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 | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $40.95M | $46.86M | $36.51M | $35.09M | $23.11M | $21.21M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | $18.66M | $20.97M | $15.97M | $12.97M | $6.02M | $7.31M |
| R&D | $1.59M | $1.91M | $2.13M | $3.40M | $3.60M | $3.00M |
| SG&A | $13.35M | $11.29M | $12.14M | $15.30M | $14.76M | $12.65M |
| Total Operating Expenses | $15.81M | $14.15M | $15.45M | $20.59M | $20.57M | $21.64M |
| D&A | $873.0K | $944.0K | $1.18M | $1.89M | $2.21M | $2.80M |
| Operating Income | $2.86M | $6.82M | $518.0K | ($7.61M) | ($14.54M) | ($14.33M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $2.15M | $1.98M | $1.34M | $699.0K | ($39.0K) | $536.0K |
| Net Income | $750.0K | $5.07M | $274.0K | ($8.83M) | ($15.09M) | ($20.31M) |
| EPS - Basic | $0.09 | $4.32 | ($2.50) | ($92.00) | ($131.00) | ($180.00) |
| EPS - Diluted | - | - | - | ($92.00) | ($131.00) | ($180.00) |
Balance Sheet
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.05M | $5.34M | $5.29M | $778.0K | $5.11M | $4.61M |
| Accounts Receivable | $12.57M | $11.82M | $6.57M | $3.99M | $8.13M | $4.75M |
| Inventory | $11.15M | $13.74M | $13.37M | $15.32M | $14.01M | $11.45M |
| Accounts Payable | $1.21M | $2.56M | $1.62M | $4.10M | $2.05M | $1.70M |
| Current Assets | $44.88M | $32.12M | $28.34M | $22.23M | $29.25M | $26.79M |
| Total Assets | $49.27M | $36.72M | $33.49M | $32.86M | $42.02M | $39.76M |
| Current Liabilities | $7.44M | $8.64M | $10.28M | $8.93M | $10.70M | $7.84M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $7.85M | $9.39M | $10.85M | $9.81M | $11.76M | $9.35M |
| Stockholders' Equity | $41.42M | $27.33M | $22.64M | $23.05M | $30.26M | $30.42M |
| Retained Earnings | ($107.70M) | ($108.45M) | ($128.31M) | ($127.64M) | ($117.86M) | ($99.87M) |
Cash Flow
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.59M | $651.0K | ($4.97M) | ($2.90M) | ($17.13M) | ($6.36M) |
| Investing Cash Flow | ($663.0K) | $20.0K | $11.02M | $470.0K | $5.36M | $3.21M |
| Financing Cash Flow | $11.79M | ($619.0K) | ($1.53M) | ($1.90M) | $12.19M | $4.51M |
| CapEx | $663.0K | $437.0K | $241.0K | $570.0K | $834.0K | $90.0K |
| Free Cash Flow | $1.92M | $214.0K | ($5.21M) | ($3.48M) | ($17.97M) | ($6.45M) |
Ratios
| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 45.6% | 44.7% | 43.7% | 37.0% | 26.1% | 34.5% |
| Operating margin | 7.0% | 14.5% | 1.4% | -21.7% | -62.9% | -67.5% |
| EBITDA margin | 9.1% | 16.6% | 4.6% | -16.3% | -53.4% | -54.4% |
| Net margin | 1.8% | 10.8% | 0.8% | -25.2% | -65.3% | -95.7% |
| Free cash flow margin | 4.7% | 0.5% | -14.3% | -9.9% | -77.8% | -30.4% |
| FCF / Net income | 2.56 | 0.04 | -19.01 | 0.39 | 1.19 | 0.32 |
| R&D / Revenue | 3.9% | 4.1% | 5.8% | 9.7% | 15.6% | 14.2% |
| SG&A / Revenue | 32.6% | 24.1% | 33.3% | 43.6% | 63.9% | 59.6% |
| Effective tax rate | 74.1% | 28.1% | 83.0% | - | - | - |
| Return on assets | 1.5% | 13.8% | 0.8% | -26.9% | -35.9% | -51.1% |
| Return on equity | 1.8% | 18.6% | 1.2% | -38.3% | -49.8% | -66.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 6.03 | 3.71 | 2.76 | 2.49 | 2.73 | 3.42 |
| Quick ratio | 4.53 | 2.12 | 1.46 | 0.77 | 1.42 | 1.96 |
| Cash ratio | 2.56 | 0.62 | 0.51 | 0.09 | 0.48 | 0.59 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.19 | 1.34 | 1.48 | 1.43 | 1.39 | 1.31 |
| Liabilities / Assets | 0.16 | 0.26 | 0.32 | 0.30 | 0.28 | 0.24 |
| Efficiency | ||||||
| Asset turnover | 0.83 | 1.28 | 1.09 | 1.07 | 0.55 | 0.53 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 112d | 92d | 66d | 42d | 128d | 82d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 1.8x | 0.0x | 0.4x | 3.9x | 6.3x | 8.8x |
| P / S | 1.8x | 0.0x | 0.2x | 2.6x | 8.2x | 12.6x |
| EV / EBITDA | 14.4x | -0.7x | 1.9x | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -12.6% | 28.4% | 4.0% | 51.9% | 8.9% | -50.3% |
| Revenue CAGR (3y) | 5.3% | 26.6% | 19.8% | -6.3% | -18.7% | -24.0% |
| Revenue CAGR (5y) | 14.1% | 1.9% | -3.2% | -6.2% | -10.8% | -16.4% |
| Gross profit growth (YoY) | -11.0% | 31.3% | 23.1% | 115.5% | -17.6% | -56.0% |
| Operating income growth (YoY) | -58.1% | 1216.2% | - | 47.6% | -1.5% | -38.1% |
| Net income growth (YoY) | -85.2% | 1751.8% | - | 41.5% | 25.7% | -79.9% |
| EPS growth (YoY) | - | - | - | 29.8% | 27.2% | -16263.6% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 798.6% | - | -49.9% | 80.7% | -178.6% | 5.9% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 51.5% | 20.7% | -1.8% | -23.8% | -0.5% | -36.2% |
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%
Stability scores
Altman Z′
FY 2026 · bankruptcy risk
1.92
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2026 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
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.