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olivLaw · US equity research

MIND Technology, Inc. MIND

Search, Detection, Navigation, Guidance, Aeronautical Sys · SIC 3812 · Vertical: Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812)

3.70USD−4.88% · 1 dayClose 04 Nov 2026

MIND Technology supplies technology to the oceanographic, hydrographic, seismic and maritime security industries through its Seamap unit, which designs and sells marine seismic equipment. The company faces weak demand: firm orders have shrunk sharply, and its after-market business of spare parts and service is supporting revenue. Revenue was 40.9 mn USD in fiscal 2026.

At the close of 04 Nov 2026, MIND Technology, Inc. (MIND) stock was 3.70 USD (−4.88% on the day), with market capitalisation 33.6 m USD, P/E 41.1 on diluted EPS of 0.09 USD over the last 12 months, beta 1.59, 52-week range 3.70–14.29 USD. Latest reported quarter (Q2 2027): revenue of 5.6 m USD (−58.5% YoY), net income of -1.7 m USD (−189.9% YoY), diluted EPS -0.19 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
33.6 m USD
shares as of 08 Sept 2026
P/E (TTM)
41.1
Diluted EPS TTM 0.09 · TTM to 31 Jan 2026
E/P (TTM)
2.43%
TTM to 31 Jan 2026
Dividend yield
unavailable
Beta (2y)
1.59
Volatility (1y) 80%
52-week range
3.7014.29

Price history

Loading chart…

Technical reading

RSI (14)
34.3
weak (30–45)
Bollinger (20, 2)
3.73 – 4.63
below the lower band · %B -0.04 · band width 21.4%
SMA 50 / 200
4.26 / 6.23
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.14 / -0.10
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−18.3%−2.0%−16.3 pp—
3 months−29.9%−2.2%−27.8 pp—
6 months−44.1%+4.3%−48.4 pp—
Year to date−57.9%+10.6%−68.5 pp—
1 year−68.1%+10.5%−78.6 pp+3.2%
3 years−18.9%+73.7%−92.5 pp+78.7%
5 years−79.0%+61.7%−140.7 pp—
Max drawdown (1y)
−74.1%
11 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−82.2%
14 Dec 2021 → 09 Sept 2024
Compound annual growth (5y)
−26.8%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2027 · 31 Jul 2026

Revenue
5.6 m USD
−58.5% YoY
Net income
-1.7 m USD
−189.9% YoY
Diluted EPS
-0.19
−179.2% YoY
net / operating
-30.8% / -31.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27
Revenue12.1 m15.0 m7.9 m13.6 m9.7 m9.8 m9.7 m5.6 m
Cost of revenue6.7 m8.5 m4.6 m6.7 m5.2 m5.8 m5.6 m3.5 m
Gross profit5.4 m6.6 m3.3 m6.8 m4.5 m4.0 m4.1 m2.1 m
Research & development562.0 k562.0 k380.0 k311.0 k506.0 k389.0 k310.0 k407.0 k
SG&A2.8 m3.0 m3.4 m3.6 m3.0 m3.3 m3.5 m3.3 m
Operating income1.9 m2.8 m-658.0 k2.7 m774.0 k78.0 k14.0 k-1.8 m
Depreciation & amortisation221.0 k220.0 k225.0 k217.0 k212.0 k219.0 k228.0 k224.0 k
Interest expense0———————
Pre-tax income1.7 m2.7 m-676.0 k2.6 m778.0 k200.0 k65.0 k-1.7 m
Income tax396.0 k671.0 k294.0 k670.0 k716.0 k471.0 k476.0 k18.0 k
Net income1.3 m2.0 m-970.0 k1.9 m62.0 k-271.0 k-411.0 k-1.7 m
Diluted EPS2.87—-120.000.240.01—-50.00-0.19
Operating cash flow2.3 m ≈2.1 m4.1 m-1.2 m ≈894.0 k ≈-1.2 m-1.3 m-1.8 m ≈
Capex67.0 k ≈224.0 k237.0 k182.0 k ≈93.0 k ≈151.0 k48.0 k108.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320252026
Revenue48.3 m42.9 m42.7 m21.2 m23.1 m25.0 m46.9 m40.9 m
Revenue YoY+17.7%−11.0%−0.6%−50.3%+8.9%+8.2%unavailable−12.6%
Net income-21.1 m-19.8 m-11.3 m-20.3 m-15.1 m-8.8 m5.1 m750.0 k
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−85.2%
Diluted EPS-1.82-1.78-1.10-1.80-1.31-0.924.320.09
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−97.9%
net %-43.6%-46.2%-26.4%-95.7%-65.3%-35.3%10.8%1.8%
Free cash flow312.0 k-6.3 m-6.9 m-6.5 m-18.0 m-3.5 m214.0 k1.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Jan 2026

