Reports Q1 revenue $7.9M vs. $9.7M last year. The backlog of Marine Technology Products as of April 30, related to the Seamap segment was approximately $21.1M compared to $16.2M at January 31 and $31M at April 30, 2024. Rob Capps, MIND‘s President and CEO, stated, “As expected, MIND’s results for the first quarter were down sequentially after a record Q4. This revenue decline was further driven by approximately $5.5M of orders that, while completed, were not shipped prior to quarter end because either the delivery of third-party components was delayed, or the customers were unable to arrange delivery. We now expect to deliver these orders in the Q2. Despite these delays, cash flow from operations grew again during the quarter to approximately $4.1M, resulting in a quarter-end cash balance of approximately $9.2M. This is an indication of our much-improved liquidity.
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