MIND Technology Reports Strong Fiscal Performance for Q3 2025

MIND Technology's Remarkable Growth in Fiscal Q3 2025

MIND Technology, Inc. (NASDAQ: MIND) has just released exciting financial results for its fiscal 2025 third quarter. The company is celebrating substantial revenue growth that showcases its strong position in the marine technology sector.

Key Financial Highlights

During the third quarter of fiscal 2025, revenues surged to approximately $12.1 million, marking a striking increase compared to about $5.0 million for the same period last year. This impressive 143% growth reflects the company's efforts to meet rising market demands and enhance customer engagement. Notably, MIND achieved an operating income of around $1.9 million, a significant turnaround from the operating loss of $1.5 million reported in the third quarter of fiscal 2024.

Net Income and Earnings Per Share

MIND Technology reported a net income of $1.3 million for the third quarter of fiscal 2025, compared to $568,000 in the previous year. After considering the preferred stock conversion, net income attributable to common shareholders was an impressive $15.7 million, translating to earnings of $2.87 per share. This translates to a remarkable recovery from the corresponding loss of $379,000, or $0.27 per share during the same quarter last year.

Improved Adjusted EBITDA Performance

The company also reported an adjusted EBITDA from continuing operations of approximately $2.0 million, compared to a loss of $1.1 million in Q3 2024. This improvement indicates not only better revenue generation but also effective cost management strategies that can lead to increased profitability moving forward.

Strong Backlog and Future Prospects

As of the end of October 2024, the backlog of Marine Technology Products associated with MIND's Seamap segment stood at approximately $26.2 million. This reflects a stable position compared to previous periods. MIND expects this backlog, along with an active pipeline of prospective orders expected to exceed twice the current backlog, to bolster future growth and revenue generation.

Leadership's Optimistic Outlook

Rob Capps, MIND's President and Chief Executive Officer, expressed confidence in the company’s ability to maintain this momentum. He noted, "We’re very pleased with our performance this quarter, with revenues growing 21% sequentially. The significant improvements in our cash balance to $3.5 million at the end of the quarter demonstrate our ability to effectively execute our strategy within a positive market environment. We are poised for further growth as we maintain strong engagement with our customers and capitalize on favorable macroeconomic conditions."

Upcoming Conference Call

To discuss the fiscal 2025 third quarter results in more detail, MIND Technology Management has scheduled a conference call. Interested parties can join the call by dialing the specified number and will also have the option to listen live via MIND Technology's website. A telephonic replay will be made available following the call.

About MIND Technology, Inc.

MIND Technology, Inc. specializes in providing high-quality technology throughout the oceanographic, hydrographic, defense, and seismic industries. The company’s Seamap unit designs and produces cutting-edge marine exploration and survey equipment, functioning globally with key locations across several countries, positioning itself as a leader in marine technology.

Frequently Asked Questions

What were MIND Technology's revenues for the third quarter?

MIND Technology reported revenues of approximately $12.1 million for Q3 fiscal 2025.

How did the net income change compared to the last year?

Net income increased to $1.3 million in Q3 fiscal 2025, compared to $568,000 in Q3 fiscal 2024.

What is the adjusted EBITDA figure reported by MIND Technology?

The adjusted EBITDA from continuing operations for the quarter was approximately $2.0 million.

How significant was the growth in revenue year-over-year?

The revenue growth from last year's third quarter was an impressive 143% increase.

What is the status of MIND's backlog for products?

The backlog of Marine Technology Products as of October 31, 2024, was approximately $26.2 million.

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