Mind Technology Inc (MIND) Financials

MIND

Trailing 12 months to July 31, 2026

Revenue $34.8M -28.5% YoY

Net Income -$2.4M -114.0% YoY

Free Cash Flow -$3.9M -159.0% YoY

Operating Cash Flow -$3.5M -147.7% YoY

Market Cap $35.5M as of Sep 11, 2026

Price / Sales 1.0x on $34.8M revenue, trailing 12 months to July 31, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to July 31, 2026

Price / Book 0.9x on $40.3M equity, Q2 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2027, ended Jul 31, 2026 Reported Sep 9, 2026 Currency USD FYE January

Newest figures come from the 10-Q for Q2 FY2027, filed Sep 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MIND SEC filings page.

Mind Technology Inc (MIND) reported $34.8M in revenue over the twelve months to Jul 31, 2026, down 28.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI MIND FY2026 2026-09-05

Gross-margin expansion has not become durable earnings because overhead and cash conversion move unevenly with revenue.

The split between FY2025's 37.6% net margin and operating cash flow of $651K shows that the standout profit year was not the best cash year. In FY2026, a 1.8% net margin accompanied operating cash flow of $2.6M, making reported earnings look period-sensitive rather than a clean operating baseline.

FY2026 revenue fell 12.6% from FY2025, yet gross margin reached 45.6%, so gross economics held up even as volume softened. Operating margin fell from 14.6% to 7.0%, pointing to overhead that is not scaling down as quickly as sales.

FY2026's liquidity and leverage profile—a 6.0x current ratio and 0.2x debt-to-equity ratio—describes a lightly leveraged balance sheet rather than a debt-funded operating model. Total assets expanded to $49.3M alongside $11.8M of financing cash inflow, indicating that balance-sheet growth was supported partly outside operations.

Financial Health Signals

Financial Health Score 56/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Mind Technology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Mind Technology Inc held $19.1M in cash, cash equivalents and investments at the end of fiscal year 2026, and its operations generated $2.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Mind Technology Inc scores 85/100 among other emerging companies.

Dilution

Mind Technology Inc had 9M shares outstanding at the end of fiscal year 2026, against 8M in fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Mind Technology Inc scores 8/100 among other emerging companies.

R&D Intensity

Mind Technology Inc spent $1.6M on research and development in fiscal year 2026, which was 4.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Mind Technology Inc scores 21/100 among other emerging companies.

Revenue Progress

Mind Technology Inc reported revenue of $40.9M in fiscal year 2026, against $46.9M in fiscal year 2025. Revenue Progress ranks emerging companies on the three-year path of that line, and Mind Technology Inc scores 50/100 among other emerging companies.

Burn Trend

Mind Technology Inc's operations generated $2.6M of cash in fiscal year 2026, against $651K generated in fiscal year 2025. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Mind Technology Inc scores 93/100 among other emerging companies.

Balance Sheet

Mind Technology Inc's cash, cash equivalents and investments came to $19.1M at the end of fiscal year 2026, against $7.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Mind Technology Inc scores 78/100 among other emerging companies.

Altman Z-Score Distress

1.59

Mind Technology Inc scores 1.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($35.5M) relative to total liabilities ($7.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Mind Technology Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

3.45x

For every $1 of reported earnings, Mind Technology Inc generates $3.45 in operating cash flow ($2.6M OCF vs $750K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.6M

YoY-58.5%

QoQ-41.9%

5Y CAGR-3.8%

10Y CAGR-4.2%

Mind Technology Inc generated $5.6M in revenue in Q2 2027. This represents a decrease of 58.5% from the same quarter a year earlier. Against the prior quarter it is down 41.9%.

EBITDA

-$1.6M

YoY-154.6%

QoQ-749.6%

Mind Technology Inc's EBITDA was -$1.6M in Q2 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 154.6% from the same quarter a year earlier. Against the prior quarter it is down 749.6%.

Net Income

-$1.7M

YoY-189.9%

QoQ-321.9%

Mind Technology Inc reported -$1.7M in net income in Q2 2027. This represents a decrease of 189.9% from the same quarter a year earlier. Against the prior quarter it is down 321.9%.

EPS (Diluted)

Not reported for Q2 2027.

