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MIND Technology
(NASDAQ:MIND)
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Rating:46Neutral
Price Target:
$4.00
▼(-8.05% Downside)
Action:Reiterated
Date:09/12/26
The score is held down primarily by deteriorating operating performance and negative TTM cash flow, reinforced by bearish technical conditions (price below major moving averages and negative MACD). A strong, low-debt balance sheet and management’s longer-term pipeline and potential cash-collection uplift provide some support, but guidance for a weaker fiscal 2027 and declining backlog limit the overall rating.
Positive Factors
Conservative balance sheet
Debt below $1M against about $40.3M of equity and $36.7M of working capital give MIND a substantial buffer while demand recovers. This conservative financing reduces solvency pressure and preserves capacity to fund operations, technology investment, and selective strategic initiatives without heavy interest burdens.
Negative Factors
Sharp revenue and profit deterioration
The sharp TTM revenue decline and return to a net loss indicate that recent demand weakness is materially reducing operating scale and earnings power. Until sales recover, thin below-gross-line margins may leave profitability vulnerable and limit internally funded investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Debt below $1M against about $40.3M of equity and $36.7M of working capital give MIND a substantial buffer while demand recovers. This conservative financing reduces solvency pressure and preserves capacity to fund operations, technology investment, and selective strategic initiatives without heavy interest burdens.
Read all positive factors
MIND Technology Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Examines profit after subtracting production costs for each segment, indicating which parts of the business are most profitable and sustainable.
Examines profit after subtracting production costs for each segment, indicating which parts of the business are most profitable and sustainable.
Data provided by:
The Fly
The FlyMIND Technology (MIND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$35.36M
Dividend Yield1.53%
Average Volume (3M)94.54K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-28.46%
EPS Growth-147.43%
CountryUS
Employees157
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.26
Shares Outstanding9,089,055
10 Day Avg. Volume98,935
30 Day Avg. Volume94,538
Financial Highlights & Ratios
PEG Ratio-1.13
Price to Book (P/B)1.91
Price to Sales (P/S)1.93
P/FCF Ratio41.13
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)$38.05M
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 fe...
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 s...
MIND Technology Earnings Call Summary
Earnings Call Date:Sep 08, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Dec 15, 2026
Earnings Call Sentiment Negative
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.Positive Updates
Resilient Aftermarket Revenue
Marine Technology product revenue was approximately $5.6 million in the second quarter of fiscal 2027, with roughly 87% coming from aftermarket activity including spare parts, repairs, service, and other support. Management said aftermarket revenue remains a recurring stream that provides a durable base while new system orders are difficult to predict.
Negative Updates
Market Softness and Constrained Order Flow
Second-quarter results reflected ongoing market softness, constrained order flow, and customers' wait-and-see approach amid an unsettled geopolitical and commodity price environment.
Read all updates
Q2-2027 Updates
Positive
Negative
Resilient Aftermarket Revenue
Marine Technology product revenue was approximately $5.6 million in the second quarter of fiscal 2027, with roughly 87% coming from aftermarket activity including spare parts, repairs, service, and other support. Management said aftermarket revenue remains a recurring stream that provides a durable base while new system orders are difficult to predict.
Read all positive 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
Income Statement
42
Neutral
Balance Sheet
78
Positive
Cash Flow
33
Negative
| 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 | -3.53M | -11.41M |
| 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
Negative
4.35
Price Trends
4.87
Negative
5.52
Negative
7.12
Negative
Market Momentum
-0.24
Positive
31.11
Neutral
16.82
Positive
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 4.35 is below the 20-day moving average (MA) of 4.44, below the 50-day MA of 4.87, and below the 200-day MA of 7.12, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 31.11 is Neutral, neither overbought nor oversold. The STOCH value of 16.82 is Positive, 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.
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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $73.24M | 33.63 | 10.54% | ― | 4.04% | 44.65% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | $74.84M | 856.52 | 0.15% | ― | 25.56% | ― | |
46 Neutral | $35.36M | -14.91 | -5.77% | 1.53% | -28.46% | -147.43% | |
46 Neutral | $53.23M | -8.90 | -13.57% | 2.40% | -2.20% | -297.64% | |
44 Neutral | $70.86M | -3.12 | -78.20% | ― | -78.30% | -4.48% | |
41 Neutral | $306.53M | -117.01 | -16.50% | ― | 1.48% | -53.38% |
* Technology Sector Average
MIND
MIND Technology
3.91
-4.28
-52.26%
ELTK
Eltek
8.10
-2.04
-20.12%
CPSH
CPS Technologies
3.94
0.41
11.61%
ODYS
Odysightai
3.46
-0.53
-13.22%
SOTK
Sono-Tek
4.51
0.60
15.35%
OPTX
Syntec Optics Holdings
7.29
5.61
333.93%
MIND Technology Corporate Events
Business Operations and StrategyFinancial Disclosures
MIND Technology Reports Weak Q2 Results Amid Market Softness
Negative
Sep 8, 2026
On 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 com...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
MIND Technology Shareholders Affirm Board and Governance Measures
Positive
Jul 23, 2026
At 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 struc...
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.