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Mind Technology Inc (MIND)
:MIND
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MIND Technology
(NASDAQ:MIND)
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Rating:60Neutral
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 (MIND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$64.39M
Dividend YieldN/A
Average Volume (3M)283.95K
Price to Earnings (P/E)22.7
Beta (1Y)1.24
Revenue Growth2.21%
EPS Growth-15.60%
CountryUS
Employees146
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.04
Shares Outstanding7,969,421
10 Day Avg. Volume338,063
30 Day Avg. Volume283,952
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)2.70
Price to Sales (P/S)1.58
P/FCF Ratio345.20
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue4.68
Enterprise Value/Gross Profit3.32
Enterprise Value/Ebitda11.23
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.64
Revenue Forecast (FY)$47.01M
MIND Technology Business Overview & Revenue Model
Company DescriptionMIND Technology, Inc. is a leading provider of technology and services for the marine and energy sectors, specializing in advanced sonar and imaging systems. The company operates primarily through its two business segments: MIND Technology and MIND Services. Its core products include marine exploration technology, sonar systems, and imaging solutions that cater to a variety of applications including oil and gas exploration, environmental monitoring, and underwater inspections.
How the Company Makes MoneyMIND 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 Earnings Call Summary
Earnings Call Date:Sep 09, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The earnings call reflected positive financial results with significant revenue growth, increased profitability, and strong aftermarket contributions. However, there are concerns about decreased backlog and cautious customer behavior due to market uncertainties.Q2-2026 Updates
Positive Updates
Significant Revenue Growth
Marine Technology product revenues for the second quarter were $13.6 million, up approximately 35% from the same period a year ago.
Increased Profitability
Second quarter gross profit was $6.8 million, representing a gross profit margin of 50%. Operating income increased approximately 86% year-over-year to $2.7 million.
Aftermarket Revenue Success
Aftermarket revenue accounted for about 68% of total revenues in the first six months of the fiscal year, indicating strong support from spare parts, repair, and service activities.
Positive Net Income and EBITDA Growth
Net income for the second quarter was approximately $1.9 million, compared to $798,000 a year ago. Adjusted EBITDA was approximately $3.1 million, up from $1.8 million in the previous year.
Strong Cash Position
The company maintained a debt-free balance sheet with working capital of approximately $25.1 million, including $7.8 million of cash on hand.
Negative Updates
Backlog Decline
Backlog of firm orders decreased to $12.8 million as of July 31, 2025, from $21.1 million as of April 30, 2025, and $26 million as of July 31, 2024.
Market Uncertainty and Customer Caution
Current market and global economic environment remain impacted by various macro uncertainties, causing some delays in purchase commitments and cautious customer behavior.
Potential Impact from External Factors
The administration's stance on offshore wind projects and marine technology demand could affect future business opportunities.
Company Guidance
During MIND Technology's second quarter 2026 earnings call, the company reported Marine Technology product revenues of $13.6 million, marking a 35% increase from the same period last year. The gross profit for the quarter was $6.8 million, resulting in a 50% gross profit margin. Operating income rose by 86% to $2.7 million compared to the same quarter last year, while net income was $1.9 million, up from $798,000. The backlog of firm orders stood at $12.8 million as of July 31, 2025, down from $21.1 million on April 30, 2025. Aftermarket revenue accounted for approximately 68% of total revenue, contributing significantly to the company's financial performance. The company maintained a debt-free balance sheet with $7.8 million in cash, aiming for continued profitability and favorable financial results for the remainder of the fiscal year.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.65
Positive
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.72
Positive
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.58
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2023 | Dec 2023 | Dec 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.04M | 46.86M | 36.51M | 36.51M | 36.51M | 36.51M |
| Gross Profit | 21.22M | 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 | 5.22M | 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 | -643.00K | 20.00K | 11.02M | 11.02M | 11.02M | 11.02M |
| Financing Cash Flow | 0.00 | -619.00K | -1.53M | -1.53M | -1.53M | -1.53M |
MIND Technology Technical Analysis
Negative
8.88
Price Trends
10.46
Negative
9.90
Negative
8.31
Positive
Market Momentum
-0.47
Positive
39.82
Neutral
27.82
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 8.88 is below the 20-day moving average (MA) of 9.66, below the 50-day MA of 10.46, and above the 200-day MA of 8.31, indicating a neutral trend. The MACD of -0.47 indicates Positive momentum. The RSI at 39.82 is Neutral, neither overbought nor oversold. The STOCH value of 27.82 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 41 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $64.39M | 22.73 | 9.37% | ― | 2.21% | -15.60% | |
60 Neutral | $63.29M | -86.70 | -3.84% | ― | 38.22% | 70.68% | |
59 Neutral | $75.87M | 24.68 | 2.70% | 2.01% | 2.54% | -79.99% | |
56 Neutral | $60.00M | 38.79 | 8.45% | ― | -0.21% | -0.41% | |
46 Neutral | $46.22M | -2.67 | -65.21% | ― | -15.76% | -25.27% | |
41 Neutral | $50.95M | -17.00 | -27.25% | ― | -44.83% | -296.14% |
* Technology Sector Average
MIND
MIND Technology
8.48
2.35
38.34%
ELTK
Eltek
9.45
-1.32
-12.26%
CPSH
CPS Technologies
3.40
1.86
120.78%
ODYS
Odysightai
3.03
-4.42
-59.33%
SOTK
Sono-Tek
3.65
-1.18
-24.43%
OPTX
Syntec Optics Holdings
1.53
0.55
56.12%
MIND Technology Corporate Events
Financial Disclosures
MIND Technology Reports Q3 2025 Financial Results
Neutral
Dec 9, 2025
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.
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.