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olivLaw · US equity research

Mynd.ai, Inc. MYND

Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)

0.27USD−12.91% · 1 dayClose 04 Nov 2026

Mynd.ai develops digital communication and collaboration platforms for education, business and the public sector, mainly interactive displays sold through its subsidiary Promethean. The company reported lower revenue in 2025 as school budgets shrank, which makes its ability to return to growth worth assessing.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Mynd.ai, Inc. (MYND) stock was 0.27 USD (−12.91% on the day), with market capitalisation 126.0 m USD, beta 0.67, 52-week range 0.16–0.67 USD.

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

Market cap
126.0 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.12 · TTM to 31 Dec 2025
E/P (TTM)
-44.02%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.67
Volatility (1y) 141%
52-week range
0.160.67

Price history

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Technical reading

RSI (14)
45.7
neutral
Bollinger (20, 2)
0.16 – 0.40
in the lower half of the band · %B 0.47 · band width 89.1%
SMA 50 / 200
0.33 / 0.38
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
0.00 / -0.01
MACD above 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−18.6%−1.1%−17.5 pp—
3 months−33.0%−0.5%−32.6 pp—
6 months−15.3%+4.4%−19.7 pp—
Year to date−37.6%+12.3%−49.9 pp—
1 year−59.9%+13.5%−73.5 pp−9.7%
3 years−97.5%+76.4%−173.9 pp+6.8%
5 years−98.9%+63.7%−162.6 pp—
Max drawdown (1y)
−75.7%
06 Nov 2025 → 22 Oct 2026
Max drawdown (5y)
−99.4%
17 Nov 2021 → 22 Oct 2026
Compound annual growth (5y)
−59.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

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 year20182019⚠ 202020212022202320242025
Revenue156.5 m182.3 m42.4 m448.2 m584.7 m411.8 m267.4 m167.9 m
Revenue YoY+11.1%+16.5%—+956.4%+30.5%−29.6%−35.1%−37.2%
Net income-1.7 m-2.2 m-41.2 m-1.1 m20.5 m-39.4 m-95.7 m-54.1 m
Net income YoY−124.1%unavailable—unavailableunavailable−292.7%unavailableunavailable
Diluted EPS-0.06-0.09-1.330.000.05-0.09-0.21-0.12
Diluted EPS YoY−122.2%unavailable—unavailableunavailable−280.0%unavailableunavailable
net %-1.1%-1.2%-97.1%-0.2%3.5%-9.6%-35.8%-32.2%
Free cash flow-10.7 m490.0 k-10.5 m-23.1 m-6.1 m-2.7 m-497.0 k-45.6 m

The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
18.5 m USD
Financial debt
64.0 m USD
Net debt
45.5 m USD
Equity
-17.5 m USD
Total assets
182.5 m USD
Debt / equity
unavailable
Current ratio
0.76x
ROE
unavailable
ROA
-24.9%
FCF margin
-27.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
411.8 m
2024
267.4 m
2025
167.9 m

