Mind Technology Inc Financials

MIND

Source SEC Filings (10-K/10-Q) Data as of Apr 30, 2026 Currency USD FYE January

This page shows Mind Technology Inc (MIND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 2026-06-11

Margin repair and light capital needs have made MIND's smaller FY2026 revenue base more cash-productive.

The key change is cash conversion: free cash flow of $1.9M exceeded net income of $750K, so reported profit was backed by cash instead of being consumed after the income statement. Unlike FY2024, when operating profit briefly turned positive but free cash flow stayed negative, the business now benefits from a light reinvestment load, with capex only $663K.

Gross margin held near the mid-40s and operating margin stayed positive at 7.0% even as revenue eased to $40.9M. That is a very different operating shape from FY2022, when gross margin was only 26.1%; the company appears to be keeping more value from each sale rather than relying on volume alone.

Liquidity is stronger than the income statement alone suggests: cash reached $19.1M against total liabilities of $7.8M, and the current ratio was 6.0x. But the cash build was not mainly organic, because financing brought in $11.8M, far more than operating cash flow of $2.6M.

Financial Health Signals

Financial Health Score 59/100

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

Dilution

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Grey Zone

2.18

Mind Technology Inc scores 2.18, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($50.4M) relative to total liabilities ($9.2M). This signals moderate financial risk that warrants monitoring.

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

$40.9M

YoY-12.6%

5Y CAGR+14.1%

10Y CAGR-2.3%

Mind Technology Inc generated $40.9M in revenue in fiscal year 2026. This represents a decrease of 12.6% from the prior year.

EBITDA

$3.7M

YoY-51.9%

Mind Technology Inc's EBITDA was $3.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 51.9% from the prior year.

Net Income

$750K

YoY-95.7%

Mind Technology Inc reported $750K in net income in fiscal year 2026. This represents a decrease of 95.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$1.9M

YoY+798.6%

10Y CAGR-18.4%

Mind Technology Inc generated $1.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 798.6% from the prior year.

Cash & Debt

$17.7M

YoY+92.5%

5Y CAGR+54.6%

10Y CAGR+22.3%

Mind Technology Inc held $17.7M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

YoY+14.0%

Mind Technology Inc had 9M shares outstanding in fiscal year 2026. This represents an increase of 14.0% from the prior year.

Margins & Returns

Gross Margin

45.6%

YoY+0.8pp

5Y CAGR+11.1pp

10Y CAGR+40.4pp

Mind Technology Inc's gross margin was 45.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.

Operating Margin

7.0%

YoY-7.6pp

5Y CAGR+74.5pp

10Y CAGR+58.6pp

Mind Technology Inc's operating margin was 7.0% in fiscal year 2026, reflecting core business profitability. This is down 7.6 percentage points from the prior year.

Net Margin

1.8%

YoY-35.7pp

5Y CAGR+97.5pp

10Y CAGR+76.6pp

Mind Technology Inc's net profit margin was 1.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 35.7 percentage points from the prior year.

Return on Equity

1.8%

YoY-64.3pp

5Y CAGR+78.2pp

10Y CAGR+40.1pp

Mind Technology Inc's ROE was 1.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 64.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.6M

YoY-17.1%

5Y CAGR-12.0%

10Y CAGR+5.5%

Mind Technology Inc invested $1.6M in research and development in fiscal year 2026. This represents a decrease of 17.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$663K

YoY+51.7%

5Y CAGR+49.1%

10Y CAGR+7.0%

Mind Technology Inc invested $663K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 51.7% from the prior year.

MIND Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$40.9M-12.6%	$46.9M+28.4%	$36.5M+46.0%	$25.0M+8.2%	$23.1M+8.9%	$21.2M
Cost of Revenue	$22.3M-14.0%	$25.9M+26.1%	$20.5M-7.1%	$22.1M+29.4%	$17.1M+22.9%	$13.9M
Gross Profit	$18.7M-11.0%	$21.0M+31.3%	$16.0M+60.5%	$9.9M+65.2%	$6.0M-17.6%	$7.3M
R&D Expenses	$1.6M-17.1%	$1.9M-10.3%	$2.1M+55.4%	$1.4M-61.8%	$3.6M+19.7%	$3.0M
SG&A Expenses	$13.3M+18.2%	$11.3M-7.0%	$12.1M-5.8%	$12.9M-12.7%	$14.8M+16.7%	$12.6M
Operating Income	$2.9M-58.1%	$6.8M+1216.2%	$518K+109.2%	-$5.7M+61.2%	-$14.5M-1.5%	-$14.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.2M+8.4%	$2.0M+48.3%	$1.3M+91.4%	$699K+1892.3%	-$39K-107.3%	$536K
Net Income	$750K-95.7%	$17.6M+600.9%	-$3.5M+60.2%	-$8.8M+41.5%	-$15.1M+25.7%	-$20.3M
EPS (Diluted)	N/A	N/A	N/A	$-0.92+29.8%	$-1.31+27.2%	$-1.80

