MIND TECHNOLOGY, INC

Listed Company

MINDCIK 0000926423NasdaqNon-AcceleratedSmaller ReportingSearch, Detection, Navigation, Guidance, Aeronautical SysDelawareFY ends Jan 31

Period

FY 2026

Revenue

$40.95M

Net Income

$750.0K

Total Assets

$49.27M

Equity

$41.42M

Shares Out

9.09M

Op. Cash Flow

$2.59M

Business

MIND Technology, Inc. provides technology and engineered systems for the oceanographic, hydrographic, seismic and maritime security industries. It designs, manufactures and sells specialized marine seismic equipment and related services, including GunLink seismic source controllers, BuoyLink RGNSS positioning, SeaLink towed streamer and solid streamer systems, hydrophones, spare parts, repair, training and software licensing such as Spectral Ai. The company operates in one reportable segment, Seamap Marine Products, following divestiture of its former Klein marine products business. It serves global marine survey, seismic contractors, research institutes, governmental entities and port and offshore operators through direct sales, limited distributors and international facilities in the United States, Singapore, Malaysia and the United Kingdom.

Summary from filing dated 2025-04-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Sale of marine technology products	41	47	37	25	23
Sale of marine technology products	22	26	21	22	17
Gross profit	19	21	16	10	6
Selling, general and administrative	13	11	12	13	15
Research and development	2	2	2	1	4
Depreciation and amortization	873,000	944,000	1	1	2
Total operating expenses	16	14	15	16	21
Operating income	3	7	518,000	−6	−15
Other income	43,000	240,000	−280,000	256,000	926,000
Income before income taxes	3	7	238,000	−5	−14
Provision for income taxes	−2	−2	−1	−699,000	39,000
Net income	750,000	5	274,000	−9	−15
Gain on Preferred Stock conversion	0	15	0	—	—
Preferred stock dividends - undeclared	0	−2	−3	−3	0
Net income attributable to common stockholders	750,000	18	−4	−13	−18
Net income per common share - Basic and diluted (in dollars per share)	0.09	4.32	−2.5	−8.98	−1.31
Basic (in shares)	8	4	1,406	1	14
Diluted (in shares)	8	4	1,406	1	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash and cash equivalents	19	5	5	778,000	5
Accounts receivable, net of allowance for credit losses of $332 at January 31, 2026 and 2025	13	12	7	3	8
Inventories, net	11	14	13	11	14
Prepaid expenses and other current assets	2	1	3	1	2
Total current assets	45	32	28	22	29
Net book value of property and equipment	1	890,000	818,000	953,000	4
Operating lease right-of-use assets	1	1	1	2	2
Intangible assets, net	2	2	3	4	6
Deferred tax asset	302,000	87,000	122,000	0	—
Total assets	49	37	33	33	42
Accounts payable	1	3	2	2	2
Deferred revenue	320,000	189,000	203,000	144,000	232,000
Customer deposits	971,000	2	3	—	—
Accrued expenses and other current liabilities	2	1	2	1	6
Income taxes payable	3	2	2	1	837,000
Operating lease liabilities - current	686,000	577,000	751,000	903,000	869,000
Total current liabilities	7	9	10	9	11
Operating lease liabilities - non-current	406,000	743,000	573,000	846,000	966,000
Total liabilities	8	9	11	10	12
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $1.00 par value; 2,000 shares authorized; no shares issued and outstanding at January 31, 2026 and January 31, 2025, respectively	0	0	38	38	38
Common stock $0.01 par value; 40,000 shares authorized; 9,089 and 7,969 shares issued and outstanding at January 31, 2026 and 2025, respectively	91,000	80,000	14,000	16,000	157,000
Additional paid-in capital	149	136	113	130	129
Accumulated deficit	−108	−108	−128	−128	−118
Accumulated other comprehensive gain	34,000	34,000	34,000	34,000	−2
Total stockholders equity	41	27	23	23	30
Total liabilities and stockholders equity	49	37	33	33	42

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Depreciation and amortization	873,000	944,000	2	2	2
Stock-based compensation	2	235,000	261,000	654,000	643,000
Provision for inventory obsolescence	227,000	68,000	341,000	445,000	921,000
Deferred tax expense (benefit)	−215,000	35,000	−153,000	−62,000	−106,000
Accounts receivable	−735,000	−5	−3	5	−3
Unbilled revenue	−20,000	−7,000	25,000	−26,000	−57,000
Inventories	2	−441,000	−4	−2	−3
Income taxes receivable and payable	183,000	360,000	635,000	441,000	37,000
Accounts payable, accrued expenses and other current liabilities	−2	45,000	−334,000	775,000	713,000
Prepaid expenses and other current and long-term assets	−895,000	2	−847,000	−10,000	−565,000
Deferred revenue and customer deposits	501,000	−2	3	−2	2
Net cash provided by operating activities	3	651,000	−5	−3	−17
Purchases of property and equipment	−663,000	−437,000	−290,000	−570,000	−834,000
Sale of other assets	0	457,000	—	—	—
Net cash (used in) provided by investing activities	−663,000	20,000	11	470,000	5
Preferred stock conversion transaction costs	0	−619,000	0	—	—
Proceeds from issuance of common stock, net	12	0	—	0	43,000
Net cash provided by (used in) financing activities	12	−619,000	−2	−2	12
Net increase in cash and cash equivalents	14	47,000	5	−4	503,000
Effect of changes in foreign exchange rates on cash and cash equivalents	6,000	−5,000	−5,000	−6,000	86,000

Filings

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