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MIND Technology, Inc. reported a net income of 24 cents per share for the second quarter of fiscal 2026, reversing a net loss of 11 cents per share from the prior-year quarter. Total revenues reached $13.6 million, a 35% increase from $10 million a year earlier. Despite these improvements, MIND’s share price has declined by 13.6% since the earnings report on July 31, 2025, compared to a 1.6% growth in the S&P 500 index during the same period.
Net income improved to $1.9 million from $0.8 million in the prior year, while adjusted EBITDA nearly doubled to $3.1 million from $1.8 million. However, the backlog for Marine Technology Products decreased to $12.8 million from $26.2 million one year earlier, indicating potential near-term order volatility. Selling, general, and administrative expenses rose to $3.6 million from $2.8 million, attributed to increased operational activity.
CEO Rob Capps expressed confidence in the company’s ability to maintain profitability and highlighted sustained demand for Seamap products, although he acknowledged slower customer decision-making for fiscal 2027 projects. The company’s cash and equivalents rose to $7.8 million from $5.3 million as of January 31, 2025.
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