MIND Technology Q2 revenue drops to $5.6M

MIND Technology’s fiscal 2027 Q2 showed sharply lower revenue, a return to losses, reduced backlog, but a debt-free balance sheet with $15.8 million in cash.

Rhea-AI Filing Summary

MIND Technology, Inc. (MIND) reported weak fiscal 2027 second-quarter results for the period ended July 31, 2026, as marine markets softened. Revenue was approximately $5.6 million, down from $9.7 million in the prior quarter and $13.6 million a year earlier. The company posted an operating loss of $1.8 million, versus operating income of $2.7 million in the prior-year quarter, and a net loss of $1.7 million or -$0.19 per share, compared with net income of $1.9 million or $0.24 per share a year ago.

Adjusted EBITDA was a loss of about $949,000, versus positive $3.1 million in the prior-year quarter. Backlog in the Seamap marine technology segment declined to $4.8 million from $7.6 million at April 30, 2026 and $12.8 million a year earlier. For the first six months, operating activities used $3.1 million of cash, compared with $2.9 million provided in the prior-year period. Management highlighted that aftermarket activity contributed about 87% of quarterly revenue and emphasized long-term demand drivers, while noting that project timing remains uncertain. MIND reported being debt-free and ended the quarter with $15.8 million in cash and stockholders’ equity of $40.3 million.

Positive

• Debt-free with $15.8 million in cash at July 31, 2026, giving MIND financial flexibility despite current losses.
• After-market business contributed about 87% of revenue in the quarter, providing a recurring revenue base amid weak new system orders.

Negative

• Revenue fell to $5.6 million from $13.6 million a year ago and $9.7 million in Q1, a steep sequential and year-over-year decline.
• Net result swung to a $1.7 million loss (‑$0.19 per share) versus $1.9 million income ($0.24 per share) in the prior-year quarter.
• Backlog dropped to $4.8 million from $12.8 million a year earlier, indicating weaker near-term demand visibility.
• Operating cash flow for the first six months was -$3.1 million, compared with +$2.9 million in the prior-year period, signaling cash burn from operations.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue Q2 FY2027: $5.6 million Operating (loss) Q2 FY2027: $1.8 million loss Net (loss) Q2 FY2027: $1.7 million loss +5 more

8 metrics

Revenue Q2 FY2027 $5.6 million Fiscal 2027 second quarter ended July 31, 2026; down from $9.7 million in Q1 and $13.6 million a year earlier

Operating (loss) Q2 FY2027 $1.8 million loss Compared with operating income of $2.7 million in fiscal 2026 Q2

Net (loss) Q2 FY2027 $1.7 million loss Loss of $0.19 per share versus net income of $1.9 million or $0.24 per share in prior-year quarter

Adjusted EBITDA Q2 FY2027 $0.95 million loss Adjusted EBITDA loss of approximately $949,000 versus $3.1 million positive in fiscal 2026 Q2

Backlog Seamap segment $4.8 million Backlog of Marine Technology Product orders as of July 31, 2026; down from $7.6 million at April 30, 2026 and $12.8 million a year ago

Cash and cash equivalents $15.8 million Balance at July 31, 2026; company reports being debt-free

Net cash from operating activities $3.1 million used Net cash used in operating activities for six months ended July 31, 2026 versus $2.9 million provided in prior-year period

Shares outstanding 9,089,000 shares Weighted-average basic and diluted shares used in EPS for fiscal 2027 Q2; also shares issued and outstanding on balance sheet

Key Terms

Adjusted EBITDA, backlog, after-market business, stock-based compensation, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA for the second quarter of fiscal 2027 was a loss of approximately"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

backlog financial

"The backlog of Marine Technology Product orders related to our Seamap segment was"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

after-market business financial

"we continue to benefit from the foundation that our after-market business provides"

stock-based compensation financial

"Stock-based compensation | | | 1,061 | | | | 553"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

Marine Technology Product technical

"The backlog of Marine Technology Product orders related to our Seamap segment"

Earnings Snapshot

Revenue: $5.6 million

Fiscal 2027 second quarter ended July 31, 2026

Revenue $5.6 million Down from $9.7 million in fiscal 2027 Q1 and $13.6 million in fiscal 2026 Q2

Operating (loss) income $1.8 million loss Versus operating income of $14,000 in fiscal 2027 Q1 and $2.7 million in fiscal 2026 Q2

Net (loss) income $1.7 million loss (-$0.19 per share) Versus net loss of $411,000 (-$0.05 per share) in Q1 and net income of $1.9 million ($0.24 per share) a year earlier

Adjusted EBITDA $0.95 million loss Loss of approximately $949,000 versus positive $811,000 in fiscal 2027 Q1 and $3.1 million in fiscal 2026 Q2

Backlog (Seamap segment) $4.8 million Down from $7.6 million at April 30, 2026 and $12.8 million at July 31, 2025

Net cash from operating activities (YTD) $3.1 million used Compared with $2.9 million provided in the six months ended July 31, 2025

FAQ

How did MIND (MIND) perform financially in fiscal 2027 Q2?

