MIND Technology Reports Quarterly Loss Amid Market Slump
MIND Technology, Inc. reported a significant downturn in its fiscal 2027 second quarter, with revenues sliding to $5.6 million from $13.6 million in the same period last year. The Woodlands-based company, which provides specialized marine survey equipment, recorded a net loss of $1.7 million, or $0.19 per share.
The company’s operating loss hit $1.8 million for the quarter ending July 31, 2026, a sharp reversal from the $2.7 million operating income posted a year prior. Adjusted EBITDA also fell into the red at a loss of approximately $949,000, compared to a $3.1 million gain in the second quarter of 2026. Order backlogs for the firm’s Seamap segment dwindled to $4.8 million, down from $12.8 million in July 2025.
President and CEO Rob Capps attributed the poor performance to persistent market softness and macro-economic uncertainty that has delayed new system orders. Despite the current lull, Capps pointed to the company’s after-market business, which accounted for 87% of total revenue, as a stabilizing force. He noted that while customer interest in large-scale projects remains, project timelines are frequently stalling due to geopolitical tensions, specifically the conflict in the Middle East. MIND Technology remains debt-free with $15.8 million in cash, which the firm plans to leverage for potential product line expansions or share repurchases as it navigates the current cycle.
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