Cash
19.1 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
41.4 m USD
Total assets
49.3 m USD
Debt / equity
unavailable
Current ratio
6.03x
ROE
2.2%
ROA
1.7%
FCF margin
4.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
25.0 m
2025
46.9 m
2026
40.9 m

SEC (XBRL)· 20 Apr 2026verified

Cost of revenue
2023
22.1 m
2025
25.9 m
2026
22.3 m

SEC (XBRL)· 20 Apr 2026verified

Gross profit
2023
10.0 m
2025
21.0 m
2026
18.7 m

SEC (XBRL)· 20 Apr 2026verified

Research & development
2023
1.4 m
2025
1.9 m
2026
1.6 m

SEC (XBRL)· 20 Apr 2026verified

SG&A
2023
12.9 m
2025
11.3 m
2026
13.3 m

SEC (XBRL)· 20 Apr 2026verified

Operating income
2023
-5.7 m
2025
6.8 m
2026
2.9 m

SEC (XBRL)· 20 Apr 2026verified

Depreciation & amortisation
2023
1.3 m
2025
944.0 k
2026
873.0 k

SEC (XBRL)· 20 Apr 2026verified

EBITDA
2023
-4.3 m ≈
2025
7.8 m ≈
2026
3.7 m ≈

SEC (XBRL)· 20 Apr 2026derived

Pre-tax income
2023
-5.4 m
2025
7.1 m
2026
2.9 m

SEC (XBRL)· 20 Apr 2026verified

Income tax
2023
699.0 k
2025
2.0 m
2026
2.2 m

SEC (XBRL)· 20 Apr 2026verified

Net income
2023
-8.8 m
2025
5.1 m
2026
750.0 k

SEC (XBRL)· 20 Apr 2026verified

Diluted EPS
2023
-0.92
2025
4.32
2026
0.09

SEC (XBRL)· 20 Apr 2026verified

Weighted average diluted shares
2023
1.4 m
2025
4.1 m
2026
8.3 m

SEC (XBRL)· 20 Apr 2026verified

Balance sheet · USD

Cash
2023
778.0 k
2025
5.3 m
2026
19.1 m

SEC (XBRL)· 20 Apr 2026verified

Receivables
2023
3.2 m
2025
11.8 m
2026
12.6 m

SEC (XBRL)· 20 Apr 2026verified

Inventories
2023
11.0 m
2025
13.7 m
2026
11.2 m

SEC (XBRL)· 20 Apr 2026verified

Current assets
2023
22.2 m
2025
32.1 m
2026
44.9 m

SEC (XBRL)· 20 Apr 2026verified

Property, plant & equipment, net
2023
953.0 k
2025
890.0 k
2026
1.2 m

SEC (XBRL)· 20 Apr 2026verified

Goodwill
2023
—
2025
—
2026
—

SEC (XBRL)· 29 Apr 2022verified

Intangibles (excl. goodwill)
2023
3.6 m
2025
2.3 m
2026
1.8 m

SEC (XBRL)· 20 Apr 2026verified

Total assets
2023
32.9 m
2025
36.7 m
2026
49.3 m

SEC (XBRL)· 20 Apr 2026verified

Accounts payable
2023
2.5 m
2025
2.6 m
2026
1.2 m

SEC (XBRL)· 20 Apr 2026verified

Current liabilities
2023
8.9 m
2025
8.6 m
2026
7.4 m

SEC (XBRL)· 20 Apr 2026verified

Total liabilities
2023
9.8 m
2025
9.4 m
2026
7.8 m

SEC (XBRL)· 20 Apr 2026verified

Equity
2023
23.1 m †
2025
27.3 m †
2026
41.4 m †

SEC (XBRL)· 20 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-2.9 m
2025
651.0 k
2026
2.6 m

SEC (XBRL)· 20 Apr 2026verified

Capex
2023
570.0 k
2025
437.0 k
2026
663.0 k

SEC (XBRL)· 20 Apr 2026verified

Free cash flow
2023
-3.5 m ≈
2025
214.0 k ≈
2026
1.9 m ≈

SEC (XBRL)· 20 Apr 2026derived

Investing cash flow
2023
470.0 k
2025
20.0 k
2026
-663.0 k

SEC (XBRL)· 20 Apr 2026verified

Financing cash flow
2023
-1.9 m
2025
-619.0 k
2026
11.8 m

SEC (XBRL)· 20 Apr 2026verified

Share repurchases
2023
1.0 k
2025
—
2026
—

SEC (XBRL)· 01 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
-12.6%
computed by olivLawFY 2026
Revenue CAGR 3Y
17.9%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
14.1%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