Cash & Balance Sheet

Free Cash Flow

-$1.9M

YoY-41.5%

QoQ-36.2%

Mind Technology Inc recorded an outflow of $1.9M in free cash flow in Q2 2027, representing a cash shortfall after capex. This represents a decrease of 41.5% from the same quarter a year earlier. Against the prior quarter it is down 36.2%.

Cash & Debt

$15.8M

YoY+101.2%

QoQ-10.7%

5Y CAGR+50.3%

10Y CAGR+16.3%

Mind Technology Inc held $15.8M in cash as of Q2 2027; long-term debt is not reported for that period.

Shares Outstanding

YoY+14.0%

QoQ0.0%

5Y CAGR-8.0%

10Y CAGR-2.8%

Mind Technology Inc had 9M shares outstanding in Q2 2027. This represents an increase of 14.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2027.

Margins & Returns

Gross Margin

37.2%

YoY-13.2pp

QoQ-5.2pp

5Y CAGR+4.5pp

10Y CAGR+63.1pp

Mind Technology Inc's gross margin was 37.2% in Q2 2027, indicating the percentage of revenue retained after direct costs. This is down 13.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.2 percentage points.

Operating Margin

-31.9%

YoY-51.6pp

QoQ-32.1pp

5Y CAGR+6.2pp

Mind Technology Inc's operating margin was -31.9% in Q2 2027, reflecting core business profitability. This is down 51.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 32.1 percentage points.

Net Margin

-30.8%

YoY-45.1pp

QoQ-26.6pp

5Y CAGR+8.2pp

Mind Technology Inc's net profit margin was -30.8% in Q2 2027, showing the share of revenue converted to profit. This is down 45.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.6 percentage points.

Return on Equity

-4.3%

YoY-11.0pp

QoQ-3.3pp

5Y CAGR+5.4pp

10Y CAGR+5.3pp

Mind Technology Inc's ROE was -4.3% in Q2 2027, measuring profit generated per dollar of shareholder equity. This is down 11.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.3 percentage points.

Capital Allocation

R&D Spending

$407K

YoY+30.9%

QoQ+31.3%

5Y CAGR-14.4%

Mind Technology Inc invested $407K in research and development in Q2 2027. This represents an increase of 30.9% from the same quarter a year earlier. Against the prior quarter it is up 31.3%.

Capital Expenditures

$108K

YoY-40.7%

QoQ+125.0%

5Y CAGR+78.3%

10Y CAGR+36.0%

Mind Technology Inc invested $108K in capex in Q2 2027, funding long-term assets and infrastructure. This represents a decrease of 40.7% from the same quarter a year earlier. Against the prior quarter it is up 125.0%.

Share Buybacks

Not reported for Q2 2027.

MIND Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MIND quarterly income statement

