MIND Technology Q3 rev $5.0M (+67% YoY); record backlog $37.4M; preferred dividend likely suspended

MIND TECHNOLOGY, INC

Revenue from continuing operations $5.0M, up from $3.0M YoY; operating loss improved to $1.5M from $2.9M.
Net loss from continuing ops $1.7M ($0.27/sh) vs $2.9M ($4.34/sh); net income of $568k included $2.4M Klein sale gain.
Seamap backlog record $37.4M at Oct 31, up from $14.0M a year ago and $17.0M at July 31.
Post-quarter, entered framework supply agreement with a major international seismic contractor; expects initial orders soon.
CEO says preferred dividends unlikely for foreseeable future as current operations cannot fund both growth and dividends.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.65

MIND TECHNOLOGY, INC reported the fiscal quarter ended October 31, 2023 results: revenue $5.0 million, net income approximately $568,000.

Period: the fiscal quarter ended October 31, 2023
Revenue: $5.0 million
Net income: approximately $568,000
Result: reported results

Exact text from the filing

$2.4 million from the sale of the Company's Klein Marine Systems segment. Revenues from continuing Marine Technology Products sales for the third quarter of fiscal 2024 were $5.0 million compared to $3.0 million in the third quarter of fiscal 2023. The Company reported an operating loss from continuing operations of $1.5 million for the third quarter of fiscal

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Source: SEC EDGAR

accession 0001437749-23-034337

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