MIND TECHNOLOGY, INC MIND
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:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.09 | 4.32 | -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.) | $8.3M | $4.1M | $1.4K | $1.4M | $13.8M | $12.5M | $12.1M | $12.1M | $12.1M | $12.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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