MIND Technology, Inc. reported a decline in financial performance for the three months ended April 30, 2025, with revenues of approximately $7.9 million, down from $9.7 million in the same period last year. The company experienced an operating loss of $658,000 compared to an operating income of $730,000 in the prior year. The decrease in revenue was attributed to delays in the delivery of a significant order valued at approximately $4.5 million, as well as other operational challenges, including a temporary suspension of repair and production activities due to facility expansion in Huntsville, Texas.
The company's gross profit for the quarter was approximately $3.3 million, resulting in a gross profit margin of 42%, a decrease from 44% in the previous year. Operating expenses rose to $3.99 million, up from $3.49 million, primarily due to increased selling, general, and administrative costs, which included non-recurring expenses related to restructuring operations in the UK and higher stock-based compensation. Research and development expenses decreased slightly to $380,000 from $462,000 year-over-year.
MIND Technology's balance sheet as of April 30, 2025, showed total assets of $36.2 million, a slight decrease from $36.7 million at the end of January 2025. The company reported working capital of approximately $22.8 million, including cash and cash equivalents of $9.2 million, compared to $23.5 million and $5.3 million, respectively, at the end of the previous quarter. The backlog of firm orders increased to approximately $21.1 million, up from $16.9 million, indicating potential revenue growth in the upcoming quarters.
Looking ahead, MIND Technology anticipates that the expansion of its Huntsville facility will be completed in the second quarter of fiscal 2026, allowing for a resumption of production and repair activities. The company expects to fulfill a significant portion of its current backlog by the end of fiscal 2026 and is optimistic about new opportunities for growth in the marine technology sector, particularly in applications related to alternative energy projects and maritime security. However, management cautioned that various risks, including supply chain disruptions and customer acceptance of orders, could impact future performance.
About MIND TECHNOLOGY, INC
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