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	$9.7M-1.3%	$9.8M+1.1%	$9.7M-28.6%	$13.6M+71.6%	$7.9M-47.5%	$15.0M+24.3%	$12.1M+20.6%	$10.0M
Cost of Revenue	$5.6M-4.0%	$5.8M+12.2%	$5.2M-23.1%	$6.7M+47.3%	$4.6M-46.2%	$8.5M+27.1%	$6.7M+27.1%	$5.3M
Gross Profit	$4.1M+2.7%	$4.0M-11.6%	$4.5M-33.9%	$6.8M+105.0%	$3.3M-49.1%	$6.5M+20.8%	$5.4M+13.5%	$4.8M
R&D Expenses	$310K-20.3%	$389K-23.1%	$506K+62.7%	$311K-18.2%	$380K-32.4%	$562K0.0%	$562K+71.3%	$328K
SG&A Expenses	$3.5M+7.3%	$3.3M+9.4%	$3.0M-16.9%	$3.6M+7.5%	$3.4M+13.3%	$3.0M+8.1%	$2.8M-0.8%	$2.8M
Operating Income	$14K-82.1%	$78K-89.9%	$774K-70.9%	$2.7M+504.9%	-$658K-123.7%	$2.8M+48.3%	$1.9M+31.2%	$1.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Income Tax	$476K+1.1%	$471K-34.2%	$716K+6.9%	$670K+127.9%	$294K-56.2%	$671K+69.4%	$396K-41.1%	$672K
Net Income	-$411K-51.7%	-$271K-537.1%	$62K-96.8%	$1.9M+298.9%	-$970K-106.7%	$14.6M+1027.8%	$1.3M+61.8%	$798K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MIND Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$50.8M+40.1%	$36.2M+3.9%	$34.9M+3.0%	$33.8M-10.4%	$37.8M+6.4%	$35.5M
Current Assets	$46.7M+47.4%	$31.7M+7.4%	$29.5M+24.9%	$23.6M-9.2%	$26.0M+10.9%	$23.5M
Cash & Equivalents	$17.7M+92.5%	$9.2M+892.6%	$924K+13.4%	$815K-0.2%	$817K-59.2%	$2.0M
Inventory	$11.0M-18.4%	$13.4M-16.8%	$16.2M+12.7%	$14.3M+0.7%	$14.2M+17.0%	$12.2M
Accounts Receivable	$16.5M+112.3%	$7.8M-17.4%	$9.4M+27.4%	$7.4M-21.4%	$9.4M+157.5%	$3.6M
Goodwill	N/A	N/A	N/A	N/A	$0	$0
Total Liabilities	$9.2M-3.7%	$9.6M-14.5%	$11.2M+2.2%	$11.0M+3.1%	$10.7M+19.0%	$9.0M
Current Liabilities	$9.0M+0.5%	$8.9M-12.5%	$10.2M+2.8%	$9.9M+3.4%	$9.6M+16.1%	$8.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$41.5M+55.9%	$26.6M+12.7%	$23.6M+3.4%	$22.9M-15.7%	$27.1M+2.1%	$26.6M
Retained Earnings	-$108.1M+1.2%	-$109.4M+14.1%	-$127.4M+0.4%	-$127.9M-5.5%	-$121.2M-16.1%	-$104.4M

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$50.8M+3.0%	$49.3M+4.1%	$47.3M+32.1%	$35.8M-1.1%	$36.2M-1.3%	$36.7M+1.7%	$36.1M-4.6%	$37.8M
Current Assets	$46.7M+4.1%	$44.9M+4.9%	$42.8M+34.8%	$31.7M+0.1%	$31.7M-1.3%	$32.1M+2.7%	$31.3M-4.2%	$32.6M
Cash & Equivalents	$17.7M-7.3%	$19.1M-1.7%	$19.4M+147.5%	$7.8M-14.6%	$9.2M+71.9%	$5.3M+52.2%	$3.5M+84.1%	$1.9M
Inventory	$11.0M-1.6%	$11.2M-4.8%	$11.7M-0.9%	$11.8M-12.1%	$13.4M-2.2%	$13.7M-20.3%	$17.2M-9.5%	$19.1M
Accounts Receivable	$16.5M+31.4%	$12.6M+18.5%	$10.6M-2.9%	$10.9M+40.5%	$7.8M-34.2%	$11.8M+24.8%	$9.5M-1.2%	$9.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.2M+17.7%	$7.8M+6.1%	$7.4M+5.9%	$7.0M-27.2%	$9.6M+2.2%	$9.4M-13.9%	$10.9M-18.3%	$13.3M
Current Liabilities	$9.0M+20.7%	$7.4M+9.2%	$6.8M+2.9%	$6.6M-25.9%	$8.9M+3.4%	$8.6M-13.8%	$10.0M-18.8%	$12.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$41.5M+0.3%	$41.4M+3.7%	$39.9M+38.5%	$28.8M+8.3%	$26.6M-2.6%	$27.3M+8.4%	$25.2M+2.9%	$24.5M
Retained Earnings	-$108.1M-0.4%	-$107.7M-0.3%	-$107.4M+0.1%	-$107.5M+1.8%	-$109.4M-0.9%	-$108.4M+1.8%	-$110.5M+12.7%	-$126.6M

