MIND Technology (MIND) Financials

MIND NASDAQ

Trailing 12 months to July 31, 2026

Revenue $34.8M -28.5% YoY

Net Income -$2.4M -155.0% YoY

Free Cash Flow -$3.9M -159.0% YoY

Operating Cash Flow -$3.5M -147.7% YoY

Market Cap $35.9M as of Oct 26, 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 Oct 26, 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 2026-10-25

FY2026 revenue contracted, but gross economics held while overhead pressure cut operating profit and cash generation improved.

The earnings-to-cash relationship was stronger than the income statement suggests: operating cash flow reached $2.6M against net income of $750K. With free cash flow also positive at $1.9M, FY2026 earnings were accompanied by cash realization rather than merely accounting profit.

Revenue fell to $40.9M, yet gross margin was 45.6%, indicating the contraction did not primarily come through reported product costs. Operating margin fell to 7.0% as SG&A rose 18.2%, pointing to overhead deleverage.

Assets expanded 34.2% while liabilities fell 16.4%, an unusual combination that points to balance-sheet strengthening rather than debt-funded growth. A 6.0x current ratio and liabilities equal to 15.9% of assets indicate substantial reported short-term coverage.

Financial Health Signals

Financial Health Score 57/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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.

Profitability

MIND Technology, Inc. has an operating margin of 7.0%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 43/100, indicating healthy but not exceptional operating efficiency. This is down from 14.5% the prior year.

Growth

MIND Technology, Inc.'s revenue declined 12.6% year-over-year, from $46.9M to $40.9M. This contraction results in a growth score of 53/100.

Leverage

Liquidity

With a current ratio of 6.03, MIND Technology, Inc. holds $6.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.

Cash Flow

MIND Technology, Inc.'s free cash flow margin of 4.7% results in a low score of 25/100. Capital expenditures of $663K absorb a large share of operating cash flow.

Returns

MIND Technology, Inc.'s ROE of 1.8% shows moderate profitability relative to equity, earning a score of 52/100. This is down from 18.6% the prior year.

Altman Z-Score Distress

1.62

MIND Technology, Inc. scores 1.62, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $107.7M against total assets of $49.3M. 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 operating efficiency signals passes.

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%

5Y CAGRn/m

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%

QoQn/m

5Y CAGRn/m

10Y CAGRn/m

MIND Technology, Inc. reported a net loss of $1.7M in Q2 2027. This represents a decrease of 189.9% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

EPS (Diluted)

Not reported for Q2 2027.

Cash & Balance Sheet

Free Cash Flow

-$1.9M

YoYn/m

QoQn/m

5Y CAGRn/m

MIND Technology, Inc. recorded an outflow of $1.9M in free cash flow in Q2 2027, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

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; no long-term debt figure is on record for that period.

Shares Outstanding

YoY+14.0%

QoQ0.0%

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 change+4.5pp

10Y change+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 change+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 change+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 change+5.4pp

10Y change+5.3pp

MIND Technology, Inc.'s quarterly ROE was -4.3% in Q2 2027: one quarter's net income over shareholder equity, not annualized. 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%	$6.1Mn/m	-$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%	$518Kn/m	-$5.7Mn/m	-$14.5Mn/m	-$14.3Mn/m	-$6.3Mn/m	-$13.0Mn/m	-$19.7Mn/m	-$31.3Mn/m	-$26.8Mn/m	-$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%	$1.7Mn/m	-$4.3Mn/m	-$12.3Mn/m	-$11.5Mn/m	-$3.8Mn/m	-$10.5Mn/m	-$17.6Mn/m	-$28.9Mn/m	-$24.2Mn/m	-$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	N/A	N/A	N/A	$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%	$699Kn/m	-$39K-107.3%	$536K+51.8%	$353K+40.1%	$252K-72.3%	$910K-49.8%	$1.8M-83.5%	$11.0Mn/m	-$994K-179.0%	$1.3Mn/m	-$3.5M-135.2%	$10.0M
Net Income	-$2.4M	$750K-85.2%	$5.1M+1751.8%	$274Kn/m	-$8.8Mn/m	-$15.1Mn/m	-$20.3Mn/m	-$11.3Mn/m	-$19.8Mn/m	-$21.1Mn/m	-$33.2Mn/m	-$38.7Mn/m	-$9.2M-292.8%	$4.8M-72.0%	$17.1M-29.9%	$24.3M
EPS (Basic)	N/A	$0.09	$4.32	-$2.50	-$8.98	-$1.31n/m	-$1.80n/m	-$1.10n/m	-$1.78n/m	-$1.82n/m	-$2.79n/m	-$3.22n/m	-$0.74-300.0%	$0.37-72.4%	$1.34-37.1%	$2.13
EPS (Diluted)	—	N/A	N/A	N/A	-$0.92	-$1.31n/m	-$1.80n/m	-$1.10n/m	-$1.78n/m	-$1.82n/m	-$2.79n/m	-$3.22n/m	-$0.74-305.6%	$0.36-72.1%	$1.29-36.1%	$2.02
Diluted Shares (Avg)	N/A	8M	4M	1,406	1M	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-K	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%	$14Kn/m	$78K-97.2%	$774K-58.7%	$2.7M+86.3%	-$658K-190.1%	$2.8M+20.0%	$1.9Mn/m
EBITDA	-$1.6M-154.6%	$242Kn/m	$297K-90.1%	$986K-53.0%	$2.9M+72.9%	-$433K-143.4%	$3.0M+15.2%	$2.1Mn/m
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%	-$411Kn/m	-$271K-113.3%	$62K-95.2%	$1.9M+141.7%	-$970K-201.7%	$2.0M+41.0%	$1.3M+127.3%
EPS (Basic)	-$0.19-179.2%	-$0.05n/m	-$0.04n/m	$0.01-99.7%	$0.24	-$0.12	-$1.30	$2.87

