The Woodlands, Texas – September 12, 2026 -- MIND Technology, Inc. (NASDAQ: MIND) reported a $1.7 million net loss for its fiscal 2027 second quarter ended July 31, 2026, as revenue fell to $5.6 million from $13.6 million a year earlier.
Revenue drops 59% year-over-year amid marine survey market slowdown
Second-quarter revenue of $5.6 million compares with $9.7 million in the prior quarter and $13.6 million in the same period last year. The company swung to an operating loss of $1.8 million, versus operating income of $14,000 in the first quarter and $2.7 million a year earlier.
Adjusted EBITDA turns negative for the first time in recent quarters
Adjusted EBITDA fell to a loss of $949,000, down from a positive $811,000 in the prior quarter and $3.1 million in the year-ago period. Net loss per share was $0.19 on approximately 9,089,000 shares outstanding, compared with a $0.05 loss per share in the first quarter and $0.24 earnings per share a year earlier.
Seamap backlog shrinks to $4.8 million from $12.8 million a year ago
The backlog of Marine Technology Product orders tied to the company's Seamap segment stood at $4.8 million as of July 31, 2026, down from $7.6 million at April 30, 2026, and $12.8 million at July 31, 2025.
After-market business supplies 87% of total revenue
CEO Rob Capps said the after-market segment contributed approximately 87% of total revenue in the quarter, providing a durable base as new system orders remain difficult to time. Capps said macro uncertainty and limited near-term visibility continue to affect order flow.
Company holds $15.8 million in cash with no debt
MIND ended the quarter debt-free with $15.8 million in cash. Capps said the balance sheet gives the company flexibility to add product lines, pursue a larger transformative transaction, or repurchase shares in response to market dislocation.
Customers link major project timing to Middle East conflict resolution
Capps said several customers have expressed interest in moving forward with sizable projects, but timing remains uncertain and largely dependent on resolution of the conflict in the Middle East. He said the outlook for the marine exploration and survey market remains favorable, supported by energy security needs and the replenishment of lost production.