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MIND Technology
(NASDAQ:MIND)
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Rating:55Neutral
Price Target:
$6.00
▲(8.11% Upside)
Action:Reiterated
Date:07/24/26
The score is primarily held back by weak TTM cash generation despite improving profitability, alongside a mixed-to-weak technical backdrop. Offsetting factors include a strong, low-debt balance sheet and earnings-call commentary pointing to stable margins and recurring aftermarket revenue, though backlog declines and softer FY27 revenue guidance limit upside confidence.
Positive Factors
Low leverage and strong liquidity
A conservatively financed balance sheet with material cash and negligible debt provides durable financial flexibility. This supports bonding capacity, funds near-term ops and investments, and reduces refinancing risk, helping the company ride capital-cycle volatility and pursue disciplined M&A or capex.
Negative Factors
Weak cash generation (TTM)
Negative TTM operating and free cash flow materially reduce internal funding capacity and raise execution risk. Even with cash on hand, recurring cash burn can limit discretionary investment, make the company sensitive to order timing, and constrain margin-improving initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and strong liquidity
A conservatively financed balance sheet with material cash and negligible debt provides durable financial flexibility. This supports bonding capacity, funds near-term ops and investments, and reduces refinancing risk, helping the company ride capital-cycle volatility and pursue disciplined M&A or capex.
Read all positive factors
MIND Technology Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Examines profit after subtracting production costs for each segment, indicating which parts of the business are most profitable and sustainable.
Examines profit after subtracting production costs for each segment, indicating which parts of the business are most profitable and sustainable.
Data provided by:
The Fly
The FlyMIND Technology (MIND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$45.81M
Dividend YieldN/A
Average Volume (3M)90.43K
Price to Earnings (P/E)30.1
Beta (1Y)1.24
Revenue Growth-5.26%
EPS Growth-11.19%
CountryUS
Employees157
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.17
Shares Outstanding9,089,055
10 Day Avg. Volume77,219
30 Day Avg. Volume90,427
Financial Highlights & Ratios
PEG Ratio-1.13
Price to Book (P/B)1.91
Price to Sales (P/S)1.93
P/FCF Ratio41.13
Enterprise Value/Market Cap0.63
Enterprise Value/Revenue0.68
Enterprise Value/Gross Profit1.54
Enterprise Value/Ebitda6.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.13
Revenue Forecast (FY)$38.05M
MIND Technology Business Overview & Revenue Model
Company Description
MIND Technology, Inc., together with its subsidiary companies, delivers specialized technological solutions to a range of sectors, including oceanography, hydrography, defense, seismic exploration, and maritime security. Their core product line fe...
How the Company Makes Money
MIND primarily makes money by selling marine technology products and related solutions to commercial and government customers. Key revenue streams include: (1) Product sales of specialized marine instruments/equipment (e.g., sonar and survey-relat...
MIND Technology Earnings Call Summary
Earnings Call Date:Jun 10, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Sep 16, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: several operational and financial strengths (positive adjusted EBITDA, stable 42% gross margin, ~50% recurring aftermarket revenue, strong liquidity and a clean balance sheet, and a sizable pipeline) contrast with meaningful near-term headwinds (a steep decline in firm backlog, geopolitical-driven order delays, a FY27 revenue outlook below FY26, a taxable position in Singapore causing a material tax expense, and elevated SG&A in Q1). Management is optimistic on long-term prospects and has options to scale, but conversion risk and near-term softness create uncertainty.Positive Updates
Revenue and Quarterly Performance
Marine Technology product revenue of approximately $9.7M in Q1 FY27 — flat sequentially and improved versus Q1 FY26. Company delivered the remaining orders that slipped from fiscal 26 into the quarter.
Negative Updates
Significant Backlog Decline
Firm backlog of ~$7.6M as of April 30, 2026, down from $13.9M as of January 31, 2026 (a decline of ~45.3%) and down from $21.0M as of April 30, 2025 (a decline of ~63.8%); management attributes declines to delivered slip orders and protracted customer decision-making.
Read all updates
Q1-2027 Updates
Positive
Negative
Revenue and Quarterly Performance
Marine Technology product revenue of approximately $9.7M in Q1 FY27 — flat sequentially and improved versus Q1 FY26. Company delivered the remaining orders that slipped from fiscal 26 into the quarter.
