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MIND Technology, Inc. (NASDAQ: MIND) headquartered in The Woodlands, Texas, is a leading provider of innovative technology solutions for the oceanographic, hydrographic, defense, seismic, and maritime security industries. Operating through its subsidiaries, MIND delivers specialized, high-performance sonar and seismic equipment designed for marine exploration and survey applications.
The company functions primarily in two segments: Marine Technology Products and Equipment Leasing. Under these segments, MIND develops, manufactures, and markets proprietary products such as the GunLink seismic source acquisition and control systems, BuoyLink RGPS tracking systems, DigiShot energy source controllers, and the SeaLink product line, which includes marine sensors and solid streamer systems. Additionally, MIND offers the HarborGuard, an integrated waterside surveillance and security system that combines radar, video, and other advanced surveillance technologies.
MIND's Seamap unit, which contributes significantly to the company's revenue, focuses on manufacturing and selling specialized marine survey equipment. This unit has a global footprint with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. The company’s geographical reach extends across the United States; Europe, Russia & CIS; Middle East & Africa; Asia-Pacific; and Canada & Latin America.
Recently, MIND Technology has made significant strides in improving its financial health. For the fiscal year ending January 31, 2024, the company reported its first profitable year since 2014 with an operating income of $518,000. This improvement is a result of strategic alignments and cost containment measures. The company has a robust backlog of approximately $38.4 million as of January 31, 2024, predominantly from its Seamap segment, indicating strong demand and a bright outlook for future operations.
MIND is also taking proactive measures to address its capital structure. The company has proposed converting its 9% Series A Cumulative Preferred Stock into common stock at a revised rate, a strategic move aimed at enhancing financial flexibility and simplifying its capital structure. This proposal underscores the company's commitment to creating additional value for its shareholders and positioning itself for sustainable growth.
With a keen focus on customer engagement and a steady stream of new orders, MIND Technology expects to continue its positive financial trajectory into fiscal 2025. The company is dedicated to leveraging its innovative technology and global presence to meet the evolving needs of its diverse clientele while maintaining strong financial discipline.
For more information on MIND Technology's recent developments and financial performance, visit the company's investor relations page or contact their investor relations team at MIND@dennardlascar.com.
MIND Technology, Inc. (NASDAQ: MIND) announced its fiscal 2022 results, reporting total revenues of $23.1 million, up from $21.2 million in 2021. However, fourth quarter revenues decreased to $3.8 million, down from $8.3 million in Q3 2022. The company faced a net loss of $18.0 million for the year, a slight improvement from $22.6 million in 2021. Backlog increased to $13.1 million, and outlook for fiscal 2023 is optimistic with expected revenue growth. Despite ongoing supply chain challenges, management expressed confidence in future performance.
MIND Technology, Inc. (NASDAQ: MIND) will announce its fiscal 2022 fourth quarter and full year financial results on April 20, 2022, after market close. A conference call is scheduled for April 21, 2022, at 9:00 a.m. Eastern Time. The call can be accessed via phone or online. A replay will be available until April 28, 2022. MIND Technology specializes in advanced marine sonar and seismic equipment for various industries globally.
MIND Technology (NASDAQ: MIND) announced recent orders totaling approximately $7.3 million across its Seamap and Klein Marine Systems units, expected to be delivered within the fiscal year. The Seamap unit secured a $4.8 million order from HJ Shipbuilding & Construction for its GunLink 4000 and positioning systems for a seismic research vessel. The Klein unit has received $2.5 million in orders for multi-beam sonar systems, with additional quote requests amounting to $3.5 million. The company expresses optimism about future demand growth for its Marine Technology Products amidst an improving macroeconomic environment.
MIND Technology, Inc. announced a quarterly cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q1 of fiscal year ending January 31, 2023. This dividend covers the period from February 1, 2022 to April 30, 2022. The payment is scheduled for April 30, 2022, to shareholders on record as of April 15, 2022. The Series A Preferred Stock is traded under the ticker symbol MINDP on Nasdaq.
MIND Technology, Inc. (NASDAQ: MIND) announced the launch of its Spectral AI automatic target recognition (ATR) capability at the Oceanology International Conference in London on March 15, 2022. This technology will enhance the company's Klein Marine Systems side scan sonar systems, providing a competitive edge in the market. MIND's CTO, Andy Meecham, emphasized the growing importance of ATR for sensor system operators. The company plans to explore further ATR applications beyond its sonar systems in the future.
MIND Technology, Inc. (MIND) announced the passing of Board member Robert J. Albers on February 26, 2022, at the age of 78. Mr. Albers, who served on the Board since January 2008, was recognized for his extensive experience in the seismic industry, including significant roles at Sercel, Inc. and Halliburton. The company expressed gratitude for his contributions over 14 years. MIND Technology has initiated a search for a replacement to fill Mr. Albers' position, aiming to maintain its strategic leadership.
MIND Technology, Inc. has declared a cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q4 of the fiscal year ending January 31, 2022. This dividend applies to the period from November 1, 2021 to January 31, 2022, and is payable on January 31, 2022, to shareholders on record as of January 15, 2022. The Series A Preferred Stock trades under the ticker symbol MINDP.
MIND Technology, Inc. (NASDAQ: MIND) announced a Cooperative Research and Development Agreement (CRADA) with the US Navy's Naval Surface Warfare Center, Panama City Division, on December 13, 2021. This agreement, entitled 'Advanced Mine Finding,' focuses on optimizing next-generation mine-hunting sonar systems. MIND's CTO, Andy Meecham, highlighted the company's history of supporting the Navy through innovations such as the MA-X™ sonars. MIND Technology designs and manufactures marine sonar and seismic equipment, providing vital technology for defense and hydrographic industries.
MIND Technology reported financial results for Q3 fiscal 2022 with revenues of $8.3 million, up 23% sequentially and 31% year-over-year. The net loss from continuing operations was $(2.1 million), improved from the prior quarter's loss of $(2.7 million). Adjusted EBITDA loss decreased to $(1.3 million) from $(1.8 million) in Q2. The company has a backlog of $10.0 million and anticipates exceeding last year's revenues. Despite strong order flow, supply chain challenges pose risks to future performance.
MIND Technology, Inc. (Nasdaq: MIND) reported an expected revenue of $8.3 million from marine technology product sales for the quarter ending October 31, 2021, marking a 23% sequential increase and a 28% year-over-year increase. The backlog reached $10.0 million. CEO Rob Capps noted the company's operational ramp-up and increasing orders, including military sonar systems. The company also completed a preferred stock offering, securing $9.5 million in net proceeds, enhancing liquidity for future opportunities. A third quarter earnings release is scheduled for December 8, 2021.
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