MIND Technology, Inc.
- Open
- 5.53
- Day high
- 5.63
- Day low
- 5.40
- Prev close
- 5.48
- Volume
- 28K
- Mkt cap
- $51M
- P/E (TTM)
- 33.2
- EPS (TTM)
- $0.17
- P/B
- 1.2
- P/S
- 1.2
- Yield
- —
- Per share
- —
MIND Technology, Inc. (MIND) is a Technology company listed on NASDAQ. The stock is down 24% over the past year.
MIND Technology, Inc. (MIND) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MIND earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 11, 2026 | — | $-0.05 | — | $10M | +2.3% |
| Dec 9, 2025 | $0.31 | $0.01 | -96.8% | $10M | -33.9% |
| Sep 9, 2025 | $0.16 | $0.24 | +50.0% | $14M | +24.4% |
| Jun 10, 2025 | $0.08 | $-0.12 | -250.0% | $8M | -37.5% |
| Dec 10, 2024 | $0.13 | $2.87 | +2107.7% | $12M | -0.8% |
| Sep 11, 2024 | $-0.01 | $-0.11 | -649.8% | $10M | -6.6% |
| Jun 10, 2024 | $0.30 | $0.17 | -42.1% | $10M | -19.7% |
| Dec 13, 2023 | $-0.20 | $-1.89 | -845.0% | $5M | -63.2% |
| Sep 13, 2023 | $-0.14 | $-1.80 | -1185.7% | $8M | -17.8% |
| Jun 13, 2023 | $-0.07 | $-0.90 | -1185.7% | $13M | +36.8% |
| Dec 13, 2022 | $-0.18 | $-3.10 | -1622.2% | $5M | -42.5% |
| Sep 12, 2022 | $-0.20 | $-2.00 | -900.0% | $9M | +5.0% |
MIND insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Oct 8, 2025 | CAPPS ROBERT Pofficer: President and CEO | Grant | 60,000 | $8.64 |
| Oct 8, 2025 | Baden Alan Perrydirector | Grant | 30,000 | $8.64 |
| Oct 8, 2025 | Hilarides William Hunterdirector | Grant | 30,000 | $8.64 |
| Oct 8, 2025 | BLUM PETER Hdirector | Grant | 30,000 | $8.64 |
| Oct 8, 2025 | COX MARK ALANofficer: CFO | Grant | 50,000 | $8.64 |
| Oct 8, 2025 | GLANVILLE THOMAS Sdirector | Grant | 30,000 | $8.64 |
| Jan 22, 2025 | Hilarides William Hunterdirector | Grant | 20,000 | $7.47 |
| Jan 22, 2025 | COX MARK ALANofficer: CFO | Grant | 30,000 | $7.47 |
| Jan 22, 2025 | CAPPS ROBERT Pdirector, officer: President and CEO | Grant | 30,000 | $7.47 |
| Jan 22, 2025 | Baden Alan Perrydirector | Grant | 20,000 | $7.47 |
| Jan 22, 2025 | GLANVILLE THOMAS Sdirector | Grant | 20,000 | $7.47 |
| Jan 22, 2025 | BLUM PETER Hdirector | Grant | 20,000 | $7.47 |
| Sep 26, 2024 | BLUM PETER Hdirector | Grant | 17,000 | $3.99 |
| Sep 26, 2024 | Baden Alan Perrydirector | Grant | 17,000 | $3.99 |
| Sep 26, 2024 | GLANVILLE THOMAS Sdirector | Grant | 17,000 | $3.99 |
Source: MIND SEC Form 4 filings, latest Oct 8, 2025. For informational purposes only — not investment advice.
See the full MIND insider & 13F page →MIND Technology, Inc. company profile
Overview
MIND Technology, Inc. (NASDAQ:MIND) is a specialized technology company that provides advanced marine equipment and systems to the oceanographic, seismic survey, defense, and maritime security industries. Originally incorporated in 1987 as Mitcham Industries, the company rebranded to MIND Technology and went public in 1994. Based in The Woodlands, Texas, MIND has evolved from a broader industrial equipment provider to focus primarily on marine technology solutions following the 2024 sale of its Klein Marine Systems division. The company has achieved profitability in recent years after a period of restructuring and strategic refocusing on its core marine technology products.