Metric	TTM	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$34.8M	$40.9M-12.6%	$46.9M+28.4%	$36.5M+46.0%	$25.0M+8.2%	$23.1M+8.9%	$21.2M-50.3%	$42.7M-0.6%	$42.9M-11.0%	$48.3M+17.7%	$41.0M-20.9%	$51.8M-37.7%	$83.1M-9.7%	$92.1M-12.0%	$104.7M-7.2%	$112.8M
Cost of Revenue	$20.1M	$22.3M-14.0%	$25.9M+26.1%	$20.5M-7.1%	$22.1M+29.4%	$17.1M+22.9%	$13.9M-46.6%	$26.1M-16.5%	$31.2M-26.0%	$42.2M-12.8%	$48.4M-1.5%	$49.1M-17.9%	$59.9M-0.3%	$60.1M-10.7%	$67.3M+22.1%	$55.1M
Gross Profit	$14.7M	$18.7M-11.0%	$21.0M+31.3%	$16.0M+60.5%	$9.9M+65.2%	$6.0M-17.6%	$7.3M-43.6%	$13.0M+10.3%	$11.7M+93.0%	$6.1M+182.1%	-$7.4M-377.8%	$2.7M-88.5%	$23.3M-27.4%	$32.0M-14.4%	$37.4M-35.2%	$57.8M
R&D Expenses	$1.6M	$1.6M-17.1%	$1.9M-10.3%	$2.1M+55.4%	$1.4M-61.8%	$3.6M+19.7%	$3.0M+62.3%	$1.9M+59.6%	$1.2M-22.8%	$1.5M+54.2%	$974K+4.6%	$931K	N/A	N/A	N/A	N/A
SG&A Expenses	$13.1M	$13.3M+18.2%	$11.3M-7.0%	$12.1M-5.8%	$12.9M-12.7%	$14.8M+16.7%	$12.6M-10.6%	$14.1M-32.4%	$20.9M+6.3%	$19.7M-0.5%	$19.8M+9.5%	$18.0M-27.7%	$25.0M+5.4%	$23.7M+5.0%	$22.5M+5.5%	$21.4M
Operating Income	-$930K	$2.9M-58.1%	$6.8M+1216.2%	$518K+109.2%	-$5.7M+61.2%	-$14.5M-1.5%	-$14.3M-127.8%	-$6.3M+51.7%	-$13.0M+33.9%	-$19.7M+37.0%	-$31.3M-16.9%	-$26.8M-296.7%	-$6.7M-216.2%	$5.8M-58.2%	$13.9M-59.8%	$34.5M
EBITDA	N/A	$3.7M-51.9%	$7.8M+357.7%	$1.7M+139.4%	-$4.3M+65.1%	-$12.3M-7.0%	-$11.5M-203.8%	-$3.8M+63.9%	-$10.5M+40.1%	-$17.6M+39.2%	-$28.9M-19.1%	-$24.2M-432.5%	-$4.6M-162.4%	$7.3M-52.3%	$15.3M-57.2%	$35.8M
Interest Expense	N/A	N/A	N/A	$634K	N/A	N/A	N/A	-$46K-163.9%	$72K+53.2%	$47K-92.8%	$653K-11.6%	$739K-18.1%	$902K+187.3%	$314K-41.1%	$533K-28.0%	$740K
Income Tax	$1.7M	$2.2M+8.4%	$2.0M+48.3%	$1.3M+91.4%	$699K+1892.3%	-$39K-107.3%	$536K+51.8%	$353K+40.1%	$252K-72.3%	$910K-49.8%	$1.8M-83.5%	$11.0M+1204.3%	-$994K-179.0%	$1.3M+135.7%	-$3.5M-135.2%	$10.0M
Net Income	-$2.4M	$750K-95.7%	$17.6M+600.9%	-$3.5M+60.2%	-$8.8M+41.5%	-$15.1M+25.7%	-$20.3M-79.9%	-$11.3M+43.1%	-$19.8M+5.8%	-$21.1M+36.4%	-$33.2M+14.4%	-$38.7M-321.4%	-$9.2M-292.8%	$4.8M-72.0%	$17.1M-29.9%	$24.3M
EPS (Basic)	N/A	$0.09-97.9%	$4.32+272.8%	-$2.50+72.2%	-$8.98-585.5%	-$1.31+27.2%	-$1.80-63.6%	-$1.10+38.2%	-$1.78+2.2%	-$1.82+34.8%	-$2.79+13.4%	-$3.22-335.1%	-$0.74-300.0%	$0.37-72.4%	$1.34-37.1%	$2.13
EPS (Diluted)	—	N/A	N/A	N/A	-$0.92+29.8%	-$1.31+27.2%	-$1.80-63.6%	-$1.10+38.2%	-$1.78+2.2%	-$1.82+34.8%	-$2.79+13.4%	-$3.22-335.1%	-$0.74-305.6%	$0.36-72.1%	$1.29-36.1%	$2.02
Diluted Shares (Avg)	N/A	8M+104.2%	4M	1,406	1M-89.8%	14M+10.0%	13M+3.1%	12M+0.3%	12M+0.2%	12M+0.1%	12M+0.2%	12M-3.5%	12M-5.3%	13M-0.5%	13M+9.7%	12M

