Mind Technology Inc Financials

MIND

Source SEC Filings (10-K/10-Q) Updated Oct 31, 2025 Currency USD FYE January

Financial Health Signals

Financial Profile 75/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Mind Technology Inc has an operating margin of 14.5%, meaning the company retains $15 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is up from 1.4% the prior year.

Growth

100

Mind Technology Inc's revenue surged 28.4% year-over-year to $46.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Mind Technology Inc carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 3.55, Mind Technology Inc holds $3.55 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

Mind Technology Inc's free cash flow margin of 0.5% results in a low score of 2/100. Capital expenditures of $437K absorb a large share of operating cash flow.

Returns

Mind Technology Inc earns a strong 19.1% return on equity (ROE), meaning it generates $19 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is up from 1.2% the prior year.

Altman Z-Score Safe

3.25

Mind Technology Inc scores 3.25, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($76.8M) relative to total liabilities ($9.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Mind Technology Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.13x

For every $1 of reported earnings, Mind Technology Inc generates $0.13 in operating cash flow ($651K OCF vs $5.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Mind Technology Inc (MIND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$46.9M

YoY+28.4%

5Y CAGR+1.9%

10Y CAGR-5.6%

Mind Technology Inc generated $46.9M in revenue in fiscal year 2025. This represents an increase of 28.4% from the prior year.

EBITDA

$7.8M

YoY+357.7%

Mind Technology Inc's EBITDA was $7.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 357.7% from the prior year.

Free Cash Flow

$214K

YoY+104.1%

10Y CAGR-37.8%

Mind Technology Inc generated $214K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 104.1% from the prior year.

Net Income

$5.1M

YoY+1751.8%

Mind Technology Inc reported $5.1M in net income in fiscal year 2025. This represents an increase of 1751.8% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$9.2M

YoY+892.6%

5Y CAGR+14.3%

10Y CAGR+3.9%

Mind Technology Inc held $9.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Mind Technology Inc had 8M shares outstanding in fiscal year 2025. This represents an increase of 466.9% from the prior year.

Gross Margin

44.7%

YoY+1.0pp

5Y CAGR+14.4pp

10Y CAGR+16.8pp

Mind Technology Inc's gross margin was 44.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

14.5%

YoY+13.1pp

5Y CAGR+29.3pp

10Y CAGR+22.7pp

Mind Technology Inc's operating margin was 14.5% in fiscal year 2025, reflecting core business profitability. This is up 13.1 percentage points from the prior year.

Net Margin

10.8%

YoY+10.1pp

5Y CAGR+37.3pp

10Y CAGR+21.9pp

Mind Technology Inc's net profit margin was 10.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.1 percentage points from the prior year.

Return on Equity

19.1%

YoY+17.9pp

Mind Technology Inc's ROE was 19.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 17.9 percentage points from the prior year.

R&D Spending

$1.9M

YoY-10.3%

5Y CAGR+0.7%

Mind Technology Inc invested $1.9M in research and development in fiscal year 2025. This represents a decrease of 10.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$437K

YoY+50.7%

5Y CAGR-15.9%

10Y CAGR-0.3%

Mind Technology Inc invested $437K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 50.7% from the prior year.

MIND Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$46.9M+28.4%	$36.5M+46.0%	$25.0M+8.2%	$23.1M+8.9%	$21.2M-50.3%	$42.7M
Cost of Revenue	$25.9M+26.1%	$20.5M-7.1%	$22.1M+29.4%	$17.1M+22.9%	$13.9M-46.6%	$26.1M
Gross Profit	$21.0M+31.3%	$16.0M+60.5%	$9.9M+65.2%	$6.0M-17.6%	$7.3M-43.6%	$13.0M
R&D Expenses	$1.9M-10.3%	$2.1M+55.4%	$1.4M-61.8%	$3.6M+19.7%	$3.0M+62.3%	$1.9M
SG&A Expenses	$11.3M-7.0%	$12.1M-5.8%	$12.9M-12.7%	$14.8M+16.7%	$12.6M-10.6%	$14.1M
Operating Income	$6.8M+1216.2%	$518K+109.2%	-$5.7M+61.2%	-$14.5M-1.5%	-$14.3M-127.8%	-$6.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	-$46K
Income Tax	$2.0M+48.3%	$1.3M+91.4%	$699K+1892.3%	-$39K-107.3%	$536K+51.8%	$353K
Net Income	$5.1M+1751.8%	$274K+103.1%	-$8.8M+41.5%	-$15.1M+25.7%	-$20.3M-79.9%	-$11.3M
EPS (Diluted)	N/A	N/A	$-0.92+29.8%	$-1.31+27.2%	$-1.80-63.6%	$-1.10

