MIND Technology, Inc. reported its financial results for the third quarter of fiscal 2026, revealing a decline in revenue and net income compared to the same period last year. For the three months ended October 31, 2025, the company generated revenues of approximately $9.7 million, down from $12.1 million in the prior year. The net income for the quarter was $62,000, a significant decrease from $1.3 million reported in the same quarter of the previous year. For the nine months ended October 31, 2025, revenues totaled $31.2 million, slightly lower than the $31.8 million recorded in the same period last year, while net income decreased to $1.0 million from $3.0 million.
The company's operating income for the third quarter was approximately $774,000, down from $1.9 million in the prior year, reflecting increased operating expenses, which rose to $3.7 million from $3.5 million. The increase in expenses was primarily attributed to higher selling, general, and administrative costs, including stock-based compensation. Despite the decline in revenue and profitability, MIND Technology's gross profit margin improved to 47% for both the three and nine months ended October 31, 2025, compared to 45% in the same periods of the previous year.
In terms of operational developments, MIND Technology's facility in Huntsville, Texas, underwent an expansion to accommodate increased activity, which temporarily suspended repair and production operations. The company reported a backlog of firm orders amounting to approximately $7.2 million as of October 31, 2025, a decrease from $16.9 million at the end of January 2025. However, subsequent to the reporting period, the company received additional orders totaling approximately $9.5 million, indicating potential revenue growth in the near future.
The company’s liquidity position improved significantly, with working capital of approximately $36.0 million, including cash and cash equivalents of $19.4 million, compared to $23.5 million and $5.3 million, respectively, as of January 31, 2025. This increase was primarily due to approximately $10.8 million raised through the sale of common stock under an at-the-market (ATM) program. MIND Technology anticipates that this enhanced liquidity will support its operational needs and potential growth initiatives.
Looking ahead, MIND Technology expects revenue in the fourth quarter of fiscal 2026 to improve compared to the third quarter, driven by the completion of orders in its backlog. However, the outlook for fiscal 2027 remains uncertain due to delays in certain projects and changes in capital allocations by end-users. The company is actively pursuing new product initiatives and opportunities to expand its market presence, particularly in marine exploration and security applications, which could positively impact future financial results.
About MIND TECHNOLOGY, INC
MIND Technology, Inc. provides advanced marine seismic, hydrographic, and oceanographic equipment and technology for exploration, survey, and maritime security markets worldwide. Its core products include seismic source control systems, positioning systems, and towed streamer systems. Serving clients such as survey contractors, research institutes, and government agencies, the company emphasizes innovation, proprietary technology, and global operations in a competitive industry.
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