MIND Technology Q1 Revenue Flat at $9.7M; Adjusted EBITDA $811K, Backlog $7.6M
MIND•MIND Technology's first quarter generated $9.7M in revenue, $14K operating income and a $411K net loss ($0.05/share), versus $9.8M revenue, $78K operating income and a $271K net loss in the prior quarter. Adjusted EBITDA was $811K, backlog dropped to $7.6M from $13.9M and after-market sales accounted for 50% of revenue.
1. First Quarter Financial Results
MIND Technology reported revenue of $9.7 million for the quarter ended April 30, 2026, compared with $9.8 million in the prior quarter and $7.9 million a year earlier. Operating income was $14,000 versus $78,000 sequentially, and net loss widened to $411,000, or $0.05 per share, from a $271,000 loss, or $0.03 per share.
2. Adjusted EBITDA and Backlog Trends
The company delivered positive Adjusted EBITDA of $811,000, down from $1.1 million in the previous quarter and up from a negative $179,000 a year ago. Backlog for the Seamap segment fell to $7.6 million, down from $13.9 million at January 31, 2026 and $21.1 million at April 30, 2025, reflecting softer order intake.
3. After-Market Business Contribution
After-market sales comprised approximately 50% of total revenue, providing a stable base amid fluctuating new equipment demand. Management highlighted this segment as a consistent contributor to margins and cash flow.
4. Outlook and Strategic Focus
Leadership cited macroeconomic and geopolitical uncertainties, including impacts from the Middle East conflict, as drivers of near-term visibility challenges, but maintained confidence in a long-term rebound in marine exploration. The company emphasized strong liquidity, a disciplined capital allocation approach and readiness to pursue opportunities that enhance shareholder value.
