MIND · Mind Technology, Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q3 '24 | Q2 '24 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.90M | $9.69M | $13.56M | $9.68M | $12.11M | $10.04M | $12.59M | $4.97M | $8.75M | $9.09M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | $3.33M | $4.51M | $6.83M | $4.22M | $5.42M | $4.78M | $5.42M | $2.25M | $3.27M | $3.29M |
| R&D | $380.0K | $506.0K | $311.0K | $462.0K | $562.0K | $328.0K | $773.0K | $508.0K | $842.0K | $1.01M |
| SG&A | $3.38M | $3.02M | $3.64M | $2.76M | $2.76M | $2.78M | $3.87M | $2.94M | $3.51M | $4.27M |
| Total Operating Expenses | $3.99M | $3.74M | $4.17M | $3.49M | $3.54M | $3.35M | $5.13M | $3.71M | $4.82M | $5.76M |
| D&A | $225.0K | $212.0K | $217.0K | $267.0K | $221.0K | $236.0K | $481.0K | $257.0K | $459.0K | $479.0K |
| Operating Income | ($658.0K) | $774.0K | $2.66M | $730.0K | $1.88M | $1.43M | $289.0K | ($1.45M) | ($1.55M) | ($2.48M) |
| Interest Expense | - | - | - | $0 | $0 | $163.0K | ($204.0K) | $169.0K | ($164.0K) | - |
| Income Tax | $294.0K | $716.0K | $670.0K | $245.0K | $396.0K | $672.0K | $418.0K | $112.0K | $77.0K | $211.0K |
| Net Income | ($970.0K) | $62.0K | $1.93M | $954.0K | $1.29M | $798.0K | ($240.0K) | $568.0K | ($1.49M) | ($2.42M) |
| EPS - Basic | ($0.12) | $0.01 | $0.24 | $0.00 | $2.87 | ($0.11) | ($0.09) | ($0.27) | ($18.00) | ($24.00) |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | ($24.00) |
Balance Sheet
| Line item | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q3 '24 | Q2 '24 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.05M | $19.39M | $7.83M | $5.34M | $3.50M | $1.90M | $5.29M | $5.57M | $494.0K | $778.0K |
| Accounts Receivable | $12.57M | $10.61M | $10.93M | $11.82M | $9.47M | $9.59M | $6.57M | $3.88M | $7.14M | $3.99M |
| Inventory | $11.15M | $11.71M | $11.82M | $13.74M | $17.25M | $19.07M | $13.37M | $13.26M | $15.65M | $15.32M |
| Accounts Payable | $1.21M | $1.70M | $1.18M | $2.56M | $2.18M | $4.39M | $1.62M | $1.13M | $2.46M | $4.10M |
| Current Assets | $44.88M | $42.78M | $31.73M | $32.12M | $31.26M | $32.63M | $28.34M | $24.41M | $24.56M | $22.23M |
| Total Assets | $49.27M | $47.34M | $35.83M | $36.72M | $36.11M | $37.84M | $33.49M | $29.84M | $34.23M | $32.86M |
| Current Liabilities | $7.44M | $6.82M | $6.62M | $8.64M | $10.03M | $12.36M | $10.28M | $7.91M | $11.98M | $8.93M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $7.85M | $7.40M | $6.99M | $9.39M | $10.90M | $13.35M | $10.85M | $8.63M | $12.75M | $9.81M |
| Stockholders' Equity | $41.42M | $39.94M | $28.84M | $27.33M | $25.21M | $24.49M | $22.64M | $21.20M | $21.48M | $23.05M |
| Retained Earnings | ($107.70M) | ($107.43M) | ($107.49M) | ($108.45M) | ($110.48M) | ($126.56M) | ($128.31M) | ($129.75M) | ($129.37M) | ($127.64M) |
Cash Flow
| Line item | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q3 '24 | Q2 '24 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.07M | - | - | ($4.75M) | - | - | ($2.99M) | - | - | ($3.52M) |
| Investing Cash Flow | ($237.0K) | - | - | $391.0K | - | - | $81.0K | - | - | $176.0K |
| Financing Cash Flow | $0 | - | - | $0 | - | - | $2.94M | - | - | ($948.0K) |
| CapEx | $237.0K | - | - | $66.0K | - | - | $57.0K | - | - | $107.0K |
| Free Cash Flow | $3.83M | - | - | ($4.82M) | - | - | ($3.04M) | - | - | ($3.63M) |
Ratios