Metric	Q2'2710-Q	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q
Revenue	$5.6M-58.5%	$9.7M+22.4%	$9.8M-34.9%	$9.7M-20.0%	$13.6M+35.1%	$7.9M-18.4%	$15.0M+23.4%	$12.1M+143.4%
Cost of Revenue	$3.5M-47.5%	$5.6M+22.0%	$5.8M-31.7%	$5.2M-22.6%	$6.7M+28.0%	$4.6M-16.3%	$8.5M+40.9%	$6.7M+145.6%
Gross Profit	$2.1M-69.4%	$4.1M+23.0%	$4.0M-39.1%	$4.5M-16.7%	$6.8M+42.9%	$3.3M-21.0%	$6.5M+5.0%	$5.4M+140.6%
R&D Expenses	$407K+30.9%	$310K-18.4%	$389K-30.8%	$506K-10.0%	$311K-5.2%	$380K-17.7%	$562K-14.1%	$562K+10.6%
SG&A Expenses	$3.3M-10.5%	$3.5M+4.8%	$3.3M+10.7%	$3.0M+9.4%	$3.6M+30.6%	$3.4M+22.7%	$3.0M+0.1%	$2.8M-6.1%
Operating Income	-$1.8M-167.4%	$14K+102.1%	$78K-97.2%	$774K-58.7%	$2.7M+86.3%	-$658K-190.1%	$2.8M+20.0%	$1.9M+229.1%
EBITDA	-$1.6M-154.6%	$242K+155.9%	$297K-90.1%	$986K-53.0%	$2.9M+72.9%	-$433K-143.4%	$3.0M+15.2%	$2.1M+275.3%
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%
Income Tax	$18K-97.3%	$476K+61.9%	$471K-29.8%	$716K+80.8%	$670K-0.3%	$294K+20.0%	$671K-10.4%	$396K+253.6%
Net Income	-$1.7M-189.9%	-$411K+57.6%	-$271K-101.9%	$62K-95.2%	$1.9M+141.7%	-$970K-201.7%	$14.6M+720.1%	$1.3M+127.3%
EPS (Basic)	-$0.19-179.2%	-$0.05+58.3%	-$0.04+96.9%	$0.01-99.7%	$0.24+318.2%	-$0.12	-$1.30-471.4%	$2.87+1163.0%

Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).

MIND Balance Sheet

MIND quarterly balance sheet

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$49.3M+34.2%	$36.7M+9.6%	$33.5M+1.9%	$32.9M-21.8%	$42.0M+5.7%	$39.8M-31.7%	$58.2M-10.8%	$65.3M-11.4%	$73.7M-22.2%	$94.7M-29.7%	$134.8M-25.0%	$179.6M-12.6%	$205.4M+7.9%	$190.4M-3.9%	$198.2M
Current Assets	$44.9M+39.8%	$32.1M+13.3%	$28.3M+27.5%	$22.2M-24.0%	$29.2M+9.2%	$26.8M-32.0%	$39.4M+8.5%	$36.3M+10.0%	$33.0M-5.7%	$35.1M-18.2%	$42.9M-20.8%	$54.1M-12.9%	$62.2M+7.4%	$57.9M-11.3%	$65.3M
Cash & Equivalents	$19.1M+257.0%	$5.3M+0.9%	$5.3M+579.8%	$778K-84.8%	$5.1M+10.9%	$4.6M+49.2%	$3.1M-67.1%	$9.4M-5.2%	$9.9M+241.2%	$2.9M-23.0%	$3.8M-27.2%	$5.2M-65.9%	$15.2M+0.1%	$15.2M-0.9%	$15.3M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$11.2M-18.9%	$13.7M+2.8%	$13.4M+21.3%	$11.0M-21.3%	$14.0M+22.3%	$11.5M-9.5%	$12.7M+17.5%	$10.8M-0.8%	$10.9M-9.2%	$12.0M-7.6%	$12.9M+13.0%	$11.5M+37.3%	$8.3M+34.7%	$6.2M-7.8%	$6.7M
Accounts Receivable	$12.6M+6.4%	$11.8M+79.0%	$6.6M+106.3%	$3.2M-60.6%	$8.1M+71.2%	$4.7M-28.3%	$6.6M	N/A	N/A	N/A	N/A	$23.7M-19.7%	$29.5M+27.6%	$23.1M-35.4%	$35.8M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	$0	$0-100.0%	$2.5M0.0%	$2.5M0.0%	$2.5M-36.7%	$4.0M+59.9%	$2.5M-55.3%	$5.6M+29.5%	$4.3M0.0%	$4.3M0.0%	$4.3M
Total Liabilities	$7.8M-16.4%	$9.4M-13.5%	$10.8M+10.6%	$9.8M-16.6%	$11.8M+25.8%	$9.3M-11.6%	$10.6M+22.6%	$8.6M+10.1%	$7.8M-43.2%	$13.8M-53.6%	$29.7M-10.3%	$33.1M-5.2%	$35.0M+148.1%	$14.1M-67.1%	$42.8M
Current Liabilities	$7.4M-13.9%	$8.6M-15.9%	$10.3M+15.1%	$8.9M-16.5%	$10.7M+36.5%	$7.8M-7.2%	$8.4M+13.7%	$7.4M-1.3%	$7.5M-44.1%	$13.5M+8.1%	$12.5M+24.6%	$10.0M-19.6%	$12.4M+31.2%	$9.5M-60.5%	$24.0M
Non-Current Liabilities	$406K-45.4%	$743K+29.7%	$573K-34.5%	$875K-17.3%	$1.1M-30.0%	$1.5M-29.0%	$2.1M+78.1%	$1.2M+289.3%	$307K-3.2%	$317K-98.2%	$17.3M-25.4%	$23.1M+2.7%	$22.5M+388.4%	$4.6M-75.5%	$18.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$17.3M-25.4%	$23.1M+4.6%	$22.1M+422.1%	$4.2M-66.8%	$12.8M
Total Equity	$41.4M+51.5%	$27.3M+20.7%	$22.6M-1.8%	$23.1M-23.8%	$30.3M-0.5%	$30.4M-36.2%	$47.7M-15.9%	$56.7M-13.9%	$65.8M-18.6%	$80.9M-22.9%	$105.0M-28.3%	$146.5M-14.1%	$170.4M-3.3%	$176.3M+13.4%	$155.4M
Retained Earnings	-$107.7M+0.7%	-$108.4M+15.5%	-$128.3M-0.5%	-$127.6M-8.3%	-$117.9M-18.0%	-$99.9M-29.2%	-$77.3M-20.8%	-$64.0M-50.8%	-$42.4M-107.4%	-$20.5M-255.1%	$13.2M-74.6%	$51.9M-15.0%	$61.1M+8.5%	$56.3M+43.4%	$39.3M