-58.1%
computed by olivLawFY 2026
Net income growth (YoY)
-85.2%
computed by olivLawFY 2026
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-97.9%
computed by olivLawFY 2026
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
798.6%
computed by olivLawFY 2026

Profitability

Gross margin
42.2%
computed by olivLawTTM to 31 Jul 2026
EBITDA margin
-0.1%
computed by olivLawTTM to 31 Jul 2026
EBIT margin
-2.7%
computed by olivLawTTM to 31 Jul 2026
Net margin
-6.8%
computed by olivLawTTM to 31 Jul 2026
FCF margin
-11.1%
computed by olivLawTTM to 31 Jul 2026

Returns

ROE
-6.8%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROA
-5.7%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROIC
unavailable
input data missing
ROCE
-2.3%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
6.9x
computed by olivLawbalance sheet at 31 Jul 2026
Quick ratio
5.2x
computed by olivLawbalance sheet at 31 Jul 2026
Cash ratio
2.5x
computed by olivLawbalance sheet at 31 Jul 2026

Cash

Operating cash flow
-3.5 m USD
computed by olivLawTTM to 31 Jul 2026
Capital expenditure
400.0 k USD
computed by olivLawTTM to 31 Jul 2026
Free cash flow
-3.9 m USD
computed by olivLawTTM to 31 Jul 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
136 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Days inventory outstanding
203 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Days payables outstanding
16 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Cash conversion cycle
323 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026

Market and valuation

Market capitalisation
33.6 m USD
computed by olivLawbalance sheet at 31 Jul 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-7.0%
computed by olivLawTTM to 31 Jul 2026
P/B
0.8x
computed by olivLawbalance sheet at 31 Jul 2026
P/S
1.0x
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-11.5%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.70 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 33.6 m USD

Key indicators

Market capitalisation
33.6 m USD
computed by olivLawbalance sheet at 31 Jul 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.8x
computed by olivLawbalance sheet at 31 Jul 2026
EV/EBITDA
unavailable
input data missing
ROE
-6.8%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Net margin
-6.8%
computed by olivLawTTM to 31 Jul 2026
Revenue growth (YoY)
-12.6%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Jul 2026
Latest balance sheet date: 31 Jul 2026
Share count (cover of the latest filing), as of: 08 Sept 2026
Source: SEC (XBRL)published 09 Sept 2026
verified 2195derived 138

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-6.8%25 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth17.9%100 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet6.9x100 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-11.5%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial25/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MIND TECHNOLOGY, INC (MIND). Latest full fiscal year: 2026; data up to 2026-07-31.

