MIND TECHNOLOGY, INC. REPORTS FISCAL 2025 THIRD QUARTER RESULTS
MIND Technology (NASDAQ: MIND) reported strong financial results for Q3 FY2025. Revenue reached $12.1 million, up 143% from $5.0 million in Q3 FY2024. The company achieved operating income of $1.9 million, compared to a $1.5 million loss last year. Net income was $1.3 million, with earnings per share of $2.87. Adjusted EBITDA from continuing operations was $2.0 million versus a loss of $1.1 million in the prior year.
The company maintained a steady backlog of $26.2 million in Marine Technology Products. Cash balance increased to $3.5 million as of October 31, 2024, supported by positive cash flow from operations. Management highlighted a 21% sequential revenue growth and an active pipeline of pending orders exceeding twice their current backlog.
MIND Technology (NASDAQ: MIND) ha riportato solidi risultati finanziari per il terzo trimestre dell'anno fiscale 2025. I ricavi hanno raggiunto 12,1 milioni di dollari, con un incremento del 143% rispetto ai 5,0 milioni di dollari del terzo trimestre dell'anno fiscale 2024. L'azienda ha registrato un reddito operativo di 1,9 milioni di dollari, rispetto a una perdita di 1,5 milioni di dollari dell'anno scorso. L'utile netto è stato di 1,3 milioni di dollari, con guadagni per azione di 2,87 dollari. L'EBITDA rettificato dalle operazioni continuative è stato di 2,0 milioni di dollari, rispetto a una perdita di 1,1 milioni di dollari dell'anno precedente.
L'azienda ha mantenuto un portafoglio ordinato stabile di 26,2 milioni di dollari in prodotti di tecnologia marina. Il saldo di cassa è aumentato a 3,5 milioni di dollari al 31 ottobre 2024, sostenuto da un flusso di cassa operativo positivo. La direzione ha messo in evidenza una crescita sequenziale dei ricavi del 21% e un'attiva pipeline di ordini in attesa che supera di più del doppio il loro attuale portafoglio.
MIND Technology (NASDAQ: MIND) reportó sólidos resultados financieros para el tercer trimestre del año fiscal 2025. Los ingresos alcanzaron 12,1 millones de dólares, un aumento del 143% en comparación con los 5,0 millones de dólares del tercer trimestre del año fiscal 2024. La compañía logró un ingreso operativo de 1,9 millones de dólares, en comparación con una pérdida de 1,5 millones de dólares el año pasado. La ganancia neta fue de 1,3 millones de dólares, con ganancias por acción de 2,87 dólares. El EBITDA ajustado de operaciones continuas fue de 2,0 millones de dólares frente a una pérdida de 1,1 millones de dólares en el año anterior.
La empresa mantuvo una cartera de pedidos estable de 26,2 millones de dólares en productos de tecnología marina. El saldo de efectivo aumentó a 3,5 millones de dólares al 31 de octubre de 2024, respaldado por un flujo de efectivo operativo positivo. La gestión destacó un crecimiento secuencial de ingresos del 21% y una activa cartera de órdenes pendientes que supera más del doble su cartera actual.
MIND Technology (NASDAQ: MIND)는 2025 회계연도 3분기 강력한 재무 결과를 보고했습니다. 매출은 1210만 달러에 이르러, 2024 회계연도 3분기의 500만 달러와 비교하여 143% 증가했습니다. 회사는 작년의 150만 달러 손실과 비교하여 190만 달러의 운영 수익을 달성했습니다. 순이익은 130만 달러로, 주당 수익은 2.87달러였습니다. 지속 운영에서 조정된 EBITDA는 200만 달러로, 전년의 110만 달러 손실에 비해 개선되었습니다.
회사는 해양 기술 제품에 대해 2620만 달러의 안정적인 수주 잔고를 유지했습니다. 2024년 10월 31일 기준으로 현금 잔고는 350만 달러로 증가했으며, 이는 긍정적인 운영 현금 흐름에 의해 지원됩니다. 경영진은 21%의 순차적 매출 성장을 강조하며, 현재의 수주 잔고의 두 배를 초과하는 적극적인 주문 파이프라인을 언급했습니다.
