Mind Technology Inc Stock Price, News & Analysis

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.

MIND Technology, Inc. (NASDAQ: MIND) will announce its fiscal 2022 second quarter financial results on September 8, 2021, after market close. A live conference call is scheduled for September 9, 2021, at 9:00 a.m. ET, where executives will discuss the earnings report. The call can be accessed via phone or online. A replay will be available until September 16, 2021. MIND Technology specializes in marine sonar and seismic equipment for various industries, operating globally with key locations including the US, Singapore, Malaysia, and the UK.

MIND Technology, Inc. (NASDAQ: MIND) announced on July 19, 2021, that its Seamap unit secured new orders worth approximately $4.1 million for source controller and GNSS positioning systems. Deliveries are set for the third and fourth quarters of the fiscal year. Co-CEO Guy Malden expressed optimism about the marine exploration market, noting strong demand for their marine source controller systems and anticipating further orders.

MIND Technology, Inc. has declared a cash dividend of $0.5625 per share on its 9.00% Series A Cumulative Preferred Stock for Q2 of the fiscal year ending January 31, 2022. This dividend is payable on July 31, 2021, to shareholders holding the stock as of July 15, 2021. MIND's Series A Preferred Stock trades under the ticker symbol MINDP.

The company focuses on marine technology solutions, operating primarily in Marine Exploration, Marine Survey, and Maritime Security, with a global presence.