Metric	Q2'2710-Q	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q
Total Assets	$46.7M+30.3%	$50.8M+40.1%	$49.3M+34.2%	$47.3M+31.1%	$35.8M-5.3%	$36.2M+3.9%	$36.7M+9.6%	$36.1M+21.0%
Current Assets	$42.9M+35.1%	$46.7M+47.4%	$44.9M+39.8%	$42.8M+36.8%	$31.7M-2.8%	$31.7M+7.4%	$32.1M+13.3%	$31.3M+28.1%
Cash & Equivalents	$15.8M+101.2%	$17.7M+92.5%	$19.1M+257.0%	$19.4M+453.1%	$7.8M+311.3%	$9.2M+892.6%	$5.3M+0.9%	$3.5M-37.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$10.5M-10.9%	$11.0M-18.4%	$11.2M-18.9%	$11.7M-32.1%	$11.8M-38.0%	$13.4M-16.8%	$13.7M+2.8%	$17.2M+30.1%
Accounts Receivable	$15.0M+37.6%	$16.5M+112.3%	$12.6M+6.4%	$10.6M+12.0%	$10.9M+14.0%	$7.8M-17.4%	$11.8M+79.0%	$9.5M+144.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$6.4M-9.0%	$9.2M-3.7%	$7.8M-16.4%	$7.4M-32.1%	$7.0M-47.7%	$9.6M-14.5%	$9.4M-13.5%	$10.9M+26.3%
Current Liabilities	$6.2M-6.4%	$9.0M+0.5%	$7.4M-13.9%	$6.8M-32.1%	$6.6M-46.4%	$8.9M-12.5%	$8.6M-15.9%	$10.0M+26.9%
Non-Current Liabilities	$161K-56.0%	$255K-60.8%	$406K-45.4%	$585K-32.4%	$366K-62.8%	$651K-34.7%	$743K+29.7%	$866K+19.4%
Total Equity	$40.3M+39.8%	$41.5M+55.9%	$41.4M+51.5%	$39.9M+58.5%	$28.8M+17.8%	$26.6M+12.7%	$27.3M+20.7%	$25.2M+18.9%
Retained Earnings	-$109.8M-2.2%	-$108.1M+1.2%	-$107.7M+0.7%	-$107.4M+2.8%	-$107.5M+15.1%	-$109.4M+14.1%	-$108.4M+15.5%	-$110.5M+14.9%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

