10-Q · June 11, 2026
MIND Technology's Q1 2027 results saw a revenue of $9.67 million, slightly surpassing consensus estimates, while EPS was reported at -0.05, missing expectations. Management noted a decrease in backlog and ongoing…
Earnings analysis · 10-Q
MIND earnings analysis
Filed September 9, 2026 · Our reading of the company's report
The latest report
MIND reported a materially weak quarter, with revenue of $5.622 million versus the $7.68 million consensus estimate and EPS of $(0.19) versus $(0.08) expected. Gross margin was 37.2%, while the company incurred a $1.796…
Read full summary
MIND reported a materially weak quarter, with revenue of $5.622 million versus the $7.68 million consensus estimate and EPS of $(0.19) versus $(0.08) expected. Gross margin was 37.2%, while the company incurred a $1.796 million operating loss. The balance sheet remained debt-free, but uncertain project timing and the absence of formal quantitative guidance limit near-term visibility. No material changes to the risk factors from the January 31, 2026 Form 10-K were reported.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.19
- Gross margin
- 37.2%
What stood out
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Material revenue and EPS miss
Revenue was $5.622 million, below the $7.68 million consensus estimate, while reported EPS was $(0.19) versus $(0.08) expected.
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After-market business provided base
Gross margin was 37.2%, and the after-market business continued to provide a revenue base despite uncertain project timing.
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Debt-free balance sheet
The company had no interest-bearing debt as of July 31, 2026, indicating no direct interest-rate exposure from borrowings.
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Limited disclosed FX exposure
Foreign-currency-denominated cash totaled approximately $614,000 as of July 31, 2026, with exposure primarily to British pounds, Singapore dollars and euros.
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Controls remained effective
Disclosure controls were concluded effective as of July 31, 2026, and management reported no material changes in internal control during the quarter.
What to watch
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Revenue decline drove operating loss
Revenue of $5.622 million was accompanied by a $1.796 million operating loss, indicating significant operating-cost pressure at the reported revenue level.
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Foreign-currency loss exposure
The company held approximately $614,000 of foreign-currency cash as of July 31, 2026; a 10% increase in the U.S. dollar would reduce the value of those deposits by approximately $61,000.
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Uncertain project timing and outlook
The filing states there were no material changes to the risk factors reported in the Form 10-K for the year ended January 31, 2026; however, project timing remains uncertain and no formal quantitative outlook was provided.
Management's outlook
No formal quantitative revenue or EPS guidance was provided. Management cited uncertain project timing and said the longer-term marine exploration and survey market outlook was unchanged.
Earlier filings 4
10-K · April 20, 2026
MIND Technology is a single-segment (Seamap) marine seismic equipment company that reported fiscal 2026 revenue of $40.947 million versus $46.863 million in fiscal 2025, with backlog of $13.9 million as of January 31,…
10-Q · September 10, 2025
MIND reported a strong quarter: revenue of $13,561,000 and diluted EPS of $0.24 for the three months ended July 31, 2025, materially above the prior-year quarter. Gross margin expanded to ~50.4% and operating margin to…
10-Q · September 12, 2024
MIND reported Q2 revenue of $10.036M, up from $7.561M a year earlier, producing gross profit of $4.778M (47.6%) and operating income of $1.430M (≈14.3%), versus an operating loss of $(0.767)M in the prior-year quarter.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.