Welcome to our dedicated page for Mind Technology news (Ticker: MIND), a resource for investors and traders seeking the latest updates and insights on Mind Technology stock.
MIND Technology, Inc. (NASDAQ: MIND) is a marine technology company that provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, the company reports a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom. Its news flow reflects developments across its marine technology products, financial performance and corporate initiatives.
Readers of this MIND news page can follow company announcements about quarterly and year‑to‑date financial results, including revenues from sales of marine technology products, operating income, net income and non‑GAAP measures such as Adjusted EBITDA. Earnings releases are typically accompanied by details on conference calls and webcasts, as well as commentary from management on factors such as Seamap segment activity, after‑market contributions and backlog of Marine Technology Products orders.
News items also cover operational updates, such as the expansion of the manufacturing and repair facility in Huntsville, Texas for MIND Maritime Acoustics, LLC, and collaboration agreements entered into by the Seamap unit, including agreements related to marine data acquisition systems. Capital markets and corporate actions, such as the establishment of an at‑the‑market equity distribution agreement and authorization of a stock buyback program, are disclosed through press releases as well.
By reviewing the news feed for MIND Technology, investors and observers can see how the company reports on its marine exploration and survey equipment business, its global operations, and its use of tools like non‑GAAP financial measures and capital programs. This page brings together these company‑issued updates in one place for convenient reference.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
MIND Technology reported significant financial gains for the fourth quarter of fiscal 2023, with revenues from Marine Technology Products surging to $12.4 million, a remarkable increase from $4.9 million in the prior quarter and $3.8 million year-over-year. The company achieved an income from continuing operations of approximately $445,000, marking a turnaround from losses in previous quarters. Adjusted EBITDA for the fourth quarter was approximately $1.4 million, a significant jump from a loss of $2.7 million in the previous quarter. The backlog of Marine Technology Products reached $20.7 million, up 58% year-over-year, driven by robust demand. MIND anticipates continued revenue growth in fiscal 2024.
MIND Technology, Inc. (MIND) announced on April 18, 2023, that its Seamap unit has secured orders worth approximately $0.8 million from the Fraunhofer Institute for Wind Energy System IWES. These orders pertain to hydrophone arrays and equipment linked to the Manta Ray G2 system, expected to be delivered in fiscal 2024. The Manta Ray system aims to enhance marine object detection in offshore construction sites, particularly for wind energy applications. MIND operates globally, providing technology across various sectors, including oceanographic and seismic industries.
MIND Technology, Inc. (Nasdaq: MIND) announced that its Seamap unit has received orders totaling approximately $6.5 million from international seismic contractors for GunLink source controller systems and BuoyLink GNSS systems. These orders, which include related spares, are expected to be delivered in fiscal 2024. President and CEO Rob Capps expressed confidence in the company's opportunities, indicating a growing backlog of orders and strength in the exploration sector for towed streamer and nodal applications. The company’s operations span global markets, including locations in the United States, Singapore, Malaysia, and the United Kingdom, focusing on specialized marine sonar and seismic equipment.
MIND Technology, Inc. (NASDAQ: MIND) will report its fiscal 2023 fourth quarter and full year financial results on April 19, 2023, after market close. A conference call is scheduled for April 20, 2023, at 9:00 a.m. ET to discuss the results. Investors can join the call via phone or online. A replay of the call will be available until April 27, 2023. MIND Technology specializes in technology for various industries including oceanographic and defense sectors, and has operations in the US, Singapore, Malaysia, and the UK.
MIND Technology, Inc. (MIND) announced it will not declare a quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock for Q1 of the fiscal year ending January 31, 2024. The decision was driven by potential liquidity needs to fulfill existing orders and uncertainty in cash flow timing. CEO Rob Capps expressed confidence in converting a robust backlog of business into revenue shortly. The Series A dividend is cumulative, meaning deferred payments will accrue for future disbursement. If dividends remain unpaid for six quarters, Series A shareholders can appoint two directors to the Board. MIND is focused on technology solutions across various industries, including oceanographic and defense sectors.
FAQ
What is the current stock price of Mind Technology (MIND)?
What is the market cap of Mind Technology (MIND)?
