MIND Technology, Inc. reported a fiscal third-quarter net income of $0.01 per share for the quarter ending October 31, 2025, a significant drop from $2.87 per share for the same quarter in the previous year. Total revenues fell to approximately $9.7 million, down 20% from $12.1 million, with adjusted EBITDA declining by 34.9% to $1.3 million.
The company’s operating income decreased to $0.8 million, while cash flow from operating activities improved to $3.8 million from a $1.4 million outflow in the previous year. MIND’s Marine Technology product backlog declined to $7.2 million from $26.2 million year-over-year, but new orders worth $9.5 million received after the quarter may support future revenues.
As of October 31, 2025, MIND held $19.4 million in cash and $36 million in working capital, maintaining a debt-free status. Despite recent challenges, management indicated optimism for a revenue and profitability rebound in the upcoming fourth quarter, driven by expected backlog deliveries and new orders.