MIND Cash Flow Statement

MIND quarterly cash flow statement

Metric	TTM	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	-$3.5M	$2.6M+297.2%	$651K+113.1%	-$5.0M-71.0%	-$2.9M+83.0%	-$17.1M-169.4%	-$6.4M-9.3%	-$5.8M-6.6%	-$5.5M-859.0%	$719K-77.2%	$3.2M-79.0%	$15.0M-40.3%	$25.2M+18.8%	$21.2M-52.1%	$44.3M+23.1%	$36.0M
Depreciation & Amortization	N/A	$873K-7.5%	$944K-19.9%	$1.2M-12.4%	$1.3M-39.2%	$2.2M-21.0%	$2.8M+12.1%	$2.5M-0.1%	$2.5M+16.2%	$2.1M-10.5%	$2.4M-4.5%	$2.5M+14.6%	$2.2M+46.8%	$1.5M+6.6%	$1.4M+13.0%	$1.2M
Stock-Based Compensation	N/A	$1.6M+559.6%	$235K-10.0%	$261K-60.1%	$654K+1.7%	$643K-9.2%	$708K-17.1%	$854K+9.3%	$781K-13.5%	$903K+22.5%	$737K-43.0%	$1.3M-0.4%	$1.3M+13.6%	$1.1M-27.9%	$1.6M+19.2%	$1.3M
Capital Expenditures	$400K	$663K+51.7%	$437K+50.7%	$290K-49.1%	$570K-31.7%	$834K+826.7%	$90K-91.3%	$1.0M+27.3%	$814K+100.0%	$407K+43.8%	$283K-15.8%	$336K-25.5%	$451K-17.9%	$549K-43.1%	$965K-36.7%	$1.5M
Free Cash Flow	-$3.9M	$1.9M+798.6%	$214K+104.1%	-$5.3M-51.3%	-$3.5M+80.7%	-$18.0M-178.6%	-$6.5M+5.9%	-$6.9M-9.3%	-$6.3M-2109.9%	$312K-89.1%	$2.9M-80.5%	$14.7M-40.6%	$24.8M+19.8%	$20.7M-52.3%	$43.3M+25.7%	$34.4M
Investing Cash Flow	-$400K	-$663K-3415.0%	$20K-99.8%	$11.0M+2244.3%	$470K-91.2%	$5.4M+67.3%	$3.2M+253.6%	-$2.1M-13820.0%	-$15K-100.2%	$9.0M+103.9%	$4.4M+143.0%	-$10.3M	N/A	-$37.2M-7.2%	-$34.7M+39.5%	-$57.3M
Financing Cash Flow	$11.8M	$11.8M+2003.9%	-$619K+59.7%	-$1.5M+19.0%	-$1.9M-115.5%	$12.2M+170.0%	$4.5M+158.1%	$1.7M-66.0%	$5.1M+269.4%	-$3.0M+58.5%	-$7.3M-29.7%	-$5.6M	N/A	$16.8M+270.2%	-$9.9M-144.6%	$22.1M
Share Buybacks	N/A	N/A	N/A	$0-100.0%	$1K-50.0%	$2K	$0	N/A	$0	$0-100.0%	$4K+33.3%	$3K-100.0%	$9.8M+343.7%	$2.2M	N/A	N/A

Metric	Q2'2710-Q	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q
Operating Cash Flow	-$1.8M-54.4%	-$1.3M-133.1%	-$1.2M-159.1%	$894K-60.9%	-$1.2M-209.5%	$4.1M+185.6%	$2.1M+213.2%	$2.3M+206.6%
Depreciation & Amortization	$224K+3.2%	$228K+1.3%	$219K-0.5%	$212K-4.1%	$217K-8.1%	$225K-15.7%	$220K-23.1%	$221K-14.0%
Stock-Based Compensation	$518K+84.3%	$518K+90.4%	N/A	$283K+502.1%	$281K+510.9%	$272K+466.7%	N/A	$47K-55.7%
Capital Expenditures	$108K-40.7%	$48K-79.7%	$151K-32.6%	$93K+38.8%	$182K+127.5%	$237K+259.1%	$224K+146.2%	$67K-30.9%
Free Cash Flow	-$1.9M-41.5%	-$1.4M-136.4%	-$1.4M-174.6%	$801K-63.9%	-$1.3M-237.1%	$3.8M+179.5%	$1.8M+224.0%	$2.2M+199.0%
Investing Cash Flow	-$108K+40.7%	-$48K+79.7%	-$151K+32.6%	-$93K-38.8%	-$182K-127.5%	-$237K-160.6%	-$224K	-$67K-100.6%
Financing Cash Flow	$0	$0	$1.0M	$10.8M+1837.3%	$0	$0	$0+100.0%	-$619K+82.5%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

