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Mind Technology Inc Financials

MIND
Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Mind Technology Inc (MIND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MIND FY2026

Margin repair brought MIND back above breakeven, but FY2026 liquidity strength came more from financing than from sales momentum.

From FY2024 through FY2026, gross margin stayed above 43% even though revenue did not move in a straight line, which suggests the improved product economics survived after the initial rebound. The cash balance reached $19.1M in FY2026 largely because financing inflow was $11.8M, so the much stronger liquidity position was recapitalization plus operating recovery rather than operating recovery alone.

The business is no longer trapped by the cost structure that drove the deep FY2022 loss: gross margin expansion from 26.1% to 45.6% means a revenue base around $41M can still support positive operating income. That points to a business whose break-even level has come down, not just one that had a single good year.

Working capital still shapes cash more than earnings alone: inventory fell from $13.4M to $11.2M, helping cash generation even as FY2026 profit compressed. With cash exceeding total liabilities at $19.1M versus $7.8M, the balance sheet now has far more shock absorption than it did during the earlier turnaround.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 55 / 100
Financial Profile 55/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Mind Technology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
40

Mind Technology Inc has an operating margin of 7.0%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 14.5% the prior year.

Growth
43

Mind Technology Inc's revenue declined 12.6% year-over-year, from $46.9M to $40.9M. This contraction results in a growth score of 43/100.

Leverage
98

Mind Technology Inc carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 6.03, Mind Technology Inc holds $6.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
24

Mind Technology Inc's free cash flow margin of 4.7% results in a low score of 24/100. Capital expenditures of $663K absorb a large share of operating cash flow.

Returns
26

Mind Technology Inc generates a 1.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 26/100. This is down from 19.1% the prior year.

Altman Z-Score Safe
3.33

Mind Technology Inc scores 3.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($58.4M) relative to total liabilities ($7.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Mind Technology Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
3.45x

For every $1 of reported earnings, Mind Technology Inc generates $3.45 in operating cash flow ($2.6M OCF vs $750K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$40.9M
YoY-12.6%
5Y CAGR+14.1%
10Y CAGR-2.3%

Mind Technology Inc generated $40.9M in revenue in fiscal year 2026. This represents a decrease of 12.6% from the prior year.

EBITDA
$3.7M
YoY-51.9%

Mind Technology Inc's EBITDA was $3.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 51.9% from the prior year.

Net Income
$750K
YoY-85.2%

Mind Technology Inc reported $750K in net income in fiscal year 2026. This represents a decrease of 85.2% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
$1.9M
YoY+798.6%
10Y CAGR-18.4%

Mind Technology Inc generated $1.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 798.6% from the prior year.

Cash & Debt
$19.1M
YoY+107.7%
5Y CAGR+56.9%
10Y CAGR+23.2%

Mind Technology Inc held $19.1M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
9M
YoY+14.0%

Mind Technology Inc had 9M shares outstanding in fiscal year 2026. This represents an increase of 14.0% from the prior year.

Margins & Returns

Gross Margin
45.6%
YoY+0.8pp
5Y CAGR+11.1pp
10Y CAGR+40.4pp

Mind Technology Inc's gross margin was 45.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.

Operating Margin
7.0%
YoY-7.6pp
5Y CAGR+74.5pp
10Y CAGR+58.6pp

Mind Technology Inc's operating margin was 7.0% in fiscal year 2026, reflecting core business profitability. This is down 7.6 percentage points from the prior year.

Net Margin
1.8%
YoY-9.0pp
5Y CAGR+97.5pp
10Y CAGR+76.6pp

Mind Technology Inc's net profit margin was 1.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 9.0 percentage points from the prior year.

Return on Equity
1.8%
YoY-17.2pp
5Y CAGR+78.2pp
10Y CAGR+40.1pp

Mind Technology Inc's ROE was 1.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 17.2 percentage points from the prior year.

