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MIND Technology (MIND)
NASDAQ:MIND
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MIND Technology (MIND) AI Stock Analysis

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MIND

MIND Technology

(NASDAQ:MIND)

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Neutral 66 (OpenAI - 4o)
Rating:66Neutral
Price Target:
$9.50
▲(7.10% Upside)
MIND Technology's overall stock score reflects a positive earnings call with strong revenue growth and profitability, supported by a solid financial foundation. However, technical indicators suggest potential short-term bearish momentum, and concerns about revenue volatility and backlog decline weigh on the score.

MIND Technology (MIND) vs. SPDR S&P 500 ETF (SPY)

MIND Technology Business Overview & Revenue Model

Company DescriptionMIND 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 MoneyMIND Technology generates revenue through the sale of its advanced sonar systems and related services, which are marketed to government agencies, commercial shipping companies, and research institutions. Key revenue streams include the direct sale of hardware, recurring revenue from software licenses, and service contracts for maintenance and support. Additionally, the company benefits from partnerships with other technology firms and research organizations, which can lead to joint ventures and collaborative projects that further enhance its product offerings and market reach.

MIND Technology Earnings Call Summary

Earnings Call Date:Sep 09, 2025
(Q2-2026)
|
% Change Since: |
Next Earnings Date:Dec 16, 2025
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
65
Positive
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
72
Positive
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
58
Neutral
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.
BreakdownTTMDec 2024Dec 2023Dec 2023Dec 2023Dec 2023
Income Statement
Total Revenue27.15M46.86M36.51M36.51M36.51M36.51M
Gross Profit22.13M20.97M15.97M15.97M15.97M15.97M
EBITDA5.86M8.00M2.03M2.03M2.03M2.03M
Net Income4.28M5.07M-2.07M-2.07M-2.07M-2.07M
Balance Sheet
Total Assets35.83M36.72M33.49M33.49M33.49M33.49M
Cash, Cash Equivalents and Short-Term Investments7.83M5.34M5.29M5.29M5.29M5.29M
Total Debt841.00K1.32M1.32M1.32M1.32M1.32M
Total Liabilities6.99M9.39M10.85M10.85M10.85M10.85M
Stockholders Equity28.84M27.33M22.64M22.64M22.64M22.64M
Cash Flow
Free Cash Flow6.54M214.00K-5.26M-5.26M-5.26M-5.26M
Operating Cash Flow7.25M651.00K-4.97M-4.97M-4.97M-4.97M
Investing Cash Flow-710.00K20.00K11.02M11.02M11.02M11.02M
Financing Cash Flow-619.00K-619.00K-1.53M-1.53M-1.53M-1.53M

MIND Technology Technical Analysis

Technical Analysis Sentiment
Positive
Last Price8.87
Price Trends
50DMA
9.20
Negative
100DMA
8.11
Positive
200DMA
7.63
Positive
Market Momentum
MACD
-0.34
Positive
RSI
48.19
Neutral
STOCH
31.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIND, the sentiment is Positive. The current price of 8.87 is below the 20-day moving average (MA) of 9.19, below the 50-day MA of 9.20, and above the 200-day MA of 7.63, indicating a neutral trend. The MACD of -0.34 indicates Positive momentum. The RSI at 48.19 is Neutral, neither overbought nor oversold. The STOCH value of 31.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
71
Outperform
70.30M22.9410.25%1.81%6.75%-52.37%
68
Neutral
53.02M-28.83-21.61%7.47%-133.39%
66
Neutral
$65.11M15.0016.05%27.70%
64
Neutral
36.64M169.800.00%26.84%-45.92%
51
Neutral
26.77M-8.18-9.64%-14.49%-149.37%
47
Neutral
60.54M39.860.00%0.00%0.00%
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
MIND
MIND Technology
8.87
4.88
122.31%
ELTK
Eltek
10.47
0.19
1.85%
LGL
LGL Group
7.06
1.05
17.47%
NSYS
Nortech Systems
9.61
-2.04
-17.51%
CPSH
CPS Technologies
3.65
2.21
153.47%
OPTX
Syntec Optics Holdings
1.65
0.46
38.66%

MIND Technology Corporate Events

Financial Disclosures
MIND Technology Reports Strong Q2 Financial Results
Positive
Sep 9, 2025

On September 9, 2025, MIND Technology announced its financial results for the fiscal second quarter ending July 31, 2025. The company reported revenues of $13.6 million, a significant increase from $7.9 million in the previous quarter and $10.0 million in the same quarter of the previous year. Operating income was $2.7 million, and net income was $1.9 million, marking a turnaround from a net loss in the first quarter of fiscal 2026. The backlog of Marine Technology Products related to the Seamap segment decreased to $12.8 million from $21.1 million at the end of the previous quarter. Despite economic uncertainties, the company remains optimistic about future prospects, highlighting strong customer interest in its Seamap product lines and a robust pipeline of orders.

The most recent analyst rating on (MIND) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on MIND Technology stock, see the MIND Stock Forecast page.

Stock BuybackPrivate Placements and Financing
MIND Technology Enters Equity Distribution Agreement
Neutral
Sep 2, 2025

On August 28, 2025, MIND Technology, Inc. entered into an equity distribution agreement with Lucid Capital Markets LLC, allowing the company to sell up to $25 million of common stock under an ‘at-the-market’ program. The proceeds are intended for general corporate purposes, including potential acquisitions and capital expenditures. Additionally, the company’s board authorized a share repurchase program for up to $4 million of its common stock through August 31, 2027. These strategic moves aim to enhance stockholder value by providing flexibility to raise capital or invest in its own stock, depending on market conditions.

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.

Business Operations and StrategyShareholder Meetings
MIND Technology Holds 2025 Virtual Annual Meeting
Neutral
Jul 21, 2025

On July 17, 2025, MIND Technology, Inc. held its 2025 Virtual Annual Meeting of Stockholders, where several key proposals were voted on. Stockholders re-elected five board members, approved an amendment to increase shares in the Stock Awards Plan by 400,000, approved executive compensation, and ratified Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2026. These decisions reflect the company’s strategic focus on governance and financial management.

The most recent analyst rating on (MIND) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on MIND Technology stock, see the MIND Stock Forecast page.

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.Date of analysis: Sep 23, 2025