Q1 2026 Mind Technology Inc Earnings Call Transcript
Key Points
- MIND Technology Inc (MIND) reported a strong cash flow from operations of $4.1 million, indicating improved liquidity.
- The company has a solid backlog of firm orders amounting to approximately $21 million as of April 30, 2025, up from $16.2 million at the end of January 2025.
- MIND Technology Inc (MIND) is strategically positioned for growth with a resilient business model, improved order visibility, and a strong demand environment.
- The company is expanding its facility in Huntsville, Texas, which is expected to contribute significantly to revenue through additional repair and manufacturing services.
- MIND Technology Inc (MIND) maintains a clean, debt-free balance sheet with a simplified capital structure, enhancing financial flexibility and shareholder value.
- The first-quarter results were down sequentially due to a $5.5 million delay in order deliveries, impacting revenue and profit margins.
- General and administrative expenses increased to $3.4 million, partly due to nonrecurring costs related to restructuring and tax analysis.
- The company reported an operating loss of approximately $658,000 and a net loss of $970,000 for the first quarter.
- Adjusted EBITDA was a loss of approximately $179,000, impacted by nonrecurring expenses.
- MIND Technology Inc (MIND) faces challenges in utilizing its $80 million in US tax loss carryforwards due to the majority of its revenue being generated outside the United States.
Greetings. Welcome to Mind Technology first-quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Zach Vaughan. Thank you, sir. You may begin.
Thank you, operator. Good morning, and welcome to the Mind Technology fiscal 2026 first-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'd 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 a recorded instant replay until June 18. Information on how to access the replay was provided in yesterday's earnings release. Information reported on this call speaks only as of today, Wednesday, June
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