MIND Technology (MIND) AI Stock Analysis

• Market Cap: $78.54M
• Dividend Yield: N/A
• Average Volume (3M): 233.94K
• Price to Earnings (P/E): 22.6
• Beta (1Y): 1.40
• Revenue Growth: 2.21%
• EPS Growth: -15.60%
• Country: US
• Employees: 146
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.04
• Shares Outstanding: 9,038,082
• 10 Day Avg. Volume: 178,692
• 30 Day Avg. Volume: 233,943
• PEG Ratio: -0.05
• Price to Book (P/B): 2.70
• Price to Sales (P/S): 1.58
• P/FCF Ratio: 345.20
• Enterprise Value/Market Cap: 0.90
• Enterprise Value/Revenue: 1.53
• Enterprise Value/Gross Profit: 3.43
• Enterprise Value/Ebitda: 11.23
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.64
• Revenue Forecast (FY): $47.01M

• Rating: 60 Neutral
• Price Target: $8.50 ▼(-4.28% Downside)

MIND Technology's overall stock score is driven by its strong financial turnaround and reasonable valuation. However, technical indicators suggest potential short-term weakness, and market uncertainties highlighted in the earnings call pose risks. The company's ability to maintain consistent operational performance will be crucial for sustaining long-term growth.

Positive Factors

Revenue Growth

The significant revenue growth in the Marine Technology segment indicates strong demand for MIND Technology's products, suggesting a robust market position and potential for sustained growth.

Balance Sheet Health

A strong balance sheet with no debt and substantial cash reserves provides financial stability and flexibility, enabling MIND Technology to invest in growth opportunities and weather economic uncertainties.

Aftermarket Revenue

The high contribution from aftermarket revenue reflects a successful strategy in generating recurring income, enhancing financial stability and customer retention.

Negative Factors

Backlog Decline

The decline in backlog suggests potential future revenue challenges, indicating possible issues with demand consistency or customer confidence.

Revenue Volatility

High revenue volatility and fluctuating profit margins can undermine financial predictability, making long-term planning and investment decisions more challenging.

Market Uncertainty

Ongoing market uncertainties and cautious customer behavior may hinder sales growth and impact MIND Technology's ability to secure new contracts, affecting long-term revenue stability.

MIND Technology Business Overview & Revenue Model

Company Description

MIND Technology, Inc., together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries. The company's products include the GunLink seismic source acquisition and control systems that provide operators of marine seismic surveys with precise monitoring and control of energy sources; the BuoyLink RGPS tracking system, which is used to offer precise positioning of marine seismic energy sources and streamers; Digishot energy source controllers; Sleeve Gun energy sources; and SeaLink product line of marine sensors and solid streamer systems. It also provides streamer weight collars, depth and pressure transducers, air control valves, and source array systems; spare and replacement parts; and repair and engineering services, training and field service operations, and umbilical terminations, as well as side scan sonar equipment and systems. The company markets its products to governmental and commercial customers through internal sales organization and a network of distributors and representatives. It operates in the United States, Europe, Canada, Latin America, the Asia/South Pacific, Eurasia, and internationally. The company was formerly known as Mitcham Industries, Inc. MIND Technology, Inc. was incorporated in 1987 and is headquartered in The Woodlands, Texas.

How the Company Makes Money

MIND Technology generates revenue primarily through the sale of its advanced sonar systems and related services. The company has a diversified revenue model that includes direct sales of hardware and software, subscription-based services for ongoing support and maintenance, and project-based contracts for specialized marine services. Key revenue streams include government contracts, partnerships with energy companies, and collaborations with research institutions. Additionally, MIND Technology benefits from recurring revenues through maintenance agreements and service contracts, which provide a steady income stream beyond initial product sales.

MIND Technology Financial Statement Overview

Summary

MIND Technology has shown a significant turnaround in financial performance with a return to profitability and improved cash flows. The balance sheet remains strong with low leverage, providing a solid foundation for future growth. However, the company faces challenges with revenue volatility and historical cash flow instability, which suggests a need for consistent operational performance to sustain long-term growth.