Business
MIND Technology operates in the highly specialized marine technology sector, providing sophisticated equipment and systems used in underwater exploration, mapping, and monitoring activities. The company's core business revolves around three main product categories that serve the marine seismic survey industry. The GunLink product line consists of seismic source acquisition and control systems. These systems are critical components in marine seismic surveys, which are conducted by energy companies to locate oil and gas deposits beneath the ocean floor. The GunLink systems provide precise monitoring and control of energy sources (typically air guns) that create acoustic waves used to map subsurface geological structures. This technology allows survey operators to ensure consistent and accurate data collection during exploration activities. The BuoyLink positioning systems represent another core offering, providing Real-Time Global Positioning System (RGPS) tracking capabilities. These systems are essential for maintaining precise positioning of marine seismic equipment, including energy sources and data collection streamers, during survey operations. Accurate positioning is crucial for creating reliable geological maps and ensuring survey data quality. The company's SeaLink product line encompasses marine sensors and solid streamer systems. Streamers are long cables towed behind survey vessels that contain hydrophones (underwater microphones) to detect the acoustic signals reflected from the seafloor and subsurface formations. MIND's streamer systems include various components such as depth and pressure transducers, air control valves, and specialized connectors that enable data collection in harsh marine environments. Beyond these primary product lines, MIND also provides aftermarket services including spare parts, repairs, engineering services, training, and field support operations. The aftermarket business represents approximately 40% of total revenue and provides a recurring revenue stream from the company's installed base of equipment. Additionally, MIND has been developing Spectral AI Software Suite, an early-stage software platform with applications in data analysis and processing.
Revenue model
MIND Technology generates revenue through multiple channels within its marine technology focus. The primary revenue model is direct product sales of specialized marine equipment systems, which typically range from hundreds of thousands to several million dollars per order depending on system complexity and customization requirements. These sales are made to both commercial energy exploration companies conducting seismic surveys and government customers involved in defense and maritime security applications. The aftermarket business model provides significant recurring revenue, representing approximately 40% of total revenues. This includes sales of spare parts, repair services, equipment upgrades, training programs, and ongoing technical support for the company's installed base of equipment. The aftermarket model benefits from the harsh operating environments where marine equipment is deployed, creating regular demand for maintenance and replacement components. MIND's customers include major energy exploration companies, marine survey contractors, government defense agencies, and research institutions. The company serves these customers through both direct sales and a network of international distributors and representatives, allowing it to reach global markets across the United States, Europe, Canada, Latin America, Asia/South Pacific, and Eurasia. Several factors influence MIND's profit margins and business performance. Positive margin drivers include the specialized nature of the equipment which commands premium pricing, the recurring aftermarket revenue stream with higher margins than new equipment sales, and the company's dominant market position in certain product categories like source controllers and positioning systems. Energy sector activity levels significantly impact demand, with higher oil and gas prices typically driving increased exploration and survey activity. Emerging markets such as offshore wind farm development, carbon capture projects, and ocean bottom mapping present new growth opportunities. Conversely, margin pressures can arise from the cyclical nature of the energy industry, extended sales cycles for complex custom systems, working capital requirements for large orders, and competition from larger industrial conglomerates. The company's relatively small scale compared to major competitors can limit pricing power and increase per-unit costs. Additionally, the specialized nature of the business creates concentration risk, as demand is heavily dependent on energy sector capital expenditure cycles.
