MIND Technology shares sink on weak Q2 results

MIND Technology shares sink on weak Q2 results

MIND Technology MIND shares fell more than 9% after the marine technology company reported sharply weaker fiscal 2027 second-quarter results, hurt by continued softness in market demand.

Revenue for the quarter ended July 31, 2026, dropped 58.7% year over year to $5.6M, missing estimates by $2.08M. The company posted a GAAP net loss of $1.7M, or $0.19 per share, compared with net income of $1.9M, or $0.24 per share, a year earlier.

Adjusted EBITDA swung to a loss of $949,000 from a profit of $3.1M in the prior-year quarter. Operating loss widened to $1.8M, compared with operating income of $2.7M a year ago.

MIND's Seamap marine technology product backlog also declined to $4.8M from $12.8M a year earlier.

Despite the weak quarter, CEO Rob Capps highlighted the company's debt-free balance sheet, $15.8M in cash and resilient aftermarket business, which accounted for about 87% of quarterly revenue. DisclaimerContent provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.