Mind Technology Inc Stock Price, News & Analysis

MIND Technology, Inc. (NASDAQ: MIND) reported its fiscal 2021 third quarter results, highlighting revenues of $6.5 million, an increase from $5.1 million in the previous quarter but a decline from $8.2 million year-over-year. The company experienced a loss from continuing operations of $2.4 million, compared to a loss of $1.3 million a year ago. Adjusted EBITDA also worsened to a loss of $1.5 million. Despite challenges due to COVID-19, MIND noted a backlog increase to $8.2 million and expressed optimism about future demand in the marine seismic industry, estimating a serviceable market of $1.3 billion annually.

MIND Technology, Inc. (NASDAQ: MIND) has received a Letter of Award (LOA) for the supply of products and services to upgrade a Seamap GunLink 4000 source controller, with the first delivery expected by January 31, 2021. This upgrade will enable dual near-field hydrophone recording, enhancing data acquisition capabilities. The LOA also includes an option for a future upgrade on a second vessel. Co-CEO Guy Malden noted increasing industry demands for advanced shooting pattern capabilities that improve image resolution while addressing environmental concerns.

MIND Technology, Inc. (NASDAQ: MIND) will release its fiscal 2021 third-quarter financial results after the market closes on December 3, 2020. A conference call to discuss these results is scheduled for December 4, 2020, at 9:00 a.m. Eastern Time, which will be accessible via phone and live webcast. This call will provide insights into the company's performance in the oceanographic, hydrographic, defense, seismic, and security industries, reflecting MIND's ongoing commitment to delivering specialized marine technology products.

MIND Technology, Inc. (NASDAQ: MIND) announced a purchase order from Sanco Shipping AS for a Seamap GunLink 4000 source controller upgrade, valued at approximately $2.0 million. An additional order for a GunLink 2500 upgrade is also committed. The first system's delivery is expected by January 31, 2021, while the second is anticipated in early 2022. The upgrades will enhance vessel capabilities with dual near field hydrophone recording. Co-CEO Guy Malden highlighted this as evidence of the company's leading position in marine seismic exploration technology.

MIND Technology, Inc. (Nasdaq: MIND) will present at the Microcap Rodeo Best Ideas Bowl virtual conference on October 13, 2020, at 10:00 a.m. Eastern Time. The management's live presentation will be available via webcast, and registered investors can schedule one-on-one meetings during the conference. MIND Technology specializes in technology and solutions for various industries, including oceanographic and defense sectors, and operates globally with key locations in the US, Singapore, Malaysia, and the UK.

MIND Technology, Inc. has declared a quarterly cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q3 of the fiscal year ending January 31, 2021. This dividend is payable on October 31, 2020 to shareholders on record as of October 15, 2020. MIND Technology focuses on technology solutions for various industries, including oceanographic and defense, with a global presence.

MIND Technology, Inc. (NASDAQ: MIND) successfully conducted a live Advanced Naval Technology Exercise (ANTX) in collaboration with the Naval Surface Warfare Center Panama City Division. The exercise tested the integration of Klein UUV 600 and µMAX technologies, showcasing advancements in sonar systems despite challenges from COVID-19 and hurricanes. The event highlighted the operational benefits for military applications, with reported improvements in survey efficiency by over 40%. The company aims to enhance data quality and operational effectiveness through these innovations.

MIND Technology, Inc. reported its fiscal 2021 second quarter results, revealing revenues of $5.1 million, down from $6.8 million YoY. The decline is attributed to COVID-related shipment delays and a temporary production shutdown. The company announced plans to exit the land seismic leasing business, classifying it as discontinued operations. Loss from continuing operations was $1.9 million, with a net loss per share of $(0.20). Adjusted EBITDA also worsened, showing a loss of $1.5 million. However, management expressed optimism about future contracts and strategic partnerships.

MIND Technology, Inc. (NASDAQ: MIND) will release its financial results for the fiscal 2021 second quarter, ending July 31, 2020, after market close on September 14, 2020. A conference call is scheduled for September 15, 2020, at 9:00 a.m. Eastern Time, which will be accessible via phone and online. A replay will be available until September 22, 2020. MIND Technology specializes in technology solutions for various industries, including oceanographic and defense applications.