MIND Technology, Inc. (MIND) reported a net loss of $1 million for the fiscal first quarter ended April 30, 2025, translating to a loss of 12 cents per share compared to breakeven earnings in the same quarter last year. Total revenues fell to $7.9 million, marking an 18.4% decline from $9.7 million, attributed to lower sales volume and increased operating expenses. As a result, MIND’s shares have declined 10.6% since the earnings report, while the S&P 500 index decreased just 0.5% during the same period.
Notably, gross profit decreased by 21% to $3.3 million, and adjusted EBITDA turned negative at $0.2 million, down from $1.5 million a year prior. Operating expenses rose by 14.4% year-over-year to $4 million due to increased general and administrative costs. Despite these challenges, MIND generated $4.1 million in cash flow from operations and ended the quarter with a cash balance of $9.2 million, indicating improved liquidity.
Management anticipates recognizing delayed shipments valued at approximately $5.5 million in the second quarter and is optimistic about demand for fiscal 2026, though CEO Rob Capps noted that global economic uncertainties have caused delays in customer decision-making.