Capital Allocation

R&D Spending
$1.6M
YoY-17.1%
5Y CAGR-12.0%
10Y CAGR+5.5%

Mind Technology Inc invested $1.6M in research and development in fiscal year 2026. This represents a decrease of 17.1% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$663K
YoY+51.7%
5Y CAGR+49.1%
10Y CAGR+7.0%

Mind Technology Inc invested $663K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 51.7% from the prior year.

MIND Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $9.8M+1.1% $9.7M-28.6% $13.6M+71.6% $7.9M-47.5% $15.0M+24.3% $12.1M+20.6% $10.0M+3.7% $9.7M
Cost of Revenue $5.8M+12.2% $5.2M-23.1% $6.7M+47.3% $4.6M-46.2% $8.5M+27.1% $6.7M+27.1% $5.3M-3.7% $5.5M
Gross Profit $4.0M-11.6% $4.5M-33.9% $6.8M+105.0% $3.3M-49.1% $6.5M+20.8% $5.4M+13.5% $4.8M+13.3% $4.2M
R&D Expenses $389K-23.1% $506K+62.7% $311K-18.2% $380K-32.4% $562K0.0% $562K+71.3% $328K-29.0% $462K
SG&A Expenses $3.3M+9.4% $3.0M-16.9% $3.6M+7.5% $3.4M+13.3% $3.0M+8.1% $2.8M-0.8% $2.8M+0.9% $2.8M
Operating Income $78K-89.9% $774K-70.9% $2.7M+504.9% -$658K-123.7% $2.8M+48.3% $1.9M+31.2% $1.4M+95.9% $730K
Interest Expense N/A N/A N/A N/A N/A $0 $0 $0
Income Tax $471K-34.2% $716K+6.9% $670K+127.9% $294K-56.2% $671K+69.4% $396K-41.1% $672K+174.3% $245K
Net Income -$271K-537.1% $62K-96.8% $1.9M+298.9% -$970K-147.8% $2.0M+57.3% $1.3M+61.8% $798K-16.4% $954K
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

MIND Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $49.3M+4.1% $47.3M+32.1% $35.8M-1.1% $36.2M-1.3% $36.7M+1.7% $36.1M-4.6% $37.8M+8.5% $34.9M
Current Assets $44.9M+4.9% $42.8M+34.8% $31.7M+0.1% $31.7M-1.3% $32.1M+2.7% $31.3M-4.2% $32.6M+10.6% $29.5M
Cash & Equivalents $19.1M-1.7% $19.4M+147.5% $7.8M-14.6% $9.2M+71.9% $5.3M+52.2% $3.5M+84.1% $1.9M+106.1% $924K
Inventory $11.2M-4.8% $11.7M-0.9% $11.8M-12.1% $13.4M-2.2% $13.7M-20.3% $17.2M-9.5% $19.1M+18.0% $16.2M
Accounts Receivable $12.6M+18.5% $10.6M-2.9% $10.9M+40.5% $7.8M-34.2% $11.8M+24.8% $9.5M-1.2% $9.6M+1.8% $9.4M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $7.8M+6.1% $7.4M+5.9% $7.0M-27.2% $9.6M+2.2% $9.4M-13.9% $10.9M-18.3% $13.3M+19.0% $11.2M
Current Liabilities $7.4M+9.2% $6.8M+2.9% $6.6M-25.9% $8.9M+3.4% $8.6M-13.8% $10.0M-18.8% $12.4M+20.9% $10.2M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $41.4M+3.7% $39.9M+38.5% $28.8M+8.3% $26.6M-2.6% $27.3M+8.4% $25.2M+2.9% $24.5M+3.6% $23.6M
Retained Earnings -$107.7M-0.3% -$107.4M+0.1% -$107.5M+1.8% -$109.4M-0.9% -$108.4M+1.8% -$110.5M+12.7% -$126.6M+0.6% -$127.4M

