MIND Technology, Inc. (MIND) Q3 2026 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 10 2025
0mins
Should l Buy MIND?
Source: SeekingAlpha
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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Analyst Views on MIND
About MIND
Mind Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. The Company offers marine technology products to marine survey, marine exploration, and maritime defense markets. The Company operates through one segment: Seamap Marine Products business, which is engaged in the design, manufacture and sale of specialized marine seismic equipment. Seamap’s primary products include the GunLink seismic source acquisition and control systems, which are designed to provide operators of marine seismic surveys more precise monitoring and control of energy sources; the BuoyLink relative global navigation satellite system (RGNSS) positioning system, which is used to provide precise positioning of marine seismic energy sources and streamers; Sleeve Gun energy sources and the SeaLink towed seismic streamer system. Applications for these technologies include marine seismic surveys related to energy exploration and alternative energy projects.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Screening Process Optimization: With Benzinga Pro's scanner, investors can create a weekly updated list of candidates, initially filtering for high Growth Rankings and then using low institutional ownership to eliminate crowded trades.
- Potential Investment Opportunities: Companies like Optex Systems Holdings and MIND Technology demonstrate real growth potential under low institutional ownership, where stable orders and continued deliveries could lead to rapid market re-pricing.
- Profitability Enhancement: Cases like Paysign and Codere Online indicate that as profitability improves and cash flow stabilizes, market attention on these companies may rise quickly, driving stock prices higher.
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- Revenue Decline: MIND Technology reported approximately $9.7 million in revenue for Q3 2026, a 29% decrease from $13.6 million in Q2 2026, indicating weakened market demand that could impact future growth potential.
- Net Income Drop: The net income for Q3 was only $62,000, a significant decline from $1.9 million in Q2, reflecting a sharp drop in profitability that may undermine investor confidence.
- Adjusted EBITDA: Adjusted EBITDA stood at $1.3 million, down 58% from $3.1 million in Q2, indicating challenges in cost control and profitability that could affect the company's financing capabilities and expansion plans.
- Backlog Reduction: As of October 31, 2025, the backlog of Marine Technology product orders was approximately $7.2 million, a 44% decrease from $12.8 million on July 31, 2025, which may signal further revenue pressure ahead.
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MIND Technology, Inc. Reports Decline in Q3 Earnings
Profit Decline: MIND Technology, Inc. reported a significant drop in profit for the third quarter, with earnings falling to $0.62 million, or $0.01 per share, compared to $15.708 million, or $2.87 per share, from the previous year.
Revenue Decrease: The company's revenue decreased by 20% to $9.688 million, down from $12.105 million in the same quarter last year.
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MIND Technology Secures Over $9.5 Million in Orders for GunLink Controllers
- Significant Order Value: MIND Technology's Seamap unit has secured orders for GunLink source controllers and associated equipment from an international seismic contractor, with a total value exceeding $9.5 million, expected to be delivered in this fiscal year or early next year, indicating sustained demand in the marine exploration equipment market.
- Ongoing Market Demand: Despite a temporary lull in order activity, MIND's Vice President Mark Welker noted strong interest in source controllers and other products, suggesting that confidence in the market is recovering as technical requirements are finalized.
- Global Business Presence: MIND Technology operates key locations in the U.S., Singapore, Malaysia, and the U.K., with its Seamap unit focusing on the design and manufacture of high-performance marine exploration equipment, further solidifying its competitive edge in the global market.
- Future Outlook: The company's press release includes forward-looking statements that emphasize expectations for future operations and financial position, highlighting confidence in future orders and deliveries despite risks such as capital budget constraints and commodity price volatility.
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- Growth Ranking Tool: Benzinga's Growth Ranking tool helps investors identify underappreciated growth stocks by establishing a rules-based framework that reduces narrative risk and focuses on actual sales and earnings growth.
- Screening Process Optimization: With Benzinga Pro's scanner, investors can create a weekly updated list of candidates, initially filtering for high Growth Rankings and then using low institutional ownership to eliminate crowded trades.
- Potential Investment Opportunities: Companies like Optex Systems Holdings and MIND Technology demonstrate real growth potential under low institutional ownership, where stable orders and continued deliveries could lead to rapid market re-pricing.