MIND Technology (NASDAQ: MIND) a annoncé de solides résultats financiers pour le troisième trimestre de l'exercice 2025. Les revenus ont atteint 12,1 millions de dollars, en hausse de 143 % par rapport à 5,0 millions de dollars pour le troisième trimestre de l'exercice 2024. L'entreprise a enregistré un résultat d'exploitation de 1,9 million de dollars, contre une perte de 1,5 million de dollars l'année précédente. Le bénéfice net s'est élevé à 1,3 million de dollars, avec un bénéfice par action de 2,87 dollars. L'EBITDA ajusté des opérations continues était de 2,0 millions de dollars, contre une perte de 1,1 million de dollars l'année précédente.
L'entreprise a maintenu un carnet de commandes stable de 26,2 millions de dollars dans les produits de technologie marine. Le solde de trésorerie a augmenté à 3,5 millions de dollars au 31 octobre 2024, soutenu par un flux de trésorerie opérationnel positif. La direction a souligné une croissance séquentielle des revenus de 21 % et une pipeline active de commandes en attente dépassant le double de leur carnet de commandes actuel.
MIND Technology (NASDAQ: MIND) hat starke Finanzergebnisse für das dritte Quartal des Geschäftsjahres 2025 gemeldet. Der Umsatz erreichte 12,1 Millionen Dollar, was einem Anstieg von 143% im Vergleich zu 5,0 Millionen Dollar im dritten Quartal des Geschäftsjahres 2024 entspricht. Das Unternehmen erzielte ein Betriebsergebnis von 1,9 Millionen Dollar im Vergleich zu einem Verlust von 1,5 Millionen Dollar im Vorjahr. Der Nettogewinn betrug 1,3 Millionen Dollar, mit einem Gewinn je Aktie von 2,87 Dollar. Das bereinigte EBITDA aus fortgeführten Betrieben lag bei 2,0 Millionen Dollar im Vergleich zu einem Verlust von 1,1 Millionen Dollar im Vorjahr.
Das Unternehmen hielt einen stabilen Auftragsbestand von 26,2 Millionen Dollar in maritimen Technologieprodukten. Der Bargeldbestand stieg zum 31. Oktober 2024 auf 3,5 Millionen Dollar, unterstützt durch positiven Cashflow aus den Betrieben. Das Management hob ein sequenzielles Umsatzwachstum von 21% hervor und verwies auf eine aktive Pipeline von ausstehenden Bestellungen, die mehr als das Doppelte ihres aktuellen Auftragsbestands übersteigt.
- Revenue increased 143% YoY to $12.1 million
- Turned $1.5M operating loss into $1.9M operating profit
- Achieved positive Adjusted EBITDA of $2.0M vs -$1.1M last year
- EPS improved to $2.87 from -$0.27 year-over-year
- Strong backlog of $26.2M with pipeline twice that size
- Increased cash balance to $3.5M through positive operating cash flow
- None.
Insights
Revenues from continuing operations for the third quarter of fiscal 2025 were approximately
Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) and cash provided by (used in) operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with
The backlog of Marine Technology Products related to our Seamap segment as of October 31, 2024 was approximately
Rob Capps, MIND's President and Chief Executive Officer, stated, "We are very pleased to report that third quarter revenue grew
"We have begun our fiscal fourth quarter with a strong backlog of approximately
CONFERENCE CALL
Management has scheduled a conference call for Wednesday, December 11, 2024 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's fiscal 2025 third quarter results. To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time. Investors may also listen to the conference call live on the MIND Technology website, http://mind-technology.com, by logging onto the site and clicking "Investor Relations". A telephonic replay of the conference call will be available through December 18, 2024 and may be accessed by calling (201) 612-7415 and using passcode 13750138#. A webcast archive will also be available at http://mind-technology.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Dennard Lascar Investor Relations by email at MIND@dennardlascar.com.
ABOUT MIND TECHNOLOGY
MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in
Forward-looking Statements
Certain statements and information in this press release concerning results for the quarter ended October 31, 2024 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers' capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital and volatility in commodity prices for oil and natural gas.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.