MIND Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MIND quarterly financial ratios

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Gross Margin	45.6%+0.8pp	44.7%+1.0pp	43.7%+4.0pp	39.8%+13.7pp	26.1%-8.4pp	34.4%+4.1pp	30.4%+3.0pp	27.3%+14.7pp	12.6%+30.7pp	-18.1%-23.2pp	5.1%-22.8pp	28.0%-6.8pp	34.8%-1.0pp	35.7%-15.4pp	51.2%
Operating Margin	7.0%-7.6pp	14.5%+13.1pp	1.4%+24.0pp	-22.6%+40.3pp	-62.9%+4.6pp	-67.5%-52.8pp	-14.7%+15.6pp	-30.3%+10.5pp	-40.8%+35.5pp	-76.3%-24.7pp	-51.6%-43.5pp	-8.1%-14.4pp	6.3%-7.0pp	13.3%-17.3pp	30.6%
Net Margin	1.8%-35.7pp	37.6%+47.2pp	-9.6%+25.7pp	-35.3%+30.0pp	-65.3%+30.4pp	-95.7%-69.3pp	-26.5%+19.8pp	-46.2%-2.6pp	-43.6%+37.2pp	-80.9%-6.1pp	-74.8%-63.7pp	-11.1%-16.2pp	5.2%-11.1pp	16.3%-5.3pp	21.6%
Return on Equity	1.8%-62.6pp	64.4%+79.9pp	-15.5%+22.8pp	-38.3%+11.5pp	-49.9%+16.9pp	-66.8%-43.1pp	-23.7%+11.3pp	-35.0%-3.0pp	-32.0%+9.0pp	-41.0%-4.1pp	-36.9%-30.6pp	-6.3%-9.1pp	2.8%-6.9pp	9.7%-6.0pp	15.7%
Return on Assets	1.5%-46.4pp	47.9%+58.4pp	-10.5%+16.4pp	-26.9%+9.0pp	-35.9%+15.2pp	-51.1%-31.7pp	-19.4%+11.0pp	-30.4%-1.8pp	-28.6%+6.4pp	-35.0%-6.3pp	-28.7%-23.6pp	-5.1%-7.4pp	2.3%-6.6pp	9.0%-3.3pp	12.3%
Current Ratio	6.03+2.3x	3.71+1.0x	2.76+0.3x	2.49-0.2x	2.73-0.7x	3.42-1.2x	4.67-0.2x	4.89+0.5x	4.39+1.8x	2.60-0.8x	3.44-2.0x	5.41+0.4x	5.00-1.1x	6.11+3.4x	2.72
Debt-to-Equity	0.19-0.2x	0.34-0.1x	0.48+0.1x	0.430.0x	0.39+0.1x	0.31+0.1x	0.22+0.1x	0.15+0.2x	0.000.0x	0.00-0.2x	0.160.0x	0.160.0x	0.13+0.1x	0.02-0.1x	0.08
Asset Turnover	0.83-0.4x	1.28+0.2x	1.09+0.3x	0.76+0.2x	0.550.0x	0.53-0.2x	0.73+0.1x	0.660.0x	0.66+0.2x	0.430.0x	0.38-0.1x	0.460.0x	0.45-0.1x	0.550.0x	0.57
FCF Margin	4.7%+4.2pp	0.5%+14.9pp	-14.4%-0.5pp	-13.9%+63.9pp	-77.8%-47.4pp	-30.4%-14.3pp	-16.1%-1.5pp	-14.6%-15.3pp	0.7%-6.3pp	7.0%-21.4pp	28.4%-1.4pp	29.8%+7.3pp	22.4%-18.9pp	41.3%+10.8pp	30.5%

