Mind Technology reports Q2 EPS (11c) vs. ($1.74) last year

Reports Q2 revenue ~$10M vs. ~$7.6M last year. Rob Capps, MIND‘s President and CEO, stated, “We delivered positive results for our fiscal second quarter that were in line with our expectations and achieved further operational efficiencies that drove margin improvement. In addition to streamlining our operations and narrowing our strategic focus with the sale of Klein, we have been able to implement various cost containment initiatives that have meaningfully enhanced our financial results over the last twelve months. Our backlog remains strong, and is over 50% above the year ago amount. Furthermore, our pipeline of pending orders and prospects is also strong, with over $6 million of orders having been added since quarter end or that we expect shortly. This activity and ongoing discussions regarding other pending orders demonstrate the significant customer demand we are seeing across our differentiated product lines. Given our enhanced cost structure, current visibility, and robust customer engagement, we fully expect to achieve year-over-year revenue growth, positive Adjusted EBITDA and greater full year profitability in fiscal 2025. As announced last week, we have completed the conversion of our preferred stock to common stock. This is an important step for MIND. It simplifies our capital structure and, in my opinion, sets the stage for creating meaningful stockholder value.”