MIND Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow -$1.2M-236.1% $894K+177.1% -$1.2M-128.5% $4.1M+97.7% $2.1M-10.1% $2.3M+116.3% $1.1M+122.3% -$4.8M
Capital Expenditures $151K+62.4% $93K-48.9% $182K-23.2% $237K+5.8% $224K+234.3% $67K-16.3% $80K+21.2% $66K
Free Cash Flow -$1.4M-270.8% $801K+159.7% -$1.3M-135.0% $3.8M+108.9% $1.8M-17.4% $2.2M+127.1% $978K+120.3% -$4.8M
Investing Cash Flow -$151K-62.4% -$93K+48.9% -$182K+23.2% -$237K-5.8% -$224K-234.3% -$67K+16.3% -$80K-120.5% $391K
Financing Cash Flow $1.0M-90.4% $10.8M $0 $0 $0+100.0% -$619K $0 $0
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

MIND Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 40.7%-5.8pp 46.6%-3.8pp 50.4%+8.2pp 42.1%-1.4pp 43.5%-1.2pp 44.8%-2.8pp 47.6%+4.0pp 43.6%
Operating Margin 0.8%-7.2pp 8.0%-11.6pp 19.6%+28.0pp -8.3%-26.8pp 18.5%+3.0pp 15.5%+1.3pp 14.2%+6.7pp 7.5%
Net Margin -2.8%-3.4pp 0.6%-13.6pp 14.2%+26.5pp -12.3%-25.8pp 13.5%+2.8pp 10.7%+2.7pp 8.0%-1.9pp 9.9%
Return on Equity -0.7%-0.8pp 0.2%-6.5pp 6.7%+10.3pp -3.6%-11.1pp 7.4%+2.3pp 5.1%+1.9pp 3.3%-0.8pp 4.0%
Return on Assets -0.5%-0.7pp 0.1%-5.3pp 5.4%+8.1pp -2.7%-8.2pp 5.5%+2.0pp 3.6%+1.5pp 2.1%-0.6pp 2.7%
Current Ratio 6.03-0.2 6.28+1.5 4.79+1.2 3.55-0.2 3.71+0.6 3.12+0.5 2.64-0.2 2.89
Debt-to-Equity 0.190.0 0.19-0.1 0.24-0.1 0.36+0.0 0.34-0.1 0.43-0.1 0.55+0.1 0.47
FCF Margin -14.0%-22.2pp 8.3%+18.2pp -9.9%-58.4pp 48.5%+36.3pp 12.2%-6.2pp 18.4%+8.6pp 9.7%+59.5pp -49.8%

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Frequently Asked Questions

Mind Technology Inc (MIND) reported $40.9M in total revenue for fiscal year 2026. This represents a -12.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Mind Technology Inc (MIND) revenue declined by 12.6% year-over-year, from $46.9M to $40.9M in fiscal year 2026.

Yes, Mind Technology Inc (MIND) reported a net income of $750K in fiscal year 2026, with a net profit margin of 1.8%.

Mind Technology Inc (MIND) had EBITDA of $3.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

Mind Technology Inc (MIND) had a gross margin of 45.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Mind Technology Inc (MIND) had an operating margin of 7.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Mind Technology Inc (MIND) had a net profit margin of 1.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Mind Technology Inc (MIND) has a return on equity of 1.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Mind Technology Inc (MIND) generated $1.9M in free cash flow during fiscal year 2026. This represents a 798.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Mind Technology Inc (MIND) generated $2.6M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Mind Technology Inc (MIND) had $49.3M in total assets as of fiscal year 2026, including both current and long-term assets.

Mind Technology Inc (MIND) invested $663K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Mind Technology Inc (MIND) invested $1.6M in research and development during fiscal year 2026.

Mind Technology Inc (MIND) had 9M shares outstanding as of fiscal year 2026.

Mind Technology Inc (MIND) had a current ratio of 6.03 as of fiscal year 2026, which is generally considered healthy.

Mind Technology Inc (MIND) had a debt-to-equity ratio of 0.19 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Mind Technology Inc (MIND) had a return on assets of 1.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Mind Technology Inc (MIND) has an Altman Z-Score of 3.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Mind Technology Inc (MIND) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Mind Technology Inc (MIND) has an earnings quality ratio of 3.45x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Mind Technology Inc (MIND) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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