Mind Technology Inc (MIND)
NASDAQ:MIND
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MIND Technology
(NASDAQ:MIND)
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Rating:56Neutral
Price Target:
$7.50
▼(-15.54% Downside)
Action:Reiterated
Date:04/16/26
The score is driven primarily by improved financial resilience (low leverage, strong liquidity, and positive cash flow) but is held back by income statement volatility and weaker near-term visibility. Technicals are neutral with only mild momentum, while valuation is a notable negative due to the very high P/E. Earnings call guidance supports continued profitability/cash generation, but also points to a likely FY2027 step-down and continued order timing risk.
Positive Factors
Conservative balance sheet / low leverage
The company’s low leverage and sizable equity base provide durable financial flexibility. Strong liquidity and a simplified capital structure reduce refinancing and solvency risk, enabling pursuit of larger bids, trade finance use, and operational continuity during multi-quarter order timing swings.
Negative Factors
System-sales lumpiness and concentration risk
Reliance on a small number of large system orders creates pronounced quarter-to-quarter volatility in revenue and margins. This structural lumpiness complicates capacity planning, working capital needs and forecasting, and means a few contract decisions can materially alter multi-quarter results.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
The company’s low leverage and sizable equity base provide durable financial flexibility. Strong liquidity and a simplified capital structure reduce refinancing and solvency risk, enabling pursuit of larger bids, trade finance use, and operational continuity during multi-quarter order timing swings.
Read all positive factors
MIND Technology Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Data provided by:
The Fly
The FlyMIND Technology (MIND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$60.26M
Dividend YieldN/A
Average Volume (3M)128.34K
Price to Earnings (P/E)81.5
Beta (1Y)1.09
Revenue Growth-12.62%
EPS Growth-69.66%
CountryUS
Employees146
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.10
Shares Outstanding9,089,055
10 Day Avg. Volume89,406
30 Day Avg. Volume128,343
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)2.70
Price to Sales (P/S)1.58
P/FCF Ratio345.20
Enterprise Value/Market Cap0.72
Enterprise Value/Revenue1.06
Enterprise Value/Gross Profit2.44
Enterprise Value/Ebitda11.63
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.62
Revenue Forecast (FY)$49.50M
MIND Technology Business Overview & Revenue Model
Company Description
MIND Technology, Inc., together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries. The company's products include the GunLink seismic source acquisition and control sy...
How the Company Makes Money
MIND primarily makes money by selling marine technology products through its Seamap business. Revenue is generated from (1) product sales of marine survey and sensing equipment and related components (e.g., systems used in seismic data acquisition...
MIND Technology Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jun 10, 2026
Earnings Call Sentiment Neutral
The earnings call presents a mixed but resilient picture: the company delivered positive adjusted EBITDA for the year, modest net income, improved gross margins, strong liquidity ($19.1M cash, $37M working capital), and a large, recurring aftermarket revenue base (~60%). At the same time, near-term demand is clouded by geopolitical and macro uncertainty leading to deferred orders, a Q4 net loss, higher G&A from stock compensation, and an expectation that fiscal 2027 revenue will be lower than fiscal 2026. Management is optimistic about long-term demand, pursuing larger opportunities with new trade finance capability, and focused on disciplined capital allocation and potential M&A to add scale. Overall, positives around profitability, margins, liquidity, and recurring aftermarket strength are offset by near-term order timing risk and expected revenue decline in the coming year, resulting in a balanced outlook.Positive Updates
Revenue and Scale
Marine technology product revenues of $9.8 million in Q4 and $40.9 million for fiscal 2026; Q4 revenue was essentially flat sequentially but slightly below internal expectations due to delivery timing.
Negative Updates
Customer Order Deferrals and Geopolitical Uncertainty
Ongoing macro and geopolitical uncertainty (including Middle East conflict and commodity price volatility) has caused customers to defer larger system orders and adopt a wait-and-see approach, slowing order conversion timing.
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue and Scale
Marine technology product revenues of $9.8 million in Q4 and $40.9 million for fiscal 2026; Q4 revenue was essentially flat sequentially but slightly below internal expectations due to delivery timing.
