MIND TECHNOLOGY, INC. REPORTS FISCAL 2026 THIRD QUARTER RESULTS

THE WOODLANDS, Texas, Dec. 9, 2025 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or the "Company") today announced financial results for its fiscal 2026 third quarter ended October 31, 2025.

Revenues for the third quarter of fiscal 2026 were approximately $9.7 million compared to $13.6 million for the second quarter of fiscal 2026 and $12.1 million for the third quarter of fiscal 2025.

The Company reported operating income of approximately $774,000 for the third quarter of fiscal 2026 compared to $2.7 million for the second quarter of fiscal 2026 and $1.9 million for the third quarter of fiscal 2025. Net income for the third quarter of fiscal 2026 amounted to approximately $62,000 compared to $1.9 million for the second quarter of fiscal 2026 and $1.3 million for the third quarter of fiscal 2025. Net income attributable to common stockholders was approximately $62,000, or $0.01 per share for the third quarter of fiscal 2026 compared to $1.9 million, or $0.24 per share for the second quarter of fiscal 2026 and $15.7 million or $2.87 per share for the third quarter of fiscal 2025 (after the effect of the conversion of preferred stock into common stock). In computing net income per common share, approximately 8,046,000 shares were outstanding for the third quarter of fiscal 2026, 7,969,000 shares for the second quarter of fiscal 2026, and 5,473,000 shares during the 2025 fiscal third quarter.

Adjusted EBITDA for the third quarter of fiscal 2026 was approximately $1.3 million compared to $3.1 million for the second quarter of fiscal 2026 and $2.0 million for the third quarter of fiscal 2025.

The backlog of Marine Technology Product orders related to our Seamap segment was approximately $7.2 million as of October 31, 2025 compared to $12.8 million at July 31, 2025 and $26.2 million at October 31, 2024. However, subsequent to October 31, 2025, the Company received additional orders totaling approximately $9.5 million.

Rob Capps, MIND's President and Chief Executive Officer, stated, "Our results for the third quarter 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 fourth quarter to be improved from the third quarter.

"We continued to improve our liquidity and financial position during the third quarter. We generated positive adjusted EBITDA and positive cash flow from operating activities while raising approximately $11.0 million of cash through our ATM program during the quarter. We ended the quarter with almost $36.0 million in working capital, $19.4 million of which is cash. This working capital position equates to approximately $4.00 per share of common stock and provides us tremendous flexibility to pursue growth opportunities.

"We believe we are positioned for a positive finish to fiscal 2026 and continue to maintain a clean, debt free, balance sheet with a simplified capital structure as we work to enhance stockholder value," concluded Capps.

CONFERENCE CALL

Management has scheduled a conference call for Wednesday, December 10, 2025 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's fiscal 2026 third quarter results. To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the MIND Technology website, http://mind-technology.com, by logging onto the site and clicking "Investor Relations". A telephonic replay of the conference call will be available through December 17, 2025, and may be accessed by calling (201) 612-7415 and using passcode 13757391#. A webcast archive will also be available at http://mind-technology.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Dennard Lascar Investor Relations by email at MIND@dennardlascar.com.

ABOUT MIND TECHNOLOGY

MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures and sells specialized, high performance, marine exploration and survey equipment. 

Forward-looking Statements

Certain statements and information in this press release concerning results for the quarter ended October 31, 2025 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers' capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, and volatility in commodity prices for oil and natural gas.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.

Non-GAAP Financial Measures

Certain statements and information in this press release contain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Company management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Company management also believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company's business trends and to understand the Company's performance. In addition, the Company may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. 

Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net income from continuing operations and cash used in operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.

Reconciliation of Backlog, which is a non-GAAP financial measure, is not included in this press release due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable GAAP financial measures.

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SOURCE MIND Technology, Inc.