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Revenue	$9.7M-28.6%	$13.6M+71.6%	$7.9M-34.7%	$12.1M+20.6%	$10.0M+3.7%	$9.7M-20.6%	$12.2M+145.1%	$5.0M
Cost of Revenue	$5.2M-23.1%	$6.7M+47.3%	$4.6M-31.6%	$6.7M+27.1%	$5.3M-3.7%	$5.5M-9.4%	$6.0M+121.6%	$2.7M
Gross Profit	$4.5M-33.9%	$6.8M+105.0%	$3.3M-38.6%	$5.4M+13.5%	$4.8M+13.3%	$4.2M-32.4%	$6.2M+177.0%	$2.3M
R&D Expenses	$506K+62.7%	$311K-18.2%	$380K-32.4%	$562K+71.3%	$328K-29.0%	$462K-29.4%	$654K+28.7%	$508K
SG&A Expenses	$3.0M-16.9%	$3.6M+7.5%	$3.4M+22.5%	$2.8M-0.8%	$2.8M+0.9%	$2.8M-7.5%	$3.0M+1.4%	$2.9M
Operating Income	$774K-70.9%	$2.7M+504.9%	-$658K-135.1%	$1.9M+31.2%	$1.4M+95.9%	$730K-68.5%	$2.3M+259.6%	-$1.5M
Interest Expense	N/A	N/A	N/A	$0	$0	$0	N/A	$169K
Income Tax	$716K+6.9%	$670K+127.9%	$294K-25.8%	$396K-41.1%	$672K+174.3%	$245K-67.3%	$749K+568.8%	$112K
Net Income	$62K-96.8%	$1.9M+298.9%	-$970K-175.1%	$1.3M+61.8%	$798K-16.4%	$954K-33.8%	$1.4M+153.5%	$568K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MIND Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$36.2M+3.9%	$34.9M+3.0%	$33.8M-10.4%	$37.8M+6.4%	$35.5M-30.6%	$51.2M
Current Assets	$31.7M+7.4%	$29.5M+24.9%	$23.6M-9.2%	$26.0M+10.9%	$23.5M-19.1%	$29.0M
Cash & Equivalents	$9.2M+892.6%	$924K+13.4%	$815K-0.2%	$817K-59.2%	$2.0M-57.5%	$4.7M
Inventory	$13.4M-16.8%	$16.2M+12.7%	$14.3M+0.7%	$14.2M+17.0%	$12.2M-11.7%	$13.8M
Accounts Receivable	$7.8M-17.4%	$9.4M+27.4%	$7.4M-21.4%	$9.4M+157.5%	$3.6M	N/A
Goodwill	N/A	N/A	N/A	$0	$0	$0
Total Liabilities	$9.6M-14.5%	$11.2M+2.2%	$11.0M+3.1%	$10.7M+19.0%	$9.0M-16.0%	$10.7M
Current Liabilities	$8.9M-12.5%	$10.2M+2.8%	$9.9M+3.4%	$9.6M+16.1%	$8.3M-3.1%	$8.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$26.6M+12.7%	$23.6M+3.4%	$22.9M-15.7%	$27.1M+2.1%	$26.6M-34.5%	$40.5M
Retained Earnings	-$109.4M+14.1%	-$127.4M+0.4%	-$127.9M-5.5%	-$121.2M-16.1%	-$104.4M-23.6%	-$84.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Total Assets	$47.3M+32.1%	$35.8M-1.1%	$36.2M+0.3%	$36.1M-4.6%	$37.8M+8.5%	$34.9M+4.1%	$33.5M+12.3%	$29.8M
Current Assets	$42.8M+34.8%	$31.7M+0.1%	$31.7M+1.4%	$31.3M-4.2%	$32.6M+10.6%	$29.5M+4.1%	$28.3M+16.1%	$24.4M
Cash & Equivalents	$19.4M+147.5%	$7.8M-14.6%	$9.2M+161.7%	$3.5M+84.1%	$1.9M+106.1%	$924K-82.5%	$5.3M-5.0%	$5.6M
Inventory	$11.7M-0.9%	$11.8M-12.1%	$13.4M-22.0%	$17.2M-9.5%	$19.1M+18.0%	$16.2M+20.9%	$13.4M+0.8%	$13.3M
Accounts Receivable	$10.6M-2.9%	$10.9M+40.5%	$7.8M-17.9%	$9.5M-1.2%	$9.6M+1.8%	$9.4M+43.3%	$6.6M+69.1%	$3.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7.4M+5.9%	$7.0M-27.2%	$9.6M-12.0%	$10.9M-18.3%	$13.3M+19.0%	$11.2M+3.4%	$10.8M+25.7%	$8.6M
Current Liabilities	$6.8M+2.9%	$6.6M-25.9%	$8.9M-10.9%	$10.0M-18.8%	$12.4M+20.9%	$10.2M-0.5%	$10.3M+30.0%	$7.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$39.9M+38.5%	$28.8M+8.3%	$26.6M+5.7%	$25.2M+2.9%	$24.5M+3.6%	$23.6M+4.4%	$22.6M+6.8%	$21.2M
Retained Earnings	-$107.4M+0.1%	-$107.5M+1.8%	-$109.4M+1.0%	-$110.5M+12.7%	-$126.6M+0.6%	-$127.4M+0.7%	-$128.3M+1.1%	-$129.7M

