$MIND

MIND TECHNOLOGY, INC

CIK:0000926423|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Sales of marine technology products	$ 5,622,000	$ 13,561,000	$ 15,294,000	$ 21,463,000
Cost of sales:
Sales of marine technology products	3,532,000	6,732,000	9,107,000	11,303,000
Gross profit	2,090,000	6,829,000	6,187,000	10,160,000
Operating expenses:
Selling, general and administrative	3,255,000	3,637,000	6,800,000	7,021,000
Research and development	407,000	311,000	717,000	691,000
Depreciation and amortization	224,000	217,000	452,000	442,000
Total operating expenses	3,886,000	4,165,000	7,969,000	8,154,000
Operating (loss) income	(1,796,000)	2,664,000	(1,782,000)	2,006,000
Other income (expense):
Other, net	80,000	(65,000)	131,000	(83,000)
Total other income (expense)	80,000	(65,000)	131,000	(83,000)
(Loss) income before income taxes	(1,716,000)	2,599,000	(1,651,000)	1,923,000
Provision for income taxes	(18,000)	(670,000)	(494,000)	(964,000)
Net (loss) income	$ (1,734,000)	$ 1,929,000	$ (2,145,000)	$ 959,000
Net (loss) income per common share - Basic and diluted (in dollars per share)	$ (0.19)	$ 0.24	$ (0.24)	$ 0.12
Basic and diluted (in shares)	9,089	7,969	9,089	7,969

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (2,145,000)	$ 959,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	452,000	442,000
Stock-based compensation	1,061,000	553,000
Provision for inventory obsolescence	45,000	30,000
Changes in:
Accounts receivable	(2,471,000)	979,000
Unbilled revenue	7,000	(90,000)
Inventories	578,000	1,896,000
Prepaid expenses and other current and long-term assets	578,000	66,000
Income taxes receivable and payable	(592,000)	(81,000)
Accounts payable, accrued expenses and other current liabilities	(165,000)	(23,000)
Deferred revenue and customer deposits	(484,000)	(1,822,000)
Net cash (used in) provided by operating activities	(3,136,000)	2,909,000
Cash flows from investing activities:
Purchases of property and equipment	(156,000)	(419,000)
Net cash used in investing activities	(156,000)	(419,000)
Cash flows from financing activities:
Net cash provided by financing activities	0	0
Effect of changes in foreign exchange rates on cash and cash equivalents	0	6,000
Net change in cash and cash equivalents	(3,292,000)	2,496,000
Cash and cash equivalents, beginning of period	19,050,000	5,336,000
Cash and cash equivalents, end of period	15,758,000	7,832,000
Supplemental cash flow information:
Income taxes paid	$ 1,115,000	$ 1,049,000

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Current assets:
Cash and cash equivalents	$ 15,758	$ 19,050
Accounts receivable, net of allowance for credit losses of $332 at each of July 31, 2026 and January 31, 2026	15,034	12,570
Inventories, net	10,526	11,150
Prepaid expenses and other current assets	1,536	2,114
Total current assets	42,854	44,884
Property and equipment, net	1,163	1,235
Operating lease right-of-use assets	839	1,092
Intangible assets, net	1,532	1,753
Deferred tax asset	302	302
Total assets	46,690	49,266
Current liabilities:
Accounts payable	607	1,214
Deferred revenue	373	320
Customer deposits	434	971
Accrued expenses and other current liabilities	2,040	1,596
Income taxes payable	2,064	2,656
Operating lease liabilities - current	678	686
Total current liabilities	6,196	7,443
Operating lease liabilities - non-current	161	406
Total liabilities	6,357	7,849
Stockholders’ equity:
Common stock, $0.01 par value; 40,000 shares authorized; 9,089 shares issued and outstanding at July 31, 2026 and at January 31, 2026	91	91
Additional paid-in capital	150,051	148,990
Accumulated deficit	(109,843)	(107,698)
Accumulated other comprehensive gain	34	34
Total stockholders’ equity	40,333	41,417
Total liabilities and stockholders’ equity	$ 46,690	$ 49,266