Figures computed from the financial statements: revenue 40.9 m USD in 2026; YoY growth -12.6%; net margin -6.8%; ROE -6.8%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 17.9%
  • Current ratio: 6.9x

What contradicts it

  • Net margin: -6.8%
  • FCF yield: -11.5%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812) · same industry (4-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
—
vertical median 26.0x
EV/EBITDA
—
vertical median 16.1x
P/S
1.0x
vertical median 3.0x
below median (−67.7%)
P/B
0.8x
vertical median 3.3x
below median (−74.6%)
ROE
-6.8%
vertical median 10.3%
below median (−166.2%)
Net margin
-6.8%
vertical median 9.9%
below median (−168.5%)
EBIT margin
-2.7%
vertical median 10.7%
below median (−124.9%)
Revenue YoY
-12.6%
vertical median 7.9%
below median (−260.7%)
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 1.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NOCNorthrop Grumman Corp78.2 bn17.426.1%10.4%+2.2%−4% / +16%
GRMNGarmin Ltd52.3 bn26.122.4%25.6%+15.1%+39% / +122%
LHXL3harris Technologies, Inc.51.7 bn25.910.3%5.2%unavailable−0% / +46%
TDYTeledyne Technologies Inc30.6 bn30.49.5%15.8%+7.9%+33% / +65%
DRSLeonardo DRS, Inc.9.5 bn26.113.2%9.4%+12.8%+4% / +93%
NNNextNav Inc.1.5 bn—-77.9%-2,812.5%−19.3%−38% / +121%
LUNRIntuitive Machines, Inc.835.8 m——-26.6%−7.9%+5% / +248%
CODACoda Octopus Group, Inc.101.4 m20.38.4%17.6%+30.7%+2% / +52%
MINDMind Technology, Inc33.6 m—-6.8%-6.8%−12.6%−68% / −19%

1- and 3-year price returns: for MIND from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    MIND Technology supplies technology to the oceanographic, hydrographic, seismic and maritime security industries through its Seamap unit, which designs and sells marine seismic equipment. The company faces weak demand: firm orders have shrunk sharply, and its after-market business of spare parts and service is supporting revenue 123. Revenue was 40.9 mn USD in fiscal 2026 1.

    SWOT

    Strengths

    • A solid after-market base brings recurring revenue and reduces reliance on new system orders 3.
    • The company carries no debt and holds enough cash to get through slow periods 3.
    • Proprietary products and internally developed technology are used in its seismic systems 1.

    Weaknesses

    • Revenue depends on a small number of customers, and losing one would have a significant effect 1.
    • Lower order intake has produced an operating loss this quarter and limited visibility into the next year 3.
    • A material used in solid streamers comes from a single source 1.

    Opportunities

    • Exploration and alternative energy projects could restore demand for Seamap equipment 3.
    • Expansion of the Huntsville facility could bring additional repair and production activity 2.
    • Acoustic technology could be adapted for maritime security if development succeeds 1.

    Threats

    • The Middle East conflict could delay major projects and customer payments 3.
    • Larger competitors with stronger finances could erode the company's market share 1.
    • Currency and political risks in the countries where it operates could affect results 1.

    Risks

    • Customer concentrationhigh

      A small number of customers generate most revenue, and losing one could seriously affect results 1.

    • Order visibilityhigh

      Firm backlog has fallen substantially, and visibility into fiscal 2027 is limited 2.

    • International exposuremedium

      Most revenue comes from abroad, exposing the company to currency swings, export restrictions and political instability 1.

