Want to see MIND full AI Analyst Report?
MIND Technology (MIND) AI Stock Analysis
MIND Technology
(NASDAQ:MIND)
MIND scores below average, driven primarily by deteriorating operating performance: TTM revenue down 31.7%, a return to net losses, and negative free cash flow, with order-driven demand proving highly volatile. Management's own guidance for fiscal 2027 to fall below fiscal 2026, alongside a 63% year-over-year backlog decline, limits near-term visibility. Technicals reinforce the caution, with the stock trading below all major moving averages and negative MACD momentum. The key offset is financial safety — a debt-free balance sheet, $15.8M cash, working capital exceeding $4 per share, and gross margins near multi-year highs — which gives the company runway to weather the downturn. With no dividend and negative earnings, valuation offers little support until order flow and cash generation stabilize.
MIND Technology Key Performance Indicators (KPIs)
Gross Profit by SegmentExamines profit after subtracting production costs for each segment, indicating which parts of the business are most profitable and sustainable.
Seamap is clearly the dominant and now essentially sole source of MIND’s gross profit after Klein’s contributions vanished in 2023; recent profit stability is driven by a higher mix of recurring aftermarket/spare‑parts sales, which management says provides a predictable revenue floor and helps preserve margins. That stability belies near‑term risk: firm backlog has declined sharply and conversion of a larger pipeline is uncertain, so sustaining current gross‑profit levels depends on converting big system orders or continued aftermarket strength.
The FlyMIND Technology (MIND) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $36.81M
- Dividend Yield
- ―
- Average Volume (3M)
- 84.99K
- Price to Earnings (P/E)
- -15.4
- Beta (1Y)
- 1.20
- Revenue Growth
- -28.46%
- EPS Growth
- -147.43%
- Country
- US
- Employees
- 157
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Hardware, Equipment & Parts
MIND Technology Business Overview & Revenue Model
Company Description
MIND Technology, Inc., together with its subsidiary companies, delivers specialized technological solutions to a range of sectors, including oceanography, hydrography, defense, seismic exploration, and maritime security. Their core product line featu...
How the Company Makes Money
MIND makes money primarily by selling marine technology products and solutions to commercial and government customers. Its revenue model centers on (1) product/equipment sales—selling specialized marine and subsea-related hardware and integrated syst...
MIND Technology Earnings Call Summary
The call was cautious and pressured in the near term. The company reported a sharp year-over-year deterioration in operating results, a substantial backlog decline, delayed customer commitments, and an expectation that fiscal 2027 results will be below fiscal 2026. These challenges were partly offset by resilient recurring aftermarket revenue, substantial liquidity, a debt-free balance sheet, a solid project pipeline, technology investment, and management's confidence in the longer-term market opportunity.
Q2-2027 Updates
Positive Updates
Negative Updates
Company Guidance
Management said fiscal 27 results will be below fiscal 26 and customers’ delays will likely pressure results for another quarter or 2, although the company would not write off the back end of the year completely because some pipeline orders could still be delivered this year; the likelihood reduces as time goes by. The pipeline remains several-fold greater than the approximately $4.8 million backlog and includes projects worth $10 million or more each. Management expects a significant increase in cash balance by the end of the year if the remaining customer collection is resolved, and said cash should be measurably higher than the $15.8 million recorded at July 31; working capital was approximately $36.7 million. Second-quarter marine technology product revenues were approximately $5.6 million, with roughly 87% from aftermarket activity, gross profit was approximately $2.1 million at a 37% margin, general and administrative expenses were approximately $3.3 million, research and development expense was approximately $407 thousand, operating loss was approximately $1.8 million, adjusted EBITDA loss was approximately $949 thousand, and net loss was approximately $1.7 million.
MIND Technology Financial Statement Overview
Summary
A fortress balance sheet (score 80) is the clear anchor: essentially no debt ($0.8M vs. $40.3M equity), equity funding ~86% of assets, and a capital base that nearly doubled since fiscal 2024. However, earnings quality (score 44) and cash generation (score 36) are weak. After a record fiscal 2025 ($46.9M revenue, $5.1M profit), TTM revenue has fallen 31.7% to $29.2M with a $2.4M net loss and negative free cash flow of $3.8M. Gross margin at a multi-year high near 49% shows the higher-value product mix is working, but revenue volume is insufficient to cover the fixed cost base, and segment KPIs highlight heavy dependence on a single, lumpy Seamap business.