SEC (XBRL)· 29 May 2026verified

Cost of revenue
2023
311.3 m
2024
201.1 m
2025
132.6 m

SEC (XBRL)· 29 May 2026verified

Gross profit
2023
100.5 m
2024
66.2 m
2025
35.3 m

SEC (XBRL)· 29 May 2026verified

Research & development
2023
34.6 m
2024
25.3 m
2025
12.8 m

SEC (XBRL)· 29 May 2026verified

Operating income
2023
-46.0 m
2024
-38.0 m
2025
-50.1 m

SEC (XBRL)· 29 May 2026verified

Depreciation & amortisation
2023
5.0 m
2024
5.7 m
2025
9.0 m

SEC (XBRL)· 29 May 2026verified

EBITDA
2023
-41.1 m ≈
2024
-32.3 m ≈
2025
-41.1 m ≈

SEC (XBRL)· 29 May 2026derived

Interest expense
2023
4.7 m
2024
10.4 m
2025
10.1 m

SEC (XBRL)· 29 May 2026verified

Pre-tax income
2023
-48.4 m
2024
-35.7 m
2025
-54.5 m

SEC (XBRL)· 29 May 2026verified

Income tax
2023
-9.7 m
2024
68.7 m
2025
-384.0 k

SEC (XBRL)· 29 May 2026verified

Net income
2023
-39.4 m
2024
-95.7 m
2025
-54.1 m

SEC (XBRL)· 29 May 2026verified

Diluted EPS
2023
-0.09
2024
-0.21
2025
-0.12

SEC (XBRL)· 29 May 2026verified

Weighted average diluted shares
2023
428.0 m
2024
456.5 m
2025
456.8 m

SEC (XBRL)· 29 May 2026verified

Balance sheet · USD

Cash
2023
87.8 m
2024
75.3 m
2025
18.5 m

SEC (XBRL)· 29 May 2026verified

Receivables
2023
63.7 m
2024
30.5 m
2025
24.8 m

SEC (XBRL)· 29 May 2026verified

Inventories
2023
53.9 m
2024
28.6 m
2025
29.7 m

SEC (XBRL)· 29 May 2026verified

Current assets
2023
227.2 m
2024
147.6 m
2025
84.1 m

SEC (XBRL)· 29 May 2026verified

Property, plant & equipment, net
2023
7.0 m
2024
14.6 m
2025
11.8 m

SEC (XBRL)· 29 May 2026verified

Goodwill
2023
46.9 m
2024
44.1 m
2025
45.0 m

SEC (XBRL)· 29 May 2026verified

Intangibles (excl. goodwill)
2023
43.7 m
2024
39.5 m
2025
36.2 m

SEC (XBRL)· 29 May 2026verified

Total assets
2023
407.0 m
2024
252.6 m
2025
182.5 m

SEC (XBRL)· 29 May 2026verified

Accounts payable
2023
59.1 m
2024
40.5 m
2025
37.9 m

SEC (XBRL)· 29 May 2026verified

Short-term debt
2023
31.9 m
2024
10.9 m
2025
2.9 m

SEC (XBRL)· 29 May 2026verified

Long-term debt
2023
64.9 m
2024
58.1 m
2025
61.1 m

SEC (XBRL)· 29 May 2026verified

Current liabilities
2023
186.2 m
2024
130.1 m
2025
110.2 m

SEC (XBRL)· 29 May 2026verified

Total liabilities
2023
286.4 m
2024
224.3 m
2025
200.0 m

SEC (XBRL)· 29 May 2026verified

Equity
2023
120.6 m
2024
28.4 m
2025
-17.5 m

SEC (XBRL)· 29 May 2026verified

Shares outstanding at year end
2023
456.5 m
2024
456.5 m
2025
462.2 m

SEC (XBRL)· 29 May 2026verified

Cash flow · USD

Operating cash flow
2023
-2.4 m
2024
786.0 k
2025
-45.5 m

SEC (XBRL)· 29 May 2026verified

Capex
2023
389.0 k
2024
1.3 m
2025
94.0 k

SEC (XBRL)· 29 May 2026verified

Free cash flow
2023
-2.7 m ≈
2024
-497.0 k ≈
2025
-45.6 m ≈

SEC (XBRL)· 29 May 2026derived

Investing cash flow
2023
19.3 m
2024
4.3 m
2025
-2.6 m

SEC (XBRL)· 29 May 2026verified

Financing cash flow
2023
44.4 m
2024
-22.6 m
2025
-8.4 m

SEC (XBRL)· 29 May 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-37.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-34.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
31.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
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)
unavailable
the base of the ratio is not positive
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)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
21.0%
computed by olivLawFY 2025
EBITDA margin
-24.5%
computed by olivLawFY 2025
EBIT margin
-29.8%
computed by olivLawFY 2025
Net margin
-32.2%
computed by olivLawFY 2025
FCF margin
-27.2%
computed by olivLawFY 2025