    • Single-source suppliermedium

      A key material for solid streamers comes from one source, and a disruption could delay deliveries 1.

    • Intellectual propertylow

      Protection of proprietary technology relies on patents and contracts, and some countries offer weaker protection 1.

    Investment thesis

    What would need to be true (bull case)

    • If demand for marine exploration and survey returns, orders could recover quickly and the after-market base could support the transition 3.
    • With no debt and available cash, the company has flexibility for acquisitions or share repurchases 3.
    • The expanded Huntsville facility and new products could add revenue in the coming years 2.

    What would break the thesis

    • Continued weak order intake could extend operating losses and pressure revenue 2.
    • Dependence on a few large customers makes results volatile from quarter to quarter 1.
    • If the Middle East situation drags on, projects could stay postponed and visibility could fall further 3.

    What to watch

    • Development of Seamap backlog and new order intakeQ3 2027
    • Gross margin and operating result after the second-quarter lossQ3 2027
    • Resumption of large exploration projects and the path of the Middle East conflict2027
    • Revenue and Adjusted EBITDA outlook for fiscal 2027 in the annual reportnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    MIND Technology, Inc., headquartered in The Woodlands, Texas, was incorporated in 1987 and provides technology to the oceanographic, hydrographic, seismic and maritime security industries 1. The company operates in one segment, Seamap, which designs, manufactures and sells marine seismic equipment, with operations in the United States, Singapore, Malaysia and the United Kingdom 1. Customers include marine survey companies, seismic contractors, research institutes and operators of port facilities and offshore installations 1.

    Segments

    Seismic source and acquisition systems

    Main products include the GunLink energy source controllers, the BuoyLink RGNSS positioning system and the SeaLink marine sensors and streamers, used in seismic surveys for energy and alternative energy projects 1.

    After-market services

    Spare parts, training, repairs and field service make up a growing share of revenue, about 87% of total revenue in the second quarter of fiscal 2027 3. This provides a steadier base when new system orders are hard to time 3.

    Market context

    The market focuses on marine exploration, marine survey and maritime security 1. Orders have been hit by economic and political uncertainty, and management considers the decline largely temporary 2. The longer-term outlook could improve if energy-security demand converts into firm orders 3.

    Trends

    • Geopolitical uncertainty and the Iran conflictheadwind

      The ongoing conflict has disrupted customers, delayed payments and postponed projects, slowing orders 2. Management says the effects could be temporary if conditions stabilise 3.

    • Renewed energy exploration demandtailwind

      Customers have signalled a wish to move forward with sizable projects, and energy-security needs could support marine exploration activity over the longer term 3.

    • Offshore wind and carbon capture projectstailwind

      Applications for alternative energy projects such as offshore windfarms and carbon capture could widen the market for Seamap equipment 2.

    • Lumpy delivery timingmixed

      Revenue fluctuates from quarter to quarter because of delivery schedules, cancellations and production delays, which makes results hard to forecast 2.

    Competitive position

    The company competes with other manufacturers of marine seismic, hydrographic and oceanographic equipment, some of which have substantially greater financial resources 1. Competition is based on technical capability, reliability, price, delivery terms and service 1.

    • Marine seismic equipment manufacturers

      Direct competitors in seismic acquisition and streamer systems, some with greater financial resources 1.

    • Hydrographic equipment manufacturers

      Competitors in survey sounding and seabed mapping systems 1.

    • Oceanographic equipment manufacturers

      Competitors in sensors and instruments for marine research 1.

    • Maritime security technology providers

      Competitors in passive sonar and acoustic array technologies, a direction the company is exploring 1.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / MIND Technology, Inc. · 20 Apr 2026
    2. [2] Form 10-Q, quarter ended 2026-07-31 · SEC / MIND Technology, Inc. · 09 Sept 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / MIND Technology, Inc. · 08 Sept 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.