Read all positive updates
Company Guidance
Management guided that fiscal Q1 of FY27 produced $9.7M in marine technology product revenue (benefiting from ~$4M of orders slipped from FY26), with backlog of ~$7.6M as of April 30, 2026 (down from $13.9M on Jan 31, 2026 and $21M on Apr 30, 2025) and a pipeline “several times” larger than backlog including a handful of opportunities of $10M+; Q1 results included gross profit of ~$4.1M (42% margin), adjusted EBITDA of ~$811K (vs. $1.1M in Q4 FY26 and a -$179K loss in Q1 FY26), operating income of $14K (vs. -$658K year‑ago), R&D of $310K, G&A of ~$3.5M, and a net loss of ~-$400K after $476K of income tax (primarily Singapore); aftermarket activity accounted for about 50% of Q1 revenue (a recurring base supporting roughly $4–5M of revenue per quarter), the company has working capital of ~$37.8M including ~$17.7M cash, a debt‑free balance sheet, an HSBC-backed bond capacity (typical bond collateral in the low‑millions that should not drain cash), and management expects FY27 revenue to be down versus FY26 but to be cash‑flow positive for the year, with Q2 likely the low point and margins to be sustained via cost optimization.MIND Technology Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
82
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.72M | 40.95M | 46.86M | 36.51M | 25.01M | 23.11M |
| Gross Profit | 18.78M | 17.79M | 20.02M | 14.79M | 8.61M | 3.81M |
| EBITDA | 4.52M | 3.77M | 8.00M | 2.09M | -3.53M | -11.41M |
| Net Income | 1.31M | 750.00K | 5.07M | -2.07M | -8.83M | -15.09M |
Balance Sheet | ||||||
| Total Assets | 50.76M | 49.27M | 36.72M | 33.49M | 32.86M | 42.02M |
| Cash, Cash Equivalents and Short-Term Investments | 17.66M | 19.05M | 5.34M | 5.29M | 778.00K | 5.11M |
| Total Debt | 910.00K | 1.09M | 1.32M | 1.32M | 1.75M | 1.83M |
| Total Liabilities | 9.24M | 7.85M | 9.39M | 10.85M | 9.81M | 11.76M |
| Stockholders Equity | 41.52M | 41.42M | 27.33M | 22.64M | 23.05M | 30.26M |
Cash Flow | ||||||
| Free Cash Flow | -3.30M | 1.92M | 214.00K | -5.26M | -3.49M | -17.97M |
| Operating Cash Flow | -2.83M | 2.59M | 651.00K | -4.97M | -2.90M | -17.13M |
| Investing Cash Flow | -474.00K | -663.00K | 20.00K | 11.02M | 470.00K | 5.36M |
| Financing Cash Flow | 11.78M | 11.79M | -619.00K | -1.53M | -1.90M | 12.19M |
MIND Technology Technical Analysis
Negative
5.55
Price Trends
5.66
Negative
6.61
Negative
8.10
Negative
Market Momentum
>-0.01
Negative
52.87
Neutral
60.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIND, the sentiment is Negative. The current price of 5.55 is above the 20-day moving average (MA) of 5.22, below the 50-day MA of 5.66, and below the 200-day MA of 8.10, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.87 is Neutral, neither overbought nor oversold. The STOCH value of 60.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MIND.
MIND Technology Risk Analysis
MIND Technology disclosed 35 risk factors in its most recent earnings report. MIND Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MIND Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $80.31M | 38.11 | 10.54% | ― | 4.04% | 44.65% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $45.81M | 30.05 | 3.45% | ― | -5.26% | -11.19% | |
49 Neutral | $57.66M | -19.23 | -6.69% | 2.13% | 4.15% | -186.73% | |
45 Neutral | $72.83M | 663.16 | 0.15% | ― | 41.39% | ― | |
45 Neutral | $73.11M | -3.95 | -66.30% | ― | -82.33% | -7.92% | |
41 Neutral | $256.99M | -80.96 | -30.86% | ― | -5.93% | -215.06% |
* Technology Sector Average
MIND
MIND Technology
4.77
-4.86
-50.47%
ELTK
Eltek
8.66
-1.55
-15.18%
CPSH
CPS Technologies
3.51
0.90
34.48%
ODYS
Odysightai
4.21
-0.30
-6.65%
SOTK
Sono-Tek
5.16
1.88
57.32%
OPTX
Syntec Optics Holdings
5.88
3.79
181.10%
MIND Technology Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
MIND Technology Shareholders Affirm Board and Governance Measures
Positive
Jul 23, 2026
At its virtual Annual Meeting of Stockholders held on July 22, 2026, MIND Technology shareholders re-elected five directors to serve until the next annual meeting, maintaining continuity in the company’s board leadership and governance struc...
Business Operations and StrategyFinancial Disclosures
MIND Technology Reports Improved Q1 2027 Results, Cautious Outlook
Neutral
Jun 10, 2026
On June 10, 2026, MIND Technology reported fiscal 2027 first-quarter results for the period ended April 30, 2026, posting revenue of about $9.7 million, roughly flat sequentially but up from $7.9 million a year earlier, and a modest operating prof...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.