MIND reported revenue of about $5.6 million, an operating loss of $1.8 million, and a net loss of $1.7 million or -$0.19 per share for fiscal 2027 Q2 ended July 31, 2026.

How does MIND’s latest revenue compare to prior periods?

Quarterly revenue was $5.6 million, down from $9.7 million in fiscal 2027 Q1 and $13.6 million in fiscal 2026 Q2, reflecting significant sequential and year-over-year declines.

What was MIND’s Adjusted EBITDA in fiscal 2027 Q2?

Adjusted EBITDA was a loss of approximately $949,000 for fiscal 2027 Q2, compared with positive $811,000 in Q1 and $3.1 million in the prior-year Q2, indicating a deterioration in underlying earnings.

What is the status of MIND’s backlog in the Seamap segment?

Backlog of Marine Technology Product orders in the Seamap segment was $4.8 million as of July 31, 2026, down from $7.6 million at April 30, 2026 and $12.8 million at July 31, 2025.

What does MIND’s balance sheet look like after fiscal 2027 Q2?

MIND reported being debt-free, with cash and cash equivalents of $15.8 million and stockholders’ equity of $40.3 million as of July 31, 2026. Total assets were $46.7 million and total liabilities $6.4 million.

How much cash did MIND generate or use from operations year-to-date?

For the six months ended July 31, 2026, MIND’s operating activities used $3.1 million of cash, compared with $2.9 million of cash provided by operating activities in the same period of the prior year.

What demand trends did MIND’s management highlight in this 8-K?

Management noted ongoing market softness and macro uncertainty affecting order flow and timing, partly related to the conflict in the Middle East, but expressed confidence that long-term marine exploration and survey demand remains favorable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/08/2026 - 04:31 PM Accepted by SEC EDGAR 09/08/2026 - 04:30 PM Learn about SEC filing dates

false 0000926423 0000926423 2026-09-08 2026-09-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 8, 2026

MIND Technology, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-13490		76-0210849
(State or other jurisdiction		(Commission		(I.R.S. Employer
of incorporation)		File Number)		Identification No.)
2002 Timberloch Place, Suite 400,
The Woodlands, Texas				77380
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (281) 353-4475

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock	MIND	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operation and Financial Condition.

On September 8, 2026, MIND Technology, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended July 31, 2026. The date and time for a conference call discussing the earnings are also included in the press release. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference into this Item 2.02.

The Company’s press release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, the Company has provided within the press release quantitative reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.

The information in this Item 2.02 (including the press release attached as Exhibit 99.1 and incorporated by reference into Item 2.02) is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not subject to the liabilities of that section, and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD Disclosure.

On September 8, 2026, the Company issued a press release announcing its financial results for the fiscal quarter ended July 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated by reference into Item 7.01. The information set forth under Item 2.02 above regarding the press release is incorporated herein by reference.

The information in this Item 7.01 (including the press release attached as Exhibit 99.1 and incorporated by reference into Item 7.01) is being furnished, not filed, for purposes of Section 18 of the Exchange Act, is not subject to the liabilities of that section, and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act unless specifically identified therein as being incorporated therein by reference.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this report should be considered forward-looking statements. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the Company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K (especially in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (the “SEC”), and other risks and uncertainties listed from time to time in the Company’s other filings with the SEC. There may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Item 9.01 Financial Statements and Exhibits.

	Exhibit Number	Description
(d) Exhibits.	99.1	MIND Technology, Inc. press release dated September 8, 2026.
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		MIND Technology, Inc.
September 8, 2026		By:	/s/ Robert P. Capps
			Name: Robert P. Capps
			Title: President and Chief Executive Officer

Exhibit 99.1

	NEWS RELEASE
	Contacts:		Rob Capps, President & CEO MIND Technology, Inc. 281-353-4475
			Ken Dennard / Zach Vaughan Dennard Lascar Investor Relations 713-529-6600 MIND@dennardlascar.com

MIND TECHNOLOGY, INC. REPORTS

FISCAL 2027 Second QUARTER RESULTS

THE WOODLANDS, TX – September 8, 2026 – MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2027 second quarter ended July 31, 2026.

Revenues for the second quarter of fiscal 2027 were approximately $5.6 million compared to $9.7 million for the first quarter of fiscal 2027 and $13.6 million for the second quarter of fiscal 2026.

