MIND Technology posted a Q2 loss due to order delays, triggering a 14% stock decline. Q2 loss from order delays indicates revenue timing issues likely to pressure near-term results and share price.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2018 | 5.63 |
—
|
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Cash | 5.29 | 5.34 | 19.05 | 15.76 |
| Receivables | 6.57 | 11.82 | 12.57 | 15.03 |
| Inventory | 13.37 | 13.75 | 11.15 | 10.53 |
| Other | — | — | — | — |
| 28.34 | 32.12 | 44.88 | 42.85 |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.62 | 2.56 | 1.21 | 0.61 |
| ST’ Debt | — | — | — | — |
| Other | 3.45 | 1.60 | 0.97 | 0.43 |
| 10.28 | 8.65 | 7.44 | 6.20 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Apr | Jul | Oct | Jan | Year | |
|---|---|---|---|---|---|
| ’26 | 9.67 | 5.62 | — | — |
—
|
| ’26 | 7.90 | 13.56 | 9.69 | 9.80 |
40.95
|
| ’25 | 9.68 | 10.04 | 12.11 | 15.04 |
46.86
|
| ’24 | 10.60 | 7.56 | 4.97 | 13.38 |
36.51
|
| ’23 | — | — | — | 4.17 |
25.01
|
| ’23 | 9.09 | 8.71 | 3.04 | — |
35.09
|
| ’22 | — | — | — | 3.76 |
23.11
|
| Apr | Jul | Oct | Jan | Year | |
|---|---|---|---|---|---|
| ’26 | (1.35) | (1.79) | — | — |
—
|
| ’26 | 4.07 | (1.16) | 0.89 | (1.22) |
2.59
|
| ’25 | (4.75) | 1.06 | 2.29 | 2.06 |
0.65
|
| ’24 | (2.99) | (0.49) | (2.15) | 0.66 |
(4.97)
|
| ’23 | — | — | — | (0.65) |
(2.90)
|
| ’23 | (3.52) | 1.03 | 0.25 | — |
(2.90)
|
| ’22 | — | — | — | (5.91) |
(17.13)
|
| Apr | Jul | Oct | Jan | Year | |
|---|---|---|---|---|---|
| ’26 | (1.39) | (1.90) | — | — |
—
|
| ’26 | 3.83 | (1.34) | 0.80 | (1.37) |
1.92
|
| ’25 | (4.36) | 0.98 | 2.22 | 1.83 |
0.67
|
| ’24 | (2.91) | (0.34) | (2.19) | 0.61 |
(4.83)
|
| ’23 | — | — | — | (0.03) |
(2.43)
|
| ’23 | (3.35) | 0.96 | (0.01) | — |
(2.90)
|
| ’22 | — | — | — | (4.35) |
(12.53)
|
| Apr | Jul | Oct | Jan | Year | |
|---|---|---|---|---|---|
| ’26 | (0.05) | (0.19) | — | — |
—
|
| ’26 | (0.12) | 0.24 | 0.01 | (0.03) |
0.09
|
| ’25 | 0.00 | (0.11) | 2.87 | 0.25 |
4.32
|
| ’24 | (0.90) | (1.80) | (0.27) | 0.35 |
(2.24)
|
| ’23 | — | — | — | (0.20) |
(9.20)
|
| ’23 | (2.40) | (2.10) | (4.40) | — |
(9.16)
|
| ’22 | — | — | — | (4.90) |
(13.10)
|
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | 3.70 | 4.00 | 3.05 | 4.45 | 3.63 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 17.50 | 8.10 | 8.55 | 14.50 | 11.39 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 200 | 190 | 145 | 146 | 157 | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.25 | 0.32 | 0.26 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.11 | 35.09 | 36.51 | 46.86 | 40.95 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.50% | 31.60% | 43.74% | 44.74% | 45.58% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (13.62) | (6.73) | 0.24 | 7.06 | 2.90 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (58.93%) | (19.18%) | 0.65% | 15.06% | 7.08% | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (13.58) | (7.43) | 0.27 | 5.07 | 0.75 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.21 | 1.89 | 1.52 | 0.94 | 0.87 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.78 | 25.46 | 25.97 | 11.49 | 4.96 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (13.06) | (9.16) | (2.24) | 4.32 | 0.09 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.44) | (2.11) | (3.53) | 0.16 | 0.31 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.10 | 0.00 | (0.08) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.44) | (2.11) | (3.44) | 0.16 | 0.23 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.98 | 16.72 | 16.10 | 6.70 | 5.02 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.38 | 1.38 | 1.41 | 4.08 | 8.26 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 3.08 | 86.90 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.91 | 0.27 | 0.23 | 0.81 | 1.75 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 0.00 | 1.38 | 1.73 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.94 | 0.31 | 0.13 | 0.73 | 1.32 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.69) | (1.13) | (0.98) | 50.65 | 28.20 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (17.13) | (2.90) | (4.97) | 0.65 | 2.59 | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.83) | (0.58) | 0.14 | 0.02 | (0.66) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (17.13) | (2.90) | (4.83) | 0.67 | 1.92 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.55 | 13.30 | 18.06 | 23.47 | 37.44 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.84 | 1.75 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.28) | 0.97 | (5.29) | (5.34) | (19.05) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 30.26 | 23.05 | 22.64 | 27.33 | 41.42 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (43.98%) | (33.71%) | (10.59%) | 50.14% | 1.74% | — | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00% | 0.00% | 1.87% | 19.37% | 7.99% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17,633.33% | 113.47% | 23.53% | 288.72% | 2.18% | — | — | — |
ROE
|
MIND Technology, Inc. (MIND), reborn from Mitcham Industries, has finally clawed back to profitability in fiscal 2024 with $274,000 net income after years of losses, driven by a pivot to high-margin Klein Marine Systems sonar tech for defense and offshore wind. Revenue stabilized at $36.5 million, up modestly from rock-bottom cycles, with gross margins surging 38% to 43.7% through ruthless cost cuts, including slashed depreciation and headcount. Analysts forecast explosive growth—28% revenue jump to $46.9 million in 2025, accelerating to $67.8 million by 2027—hinting at Klein’s AUVs riding energy transition tailwinds.
Yet, this gritty rebound hides deep fissures: revenue remains hostage to oil volatility, cash from operations plunged to -$5 million in 2024, and free cash flow barely breathes at +$0.16 per share. The balance sheet boasts zero debt and a cash buffer, but shareholders’ equity cratered 58% since 2016, with share count exploding 190% to 4.1 million in 2025, diluting per-share value dramatically. ROE and ROIC flash bright at 2.89% and 19.4%, but echo past false dawns crushed by commodity busts.
Trading at dirt-cheap PS of 0.23 and EV/Sales of 0.13, MIND screams bargain—or value trap? No insider buying signals caution amid OPEC risks, recession threats, and rivals like Teledyne. With 18% analyst upside, is this battered brass or hidden treasure? Dive into the full analysis for the unvarnished contrarian take.
Keep track of companies that you follow and research.
Full access to our data with predictions and indicators that we calculate daily.
Full access to our screener with tons of custom values and customizable email notifications.
Excel export of financials and screeners you define and save.