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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Goodwill	N/A	N/A	N/A	N/A	$0n/m	$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	$0n/m	$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	-$107.7Mn/m	-$108.4Mn/m	-$128.3Mn/m	-$127.6Mn/m	-$117.9Mn/m	-$99.9Mn/m	-$77.3Mn/m	-$64.0Mn/m	-$42.4Mn/m	-$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-K	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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
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	-$109.8Mn/m	-$108.1Mn/m	-$107.7Mn/m	-$107.4Mn/m	-$107.5Mn/m	-$109.4Mn/m	-$108.4Mn/m	-$110.5Mn/m

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%	$651Kn/m	-$5.0Mn/m	-$2.9Mn/m	-$17.1Mn/m	-$6.4Mn/m	-$5.8Mn/m	-$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%	$214Kn/m	-$5.3Mn/m	-$3.5Mn/m	-$18.0Mn/m	-$6.5Mn/m	-$6.9Mn/m	-$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%	$3.2Mn/m	-$2.1Mn/m	-$15K-100.2%	$9.0M+103.9%	$4.4Mn/m	-$10.3M	N/A	-$37.2Mn/m	-$34.7Mn/m	-$57.3M
Financing Cash Flow	$11.8M	$11.8Mn/m	-$619Kn/m	-$1.5Mn/m	-$1.9M-115.5%	$12.2M+170.0%	$4.5M+158.1%	$1.7M-66.0%	$5.1Mn/m	-$3.0Mn/m	-$7.3Mn/m	-$5.6M	N/A	$16.8Mn/m	-$9.9M-144.6%	$22.1M
Share Buybacks	N/A	N/A	N/A	$0-100.0%	$1K-50.0%	$2Kn/m	$0	N/A	$0n/m	$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-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q
Operating Cash Flow	-$1.8Mn/m	-$1.3M-133.1%	-$1.2M-159.1%	$894K-60.9%	-$1.2M-209.5%	$4.1Mn/m	$2.1M+213.2%	$2.3Mn/m
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	-$1.9Mn/m	-$1.4M-136.4%	-$1.4M-174.6%	$801K-63.9%	-$1.3M-237.1%	$3.8Mn/m	$1.8M+224.0%	$2.2Mn/m
Investing Cash Flow	-$108Kn/m	-$48Kn/m	-$151Kn/m	-$93Kn/m	-$182Kn/m	-$237K-160.6%	-$224Kn/m	-$67K-100.6%
Financing Cash Flow	$0n/m	$0n/m	$1.0Mn/m	$10.8Mn/m	$0n/m	$0n/m	$0n/m	-$619Kn/m

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%-9.0pp	10.8%+10.1pp	0.8%+36.1pp	-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%-16.8pp	18.6%+17.3pp	1.2%+39.5pp	-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%-12.3pp	13.8%+13.0pp	0.8%+27.7pp	-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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.000.0x	0.00-0.2x	0.160.0x	0.160.0x	0.13+0.1x	0.02-0.1x	0.08
Liabilities-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	0.150.0x	0.12-0.1x	0.17-0.1x	0.28+0.1x	0.230.0x	0.21+0.1x	0.08-0.2x	0.28
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-K	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%-16.3pp	0.6%-10.0pp	14.2%+6.3pp	-12.3%-22.1pp	13.5%+1.7pp	10.7%-0.7pp
Return on Equity	-4.3%-11.0pp	-1.0%+2.7pp	-0.7%-8.1pp	0.2%-5.0pp	6.7%+3.4pp	-3.6%-7.7pp	7.4%+1.1pp	5.1%+2.4pp
Return on Assets	-3.7%-9.1pp	-0.8%+1.9pp	-0.5%-6.1pp	0.1%-3.4pp	5.4%+3.3pp	-2.7%-5.4pp	5.5%+1.2pp	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
Liabilities-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

Not reported in any period shown, so not listed: Debt-to-Equity.

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%	$35.9M	57/100
Odysight.ai Inc. ODYS	FY2025	$3.0M	-$17.0M	N/A	$37.6M	54/100
Acorn Energy, Inc. ACFN	FY2025	$11.5M	$2.5M	21.9%	$43.7M	62/100
Sono-Tek Corporation SOTK	FY2026	$20.9M	$1.8M	8.6%	$82.7M	61/100
Genasys Inc. GNSS	FY2025	$40.8M	-$18.1M	-44.4%	$67.2M	42/100
Wrap Technologies, Inc. WRAP	FY2025	$4.7M	-$10.3M	N/A	$75.4M	36/100

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?

No, MIND Technology, Inc. (MIND) reported a net loss of $2.4M over the trailing 12 months to July 31, 2026. In fiscal year 2026 it reported a net income of $750K, 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 liabilities-to-equity ratio?

MIND Technology, Inc. (MIND) had a liabilities-to-equity ratio of 0.19 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2026, because the filing data we hold for that year carries no long-term debt figure.

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 $35.9M as of Oct 26, 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 $34.8M revenue, trailing 12 months to July 31, 2026. The market capitalization is $35.9M as of Oct 26, 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 1.62, 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 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.