MIND Technology, Inc. announced financial results for its fiscal 2026 third quarter, with revenues at $9.7 million.
Operating income for the third quarter was $774,000, while net income amounted to $62,000.
Adjusted EBITDA for the quarter was approximately $1.3 million, showing a decrease from the previous quarter.
Revenue Decrease
Revenues decreased to $9.7 million in the third quarter, compared to $13.6 million in the second quarter.
Profitability Impact
Net income decreased to $62,000 in the third quarter from $1.9 million in the second quarter, impacting profitability.
Backlog Update
The backlog for Marine Technology Products decreased to $7.2 million as of October 31, 2025, but the company received additional orders of approximately $9.5 million post that date.
Liquidity and Cash Flow
MIND improved liquidity and financial position, generating positive adjusted EBITDA and raising $11.0 million through the ATM program.
Growth Opportunities
With $36.0 million in working capital and a debt-free balance sheet, MIND is positioned to pursue growth opportunities.
- MIND Technology reported a decrease in revenues and net income compared to the previous quarter.
- The positive adjusted EBITDA and cash generation in the third quarter demonstrate MIND's focus on financial stability and growth.
- The backlog update indicates a mixed trend, with a decrease in backlog offset by significant new orders received post the reporting period.
MIND Technology remains optimistic for a positive finish to fiscal 2026 and aims to enhance stockholder value with a clean balance sheet and a focus on growth opportunities.