MIND Technology posts Q4 revenue $12.4M (up 230% YoY), returns to net income

MIND TECHNOLOGY, INC

Q4 revenue from Marine Technology Products $12.4M vs $3.8M YoY; net income from continuing ops $445K vs loss of $5.1M YoY.
Adjusted EBITDA from continuing ops $1.4M vs loss of $4.5M YoY; backlog $20.7M (+58% YoY).
New orders received totaling >$7M; cost reduction initiatives expected to save ~$1M annually.
Non-dilutive $3.75M secured financing arranged in Feb 2023 to support backlog execution.
Company expects revenue from continuing ops to improve in fiscal 2024 vs fiscal 2023.

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