Read all positive updates
Company Guidance
Management guided that fiscal 2027 results are expected to be down versus fiscal 2026 but still positive and cash‑flow positive for the year; for context FY2026 included Q4 marine technology revenue of $9.8M and full‑year revenue of $40.9M (about $9.5M of orders were received in December, roughly half delivered in Q4 and the remainder expected early in FY2027), a firm backlog of approximately $13.9M as of 01/31/2026 (versus $727.2M as of 10/31/2025 and ~$16.2M as of 01/31/2025), aftermarket activity ~60% of 2026 revenue, full‑year gross profit ≈$18.7M (46% margin vs 45% in FY2025), Q4 adjusted EBITDA $1.1M and FY2026 adjusted EBITDA $5.3M, Q4 net loss ≈$271K (after $471K tax) and FY2026 net income ≈$750K (after $2.2M tax), working capital ≈$37M including $19.1M cash, G&A ~$3.3M, Q4 R&D ≈$389K, a clean debt‑free balance sheet, a new HSBC trade‑finance facility, a pipeline described as several times the firm backlog, and pursuit of $10M+ vessel opportunities (typical delivery lead times from order of ~16–24 weeks).MIND Technology Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 | Jan 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 40.95M | 46.86M | 36.51M | 25.01M | 23.11M |
| Gross Profit | 17.79M | 20.02M | 14.79M | 8.61M | 3.81M |
| EBITDA | 3.73M | 7.76M | 1.70M | -4.31M | -12.34M |
| Net Income | 750.00K | 5.07M | -2.07M | -8.83M | -15.09M |
Balance Sheet | |||||
| Total Assets | 49.27M | 36.72M | 33.49M | 32.86M | 42.02M |
| Cash, Cash Equivalents and Short-Term Investments | 19.05M | 5.34M | 5.29M | 778.00K | 5.11M |
| Total Debt | 1.09M | 1.32M | 1.32M | 1.75M | 1.83M |
| Total Liabilities | 7.85M | 9.39M | 10.85M | 9.81M | 11.76M |
| Stockholders Equity | 41.42M | 27.33M | 22.64M | 23.05M | 30.26M |
Cash Flow | |||||
| Free Cash Flow | 1.92M | 214.00K | -5.26M | -3.49M | -17.97M |
| Operating Cash Flow | 2.59M | 651.00K | -4.97M | -2.90M | -17.13M |
| Investing Cash Flow | -663.00K | 20.00K | 11.02M | 470.00K | 5.36M |
| Financing Cash Flow | 11.79M | -619.00K | -1.53M | -1.90M | 12.19M |
MIND Technology Technical Analysis
Negative
8.88
Price Trends
7.21
Negative
7.99
Negative
8.85
Negative
Market Momentum
-0.08
Negative
47.60
Neutral
20.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIND, the sentiment is Negative. The current price of 8.88 is above the 20-day moving average (MA) of 6.84, above the 50-day MA of 7.21, and above the 200-day MA of 8.85, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 47.60 is Neutral, neither overbought nor oversold. The STOCH value of 20.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MIND.
MIND Technology Risk Analysis
MIND Technology disclosed 41 risk factors in its most recent earnings report. MIND Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MIND Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $81.55M | 45.70 | 9.52% | ― | 1.97% | 42.20% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $178.04M | 4,681.99 | 0.15% | ― | 41.39% | ― | |
56 Neutral | $60.26M | 81.48 | 2.19% | ― | -12.62% | -69.66% | |
50 Neutral | $532.90M | -154.81 | -30.86% | ― | -5.93% | -215.06% | |
49 Neutral | $68.14M | -21.49 | -6.69% | 2.16% | 4.15% | -186.73% | |
45 Neutral | $72.65M | -3.76 | -46.58% | ― | -82.33% | -7.92% |
* Technology Sector Average
MIND
MIND Technology
6.76
0.30
4.73%
ELTK
Eltek
9.69
-0.13
-1.32%
CPSH
CPS Technologies
7.86
5.04
178.72%
ODYS
Odysightai
4.12
-1.08
-20.77%
SOTK
Sono-Tek
5.25
1.43
37.43%
OPTX
Syntec Optics Holdings
12.63
11.21
789.44%
MIND Technology Corporate Events
Business Operations and StrategyFinancial Disclosures
MIND Technology Posts Flat Q4 Revenue Amid Ongoing Headwinds
Negative
Apr 15, 2026
On April 15, 2026, MIND Technology reported fiscal 2026 fourth-quarter revenue of about $9.8 million, essentially flat sequentially but sharply lower than a year earlier, with operating income dropping to roughly $78,000 and a net loss of about $2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.