Mind Technology Inc
NASDAQ:MIND
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Mind Technology Inc
MIND Technology, Inc. engages in the provision of technology and solutions for exploration, survey and defense applications in oceanographic, hydrographic, defense, seismic and security industries. The company is headquartered in The Woodlands, Texas. The firm is focused on three markets within the marine technology space: marine exploration, marine survey, and maritime security. The firm's marine technology products business includes Seamap Pte Ltd, Seamap USA., LLC, Seamap (Malaysia) Sdn Bhd and Seamap (United Kingdom) Ltd, collectively Seamap, which designs, manufactures and sells a range of products for the oceanographic, hydrographic and marine seismic industries. Seamap's primary products include the GunLink seismic source acquisition and control systems (energy source controllers), and the BuoyLink relative global positioning system (RGPS) tracking system, which is used to provide precise positioning of seismic sources and streamers. The firm's Klein Marine Systems, Inc. (Klein), designs, manufactures and sells high performance side scan sonar and water-side security systems.
MIND Technology, Inc. engages in the provision of technology and solutions for exploration, survey and defense applications in oceanographic, hydrographic, defense, seismic and security industries. The company is headquartered in The Woodlands, Texas. The firm is focused on three markets within the marine technology space: marine exploration, marine survey, and maritime security. The firm's marine technology products business includes Seamap Pte Ltd, Seamap USA., LLC, Seamap (Malaysia) Sdn Bhd and Seamap (United Kingdom) Ltd, collectively Seamap, which designs, manufactures and sells a range of products for the oceanographic, hydrographic and marine seismic industries. Seamap's primary products include the GunLink seismic source acquisition and control systems (energy source controllers), and the BuoyLink relative global positioning system (RGPS) tracking system, which is used to provide precise positioning of seismic sources and streamers. The firm's Klein Marine Systems, Inc. (Klein), designs, manufactures and sells high performance side scan sonar and water-side security systems.
Return to Profitability: MIND Technology returned to profitability in Q2, bouncing back after delivery delays impacted results in Q1.
Revenue Growth: Marine technology product revenues rose to $13.6 million, up about 35% from the same period last year.
Strong Margins: Gross margin reached 50%, improving both sequentially and year-over-year due to a strong aftermarket mix and higher volumes.
Aftermarket Strength: Aftermarket revenue accounted for approximately 68% of total revenue in the first half, supporting both sales and margin expansion.
Backlog Decline: Backlog fell to $12.8 million from $21.1 million last quarter, reflecting substantial deliveries in Q2; management noted this is typical seasonality.
Guidance: Management expects fiscal 2026 results to be similar to fiscal 2025, with continued profitability and positive adjusted EBITDA each quarter.
Capital Programs: The company established both an at-the-market equity program and a stock buyback, aiming for financial flexibility and shareholder value.
Market Uncertainty: Some customer caution and macro uncertainty have slowed order timing, but management remains optimistic about longer-term demand.