| Metric | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q3 '24 | Q2 '24 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 42.2% | 46.6% | 50.4% | 43.6% | 44.8% | 47.6% | 43.0% | 45.3% | 37.3% | 36.2% |
| Operating margin | -8.3% | 8.0% | 19.6% | 7.5% | 15.5% | 14.2% | 2.3% | -29.2% | -17.7% | -27.2% |
| EBITDA margin | -5.5% | 10.2% | 21.2% | 10.3% | 17.3% | 16.6% | 6.1% | -24.0% | -12.4% | -22.0% |
| Net margin | -12.3% | 0.6% | 14.2% | 9.9% | 10.7% | 8.0% | -1.9% | 11.4% | -17.1% | -26.6% |
| Free cash flow margin | 48.5% | - | - | -49.8% | - | - | -24.2% | - | - | -39.9% |
| FCF / Net income | -3.95 | - | - | -5.05 | - | - | 12.68 | - | - | 1.50 |
| R&D / Revenue | 4.8% | 5.2% | 2.3% | 4.8% | 4.6% | 3.3% | 6.1% | 10.2% | 9.6% | 11.2% |
| SG&A / Revenue | 42.8% | 31.2% | 26.8% | 28.5% | 22.8% | 27.7% | 30.8% | 59.1% | 40.2% | 47.0% |
| Effective tax rate | - | 92.0% | 25.8% | 20.4% | 23.5% | 45.7% | 234.8% | 16.5% | - | - |
| Return on assets | -2.0% | 0.1% | 5.4% | 2.6% | 3.6% | 2.1% | -0.7% | 1.9% | -4.4% | -7.4% |
| Return on equity | -2.3% | 0.2% | 6.7% | 3.5% | 5.1% | 3.3% | -1.1% | 2.7% | -7.0% | -10.5% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 6.03 | 6.28 | 4.79 | 3.71 | 3.12 | 2.64 | 2.76 | 3.09 | 2.05 | 2.49 |
| Quick ratio | 4.53 | 4.56 | 3.01 | 2.12 | 1.40 | 1.10 | 1.46 | 1.41 | 0.74 | 0.77 |
| Cash ratio | 2.56 | 2.84 | 1.18 | 0.62 | 0.35 | 0.15 | 0.51 | 0.70 | 0.04 | 0.09 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | 8.8x | -1.4x | -8.6x | 9.4x | - |
| Equity multiplier | 1.19 | 1.19 | 1.24 | 1.34 | 1.43 | 1.55 | 1.48 | 1.41 | 1.59 | 1.43 |
| Liabilities / Assets | 0.16 | 0.16 | 0.19 | 0.26 | 0.30 | 0.35 | 0.32 | 0.29 | 0.37 | 0.30 |
| Efficiency | ||||||||||
| Asset turnover | 0.16 | 0.20 | 0.38 | 0.26 | 0.34 | 0.27 | 0.38 | 0.17 | 0.26 | 0.28 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 581d | 400d | 294d | 446d | 286d | 349d | 190d | 285d | 298d | 160d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | 3.7x | 0.3x | 4.5x | 3.9x |
| P / S | - | - | - | - | - | - | 6.6x | 1.3x | 11.0x | 10.0x |
| EV / EBITDA | - | - | - | - | - | - | 100.6x | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -18.4% | -20.0% | 35.1% | -23.1% | 143.4% | 14.7% | 38.5% | 1.8% | 0.4% | 116.7% |
| Revenue CAGR (3y) | -4.6% | 25.6% | 15.9% | 32.1% | 13.2% | 13.8% | 19.5% | -8.7% | 19.8% | -2.7% |
| Revenue CAGR (5y) | 1.4% | 8.2% | 21.7% | -0.4% | 2.6% | 2.4% | - | -19.4% | 0.9% | 3.6% |
| Gross profit growth (YoY) | -21.0% | -16.7% | 42.9% | -22.1% | 140.6% | 46.3% | 64.7% | 50.0% | -7.7% | 505.7% |
| Operating income growth (YoY) | - | -58.7% | 86.3% | 152.6% | - | - | - | 56.8% | 0.2% | 48.3% |
| Net income growth (YoY) | - | -95.2% | 141.7% | - | 127.3% | - | 90.1% | - | 22.2% | 39.3% |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | -7172.7% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | -58.3% | - | - | 16.1% | - | - | -28.9% |
| FCF CAGR (5y) | 34.7% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 51.5% | 58.5% | 17.8% | 20.7% | 18.9% | 14.0% | -1.8% | -4.7% | -16.3% | -23.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-01-31.
Business segments
$40.95M totalSeamap Marine Products$40.95M · 100.0%
Geographic
$40.95M totalNO$21.11M · 51.6%
CN$10.90M · 26.6%
US$3.00M · 7.3%
Other Countries$2.70M · 6.6%
TR$2.12M · 5.2%
JP$1.12M · 2.7%
Peer comparison
Same SIC group: Search, Detection, Navigation, Guidance, Aeronautical Sys
Comparing MIND TECHNOLOGY against the 5 most active filers in the same SIC group.