The Company reported an operating loss of approximately $1.8 million for the second quarter of fiscal 2027 compared to operating income of $14,000 for the first quarter of fiscal 2027 and operating income of $2.7 million for the second quarter of fiscal 2026. Net loss for the second quarter of fiscal 2027 amounted to approximately $1.7 million, or a loss of $0.19 per share, compared to net loss of $411,000, or a loss of $0.05 per share, for the first quarter of fiscal 2027 and net income of $1.9 million, or $0.24 per share, for the second quarter of fiscal 2026. In computing net loss per common share, approximately 9,089,000 shares were outstanding for the second quarter of fiscal 2027, compared to 9,089,000 shares for the first quarter of fiscal 2027, and 7,969,000 shares during the second quarter of fiscal 2026.

Adjusted EBITDA for the second quarter of fiscal 2027 was a loss of approximately $949,000 compared to Adjusted EBITDA of $811,000 for the first quarter of fiscal 2027 and Adjusted EBITDA of $3.1 million for the second quarter of fiscal 2026. Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) and cash provided by (used in) operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.

The backlog of Marine Technology Product orders related to our Seamap segment was approximately $4.8 million as of July 31, 2026 compared to $7.6 million at April 30, 2026 and $12.8 million at July 31, 2025.

Rob Capps, MIND’s President and Chief Executive Officer, stated, “Our second quarter results continue to reflect ongoing market softness, offset to some extent by the resilience of our after-market business. In recent quarters, we have been candid about how macro uncertainty has limited our near-term visibility. This is impacting order flow and affecting our overall results. However, we continue to benefit from the foundation that our after-market business provides. During the second quarter, this component of our business contributed approximately 87% of total revenue, giving us a durable base when new system orders are difficult to time. This allows us to stay patient and opportunistic rather than reactive.

“We are operating in a challenging environment. We are all frustrated by the lull in order activity and its impact on our results. However, recent conversations with customers have been encouraging and reinforce our conviction in the long-term fundamentals driving activity across our industry. We continue to believe the outlook within the marine exploration and survey market is favorable, supported by the need for energy security and the replenishment of lost production. In several cases, customers have indicated a desire to move forward with sizable projects, although the timing of those projects remains uncertain and largely dependent on a resolution to the conflict in the Middle East. While it is difficult to predict how quickly those discussions will translate into firm orders, demand has not gone away, and our confidence in the longer-term direction of the market is unchanged.

“MIND is debt-free, ended the quarter with $15.8 million in cash, and maintains an after-market business generating substantial recurring revenue. That combination gives us the flexibility to navigate near-term challenges and act quickly and efficiently when opportunities arise. We are focused on putting capital where it earns the greatest return, whether that means adding product lines, pursuing a larger, more transformative transaction to enhance our scale, or repurchasing our own shares in response to market dislocation. We are using this period to strengthen our competitive positioning, and I am confident in the direction we are headed," concluded Capps.

CONFERENCE CALL

Management has scheduled a conference call for Wednesday, September 9, 2026 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company’s fiscal 2027 second quarter results. To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the MIND Technology website, http://mind-technology.com, by logging onto the site and clicking “Investor Relations”. A telephonic replay of the conference call will be available through September 16, 2026, and may be accessed by calling (201) 612-7415 and using passcode 13762280#.  A webcast archive will also be available at http://mind-technology.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Dennard Lascar Investor Relations by email at MIND@dennardlascar.com.

ABOUT MIND TECHNOLOGY

MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures and sells specialized, high performance, marine exploration and survey equipment. 

Forward-looking Statements

Certain statements and information in this press release concerning results for the quarter ended July 31, 2026 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.  While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.  All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions.  Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, and volatility in commodity prices for oil and natural gas.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.

Non-GAAP Financial Measures

Certain statements and information in this press release contain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.  Company management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Company management also believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company's business trends and to understand the Company's performance. In addition, the Company may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.

Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net income from continuing operations and cash used in operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.

Reconciliation of Backlog, which is a non-GAAP financial measure, is not included in this press release due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable GAAP financial measures.

Tables to Follow

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

		July 31, 2026				January 31, 2026
ASSETS
Current assets:
Cash and cash equivalents		$	15,758			$	19,050
Accounts receivable, net of allowance for credit losses of $332 at each of July 31, 2026 and January 31, 2026			15,034				12,570
Inventories, net			10,526				11,150
Prepaid expenses and other current assets			1,536				2,114
Total current assets			42,854				44,884
Property and equipment, net			1,163				1,235
Operating lease right-of-use assets			839				1,092
Intangible assets, net			1,532				1,753
Deferred tax asset			302				302
Total assets		$	46,690			$	49,266
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	607			$	1,214
Deferred revenue			373				320
Customer deposits			434				971
Accrued expenses and other current liabilities			2,040				1,596
Income taxes payable			2,064				2,656
Operating lease liabilities - current			678				686
Total current liabilities			6,196				7,443
Operating lease liabilities - non-current			161				406
Total liabilities			6,357				7,849
Stockholders’ equity:
Common stock, $0.01 par value; 40,000 shares authorized; 9,089 shares issued and outstanding at July 31, 2026 and at January 31, 2026			91				91
Additional paid-in capital			150,051				148,990
Accumulated deficit			(109,843	)			(107,698	)
Accumulated other comprehensive gain			34				34
Total stockholders’ equity			40,333				41,417
Total liabilities and stockholders’ equity		$	46,690			$	49,266

