1. MIND's Q3 fiscal 2026 revenue decreased to $9.7 million. 2. Net income for Q3 fiscal 2026 was approximately $62,000. 3. Strong after-market activity contributed to 64% of revenues in Q3. 4. $9.5 million in new orders received after the quarter end. 5. MIND maintains a clean balance sheet with $36 million in working capital.
FAQ
Why Bearish?
The significant drop in revenue and net income indicates struggling performance. Historical examples show similar dips usually lead to negative investor sentiment and stock price declines.
How important is it?
The article contains key financial metrics and future expectations impacting investor perception. The insights into revenue and net income trends are critical for analysis.
Why Short Term?
The immediate negative financial results could impact MIND's stock in the near future. However, new orders and strong after-market activity may provide a stabilizing effect moving forward.
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MIND Technology, Inc. Reports Fiscal 2026 Third Quarter Results
Published on PRNewsWire
Overview of Financial Performance
MIND Technology, Inc. (NASDAQ: MIND) has released its financial results for the third quarter of fiscal 2026, ending on October 31, 2025. The company reported revenues of approximately $9.7 million, a decrease from $13.6 million in the second quarter of fiscal 2026 and $12.1 million in the same quarter of the previous fiscal year.
Key Financial Metrics
- Operating Income: Approximately $774,000 (Q3 FY 2026) vs. $2.7 million (Q2 FY 2026) and $1.9 million (Q3 FY 2025).
- Net Income: Approximately $62,000 (Q3 FY 2026) compared to $1.9 million (Q2 FY 2026) and $1.3 million (Q3 FY 2025).
- Net Income Per Share: $0.01 per share (FY 2026) vs. $0.24 per share (Q2 FY 2026) and $2.87 per share (Q3 FY 2025).
- Adjusted EBITDA: Approximately $1.3 million, down from $3.1 million (Q2 FY 2026) and $2.0 million (Q3 FY 2025).
Backlog and Future Outlook
The backlog of Marine Technology Product orders in MIND's Seamap segment stood at approximately $7.2 million as of October 31, 2025, a decline from $12.8 million at July 31, 2025 and $26.2 million at the same point in 2024. However, the company has received additional orders valued at approximately $9.5 million post-quarter end.
Rob Capps, MIND's President and Chief Executive Officer, commented, "Our results for the third quarter were largely in line with our expectations. Although Seamap revenues moderated slightly from the second quarter, higher margin after-market activity was strong again this quarter and accounted for about 64% of our revenues in the first nine months of this fiscal year."
Liquidity and Financial Position
MIND demonstrated improved liquidity during the third quarter, generating positive adjusted EBITDA and cash flow from operating activities. The company raised approximately $11.0 million through its ATM program, ending the quarter with nearly $36.0 million in working capital, which included $19.4 million in cash.
Capps further stated, "This working capital position equates to approximately $4.00 per share of common stock and provides us tremendous flexibility to pursue growth opportunities."
Upcoming Conference Call
MIND Technology has scheduled a conference call for Wednesday, December 10, 2025, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the third-quarter results. Interested parties can dial (412) 902-0030 to participate or listen to the call live on the MIND Technology website. A telephonic replay will be available through December 17, 2025.
About MIND Technology
Headquartered in The Woodlands, Texas, MIND Technology, Inc. provides technology for the oceanographic, hydrographic, defense, seismic, and security industries. The company's Seamap unit designs, manufactures, and sells high-performance marine exploration and survey equipment, with a global presence spanning the United States, Singapore, Malaysia, and the United Kingdom.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking statements” under the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which are intended to reflect MIND's current expectations.