Q2 2025 Mind Technology Inc Earnings Call Transcript
Key Points
- MIND Technology Inc (MIND) delivered positive results in the second quarter, in line with expectations, demonstrating progress on several fronts.
- The company generated positive cash flow from operations, improving liquidity and achieving another quarter of positive adjusted EBITDA and profitability.
- MIND Technology Inc (MIND) has a strong backlog of approximately $26 million, with additional orders of more than $6 million received subsequent to July 31.
- The conversion of preferred stock into common stock has simplified the capital structure, eliminating all outstanding preferred stock and associated accrued dividends.
- Gross profit for the second quarter was approximately $4.8 million, up 62% from the same period last year, with a gross profit margin of approximately 48%.
- The backlog at the end of the quarter was down sequentially, although it was more than 50% higher than the same time last year.
- Supply chain issues, although improved, still persist and could impact future results.
- General and administrative expenses were $2.8 million for the second quarter, flat sequentially and only slightly down from the previous year.
- The company has built up inventory in recent months to accommodate pending and upcoming orders, which could impact cash flow.
- The market has not yet adjusted to the positive changes in the company's capital structure, with selling pressure from recent preferred stock conversions affecting stock price.
Greetings. Welcome to MIND Technology's fiscal 2025 second-quarter earnings conference call. (Operator Instructions)
Please note this conference is being recorded. I will now turn the conference over to Zach Vaughan, thank you. You may begin .
Thank you, operator. Good morning, and welcome to the MIND Technology's fiscal 2025 second-quarter earnings conference call. We appreciate all of you joining us today, with me are Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer Before I turn the call over to Rob, I have a few items to cover. If you would like to listen to a replay of today's call. It will be available for 90 days via webcast by going to the Investor Relations section of the company's website at mind-technology.com or via recorded instant replay until September 19.
Information on how to access the replay was provided in yesterday's earnings release. The information reported on this call speaks only as of today, Thursday,
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