MIND TECHNOLOGY, INC MIND

Technology SIC 3812 - Search, Detection, Navigation, Guidance, Aeronautical Sys NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing derived Nasdaq

MIND Technology, Inc. ("MIND" and, together with its consolidated subsidiaries, the "Company", "we", "us" and "our"), a Delaware corporation, was incorporated in 1987. We provide technology to the oceanographic, hydrographic, seismic and maritime security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom.

We operate in one segment, Seamap. Our Seamap business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively "Seamap"), which designs, manufactures and sells specialized marine seismic equipment.

We are focusing on our strategy to emphasize and expand our Seamap business. This strategy is based on the following vision for MIND:

Last close 4.08 2026-10-23
Market cap —
52-week range 3.63 - 14.50

Valuation FY2025 figures against the last close

P/S0.9x
P/E—
P/FCF19.3x
EV/EBITDA9.9x
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Norway
  • China
  • United States
  • Other Countries
  • Türkiye
  • Japan
  • Other
Revenue by geography, 7 categories over 1 years. The same figures are in the table below. FY2025 Norway, FY2025: 21.1M (51.6%) 52% Norway China, FY2025: 10.9M (26.6%) 27% China United States, FY2025: 3M (7.3%) 7% Other Countries, FY2025: 2.7M (6.6%) 7% Türkiye, FY2025: 2.1M (5.2%) 5% Türkiye Japan, FY2025: 1.1M (2.7%) Other, FY2025: 0 (0.0%)
Region FY2025
Norway $21.1M
China $10.9M
United States $3.0M
Other Countries $2.7M
Türkiye $2.1M
Japan $1.1M
Other $0