MIND Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$651K+113.1%	-$5.0M-71.0%	-$2.9M+83.0%	-$17.1M-169.4%	-$6.4M-9.3%	-$5.8M
Capital Expenditures	$437K+50.7%	$290K-49.1%	$570K-31.7%	$834K+826.7%	$90K-91.3%	$1.0M
Free Cash Flow	$214K+104.1%	-$5.3M-51.3%	-$3.5M+80.7%	-$18.0M-178.6%	-$6.5M+5.9%	-$6.9M
Investing Cash Flow	$20K-99.8%	$11.0M+2244.3%	$470K-91.2%	$5.4M+67.3%	$3.2M+253.6%	-$2.1M
Financing Cash Flow	-$619K+59.7%	-$1.5M+19.0%	-$1.9M-115.5%	$12.2M+170.0%	$4.5M+158.1%	$1.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0-100.0%	$1K-50.0%	$2K	$0	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Operating Cash Flow	$894K+177.1%	-$1.2M-128.5%	$4.1M+77.8%	$2.3M+116.3%	$1.1M+122.3%	-$4.8M-823.4%	$657K+130.6%	-$2.1M
Capital Expenditures	$93K-48.9%	$182K-23.2%	$237K+253.7%	$67K-16.3%	$80K+21.2%	$66K-27.5%	$91K-6.2%	$97K
Free Cash Flow	$801K+159.7%	-$1.3M-135.0%	$3.8M+72.5%	$2.2M+127.1%	$978K+120.3%	-$4.8M-951.4%	$566K+125.2%	-$2.2M
Investing Cash Flow	-$93K+48.9%	-$182K+23.2%	-$237K-253.7%	-$67K+16.3%	-$80K-120.5%	$391K	$0-100.0%	$10.8M
Financing Cash Flow	$10.8M	$0	$0+100.0%	-$619K	$0	$0+100.0%	-$946K+73.2%	-$3.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0