MIND Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$2.6M+297.2%	$651K+113.1%	-$5.0M-71.0%	-$2.9M+83.0%	-$17.1M-169.4%	-$6.4M
Capital Expenditures	$663K+51.7%	$437K+50.7%	$290K-49.1%	$570K-31.7%	$834K+826.7%	$90K
Free Cash Flow	$1.9M+798.6%	$214K+104.1%	-$5.3M-51.3%	-$3.5M+80.7%	-$18.0M-178.6%	-$6.5M
Investing Cash Flow	-$663K-3415.0%	$20K-99.8%	$11.0M+2244.3%	$470K-91.2%	$5.4M+67.3%	$3.2M
Financing Cash Flow	$11.8M+2003.9%	-$619K+59.7%	-$1.5M+19.0%	-$1.9M-115.5%	$12.2M+170.0%	$4.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0-100.0%	$1K-50.0%	$2K	$0

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	-$1.3M-10.6%	-$1.2M-236.1%	$894K+177.1%	-$1.2M-128.5%	$4.1M+97.7%	$2.1M-10.1%	$2.3M+116.3%	$1.1M
Capital Expenditures	$48K-68.2%	$151K+62.4%	$93K-48.9%	$182K-23.2%	$237K+5.8%	$224K+234.3%	$67K-16.3%	$80K
Free Cash Flow	-$1.4M-1.9%	-$1.4M-270.8%	$801K+159.7%	-$1.3M-135.0%	$3.8M+108.9%	$1.8M-17.4%	$2.2M+127.1%	$978K
Investing Cash Flow	-$48K+68.2%	-$151K-62.4%	-$93K+48.9%	-$182K+23.2%	-$237K-5.8%	-$224K-234.3%	-$67K+16.3%	-$80K
Financing Cash Flow	$0-100.0%	$1.0M-90.4%	$10.8M	$0	$0	$0+100.0%	-$619K	$0
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	N/A	N/A

MIND Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	45.6%+0.8pp	44.7%+1.0pp	43.7%+4.0pp	39.8%+13.7pp	26.1%-8.4pp	34.4%
Operating Margin	7.0%-7.6pp	14.5%+13.1pp	1.4%+24.0pp	-22.6%+40.3pp	-62.9%+4.6pp	-67.5%
Net Margin	1.8%-35.7pp	37.6%+47.2pp	-9.6%+25.7pp	-35.3%+30.0pp	-65.3%+30.4pp	-95.7%
Return on Equity	1.8%-64.3pp	66.1%+81.0pp	-14.9%+23.8pp	-38.6%+17.0pp	-55.6%+20.8pp	-76.4%
Return on Assets	1.5%-47.1pp	48.6%+58.7pp	-10.1%+16.0pp	-26.1%+13.8pp	-39.9%+17.2pp	-57.2%
Current Ratio	5.20+1.7	3.55+0.7	2.89+0.5	2.38-0.3	2.71-0.1	2.83
Debt-to-Equity	0.22-0.1	0.36-0.1	0.470.0	0.48+0.1	0.39+0.1	0.34
FCF Margin	4.7%+4.2pp	0.5%+14.9pp	-14.4%-0.5pp	-13.9%+63.9pp	-77.8%-47.4pp	-30.4%

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Gross Margin	42.4%+1.6pp	40.7%-5.8pp	46.6%-3.8pp	50.4%+8.2pp	42.1%-1.4pp	43.5%-1.2pp	44.8%-2.8pp	47.6%
Operating Margin	0.1%-0.7pp	0.8%-7.2pp	8.0%-11.6pp	19.6%+28.0pp	-8.3%-26.8pp	18.5%+3.0pp	15.5%+1.3pp	14.2%
Net Margin	-4.3%-1.5pp	-2.8%-3.4pp	0.6%-13.6pp	14.2%+26.5pp	-12.3%-109.1pp	96.8%+86.1pp	10.7%+2.7pp	8.0%
Return on Equity	-1.0%-0.3pp	-0.7%-0.8pp	0.2%-6.5pp	6.7%+10.3pp	-3.6%-56.9pp	53.3%+48.1pp	5.1%+1.9pp	3.3%
Return on Assets	-0.8%-0.3pp	-0.5%-0.7pp	0.1%-5.3pp	5.4%+8.1pp	-2.7%-42.3pp	39.6%+36.1pp	3.6%+1.5pp	2.1%
Current Ratio	5.20-0.8	6.03-0.2	6.28+1.5	4.79+1.2	3.55-0.2	3.71+0.6	3.12+0.5	2.64
Debt-to-Equity	0.22+0.0	0.190.0	0.19-0.1	0.24-0.1	0.36+0.0	0.34-0.1	0.43-0.1	0.55
FCF Margin	-14.4%-0.5pp	-14.0%-22.2pp	8.3%+18.2pp	-9.9%-58.4pp	48.5%+36.3pp	12.2%-6.2pp	18.4%+8.6pp	9.7%

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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 $50.8M 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 5.20 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 0.22 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 Altman Z-Score?

Mind Technology Inc (MIND) has an Altman Z-Score of 2.18, placing it in the Grey Zone (moderate 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 59 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.