- Profitability Enhancement: Cases like Paysign and Codere Online indicate that as profitability improves and cash flow stabilizes, market attention on these companies may rise quickly, driving stock prices higher.
See More
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- Sales Growth Projection: Amazon.com, Inc. anticipates Q4 2025 net sales between $206 billion and $213 billion, reflecting the company's potential for revenue growth across e-commerce, cloud services, and advertising sectors.
- Operational Efficiency Gains: The integration of AI technologies enhances operational efficiency in personalization, logistics, and AWS offerings, strengthening Amazon's competitive positioning in the market.
- Increased Financial Pressure: Despite projected sales growth, substantial capital expenditure requirements for AI infrastructure and data centers may strain financial resources and compress profit margins.
- Intensified Competitive Risks: Amazon faces fierce competition from rivals like Walmart, Microsoft Azure, and Google Cloud, which could impact its market share and profitability going forward.
See More
Mindpeak Secures First AI Pathology Patent, Advancing Precision Oncology Diagnostics
- Patent Milestone: Mindpeak has secured its first patent across 17 EU member states and the UK, covering a novel AI training method that enables accurate identification and classification of cells in tissue samples, significantly enhancing precision and reliability in oncology diagnostics.
- Technological Innovation: The patent protects Mindpeak's proprietary approach to developing AI models that learn from heterogeneous datasets and adapt to variations in staining and sample preparation, ensuring consistent outputs across different laboratories and scanner platforms, addressing key challenges in routine pathology.
- Market Application Potential: This patent lays the groundwork for scalable applications in oncology, expected to improve pathology quality and reproducibility, thereby accelerating the delivery of correct treatments to patients and enhancing the company's competitive edge in the healthcare technology market.
- Industry Showcase: Mindpeak will present the patented technology at the Digital Pathology & AI Europe conference in London on December 10-11, engaging with leaders across industry, healthcare, and research to discuss the prospects of next-generation diagnostic approaches.
See More
MIND Technology Reports Q3 Revenue Drop to $9.7 Million
- Revenue Decline: MIND Technology reported approximately $9.7 million in revenue for Q3 2026, a 29% decrease from $13.6 million in Q2 2026, indicating weakened market demand that could impact future growth potential.
- Net Income Drop: The net income for Q3 was only $62,000, a significant decline from $1.9 million in Q2, reflecting a sharp drop in profitability that may undermine investor confidence.
- Adjusted EBITDA: Adjusted EBITDA stood at $1.3 million, down 58% from $3.1 million in Q2, indicating challenges in cost control and profitability that could affect the company's financing capabilities and expansion plans.
- Backlog Reduction: As of October 31, 2025, the backlog of Marine Technology product orders was approximately $7.2 million, a 44% decrease from $12.8 million on July 31, 2025, which may signal further revenue pressure ahead.
See More
MIND Technology, Inc. Reports Decline in Q3 Earnings
Profit Decline: MIND Technology, Inc. reported a significant drop in profit for the third quarter, with earnings falling to $0.62 million, or $0.01 per share, compared to $15.708 million, or $2.87 per share, from the previous year.
Revenue Decrease: The company's revenue decreased by 20% to $9.688 million, down from $12.105 million in the same quarter last year.
See More
MIND Technology Secures Over $9.5 Million in Orders for GunLink Controllers
- Significant Order Value: MIND Technology's Seamap unit has secured orders for GunLink source controllers and associated equipment from an international seismic contractor, with a total value exceeding $9.5 million, expected to be delivered in this fiscal year or early next year, indicating sustained demand in the marine exploration equipment market.
- Ongoing Market Demand: Despite a temporary lull in order activity, MIND's Vice President Mark Welker noted strong interest in source controllers and other products, suggesting that confidence in the market is recovering as technical requirements are finalized.
- Global Business Presence: MIND Technology operates key locations in the U.S., Singapore, Malaysia, and the U.K., with its Seamap unit focusing on the design and manufacture of high-performance marine exploration equipment, further solidifying its competitive edge in the global market.
- Future Outlook: The company's press release includes forward-looking statements that emphasize expectations for future operations and financial position, highlighting confidence in future orders and deliveries despite risks such as capital budget constraints and commodity price volatility.
See More