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

		For the Three Months Ended July 31,								For the Six Months Ended July 31,
		2026				2025				2026				2025
Revenues:
Sales of marine technology products		$	5,622			$	13,561			$	15,294			$	21,463
Cost of sales:
Sales of marine technology products			3,532				6,732				9,107				11,303
Gross profit			2,090				6,829				6,187				10,160
Operating expenses:
Selling, general and administrative			3,255				3,637				6,800				7,021
Research and development			407				311				717				691
Depreciation and amortization			224				217				452				442
Total operating expenses			3,886				4,165				7,969				8,154
Operating (loss) income			(1,796	)			2,664				(1,782	)			2,006
Other income (expense):
Other, net			80				(65	)			131				(83	)
Total other income (expense)			80				(65	)			131				(83	)
(Loss) income before income taxes			(1,716	)			2,599				(1,651	)			1,923
Provision for income taxes			(18	)			(670	)			(494	)			(964	)
Net (loss) income		$	(1,734	)		$	1,929			$	(2,145	)		$	959
Net (loss) income per common share - Basic and diluted		$	(0.19	)		$	0.24			$	(0.24	)		$	0.12
Shares used in computing net loss and income per common share:
Basic and diluted			9,089				7,969				9,089				7,969

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

		For the Six Months Ended July 31,
		2026				2025
Cash flows from operating activities:
Net (loss) income		$	(2,145	)		$	959
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization			452				442
Stock-based compensation			1,061				553
Provision for inventory obsolescence			45				30
Changes in:
Accounts receivable			(2,471	)			979
Unbilled revenue			7				(90	)
Inventories			578				1,896
Prepaid expenses and other current and long-term assets			578				66
Income taxes receivable and payable			(592	)			(81	)
Accounts payable, accrued expenses and other current liabilities			(165	)			(23	)
Deferred revenue and customer deposits			(484	)			(1,822	)
Net cash (used in) provided by operating activities			(3,136	)			2,909
Cash flows from investing activities:
Purchases of property and equipment			(156	)			(419	)
Net cash used in investing activities			(156	)			(419	)
Cash flows from financing activities:
Net cash provided by financing activities			—				—
Effect of changes in foreign exchange rates on cash and cash equivalents			—				6
Net change in cash and cash equivalents			(3,292	)			2,496
Cash and cash equivalents, beginning of period			19,050				5,336
Cash and cash equivalents, end of period		$	15,758			$	7,832

MIND TECHNOLOGY, INC.

Reconciliation of Net Loss and Net Cash from Operating Activities to EBITDA and

Adjusted EBITDA

(in thousands)

(unaudited)

		For the Three Months Ended July 31,								For the Six Months Ended July 31,
		2026				2025				2026				2025
Reconciliation of Net (loss) income to EBITDA and Adjusted EBITDA
Net (loss) income		$	(1,734	)		$	1,929			$	(2,145	)		$	959
Depreciation and amortization			224				217				452				442
Provision for income taxes			18				670				494				964
EBITDA (1)			(1,492	)			2,816				(1,199	)			2,365
Stock-based compensation			543				281				1,061				553
Adjusted EBITDA (1)		$	(949	)		$	3,097			$	(138	)		$	2,918
Reconciliation of Net Cash (Used in) Provided by Operating Activities to EBITDA
Net cash (used in) provided by operating activities		$	(1,790	)		$	(1,159	)		$	(3,136	)		$	2,909
Stock-based compensation			(543	)			(281	)			(1,061	)			(553	)
Provision for inventory obsolescence			(45	)			(15	)			(45	)			(30	)
Changes in accounts receivable			(1,480	)			3,096				2,464				(889	)
Taxes paid, net of refunds			704				969				1,115				1,049
Changes in inventory			(406	)			(1,614	)			(578	)			(1,896	)
Changes in accounts payable, accrued expenses and other current liabilities, deferred revenue and customer deposits			2,155				1,988				649				1,845
Changes in prepaid expenses and other current and long-term assets			(57	)			(158	)			(578	)			(66	)
Other			(30	)			(10	)			(29	)			(4	)
EBITDA (1)		$	(1,492	)		$	2,816			$	(1,199	)		$	2,365

1. EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, stock-based compensation, impairment of intangible assets and other non-cash tax related items. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. We have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures, service debt and finance working capital requirements and we believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities. We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes. Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies.

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