MIND News & Events

MIND Technology announced that its Seamap unit has entered into a trade finance facility with The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch for the issuance from time to time of letters of credit or bank guarantees. Rob Capps, President and CEO of MIND, "We are pleased to continue our long-standing relationship with HSBC Singapore. While there is no current utilization of this new facility, it does provide us with flexibility for future projects. From time to time we encounter project proposals, particularly from governmental organizations, that have certain bonding requirements. This new facility will allow us to respond efficiently and more economically to these potential projects."

Reports Q3 revenue $9.7M vs $12.1M last year. FY25 Q3 EPS was affected by the conversion of preferred stock into common stock. Reports backlog of Marine Technology Product orders related to our Seamap segment was approximately $7.2M as of October 31 compared to $12.8M at July 31. Rob Capps, MIND's President and CEO stated, "Our results for the Q3 were largely in line with our expectations. Although Seamap revenues moderated slightly from the second quarter, higher margin after-market activity was strong again this quarter and accounted for about 64% of our revenues in the first nine months of this fiscal year. This favorable after-market activity, along with our consistent execution, helped deliver another profitable quarter. Based on the anticipated delivery schedule of our backlog, recent and expected orders, we expect our Q4 to be improved from the Q3."

MIND Technology announced that its Seamap unit has received orders for GunLink source controllers and associated equipment from an international seismic contractor. The aggregate value of the orders, which are expected to be delivered in this fiscal year or early next year, is in excess of $9.5M.

Reports Q2 revenue $13.561M vs. $10.036M last year. Rob Capps, MIND's President and CEO, stated, "MIND delivered strong results for the Q2 that were largely in line with our expectations. We resumed our cadence of positive Adjusted EBITDA and profitability after delivery delays in the first quarter briefly interrupted our momentum. We also generated improved Seamap revenues driven by systems sales and the growing contributions from our after-market activities. After-market activities accounted for about 68% of our revenues in the first six months of this fiscal year. Overall, I'm pleased with our ability to consistently and efficiently execute our backlog and deliver favorable results. Although our reported backlog, consisting of firm orders for which we have purchase orders or contracts in hand, declined as of the end of the quarter, our pipeline of prospects remains strong. We believe the receipt of specific orders that will restore our backlog to a level comparable to that as of the end of the first quarter is imminent."