MIND Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	44.7%+1.0pp	43.7%+4.0pp	39.8%+13.7pp	26.1%-8.4pp	34.4%+4.1pp	30.4%
Operating Margin	14.5%+13.1pp	1.4%+24.0pp	-22.6%+40.3pp	-62.9%+4.6pp	-67.5%-52.8pp	-14.7%
Net Margin	10.8%+10.1pp	0.8%+36.1pp	-35.3%+30.0pp	-65.3%+30.4pp	-95.7%-69.3pp	-26.5%
Return on Equity	19.1%+17.9pp	1.2%	N/A	N/A	N/A	N/A
Return on Assets	14.0%+13.2pp	0.8%+26.9pp	-26.1%+13.8pp	-39.9%+17.2pp	-57.2%-35.1pp	-22.0%
Current Ratio	3.55+0.7	2.89+0.5	2.38-0.3	2.71-0.1	2.83-0.6	3.39
Debt-to-Equity	0.36-0.1	0.470.0	0.48+0.1	0.39+0.1	0.34+0.1	0.26
FCF Margin	0.5%+14.9pp	-14.4%-0.5pp	-13.9%+63.9pp	-77.8%-47.4pp	-30.4%-14.3pp	-16.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Gross Margin	46.6%-3.8pp	50.4%+8.2pp	42.1%-2.6pp	44.8%-2.8pp	47.6%+4.0pp	43.6%-7.6pp	51.2%+5.9pp	45.3%
Operating Margin	8.0%-11.6pp	19.6%+28.0pp	-8.3%-23.8pp	15.5%+1.3pp	14.2%+6.7pp	7.5%-11.5pp	19.0%+48.2pp	-29.2%
Net Margin	0.6%-13.6pp	14.2%+26.5pp	-12.3%-22.9pp	10.7%+2.7pp	8.0%-1.9pp	9.9%-2.0pp	11.8%+0.4pp	11.4%
Return on Equity	0.2%-6.5pp	6.7%	N/A	5.1%+1.9pp	3.3%-0.8pp	4.0%-2.3pp	6.4%+3.7pp	2.7%
Return on Assets	0.1%-5.3pp	5.4%+8.1pp	-2.7%-6.3pp	3.6%+1.5pp	2.1%-0.6pp	2.7%-1.6pp	4.3%+2.4pp	1.9%
Current Ratio	6.28+1.5	4.79+1.2	3.55+0.4	3.12+0.5	2.64-0.2	2.89+0.1	2.76-0.3	3.09
Debt-to-Equity	0.19-0.1	0.24-0.1	0.36-0.1	0.43-0.1	0.55+0.1	0.470.0	0.48+0.1	0.41
FCF Margin	8.3%+18.2pp	-9.9%-58.4pp	48.5%+30.1pp	18.4%+8.6pp	9.7%+59.5pp	-49.8%-54.4pp	4.6%+49.8pp	-45.1%

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Frequently Asked Questions

What is Mind Technology Inc's annual revenue?

Mind Technology Inc (MIND) reported $46.9M in total revenue for fiscal year 2025. This represents a 28.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mind Technology Inc's revenue growing?

Mind Technology Inc (MIND) revenue grew by 28.4% year-over-year, from $36.5M to $46.9M in fiscal year 2025.

Is Mind Technology Inc profitable?

Yes, Mind Technology Inc (MIND) reported a net income of $5.1M in fiscal year 2025, with a net profit margin of 10.8%.

What is Mind Technology Inc's EBITDA?

Mind Technology Inc (MIND) had EBITDA of $7.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Mind Technology Inc's gross margin?

Mind Technology Inc (MIND) had a gross margin of 44.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Mind Technology Inc's operating margin?

Mind Technology Inc (MIND) had an operating margin of 14.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Mind Technology Inc's net profit margin?

Mind Technology Inc (MIND) had a net profit margin of 10.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Mind Technology Inc's return on equity (ROE)?

Mind Technology Inc (MIND) has a return on equity of 19.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mind Technology Inc's free cash flow?

Mind Technology Inc (MIND) generated $214K in free cash flow during fiscal year 2025. This represents a 104.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Mind Technology Inc's operating cash flow?

Mind Technology Inc (MIND) generated $651K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mind Technology Inc's total assets?

Mind Technology Inc (MIND) had $36.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mind Technology Inc's capital expenditures?

Mind Technology Inc (MIND) invested $437K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Mind Technology Inc spend on research and development?

Mind Technology Inc (MIND) invested $1.9M in research and development during fiscal year 2025.

How many shares does Mind Technology Inc have outstanding?

Mind Technology Inc (MIND) had 8M shares outstanding as of fiscal year 2025.

What is Mind Technology Inc's current ratio?

Mind Technology Inc (MIND) had a current ratio of 3.55 as of fiscal year 2025, which is generally considered healthy.

What is Mind Technology Inc's debt-to-equity ratio?

Mind Technology Inc (MIND) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mind Technology Inc's return on assets (ROA)?

Mind Technology Inc (MIND) had a return on assets of 14.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mind Technology Inc's Altman Z-Score?

Mind Technology Inc (MIND) has an Altman Z-Score of 3.25, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Mind Technology Inc's Piotroski F-Score?

Mind Technology Inc (MIND) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mind Technology Inc's earnings high quality?

Mind Technology Inc (MIND) has an earnings quality ratio of 0.13x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Mind Technology Inc?

Mind Technology Inc (MIND) scores 75 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.