Returns

ROE
-995.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-24.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
-69.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
45.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
-5.0x
computed by olivLawFY 2025

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-45.5 m USD
computed by olivLawFY 2025
Capital expenditure
94.0 k USD
computed by olivLawFY 2025
Free cash flow
-45.6 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
60 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
108 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
126.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
171.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-44.0%
computed by olivLawFY 2025
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
1.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-36.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 13 / 100

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

score < 40

Closing price

0.27 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 126.0 m USD

Key indicators

Market capitalisation
126.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
insufficient data
ROE
-995.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-32.2%
computed by olivLawFY 2025
Revenue growth (YoY)
-37.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 29 May 2026
verified 328

Score by group

  • Balance sheet0
  • Growth0
  • Valuation34
  • Quality6

Estimated value range

Low
0.20
USD per share
Mid
0.83
USD per share
High
1.48
USD per share
Price: 0.27 USD
The price is within the range
Potential to the central value: 202.9% (value / price − 1)
Margin of safety: 67.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.20 – 1.48 USD.

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

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/Sales0.20 – 1.48 (Mid 0.83)
    4 companies used · median multiple 2.5x · quartiles 0.8x – 4.3x
    CRSR, EVLV, MITK, XRX
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Multiple comparisons use the SIC vertical: Computer Peripheral Equipment, NEC (SIC 3577)

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

Unattractive profile · Score 13/100

FactorValueScoreWeight used
Gross margin · Quality21.0%0 (on a fixed band)12%
EBIT margin · Quality-29.8%19 (vs peers)10%
FCF margin · Quality-27.2%0 (on a fixed band)10%
Revenue CAGR 3Y · Growth-34.0%0 (on a fixed band)19%
Revenue growth (YoY) · Growth-37.2%0 (vs peers)10%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.8x0 (on a fixed band)7%
EV/Sales · Valuation1.0x60 (vs peers)19%
FCF yield · Valuation-36.2%0 (on a fixed band)14%
Shareholder yield (distributions) · Returnsunavailableunavailable—

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

Score groups

  • Balance sheet· partial0/100 · 1/2 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality6/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation34/100 · 2/2 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

Mynd.ai, Inc. (MYND). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 167.9 m USD in 2025; YoY growth -37.2%; net margin -32.2%; ROE -995.5%.

The estimated value range is 0.20–1.48 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.83 USD, the price of 0.27 USD leaves a potential of 202.9% (value / price − 1) and a margin of safety of 67.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 13/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.

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

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Gross margin: 21.0%
  • EBIT margin: -29.8%
  • FCF margin: -27.2%
  • Revenue CAGR 3Y: -34.0%
  • Revenue growth (YoY): -37.2%
  • Current ratio: 0.8x
  • FCF yield: -36.2%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).

