MIND

MKT CAP:$58M

MIND Technology, Inc.

Market Cap

$58M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$6.30-$2.70 (-30.00%)

Apr 22, 2026

Company Details

MIND Technology, Inc., together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries. The company's products include the GunLink seismic source acquisition and con...

CEO

Robert Capps

IPO Date

Dec 19, 1994

Website

mind-technology.com

Key Metrics TTM

Revenue

$41M

-12.6% YoY

Net Income

$750.0K

EPS (Diluted)

$0.10

Free Cash Flow

$2M

Revenue / Share

$4.53

Gross Margin

43.4%

Operating Margin

7.0%

Net Margin

1.8%

FCF Margin

4.7%

P/S

1.4x

P/E

77.7x

Earnings Reports

FY 2025

Apr 20, 2026

NEW

$41M-12.6%EPS $0.10

Q4 2025

Apr 20, 2026

NEW

$10M-34.9%EPS -$0.03

Q3 2025

Dec 11, 2025

$10M-20.0%EPS $0.01

Q2 2025

Sep 10, 2025

$14M+35.1%EPS $0.24

Q1 2025

Jun 11, 2025

$8M-18.4%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$4M	-$407.0K	-$5M
Q1 22	$9M	$3M	-$2M
Q2 22	$9M	$3M	-$2M
Q3 22	$3M	$531.0K	-$3M
Q4 22	$9M	$4M	$595.0K
Q1 23	$11M	$4M	$419.0K
Q2 23	$8M	$3M	-$767.0K
Q4 23	$13M	$6M	$2M
Q1 24	$10M	$4M	$730.0K
Q2 24	$10M	$5M	$1M
Q3 24	$12M	$5M	$2M
Q4 24	$15M	$6M	$3M
Q1 25	$8M	$3M	-$658.0K
Q2 25	$14M	$7M	$3M
Q3 25	$10M	$4M	$774.0K
Q4 25	$10M	$4M	$78.0K

Valuation

Quarter	P/S	P/E
Q4 21	8.2x	—
Q1 22	4.9x	—
Q2 22	3.7x	—
Q3 22	3.4x	—
Q4 22	3.2x	—
Q1 23	2.1x	—
Q2 23	3.3x	—
Q4 23	0.2x	19.7x
Q1 24	0.2x	9.4x
Q2 24	0.2x	3.7x
Q3 24	0.1x	1.1x
Q4 24	1.1x	10.2x
Q1 25	1.2x	16.7x
Q2 25	1.6x	18.1x
Q3 25	2.1x	31.3x
Q4 25	1.7x	92.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$6M	-$7M
Q1 22	-$4M	-$4M
Q2 22	$1M	$882.0K
Q3 22	$246.0K	-$35.0K
Q4 22	-$654.0K	-$705.0K
Q1 23	-$3M	-$3M
Q2 23	-$490.0K	-$535.0K
Q4 23	$657.0K	$566.0K
Q1 24	-$5M	-$5M
Q2 24	$1M	$978.0K
Q3 24	$2M	$2M
Q4 24	$2M	$2M
Q1 25	$4M	$4M
Q2 25	-$1M	-$1M
Q3 25	$894.0K	$801.0K
Q4 25	-$1M	-$1M