Income Statement

The company has shown a recovery in net income and profitability in the latest year, turning from a net loss to a net profit, which is a strong positive. The gross profit margin is healthy at approximately 100% for the latest year, indicating cost control improvements. However, revenue has decreased significantly year-over-year, and there is a high volatility in revenue and profit margins which raises concerns about the consistency of operations.

Balance Sheet

The balance sheet shows a strong equity position, with a low debt-to-equity ratio of approximately 0.05 in the latest year, indicating low leverage and strong financial stability. The equity ratio is healthy, indicating a strong asset base funded by equity rather than debt. However, the company has experienced fluctuations in stockholder's equity over the years.

Cash Flow

The cash flow situation shows improvement with positive free cash flow in the latest year, a significant improvement from previous years. The operating cash flow to net income ratio indicates some level of cash generation relative to profits. However, the historical trend of negative operating cash flows and inconsistent free cash flow generation raises concerns about cash flow stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2023	Dec 2023	Dec 2023
Income Statement
Total Revenue	46.20M	46.86M	36.51M	36.51M	36.51M	36.51M
Gross Profit	20.57M	20.97M	14.79M	14.79M	14.79M	14.79M
EBITDA	6.28M	8.00M	2.03M	2.03M	2.03M	2.03M
Net Income	3.05M	5.07M	-2.07M	-2.07M	-2.07M	-2.07M
Balance Sheet
Total Assets	47.34M	36.72M	33.49M	33.49M	33.49M	33.49M
Cash, Cash Equivalents and Short-Term Investments	19.39M	5.34M	5.29M	5.29M	5.29M	5.29M
Total Debt	1.27M	1.32M	1.32M	1.32M	1.32M	1.32M
Total Liabilities	7.40M	9.39M	10.85M	10.85M	10.85M	10.85M
Stockholders Equity	39.94M	27.33M	22.64M	22.64M	22.64M	22.64M
Cash Flow
Free Cash Flow	5.13M	214.00K	-5.26M	-5.26M	-5.26M	-5.26M
Operating Cash Flow	5.86M	651.00K	-4.97M	-4.97M	-4.97M	-4.97M
Investing Cash Flow	-736.00K	20.00K	11.02M	11.02M	11.02M	11.02M
Financing Cash Flow	10.75M	-619.00K	-1.53M	-1.53M	-1.53M	-1.53M

MIND Technology Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 8.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIND, the sentiment is Neutral. The current price of 8.88 is above the 20-day moving average (MA) of 8.51, below the 50-day MA of 9.94, and above the 200-day MA of 8.43, indicating a neutral trend. The MACD of -0.28 indicates Negative momentum. The RSI at 47.18 is Neutral, neither overbought nor oversold. The STOCH value of 25.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MIND.

MIND Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SOTK	62 Neutral	$66.28M	44.00	8.45%	―	-0.21%	-0.41%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MIND	60 Neutral	$78.54M	22.65	9.37%	―	2.21%	-15.60%
CPSH	60 Neutral	$65.08M	-89.16	-3.84%	―	38.22%	70.68%
ELTK	59 Neutral	$59.77M	52.90	2.70%	2.16%	2.54%	-79.99%
ODYS	52 Neutral	$62.15M	-3.47	-65.21%	―	-15.76%	-25.27%
OPTX	48 Neutral	$128.48M	-42.86	-27.25%	―	-44.83%	-296.14%

MIND Technology Corporate Events

MIND Technology Reports Q3 2025 Financial Results

On December 9, 2025, MIND Technology, Inc. announced its financial results for the fiscal third quarter ending October 31, 2025. The company reported revenues of $9.7 million, a decrease from the previous quarter and the same quarter last year. Despite the revenue decline, MIND Technology achieved an operating income of $774,000 and a net income of $62,000. The company highlighted strong after-market activity, accounting for 64% of revenues in the first nine months of the fiscal year. MIND Technology ended the quarter with $36.0 million in working capital, including $19.4 million in cash, and anticipates improved performance in the fourth quarter due to recent and expected orders.

The most recent analyst rating on (MIND) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on MIND Technology stock, see the MIND Stock Forecast page.