Income Statement
44NeutralBalance Sheet
80PositiveCash Flow
36Negative| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.78M | 40.95M | 46.86M | 36.51M | 25.01M | 23.11M |
| Gross Profit | 14.04M | 17.79M | 20.02M | 14.79M | 8.61M | 3.81M |
| EBITDA | 130.00K | 3.77M | 8.00M | 2.09M | -2.99M | -11.40M |
| Net Income | -2.35M | 750.00K | 5.07M | -2.07M | -8.83M | -15.09M |
Balance Sheet | ||||||
| Total Assets | 46.69M | 49.27M | 36.72M | 33.49M | 32.86M | 42.02M |
| Cash, Cash Equivalents and Short-Term Investments | 15.76M | 19.05M | 5.34M | 5.29M | 778.00K | 5.11M |
| Total Debt | 839.00K | 1.09M | 1.32M | 1.32M | 1.75M | 1.83M |
| Total Liabilities | 6.36M | 7.85M | 9.39M | 10.85M | 9.81M | 11.76M |
| Stockholders Equity | 40.33M | 41.42M | 27.33M | 22.64M | 23.05M | 30.26M |
Cash Flow | ||||||
| Free Cash Flow | -3.86M | 1.92M | 214.00K | -5.26M | -3.49M | -17.97M |
| Operating Cash Flow | -3.46M | 2.59M | 651.00K | -4.97M | -2.90M | -17.13M |
| Investing Cash Flow | -400.00K | -663.00K | 20.00K | 11.02M | 470.00K | 5.36M |
| Financing Cash Flow | 11.78M | 11.79M | -619.00K | -1.53M | -1.90M | 12.19M |
MIND Technology Technical Analysis
Price Trends
Market Momentum
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 4.05 is below the 20-day moving average (MA) of 4.28, below the 50-day MA of 4.29, and below the 200-day MA of 6.25, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 42.28 is Neutral, neither overbought nor oversold. The STOCH value of 46.99 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 35 risk factors in its most recent earnings report. MIND Technology reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksMIND Technology Peers Comparison
Overall Rating
SOTK67Neutral
CPSH49Neutral
ELTK46Neutral- MIND46Neutral
ODYS45Neutral
OPTX39Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SOTK | 67Neutral | $75.77M | 37.84 | 9.95% | ― | 4.37% | 32.92% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| CPSH | 49Neutral | $69.60M | 780.43 | 0.15% | ― | 25.56% | ― |
| ELTK | 46Neutral | $42.41M | -6.93 | -13.57% | 3.01% | -2.20% | -297.64% |
| MIND | 46Neutral | $36.81M | -15.44 | -5.77% | ― | -28.46% | -147.43% |
| ODYS | 45Neutral | $39.73M | -1.77 | -78.20% | ― | -78.30% | -4.48% |
| OPTX | 39Underperform | $253.36M | -100.96 | -16.50% | ― | 1.48% | -53.38% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| MIND | Mind Technology Inc | 4.05 | -7.95 | -66.25% | |
| ELTK | Eltek | 6.31 | -5.06 | -44.50% | |
| CPSH | CPS Technologies Corp. | 3.59 | 0.10 | 2.87% | |
| ODYS | Odysight.Ai Inc. | 1.96 | -0.85 | -30.18% | |
| SOTK | Sono-Tek Corporation | 4.81 | 0.15 | 3.22% | |
| OPTX | Syntec Optics Holdings, Inc. | 6.29 | 3.59 | 132.96% |
MIND Technology Corporate Events
MIND Technology Reports Weak Q2 Results Amid Market Softness
NegativeOn September 8, 2026, MIND Technology reported fiscal 2027 second‑quarter results for the period ended July 31, 2026, showing revenues of about $5.6 million, down sharply from both the prior quarter and the year‑earlier period. The compan...
MIND Technology Shareholders Affirm Board and Governance Measures
PositiveAt its virtual Annual Meeting of Stockholders held on July 22, 2026, MIND Technology shareholders re-elected five directors to serve until the next annual meeting, maintaining continuity in the company’s board leadership and governance structur...
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.
Date of analysis: Sep 11, 2026