MIND Technology Q2: Revenue Halves, Backlog Collapses 65%, Iran War Hits Receivables
MIND is trading near its 52-week low of $3.63 (7.2% above the low) on elevated volume (2.7× avg).
Summary
MIND Technology's Q2 revenue fell 59% to $5.6 million with a $1.7 million net loss, backlog collapsed 65% to $4.8 million, and $12.6 million in receivables is delayed by Iran-war disruptions. Management expects a full-year revenue decline.
Key Events · Earnings and Guidance · MIND
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Q2 Revenue Halves, Swings to Loss
Revenue fell 59% year-over-year to $5.62 million, missing the $7.68 million consensus, and the company swung to a $1.73 million net loss from a $1.93 million profit a year ago.
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Backlog Collapses 65%
Firm order backlog dropped to $4.8 million as of July 31, 2026, from $13.9 million at January 31, 2026, with management expecting a full-year revenue decline in fiscal 2027.
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Iran War Disrupts Receivables
$12.6 million in accounts receivable is tied to delayed customer payments caused by war-related disruptions in Iran; only $1.9 million has been collected since quarter-end.
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Reduced Activity Through Q3
Management expects the reduced level of activity to continue at least through the third quarter of fiscal 2027, citing project delays and temporary changes in customer capital allocations.
Analysis · MIND · Manufacturing
MIND Technology's fiscal Q2 revenue fell 59% year-over-year to $5.6 million, swinging to a $1.7 million net loss from a $1.9 million profit a year ago. The more troubling signal is the backlog: firm orders collapsed to $4.8 million from $13.9 million at the start of the fiscal year, and management now expects a full-year revenue decline with reduced activity persisting through at least Q3. On top of that, $12.6 million in receivables is tied up in delayed payments from customers disrupted by the war in Iran — only $1.9 million has been collected since quarter-end. The company has $15.8 million in cash and an untapped $25 million ATM, so liquidity is not an immediate crisis, but the demand picture has deteriorated sharply.
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At the time of this filing, MIND was trading at $3.89 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $35.4M. The 52-week trading range was $3.63 to $14.50. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.