Capital Expenditures

Quarter	CapEx
Q4 21	$695.0K
Q1 22	$107.0K
Q2 22	$143.0K
Q3 22	$281.0K
Q4 22	$51.0K
Q1 23	$57.0K
Q2 23	$45.0K
Q4 23	$91.0K
Q1 24	$66.0K
Q2 24	$80.0K
Q3 24	$67.0K
Q4 24	$224.0K
Q1 25	$237.0K
Q2 25	$182.0K
Q3 25	$93.0K
Q4 25	$151.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-41.3%	-10.4%
Q1 22	+116.7%	+28.7%
Q2 22	+28.0%	+9.1%
Q3 22	-63.6%	-42.9%
Q4 22	+136.0%	-6.6%
Q1 23	+16.6%	-12.0%
Q2 23	-13.2%	-18.9%
Q4 23	+340.4%	+86.1%
Q1 24	+9.1%	+8.1%
Q2 24	-5.3%	-15.4%
Q3 24	+60.1%	+22.8%
Q4 24	+12.5%	+10.9%
Q1 25	-18.4%	-4.3%
Q2 25	+35.1%	+26.6%
Q3 25	-20.0%	-12.9%
Q4 25	-34.9%	-20.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$224.0K	6.0%
Q1 22	$236.0K	2.6%
Q2 22	$152.0K	1.7%
Q3 22	$136.0K	4.5%
Q4 22	$130.0K	1.5%
Q1 23	$50.0K	0.5%
Q2 23	$108.0K	1.4%
Q4 23	-$3.0K	-0.0%
Q1 24	$48.0K	0.5%
Q2 24	$47.0K	0.5%
Q3 24	$46.0K	0.4%
Q4 24	$94.0K	0.6%
Q1 25	$272.0K	3.4%
Q2 25	$553.0K	4.1%
Q3 25	$283.0K	2.9%
Q4 25	$714.0K	7.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$1M	$4M
Q1 22	$1M	$4M
Q2 22	$833.0K	$4M
Q3 22	$412.0K	$3M
Q4 22	$310.0K	$3M
Q1 23	$478.0K	$3M
Q2 23	$493.0K	$3M
Q4 23	$654.0K	$3M
Q1 24	$462.0K	$3M
Q2 24	$328.0K	$3M
Q3 24	$562.0K	$3M
Q4 24	$562.0K	$3M
Q1 25	$380.0K	$3M
Q2 25	$311.0K	$4M
Q3 25	$506.0K	$3M
Q4 25	$389.0K	$3M

Revenue Segments

Quarter	Marine Technology Products
Q1 22	$9M
Q2 22	$9M

Revenue by Geography

Quarter	Asia Pacific	Europe	Middle East and Africa	United States	Canada and Latin America	Other Countries
Q1 22	$2M	$5M	$38.0K	$2M	—	—
Q2 22	$2M	$4M	$142.0K	$2M	$114.0K	—
Q1 24	$6M	$3M	—	$345.0K	—	$705.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$817.0K	$0	$817.0K
Q2 22	$833.0K	$0	$833.0K
Q3 22	$812.0K	$0	$812.0K
Q4 22	$778.0K	$0	$778.0K
Q1 23	$815.0K	$0	$815.0K
Q2 23	$494.0K	$0	$494.0K
Q3 23	$6M	$0	$6M
Q4 23	$5M	$0	$5M
Q1 24	$924.0K	$0	$924.0K
Q2 24	$2M	$0	$2M
Q3 24	$4M	$0	$4M
Q4 24	$5M	$0	$5M
Q1 25	$9M	$0	$9M
Q2 25	$8M	$0	$8M
Q3 25	$19M	$0	$19M
Q4 25	$19M	$0	$19M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	6M	0.0%	+6.2%
Q1 22	6M	0.0%	+0.1%
Q2 22	6M	+0.1%	+0.1%
Q3 22	6M	+0.0%	+0.1%
Q4 22	6M	+0.0%	+0.1%
Q1 23	6M	0.0%	+0.1%
Q2 23	6M	+0.0%	+0.1%
Q4 23	5M	-0.4%	-0.4%
Q1 24	5M	0.0%	-0.4%
Q2 24	5M	0.0%	-0.4%
Q3 24	5M	-0.4%	-0.8%
Q4 24	8M	+45.6%	+45.0%
Q1 25	8M	0.0%	+45.0%
Q2 25	8M	0.0%	+45.0%
Q3 25	8M	+0.1%	+45.8%
Q4 25	9M	+13.3%	+13.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$18.8K	200
Q1 22	$45.4K	200
Q2 22	$43.6K	200
Q3 22	$15.2K	200
Q4 22	$46.7K	190
Q1 23	$55.8K	190
Q2 23	$39.8K	190
Q4 23	$92.3K	145
Q1 24	$66.7K	145
Q2 24	$69.2K	145
Q3 24	$83.5K	145
Q4 24	$103.0K	146
Q1 25	$54.1K	146
Q2 25	$92.9K	146
Q3 25	$66.4K	146
Q4 25	$62.4K	157

Revenue / Employee