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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. declared a cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q3 of the fiscal year ending January 31, 2022. This dividend, which is payable on October 31, 2021, is for the period from August 1, 2021 to October 31, 2021. Holders of record as of October 15, 2021 will receive the payment. The Series A Preferred Stock trades under the ticker symbol MINDP on Nasdaq.
MIND Technology, Inc. (NASDAQ: MIND) reported its fiscal 2022 second quarter results with revenues from Marine Technology Products at $6.8 million, up 62% sequentially and 34% year-over-year. The company posted a net loss of $2.7 million, an improvement from $3.7 million in the prior quarter. Adjusted EBITDA loss was $1.8 million. The backlog of orders increased to $11.7 million. MIND expects to boost liquidity by over $4 million from land leasing asset sales. Despite global supply chain challenges, management anticipates continuing growth and aims for annual revenues of $140 million by 2026.
MIND Technology, Inc. (NASDAQ: MIND) will announce its fiscal 2022 second quarter financial results on September 8, 2021, after market close. A live conference call is scheduled for September 9, 2021, at 9:00 a.m. ET, where executives will discuss the earnings report. The call can be accessed via phone or online. A replay will be available until September 16, 2021. MIND Technology specializes in marine sonar and seismic equipment for various industries, operating globally with key locations including the US, Singapore, Malaysia, and the UK.
MIND Technology, Inc. (NASDAQ: MIND) announced on July 19, 2021, that its Seamap unit secured new orders worth approximately $4.1 million for source controller and GNSS positioning systems. Deliveries are set for the third and fourth quarters of the fiscal year. Co-CEO Guy Malden expressed optimism about the marine exploration market, noting strong demand for their marine source controller systems and anticipating further orders.
MIND Technology, Inc. has declared a cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q2 of the fiscal year ending January 31, 2022. This dividend is payable on July 31, 2021, to shareholders holding the stock as of July 15, 2021. MIND's Series A Preferred Stock trades under the ticker symbol MINDP.
The company focuses on marine technology solutions, operating primarily in Marine Exploration, Marine Survey, and Maritime Security, with a global presence.
MIND Technology, Inc. (NASDAQ: MIND) reported its fiscal 2022 first quarter financial results, showing revenues of $4.2 million, down from $6.4 million in Q4 2021 but up from $3.2 million in Q1 2021. The company faced a net loss of approximately $3.7 million, slightly worse than the $3.3 million loss in Q4 2021. Adjusted EBITDA also worsened to a loss of $3.0 million. Backlog decreased to $11.0 million from $14.2 million previously. Supply chain disruptions impacted deliveries, but MIND expects an increase in inquiries and possible $5 million in orders in Q2 2022. The company maintains a long-term goal of $140 million in revenue with a 20% EBITDA margin.
MIND Technology, Inc. (NASDAQ: MIND) will release its fiscal 2022 first quarter financial results after market close on June 2, 2021. A conference call is set for June 3, 2021, at 9:00 a.m. Eastern Time, allowing investors to discuss the results live. Both phone and internet options are available for participation. A replay will be accessible until June 10, 2021. MIND Technology provides advanced technology to various industries, showcasing its global presence through key operations worldwide.
MIND Technology, Inc. (MIND) reported financial results for Q4 and fiscal year 2021, with revenues of $6.4 million in Q4, down from $8.9 million in Q4 2020, and total annual revenues of $21.2 million, compared to $29.9 million in 2020. The company posted a net loss of $3.3 million for Q4, leading to an annual loss of $22.5 million (or $(1.30) per share). Despite challenges, MIND highlighted a record backlog of $14.2 million, a 73% increase from Q3. Looking ahead, MIND anticipates revenue growth in fiscal 2022, driven by increased orders and a new agreement with PGS.
MIND Technology, Inc. has declared a quarterly cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q1 of the fiscal year ending January 31, 2022. This dividend applies to the period from February 1, 2021 to April 30, 2021, payable on April 30, 2021, to shareholders on record as of the close of business on April 15, 2021. MINDP shares are listed on the Nasdaq, signifying the company's commitment to return income to its investors.
MIND Technology, Inc. (NASDAQ: MIND) will release its fiscal 2021 fourth quarter and full year financial results on April 12, 2021. The announcement will be followed by a conference call on April 13, 2021, at 9:00 a.m. Eastern Time. Investors can access the call live via phone or the Internet. A replay will be available until April 20, 2021. MIND Technology provides advanced technology solutions for various industries including oceanographic and defense sectors, and operates globally with facilities in the U.S., Singapore, Malaysia, and the U.K.
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