Non-GAAP Financial Measures
Certain statements and information in this press release contain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with
-Tables to Follow-
MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) | ||||||||
October 31, 2024 | January 31, 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,505 | $ | 5,289 | ||||
Accounts receivable, net of allowance for credit losses of 2024 and January 31, 2024 | 9,471 | 6,566 | ||||||
Inventories, net | 17,249 | 13,371 | ||||||
Prepaid expenses and other current assets | 1,039 | 3,113 | ||||||
Total current assets | 31,264 | 28,339 | ||||||
Property and equipment, net | 775 | 818 | ||||||
Operating lease right-of-use assets | 1,526 | 1,324 | ||||||
Intangible assets, net | 2,420 | 2,888 | ||||||
Deferred tax asset | 122 | 122 | ||||||
Total assets | $ | 36,107 | $ | 33,491 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,179 | $ | 1,623 | ||||
Deferred revenue | 248 | 203 | ||||||
Customer deposits | 3,112 | 3,446 | ||||||
Accrued expenses and other current liabilities | 1,742 | 2,140 | ||||||
Income taxes payable | 2,093 | 2,114 | ||||||
Operating lease liabilities - current | 660 | 751 | ||||||
Total current liabilities | 10,034 | 10,277 | ||||||
Operating lease liabilities - non-current | 866 | 573 | ||||||
Total liabilities | 10,900 | 10,850 | ||||||
Stockholders' equity: | ||||||||
Preferred stock, outstanding at October 31, 2024 and 1,683 shares issued and outstanding at January 31, 2024 | — | 37,779 | ||||||
Common stock, outstanding at October 31, 2024 and 1,406 shares issued and outstanding at January 31, 2024 | 80 | 14 | ||||||
Additional paid-in capital | 135,572 | 113,121 | ||||||
Accumulated deficit | (110,479) | (128,307) | ||||||
Accumulated other comprehensive gain | 34 | 34 | ||||||
Total stockholders' equity | 25,207 | 22,641 | ||||||
Total liabilities and stockholders' equity | $ | 36,107 | $ | 33,491 | ||||
MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | ||||||||||||||||
For the Three Months Ended October 31, | For the Nine Months Ended October 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Sales of marine technology products | $ | 12,105 | $ | 4,974 | 31,819 | 23,132 | ||||||||||
Cost of sales: | ||||||||||||||||
Sales of marine technology products | 6,684 | 2,721 | 17,402 | 13,402 | ||||||||||||
Gross profit | 5,421 | 2,253 | 14,417 | 9,730 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 2,762 | 2,941 | 8,305 | 9,160 | ||||||||||||
Research and development | 562 | 508 | 1,352 | 1,479 | ||||||||||||
Depreciation and amortization | 221 | 257 | 724 | 892 | ||||||||||||
Total operating expenses | 3,545 | 3,706 | 10,381 | 11,531 | ||||||||||||
Operating income (loss) | 1,876 | (1,453) | 4,036 | (1,801) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | — | (169) | — | (536) | ||||||||||||
Other, net | (189) | 25 | 320 | 336 | ||||||||||||
Total other income (expense) | (189) | (144) | 320 | (200) | ||||||||||||
Income (loss) from continuing operations before income taxes | 1,687 | (1,597) | 4,356 | (2,001) | ||||||||||||
Provision for income taxes | (396) | (112) | (1,313) | (590) | ||||||||||||
Net income (loss) from continuing operations | 1,291 | (1,709) | 3,043 | (2,591) | ||||||||||||
Income from discontinued operations, net of income taxes | — | 2,277 | — | 1,424 | ||||||||||||
Net income (loss) | $ | 1,291 | $ | 568 | $ | 3,043 | $ | (1,167) | ||||||||
Preferred stock dividends - declared | — | (947) | — | (947) | ||||||||||||
Preferred stock dividends - undeclared | (368) | — | (2,262) | (1,894) | ||||||||||||
Effect of preferred stock conversion | 14,785 | — | 14,785 | — | ||||||||||||
Net Income (loss) attributable to common stockholders | $ | 15,708 | $ | (379) | $ | 15,566 | $ | (4,008) | ||||||||
Net Income (loss) per common share - Basic and Diluted | ||||||||||||||||
Continuing operations | $ | 2.87 | $ | (1.89) | $ | 5.62 | $ | (3.86) | ||||||||
Discontinued operations | $ | — | $ | 1.62 | $ | — | $ | 1.01 | ||||||||
Net income (loss) | $ | 2.87 | $ | (0.27) | $ | 5.62 | $ | (2.85) | ||||||||
Shares used in computing net income (loss) per common share: | ||||||||||||||||
Basic and diluted | 5,473 | 1,406 | 2,772 | 1,406 | ||||||||||||
MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | ||||||||
For the Nine Months Ended October 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 3,043 | $ | (1,167) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Depreciation and amortization | 724 | 1,230 | ||||||
