In a recent announcement, MIND Technology, a key player in providing cutting-edge technology solutions to various industries including oceanographic, hydrographic, defense, seismic, and security, unveiled its financial results for the third quarter (Q3) of fiscal year 2024, concluding on October 31, 2023.
The market response to the Q3 results was evident as the stock of MIND Technology, which had concluded Wednesday’s trading at $5.88, experienced a noticeable drop, opening at $4.52 on Thursday.
At the time of this publication, Mind Technology Inc stock (MIND) has witnessed a decline.
Mind Technology Inc
Current Price: $4.82
Change : -1.06
Change (%): (-18.03%)
Volume: 24.7K
Source: Tomorrow Events Market Data
MIND Technology Fiscal 2024 Q3 Results:
The financials for the third quarter showcased a net income of approximately $568,000 for MIND Technology. This figure includes a significant gain of approximately $2.4 million resulting from the sale of the company’s Klein Marine Systems segment. Notably, revenues from the continuing Marine Technology Products sales during this period reached $5.0 million, a notable increase compared to the $3.0 million reported in the third quarter of fiscal 2023.
Despite the positive revenue growth, the company reported an operating loss from continuing operations of $1.5 million for the third quarter of fiscal 2024. This marks a significant improvement from the loss of approximately $2.9 million in the same quarter of fiscal 2023. The net loss from continuing operations for the third quarter of fiscal 2024 stood at $1.7 million, compared to the previous year’s figure of approximately $2.9 million. Adjusted for the reverse stock split effectuated in October 2023, the net loss attributable to common shareholders was $0.27 per share for the third quarter of fiscal 2024, a substantial improvement from the $4.34 per share reported in the third quarter of fiscal 2023.
In terms of adjusted EBITDA from continuing operations, the third quarter of fiscal 2024 showed a loss of $1.1 million, a significant reduction from the approximately $2.4 million loss reported in the third quarter of fiscal 2023.
MIND Technology’s Seamap segment played a crucial role in the company’s performance, with the backlog of Marine Technology Products as of October 31, 2023, reaching approximately $37.4 million. This represents a substantial increase from the figures reported at October 31, 2022 ($14.0 million) and July 31, 2023 ($17.0 million).
Rob Capps, MIND’s President and Chief Executive Officer, expressed his views on the company’s performance, stating, “We are pleased to see robust revenue growth and the positive impact of strategic segment sales, especially in our Seamap segment, contributing significantly to our backlog.”
In terms of stock performance, MIND Technology witnessed fluctuations over different time frames. The 5-day performance indicated a decrease of 9.91%, the 1-month performance showed a decrease of 2.88%, while the 3-month performance experienced a notable decline of 23.25%. However, the year-to-date performance reflected a positive trajectory at 4.81%, and the 1-year performance demonstrated a growth of 13.23%.
As MIND Technology continues to navigate the complexities of various industries, the strategic sale of segments and the growth in backlog provide promising indicators for the company’s future financial stability and success. Investors and industry observers will be keenly watching how MIND Technology capitalizes on these developments in the coming quarters.
