MIND Technology, Inc. (MIND) Q3 2026 Earnings Call Transcript
Marine Technology product revenues $9.7 million for the third quarter of fiscal 2026, down slightly sequentially. The decline was attributed to moderated Seamap revenues compared to the strong second quarter.
Gross profit $4.5 million for the third quarter, representing a gross profit margin of 47%, up from 45% in the same quarter a year ago. The improvement was due to product mix, including a greater portion of spare parts and aftermarket activity, and cost structure optimization.
General and administrative expenses Approximately $3 million for the third quarter of fiscal 2026, down sequentially but up slightly year-over-year. The year-over-year increase was primarily due to higher stock-based compensation.
Research and development expense $506,000 for the third quarter, down slightly compared to the same quarter a year ago. These costs were directed toward the development and enhancement of streamer systems and source controller offerings.
Operating income Approximately $774,000 for the third quarter, compared to $1.9 million in the same quarter a year ago. The decline was not explicitly explained in the transcript.
Adjusted EBITDA Approximately $1.3 million for the third quarter, compared to $2 million in the same quarter a year ago. The decline was not explicitly explained in the transcript.
Net income $62,000 for the third quarter, compared to $1.3 million in the same quarter a year ago. The decline was attributed to a combination of discrete tax expense items and the mix of net income generated in different jurisdictions.
Backlog of firm orders Approximately $7.2 million as of October 31, 2025, compared to $12.8 million as of July 31, 2025, and $26.2 million as of October 31, 2024. The decline was attributed to customer delays in purchase decisions due to geopolitical and economic uncertainty.
Aftermarket revenues Accounted for about 64% of total revenues for the first 9 months of fiscal 2026. Margins for this business tend to be better than larger system sales due to less discounting.
Working capital Approximately $35.8 million as of October 31, 2025, including $19.4 million of cash on hand. Approximately $11 million of the cash was raised through share issuances during the quarter.
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