Mind Technology Inc Stock Price, News & Analysis

MIND Technology, Inc. (MIND) announced the passing of Board member Robert J. Albers on February 26, 2022, at the age of 78. Mr. Albers, who served on the Board since January 2008, was recognized for his extensive experience in the seismic industry, including significant roles at Sercel, Inc. and Halliburton. The company expressed gratitude for his contributions over 14 years. MIND Technology has initiated a search for a replacement to fill Mr. Albers' position, aiming to maintain its strategic leadership.

MIND Technology, Inc. has declared a cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q4 of the fiscal year ending January 31, 2022. This dividend applies to the period from November 1, 2021 to January 31, 2022, and is payable on January 31, 2022, to shareholders on record as of January 15, 2022. The Series A Preferred Stock trades under the ticker symbol MINDP.

MIND Technology, Inc. (NASDAQ: MIND) announced a Cooperative Research and Development Agreement (CRADA) with the US Navy's Naval Surface Warfare Center, Panama City Division, on December 13, 2021. This agreement, entitled 'Advanced Mine Finding,' focuses on optimizing next-generation mine-hunting sonar systems. MIND's CTO, Andy Meecham, highlighted the company's history of supporting the Navy through innovations such as the MA-X™ sonars. MIND Technology designs and manufactures marine sonar and seismic equipment, providing vital technology for defense and hydrographic industries.

MIND Technology reported financial results for Q3 fiscal 2022 with revenues of $8.3 million, up 23% sequentially and 31% year-over-year. The net loss from continuing operations was $(2.1 million), improved from the prior quarter's loss of $(2.7 million). Adjusted EBITDA loss decreased to $(1.3 million) from $(1.8 million) in Q2. The company has a backlog of $10.0 million and anticipates exceeding last year's revenues. Despite strong order flow, supply chain challenges pose risks to future performance.

MIND Technology, Inc. (Nasdaq: MIND) reported an expected revenue of $8.3 million from marine technology product sales for the quarter ending October 31, 2021, marking a 23% sequential increase and a 28% year-over-year increase. The backlog reached $10.0 million. CEO Rob Capps noted the company's operational ramp-up and increasing orders, including military sonar systems. The company also completed a preferred stock offering, securing $9.5 million in net proceeds, enhancing liquidity for future opportunities. A third quarter earnings release is scheduled for December 8, 2021.

MIND Technology, Inc. (MIND) announced the pricing of an underwritten public offering of 432,000 shares of 9.00% Series A Cumulative Preferred Stock at $24.25 per share. An additional 64,800 shares are available to the underwriter within 30 days. The offering aims to net approximately $9.5 million, or $11.0 million if the underwriter's option is fully exercised. Proceeds will fund general corporate purposes, including debt repayment and acquisitions. The offering is set to close around November 12, 2021, subject to customary conditions.

MIND Technology, Inc. (Nasdaq: MIND) has launched a public offering of 360,000 shares of its 9.00% Series A Cumulative Preferred Stock and may allow underwriters to purchase an additional 54,000 shares. The funds will be used for general corporate purposes, including debt repayment, acquisitions, and working capital enhancements. The registration statement is pending with the SEC, and no sales will occur until it is effective.

MIND Technology, Inc. declared a 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, 2022. This dividend, which is payable on October 31, 2021, is for the period from August 1, 2021 to October 31, 2021. Holders of record as of October 15, 2021 will receive the payment. The Series A Preferred Stock trades under the ticker symbol MINDP on Nasdaq.

MIND Technology, Inc. (NASDAQ: MIND) reported its fiscal 2022 second quarter results with revenues from Marine Technology Products at $6.8 million, up 62% sequentially and 34% year-over-year. The company posted a net loss of $2.7 million, an improvement from $3.7 million in the prior quarter. Adjusted EBITDA loss was $1.8 million. The backlog of orders increased to $11.7 million. MIND expects to boost liquidity by over $4 million from land leasing asset sales. Despite global supply chain challenges, management anticipates continuing growth and aims for annual revenues of $140 million by 2026.