Versus the vertical median

Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies

Multiples and returns vs the median

P/E
—
vertical median 31.1x
EV/EBITDA
—
vertical median —
P/S
0.8x
vertical median 2.6x
below median (−71.5%)
P/B
—
vertical median 1.7x
ROE
-995.5%
vertical median 0.2%
below median (−408,256.4%)
Net margin
-32.2%
vertical median -0.8%
below median
EBIT margin
-29.8%
vertical median 0.5%
below median (−5,723.3%)
Revenue YoY
-37.2%
vertical median 11.9%
below median (−413.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 3.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PANWPalo Alto Networks, Inc.284.7 bn870.11.7%2.7%+24.5%+83% / +136%
FTNTFortinet, Inc.95.1 bn42.1153.1%29.0%+14.2%+59% / +146%
LOGILogitech International S.A.14.2 bn18.138.2%16.4%+6.3%−11% / +14%
CRSRCorsair Gaming, Inc.1.4 bn41.45.8%2.5%+11.9%+104% / +3%
EVLVEvolv Technologies Holdings, Inc.871.2 m—-4.9%-3.0%+40.5%−25% / +20%
MITKMitek Systems, Inc.861.4 m40.79.2%11.4%+4.4%+115% / +69%
SSYSStratasys Ltd.587.3 m—-12.7%-18.9%−3.7%−22% / −38%
IMMRImmersion Corporation237.8 m21.63.5%0.6%+11.2%+1% / +10%
RDCMRadcom Ltd.168.7 m14.311.4%16.8%+17.2%−22% / +29%
XRXXerox Holdings Corp155.0 m—-128.0%-11.9%+12.9%−58% / −92%
MYNDMynd.ai, Inc.126.0 m—-995.5%-32.2%−37.2%−60% / −97%
INVEInve Technologies, Inc.64.0 m—-10.9%-62.9%−19.3%−22% / −62%
TACTTransact Technologies Inc54.4 m—-1.3%-0.8%+18.7%+19% / −22%
LINKInterlink Electronics, Inc52.3 m—-10.5%-7.9%+1.8%−8% / −39%
WETHWetouch Technology Inc.11.6 m1.26.0%17.6%+6.8%−57% / unavailable
AIMDAinos, Inc.5.4 m—-196.3%-106,283.3%+499.0%−65% / −95%
VTIXVirtuix Holdings Inc.———-543.2%+18.4%unavailable / unavailable
YIBOPlanet Image International Limited——-14.4%-5.3%+3.6%+5% / unavailable

1- and 3-year price returns: for MYND 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.

    Possibly outdated: the newest document it read is from 29 May 2026; since then the company filed 6-K (08 Oct 2026), 6-K (27 Aug 2026), 6-K (17 Aug 2026), 6-K (23 Jun 2026), 6-K (05 Jun 2026).

    In brief

    Mynd.ai develops digital communication and collaboration platforms for education, business and the public sector, mainly interactive displays sold through its subsidiary Promethean. The company reported lower revenue in 2025 as school budgets shrank, which makes its ability to return to growth worth assessing.

    SWOT

    Strengths

    • A recognised brand in interactive technology with more than two decades of product development for teaching.
    • A global network of distributors and resellers that facilitates access to multiple markets.
    • A broad product portfolio including displays, computing modules and certified conferencing solutions.

    Weaknesses

    • Recurring losses and a history of declining revenue that limit self-funding capacity.
    • Heavy dependence on interactive display sales to the education sector.
    • Reliance on the majority shareholder for supply-chain services and inventory financing.

    Opportunities

    • A return of the school equipment refresh cycle could support sales again.
    • Expansion into corporate and hybrid collaboration could diversify revenue sources.
    • Growth in SaaS software could create recurring revenue if the strategy materialises.

    Threats

    • Market saturation in developed countries could limit growth in interactive display sales.
    • Trade tariffs and currency fluctuations could raise costs and affect margins.
    • Competitors with alternative products could draw customers away from the company.

    Risks

    • Losses and lack of profitabilityhigh

      The company has posted losses in the last two years and may not achieve profitability. If revenue does not grow enough, covering operating costs could be harder.

    • Dependence on the majority shareholderhigh

      If the majority shareholder fails to meet payment obligations to suppliers, the company could be required to cover those amounts, affecting liquidity and continuity of operations.

    • Indebtednessmedium

      Existing debt is secured and could raise borrowing costs or limit access to additional funding if market conditions worsen.

    • Seasonality and geographic concentrationmedium

      Revenue depends largely on US purchases concentrated in certain quarters, which can make quarterly results volatile.

    • Loss of key personnelmedium

      Workforce reductions could lead to the departure of essential staff and loss of institutional knowledge, affecting projects and customer relationships.