As the company reported it, from the “Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $40.9M$46.9M$36.5M$25.0M$23.1M$21.2M$29.9M$25.8M$48.3M$41.0M
Cost of revenue ——————$26.1M$31.2M$42.2M$48.4M
Gross profit $18.7M$21.0M$16.0M$9.9M$6.0M$7.3M$13.0M$11.7M$6.1M-$7.4M
R&D $1.6M$1.9M$2.1M$1.4M$3.6M$3.0M$1.9M$1.2M$1.5M$974.0K
SG&A $13.3M$11.3M$12.1M$12.9M$14.8M$12.6M$14.1M$20.9M$19.7M$19.8M
Total operating expenses $15.8M$14.1M$15.5M$15.6M$20.6M$21.6M$19.2M$24.8M$25.8M$23.9M
Operating income $2.9M$6.8M$518.0K-$5.7M-$14.5M-$14.3M-$6.3M-$13.0M-$19.7M-$31.3M
Interest expense ——————$46.0K$72.0K$47.0K$643.0K
Pre-tax income $2.9M$7.1M$238.0K-$5.4M-$13.6M-$13.5M-$6.2M-$19.6M-$20.2M-$31.3M
Income tax $2.2M$2.0M$1.3M$699.0K$39.0K$536.0K$353.0K$252.0K$910.0K$1.8M
Net income $750.0K$17.6M-$3.5M-$8.8M-$15.1M-$20.3M-$11.3M-$19.8M-$21.1M-$33.2M
EPS, basic 0.094.32-2.50-8.98-1.31-1.80-1.10-1.78-1.82-2.79
EPS, diluted ———-0.92-1.31-1.80-1.10-1.78-1.82-2.79
Shares, diluted (wtd. avg.) 8.3M4.1M1,4061.4M13.8M12.5M12.1M12.1M12.1M12.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $19.1M$5.3M$5.3M$778.0K$5.1M$4.6M$3.1M$9.5M$10.1M$3.5M
Receivables $12.6M$11.8M$6.6M$3.2M$8.1M$4.7M$6.6M———
Inventory $11.2M$13.7M$13.4M$11.0M$14.0M$11.5M$12.7M$10.8M$10.9M$12.0M
Total current assets $44.9M$32.1M$28.3M$22.2M$29.2M$26.8M$39.4M$36.3M$33.0M$35.1M
Property, plant and equipment $1.2M$890.0K$818.0K$953.0K$4.3M$4.8M$5.4M$14.2M$22.9M$43.8M
Goodwill ————$0$0$2.5M$2.5M$2.5M$4.0M
Other intangibles $1.8M$2.3M$2.9M$3.6M$6.0M$6.8M$8.1M$10.5M$8.0M$9.0M
Total assets $49.3M$36.7M$33.5M$32.9M$42.0M$39.8M$58.2M$65.3M$73.7M$94.7M
Accounts payable $1.2M$2.6M$1.6M$2.5M$2.0M$1.7M$1.8M$1.5M$1.3M$1.9M
Short-term debt ————————$0$6.4M
Total current liabilities $7.4M$8.6M$10.3M$8.9M$10.7M$7.8M$8.4M$7.4M$7.5M$13.5M
Long-term debt ————————$0$0
Total liabilities $7.8M$9.4M$10.8M$9.8M$11.8M$9.3M$10.6M$8.6M$7.8M$13.8M
Retained earnings -$107.7M-$108.4M-$128.3M-$127.6M-$117.9M-$99.9M-$77.3M-$64.0M-$42.4M-$20.5M
Total equity $41.4M$27.3M$22.6M$23.1M$30.3M$30.4M$47.7M$56.7M$65.8M$80.9M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.6M$651.0K-$5.0M-$2.9M-$17.1M-$6.4M-$5.8M-$5.5M$719.0K$3.2M
Depreciation and amortisation $873.0K$944.0K$1.2M$1.3M$2.2M$2.8M$2.5M$2.5M$2.1M$2.4M
Stock-based compensation $1.6M$235.0K$261.0K$654.0K$643.0K$708.0K$854.0K$781.0K$903.0K$737.0K
Capital expenditure $663.0K$437.0K$290.0K$570.0K$834.0K$90.0K$1.0M$814.0K$407.0K$283.0K
Investing cash flow -$663.0K$20.0K$11.0M$470.0K$5.4M$3.2M-$2.1M-$15.0K$9.0M$4.4M
Financing cash flow $11.8M-$619.0K-$1.5M-$1.9M$12.2M$4.5M$1.7M$5.1M-$3.0M-$7.3M
Buybacks ——$0$1.0K$2.0K$0—$0$0$4.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-019049.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -50M -25M 0 25M 50M Revenue, FY2016: 41M Gross profit, FY2016: -7.4M Net income, FY2016: -33.2M Revenue, FY2017: 48.3M Gross profit, FY2017: 6.1M Net income, FY2017: -21.1M Revenue, FY2018: 25.8M Gross profit, FY2018: 11.7M Net income, FY2018: -19.8M Revenue, FY2019: 29.9M Gross profit, FY2019: 13M Net income, FY2019: -11.3M Revenue, FY2020: 21.2M Gross profit, FY2020: 7.3M Net income, FY2020: -20.3M Revenue, FY2021: 23.1M Gross profit, FY2021: 6M Net income, FY2021: -15.1M Revenue, FY2022: 25M Gross profit, FY2022: 9.9M Net income, FY2022: -8.8M Revenue, FY2023: 36.5M Gross profit, FY2023: 16M Net income, FY2023: -3.5M Revenue, FY2024: 46.9M Gross profit, FY2024: 21M Net income, FY2024: 17.6M Revenue, FY2025: 40.9M Gross profit, FY2025: 18.7M Net income, FY2025: 750K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $41.0M $48.3M $25.8M $29.9M $21.2M $23.1M $25.0M $36.5M $46.9M $40.9M
Gross profit -$7.4M $6.1M $11.7M $13.0M $7.3M $6.0M $9.9M $16.0M $21.0M $18.7M
Net income -$33.2M -$21.1M -$19.8M -$11.3M -$20.3M -$15.1M -$8.8M -$3.5M $17.6M $750.0K

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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