Competitive moat
MIND Technology possesses a moderate but meaningful competitive moat built primarily on specialized technical expertise and established customer relationships within a niche market. The company's moat stems from several key factors that create barriers to entry and customer switching costs. The technical complexity of marine seismic equipment creates significant barriers for new entrants. MIND's products require deep expertise in underwater acoustics, precision positioning systems, and harsh environment engineering. The company has developed this knowledge over decades and holds important intellectual property and design know-how that would be difficult and expensive for competitors to replicate. The critical nature of these systems in expensive seismic survey operations means customers prioritize reliability and proven performance over price, creating customer loyalty. MIND benefits from substantial switching costs once its equipment is integrated into customer operations. Seismic survey companies invest significant resources in training personnel on specific systems, developing operational procedures, and maintaining spare parts inventories. The interoperability of MIND's GunLink, BuoyLink, and SeaLink systems creates additional switching friction, as customers prefer integrated solutions from a single vendor. The company's aftermarket business model strengthens its competitive position by creating ongoing customer relationships and recurring revenue streams. Once equipment is deployed, customers depend on MIND for spare parts, repairs, and technical support, providing the company with predictable revenue and deep customer insights. However, MIND's moat faces several limitations and competitive threats. The company's small scale relative to larger industrial conglomerates like Schlumberger or Halliburton limits its resources for research and development, potentially allowing larger competitors to outinvest in next-generation technologies. The cyclical nature of the energy industry creates periods of reduced customer spending that can weaken customer relationships and pricing power. Additionally, technological disruption from new survey methods, autonomous systems, or alternative energy exploration techniques could potentially reduce demand for traditional marine seismic equipment. The company's concentration in marine seismic applications, while providing focus, also creates vulnerability to sector-specific downturns.
Risks & safety
MIND Technology demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present mixed signals. **Financial Strength:** • Debt-free balance sheet with total debt-to-equity ratio of just 0.048 • Strong liquidity position with $5.3 million cash and current ratio of 3.7 • Positive free cash flow generation of $1.8 million in latest quarter • Working capital of $23.5 million provides substantial operational cushion • Five consecutive quarters of profitability after years of losses **Valuation Metrics:** • Price-to-earnings ratio of 9.1 suggests reasonable valuation relative to earnings • EV/EBITDA ratio of 6.0 indicates moderate valuation for a profitable small-cap • Graham number of 4.4 compared to current price of $6.53 suggests potential overvaluation using classic value metrics • Price-to-book ratio of 2.7 is elevated but reasonable for a profitable technology business **Other Considerations:** • Small market capitalization of $55 million creates liquidity risk and volatility • Cyclical industry exposure creates earnings variability risk • Strong backlog of $16 million plus $15.9 million in subsequent orders provides near-term revenue visibility • Ongoing evaluation of strategic alternatives including potential sale provides upside optionality
Recent development
Over the past few years, MIND Technology has undergone significant strategic transformation focused on streamlining operations and returning to profitability. The most significant development was the 2024 sale of the Klein Marine Systems business unit to General Oceans, allowing management to concentrate exclusively on the higher-margin Seamap product lines including GunLink, BuoyLink, and SeaLink systems. The company has achieved a remarkable financial turnaround, delivering five consecutive quarters of profitability after years of losses. This improvement resulted from aggressive cost management, including workforce reductions that eliminated approximately $1 million in annual expenses, and operational efficiency improvements that increased gross margins to approximately 45%. MIND has been investing in next-generation product development, particularly ultra-high resolution SeaLink streamer systems designed to serve emerging markets such as offshore wind farm surveys, carbon capture projects, and ocean bottom mapping applications. The company is also developing its Spectral AI Software Suite, which has gained traction with NATO naval forces and represents a potential recurring revenue opportunity. Strategically, MIND has retained Lucid Capital Markets to explore growth opportunities, signaling management's openness to organic expansion, acquisitions, or potentially selling the company to maximize shareholder value. The company converted its preferred stock to common stock, simplifying its capital structure, and is planning to file a shelf registration statement to provide financial flexibility. The business has demonstrated strong order momentum with backlog levels significantly higher than historical norms and a robust pipeline of potential orders. Management has expanded its market focus beyond traditional energy exploration to include defense applications, renewable energy infrastructure, and environmental monitoring, positioning the company to benefit from diverse end-market trends.
MIND company profile · for informational purposes only — not investment advice.
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