    Investment thesis

    What would need to be true (bull case)

    • If the school equipment refresh cycle returns, sales could recover to a higher level, especially in the US where the company has a significant share.
    • Expansion into corporate collaboration could open a new market less tied to school budgets, supported by the existing distribution network.
    • Cost reduction and reorganisation could improve margins if sales stabilise.

    What would break the thesis

    • If education budget cuts persist, revenue could keep falling and losses could remain high.
    • Dependence on the majority shareholder for financing and supply could limit the company's independence.
    • Debt and accumulated losses could make long-term financing difficult to obtain.

    What to watch

    • Revenue trends by segment, especially US interactive display salesQ1 2027
    • Status of the school equipment refresh cycle and government education budgets2027
    • Solvency and payment commitments of the majority shareholdernext 10-K
    • Progress of corporate sales through the MAXHUB partnership2027

    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.

    Possibly outdated: the newest document it read is from 29 May 2026; since then the company filed 6-K (08 Oct 2026), 6-K (27 Aug 2026), 6-K (17 Aug 2026), 6-K (23 Jun 2026), 6-K (05 Jun 2026).

    The business

    Mynd.ai, Inc. (formerly Gravitas Education Holdings) offers hardware and software solutions for education, business and the public sector. Its main activity runs through Promethean, which makes interactive flat panel displays, teaching applications and collaboration software. According to the annual report, revenue from the US was 107.5 million USD and from outside the US 60.4 million USD in 2025.

    Segments

    Interactive displays (IFPD)

    The ActivPanel displays, including ActivPanel 10, ActivPanel LE and the D-Series for digital signage, generate most of the company's revenue. The report indicates an approximately 19% share of the US IFPD market at the end of 2025, based on management commissioned market reports.

    Modular computing and workplace collaboration

    The company has expanded its offer with OPS computing modules and a partnership with MAXHUB for Microsoft Teams Room certified conferencing solutions aimed at corporate meeting spaces. This line targets hybrid collaboration beyond education.

    Software

    The ActivSuite, Explain Everything Advanced and ActivInspire platforms support lesson creation and delivery. The report notes that SaaS sales are not yet significant to overall operations.

    Market context

    The education interactive display market is highly penetrated in the US, UK and Germany, which could limit sales growth in those countries. Demand in 2025 and 2024 was hit by budget uncertainty after COVID relief funding ended, and management expects a refresh cycle to resume without a precise timetable.

    Revenue is seasonal, tied to school purchasing cycles concentrated in the second and third calendar quarters. Currency exposure is material because most international sales are denominated in currencies other than the dollar.

    Trends

    • Shrinking education budgetsheadwind

      Government funding for education technology has fallen after pandemic relief programmes, reducing demand. If the equipment refresh cycle restarts, pressure on revenue could ease.

    • Trade tariffsheadwind

      Management monitors tariffs between the US and other countries that could affect hardware purchase costs. The company cannot assure that any mitigation measures will be effective.

    • Expansion into corporate workplacestailwind

      The MAXHUB partnership opens access to the hybrid workplace collaboration market, which is less tied to school budgets. Success depends on whether the existing distribution network can support this offer.

    • Restructuring and cost reductionmixed

      The company has carried out workforce reductions and changes to leadership and product strategy. Effects on profitability remain uncertain given recent losses and reliance on the majority shareholder for financing.

    Competitive position

    The company competes in interactive displays and collaboration solutions, and the report cites competitive pressure as a risk to its display revenue. Competitors include makers of educational hardware and software, some with access to other distribution channels.

    • MAXHUB (CVTE)

      Strategic partner for conferencing solutions, presented in the report as part of the corporate offer.

    • Other interactive display makers

      The report warns that new alternatives from competitors could reduce display sales, without naming them in the source.

    • Educational software providers

      Competition in software and teaching platforms is cited as a factor that could affect the company's growth.

    • Other corporate collaboration players

      The company intends to gain share in the workplace market, but the source does not identify direct competitors.

    News & filings

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