

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35m 28s

That sounds great. Thanks a lot, gentlemen.

35m 31s

Good, Tatshan. Our next is from Russ Taylor with ARS Investment Partners. Please proceed.

35m 41s

Thank you. It's always about tax ing and exhausting to follow Tyson because so many of your questions get checked off.

35m 47s

Next time, we'll let you you go first, Ross.

35m 49s

36m 36s

37m 31s

So there certainly is a downward pressure from revenues aren't as high again, I think we can make some of that up, and that's what we hope to do.

37m 41s

38m 26s

38m 46s

40m 1s

Okay. And yeah, it would make sense if sense. Have you seen any progress in the utilizing your systems in the defense space?

40m 13s

40m 46s

41m 22s

41m 38s

41m 57s

I think marginally better.

41m 59s

42m 13s

Cool.

42m 14s

43m 28s

So I didn't Okay.

43m 31s

Yep.

43m 32s

43m 52s

And you only took 300 points off of the ERA, but, hey. Take care.

43m 59s

Okay.

44m

This concludes our question and answer I would like to turn the floor back over to Rob Capps for closing comments.

44m 8s

Just like to thank everyone for joining us today and look forward to talking to you again here in a few weeks after our first quarter. Thanks very much.

44m 15s

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

Key Insights

MIND Technology reported record fourth quarter and full-year fiscal 2025 results, with Q4 marine technology product revenue of $15M (up 12% YoY and 24% sequentially) and full-year revenue of $46.9M (up 28% YoY), marking the highest annual revenue for its CMAP business.
The company achieved its fifth consecutive quarter of profitability, with Q4 operating income of $2.8M, adjusted EBITDA of $3M (20% margin), and net income from continuing operations of $2M; full-year adjusted EBITDA was $8.2M (up 256% YoY) and net income from continuing operations was $5.1M (vs. a loss in 2024).
MIND enters fiscal 2026 with a backlog of approximately $16M, supplemented by $15.9M in new orders post year-end, and maintains a robust pipeline of highly confident and pending orders, particularly in GunLink, BuoyLink, and SeaLink product lines; aftermarket business represents about 40% of revenue.
The company maintains a strong, debt-free balance sheet with $23.5M in working capital and $5.3M in cash as of January 31, 2025; it plans to file a shelf registration for added financial flexibility but has no near-term plans to raise capital.
Management expects Q1 FY26 results to normalize after a strong Q4 but anticipates continued profitability and positive adjusted EBITDA for the full year, with marginally better top, middle, and bottom lines compared to FY25; all strategic options for scaling the business—including organic growth, acquisitions, combinations, or sale—are being evaluated.

MIND Technology, Inc. Price & Performance (MIND)

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