Metric	Q2'2710-Q	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q
Gross Margin	37.2%-13.2pp	42.4%+0.2pp	40.7%-2.8pp	46.6%+1.8pp	50.4%+2.8pp	42.1%-1.4pp	43.5%-7.7pp	44.8%-0.5pp
Operating Margin	-31.9%-51.6pp	0.1%+8.5pp	0.8%-17.7pp	8.0%-7.5pp	19.6%+5.4pp	-8.3%-15.9pp	18.5%-0.5pp	15.5%+44.7pp
Net Margin	-30.8%-45.1pp	-4.3%+8.0pp	-2.8%-99.5pp	0.6%-10.0pp	14.2%+6.3pp	-12.3%-22.1pp	96.8%+116.0pp	10.7%-0.7pp
Return on Equity	-4.3%-11.0pp	-1.0%+2.7pp	-0.7%-53.9pp	0.2%-5.0pp	6.7%+3.4pp	-3.6%-7.7pp	53.3%+63.6pp	5.1%+2.4pp
Return on Assets	-3.7%-9.1pp	-0.8%+1.9pp	-0.5%-40.2pp	0.1%-3.4pp	5.4%+3.3pp	-2.7%-5.4pp	39.6%+46.7pp	3.6%+1.7pp
Current Ratio	6.92+2.1x	5.20+1.7x	6.03+2.3x	6.28+3.2x	4.79+2.2x	3.55+0.7x	3.71+1.0x	3.120.0x
Debt-to-Equity	0.16-0.1x	0.22-0.1x	0.19-0.2x	0.19-0.2x	0.24-0.3x	0.36-0.1x	0.34-0.1x	0.430.0x
Asset Turnover	0.12-0.3x	0.190.0x	0.20-0.2x	0.20-0.1x	0.38+0.1x	0.22-0.1x	0.410.0x	0.34+0.2x
FCF Margin	-33.8%-23.9pp	-14.4%-62.9pp	-14.0%-26.2pp	8.3%-10.1pp	-9.9%-19.6pp	48.5%+98.3pp	12.2%+7.5pp	18.4%+63.5pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Mind Technology Inc MIND	FY2026	$40.9M	$750K	1.8%	$35.5M	56/100
Odysight.ai ODYS	FY2025	$3.0M	-$17.0M	N/A	$58.8M	53/100
Acorn Energy Inc ACFN	FY2025	$11.5M	$2.5M	21.9%	$48.1M	53/100
Sono Tek Corp SOTK	FY2026	$20.9M	$1.8M	8.6%	$73.2M	62/100
Genasys Inc GNSS	FY2025	$40.8M	-$18.1M	-44.4%	$70.1M	41/100
Wrap Technologies Inc WRAP	FY2025	$4.7M	-$10.3M	N/A	$103.2M	35/100

Where Mind Technology Inc Ranks

Frequently Asked Questions

What is Mind Technology Inc's annual revenue?

Mind Technology Inc (MIND) reported $40.9M in total revenue for fiscal year 2026. This represents a -12.6% 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 declined by 12.6% year-over-year, from $46.9M to $40.9M in fiscal year 2026.

Is Mind Technology Inc profitable?

Yes, Mind Technology Inc (MIND) reported a net income of $750K in fiscal year 2026, with a net profit margin of 1.8%.

What is Mind Technology Inc's EBITDA?

Mind Technology Inc (MIND) had EBITDA of $3.7M in fiscal year 2026, 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 45.6% in fiscal year 2026, 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 7.0% in fiscal year 2026, 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 1.8% in fiscal year 2026, 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 1.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Mind Technology Inc's free cash flow?

Mind Technology Inc (MIND) generated $1.9M in free cash flow during fiscal year 2026. This represents a 798.6% 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 $2.6M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Mind Technology Inc's total assets?

Mind Technology Inc (MIND) had $49.3M in total assets as of fiscal year 2026, including both current and long-term assets.

What are Mind Technology Inc's capital expenditures?

Mind Technology Inc (MIND) invested $663K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

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

Mind Technology Inc (MIND) invested $1.6M in research and development during fiscal year 2026.

How many shares does Mind Technology Inc have outstanding?

Mind Technology Inc (MIND) had 9M shares outstanding as of fiscal year 2026.

What is Mind Technology Inc's current ratio?

Mind Technology Inc (MIND) had a current ratio of 6.03 as of fiscal year 2026, 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 0.19 as of fiscal year 2026, 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 1.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Mind Technology Inc's P/E ratio?

Mind Technology Inc (MIND) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to July 31, 2026). The market capitalization is $35.5M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Mind Technology Inc's price-to-sales ratio?

Mind Technology Inc (MIND) trades at 1.0x sales, its market capitalization divided by revenue of $34.8M revenue, trailing 12 months to July 31, 2026. The market capitalization is $35.5M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Mind Technology Inc (MIND) has an Altman Z-Score of 1.59, placing it in the Distress Zone (elevated 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 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 3.45x, considered cash-backed (high quality). 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 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.