Stock-based compensation | 141 | 264 | ||||||
Gain on sale of Klein | — | (2,393) | ||||||
Provision for inventory obsolescence | 67 | 23 | ||||||
Gross profit from sale of other equipment | (457) | (385) | ||||||
Changes in: | ||||||||
Accounts receivable | (3,006) | (688) | ||||||
Unbilled revenue | 164 | 51 | ||||||
Inventories | (3,944) | (3,174) | ||||||
Prepaid expenses and other current and long-term assets | 2,076 | 566 | ||||||
Income taxes receivable and payable | (24) | (21) | ||||||
Accounts payable, accrued expenses and other current liabilities | 98 | (1,045) | ||||||
Deferred revenue and customer deposits | (289) | 1,115 | ||||||
Net cash used in operating activities | (1,407) | (5,624) | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (213) | (199) | ||||||
Proceeds from the sale of Klein, net | — | 10,832 | ||||||
Sale of other equipment | 457 | 385 | ||||||
Net cash provided by investing activities | 244 | 11,018 | ||||||
Cash flows from financing activities: | ||||||||
Preferred stock conversion transaction costs | (619) | — | ||||||
Net proceeds from short-term loan | — | 2,947 | ||||||
Payment on short-term loan | — | (3,750) | ||||||
Refund of prepaid interest on short-term loan | — | 214 | ||||||
Net cash used in financing activities | (619) | (589) | ||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | (2) | (14) | ||||||
Net change in cash and cash equivalents | (1,784) | 4,791 | ||||||
Cash and cash equivalents, beginning of period | 5,289 | 778 | ||||||
Cash and cash equivalents, end of period | $ | 3,505 | $ | 5,569 | ||||
MIND TECHNOLOGY, INC. Reconciliation of Net Income (Loss) and Net Cash Used in Operating Activities to EBITDA and Adjusted EBITDA from Continuing Operations (in thousands) (unaudited) | ||||||||||||||||
For the Three Months Ended October 31, | For the Nine Months Ended October 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA from continuing operations | (in thousands) | |||||||||||||||
Net income (loss) | $ | 1,291 | $ | 568 | $ | 3,043 | $ | (1,167) | ||||||||
Interest expense, net | — | 169 | — | 536 | ||||||||||||
Depreciation and amortization | 221 | 290 | 724 | 1,230 | ||||||||||||
Provision for income taxes | 396 | 112 | 1,313 | 590 | ||||||||||||
EBITDA (1) | 1,908 | 1,139 | 5,080 | 1,189 | ||||||||||||
Stock-based compensation | 47 | 106 | 141 | 264 | ||||||||||||
Income from discontinued operations net of depreciation and amortization | — | (2,308) | — | (1,762) | ||||||||||||
Adjusted EBITDA from continuing operations (1) | $ | 1,955 | $ | (1,063) | $ | 5,221 | $ | (309) | ||||||||
Reconciliation of Net Cash Provided by (Used in) Operating Activities to EBITDA | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,288 | $ | (2,147) | $ | (1,407) | $ | (5,624) | ||||||||
Gain on Sale of Klein | — | 2,393 | — | 2,393 | ||||||||||||
Stock-based compensation | (47) | (106) | (141) | (264) | ||||||||||||
Provision for inventory obsolescence | (22) | (23) | (67) | (23) | ||||||||||||
Changes in accounts receivable (current and long-term) | (115) | (2,570) | 2,842 | 637 | ||||||||||||
Interest paid, net | — | 169 | — | 576 | ||||||||||||
Taxes paid, net of refunds | 473 | 192 | 1,411 | 617 | ||||||||||||
Gross profit from sale of other equipment | — | 49 | 457 | 385 | ||||||||||||
Changes in inventory | (1,798) | 2,841 | 3,944 | 3,174 | ||||||||||||
Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue | 2,161 | (427) | 191 | (70) | ||||||||||||
Changes in prepaid expenses and other current and long-term assets | (1,034) | 763 | (2,076) | (566) | ||||||||||||
Other | 2 | 5 | (74) | (46) | ||||||||||||
EBITDA (1) | $ | 1,908 | $ | 1,139 | $ | 5,080 | $ | 1,189 | ||||||||
1. | EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, stock-based compensation, impairment of intangible assets and other non-cash tax related items. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. We have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures, service debt and finance working capital requirements and we believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities. We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes. Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies. |
Contacts: | Rob Capps, President & CEO |
MIND Technology, Inc. | |
281-353-4475 | |
Ken Dennard / Zach Vaughan | |
Dennard Lascar Investor Relations | |
713-529-6600 | |
MIND@dennardlascar.com |
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SOURCE MIND Technology, Inc.
FAQ
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