MIND Tech Q2 revenue $8.8M; sells Klein Marine for $11.5M; backlog rises to $17M

MIND TECHNOLOGY, INC

Revenue $8.8M vs $8.7M YoY; operating loss $1.5M vs $1.6M.
Net loss from continuing ops $1.5M ($0.18 per share) vs $1.8M ($0.20).
Adjusted EBITDA loss $687k vs $1.0M; backlog $17M, up from $14M a year ago.
Sold Klein Marine to General Oceans for $11.5M cash; used proceeds to repay high-cost debt, now debt-free.
Seamap unit contributed 86% of Q2 revenue; subsequent orders of $5.4M added.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MIND TECHNOLOGY, INC reported its fiscal 2024 second quarter ended July 31, 2023 results: revenue $8.8 million, net income $1.5 million, EPS $0.18 per share.

Period: its fiscal 2024 second quarter ended July 31, 2023
Revenue: $8.8 million
Net income: $1.5 million
EPS: $0.18 per share
Result: reported results

Exact text from the filing

MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2024 second quarter ended July 31, 2023. Revenues from Marine Technology Products sales for the second quarter of fiscal 2024 were $8.8 million compared to $8.7 million in the second quarter of fiscal 2023. The Company reported operating loss of $1.5 million for the second quarter of fiscal 2024 compared to a loss of approximately $1.6 million in the second quarter of fiscal 2023. The net loss from continuing operations for the second quarter of fiscal 2024 was $1.5 million compared to a net loss from continuing operations of approximately $1.8 million in the second quarter of fiscal 2023. Second quarter of fiscal 2024 net loss attributable to common shareholders was $0.18 per share compared to $0.20 in the second quarter of fiscal 2023.

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Source: SEC EDGAR

accession 0001437749-23-025777

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