Mind Technology Inc - MIND STOCK NEWS

MIND Technology, Inc. (NASDAQ: MIND) will release its fiscal 2023 third quarter financial results on December 13, 2022, after market close. A conference call to discuss these results is scheduled for December 14, 2022, at 9:00 a.m. ET. Interested parties can access the call via phone or online. A replay will be available until December 21, 2022. MIND Technology specializes in technology for the oceanographic, hydrographic, defense, seismic, and security sectors, operating globally with key locations in the U.S., Singapore, Malaysia, and the U.K.

MIND Technology, Inc. (MIND) announced its partnership with RTSYS to demonstrate the Spectral AI automatic target recognition (ATR) technology on the COMET-300 autonomous underwater vehicle at the EURONAVAL Conference in Paris. This AI-driven system aims to enhance the detection and classification of underwater objects using data from Klein side scan sonars. Both companies express confidence that this collaboration will deliver substantial value to customers in defense and civilian sectors.

MIND Technology, Inc. (MIND) announced on October 6, 2022, that its Board of Directors has decided not to declare a quarterly cash dividend for its 9.00% Series A Cumulative Preferred Stock for the third quarter of the fiscal year ending January 31, 2023. This decision is a result of potential liquidity demands from increased orders, with a backlog of approximately $19.3 million and total bookings exceeding $29.0 million year-to-date. While the dividend may be deferred, it will accumulate for future payment, and the company maintains positive working capital with no funded debt.

MIND Technology, Inc. (Nasdaq: MIND) announced on Sept. 28, 2022, that its Klein Marine Systems subsidiary received new orders worth approximately $1.3 million for high-speed multibeam side scan sonar systems from the U.S. Navy. These systems are expected to be delivered within the current fiscal year. President Rob Capps expressed satisfaction with these orders, viewing them as confirmation of the technology's effectiveness and a positive sign for the defense and maritime security markets.

MIND Technology successfully demonstrated its Sea Serpent anti-submarine warfare system during the U.S. Navy's Coastal Trident 2022 exercise. Deployed from an Unmanned Surface Vehicle, the system effectively detected a realistic underwater target. Sea Serpent utilizes MIND's SeaLink technology and offers a customizable, low-cost solution for anti-submarine warfare and maritime security. CEO Rob Capps expressed confidence in the system's potential utility for the U.S. and allied navies, emphasizing ongoing improvements based on the demonstration.

MIND Technology reported a revenue of $8.7 million for Q2 FY2023, marking a 28% increase from $6.8 million in Q2 FY2022. The net loss from continuing operations narrowed to approximately $1.8 million, improving from a loss of $2.7 million year-over-year. The adjusted EBITDA loss was $1.0 million, better than the previous year's loss of $1.8 million. MIND's backlog rose to $19.3 million, indicating strong future order potential. Management expects revenue in the second half of FY2023 to surpass the first half.

MIND Technology, Inc. (NASDAQ: MIND) will release its fiscal 2023 second quarter financial results on September 12, 2022, after market close. A conference call is scheduled for September 13, 2022, at 9:00 a.m. Eastern Time. Investors can access the call by dialing (412) 902-0030 or via the company's website. A replay will be available until September 20, 2022. MIND Technology operates in marine sonar and seismic equipment sectors, serving various industries including defense and oceanography.

MIND Technology, Inc. (Nasdaq: MIND) announced a significant order for the upgrade of its GunLink 4000 system, valued at approximately $900,000. This order, received from an undisclosed party, includes enhancements such as dual near-field hydrophone recording. The delivery is expected later this fiscal year. CEO Rob Capps noted this order reflects the robust recovery in the marine exploration market, particularly benefiting MIND's Seamap unit and its leading products.

MIND Technology, Inc. (Nasdaq: MIND) has received orders totaling approximately $7.7 million for sonar and source controller systems. Despite the positive news of new orders, the company announced a deferral of the second quarter dividend on its 9.00% Series A Cumulative Preferred Stock due to liquidity needs. This deferral affects future dividend payments and could allow preferred stockholders to appoint directors if unpaid for six quarters. The company maintains positive working capital with no funded debt.