MIND Technology Q2 Revenue Plunges 59% YoY; Backlog Shrinks to $4.8M
MIND is trading near its 52-week low of $4.2 (19% below the low) on elevated volume (3.0× avg).
Summary
MIND Technology reported a 59% year-over-year revenue decline to $5.6 million and a $1.7 million net loss in fiscal Q2 2027, with backlog shrinking to $4.8 million. The company remains debt-free with $15.8 million in cash but faces significant order-flow uncertainty.
Key Events · Earnings and Guidance · MIND
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Revenue Plunges 59% Year-Over-Year
Q2 FY2027 revenue was $5.6 million, down from $13.6 million in Q2 FY2026 and $9.7 million in Q1 FY2027. The company swung to a net loss of $1.7 million ($0.19/share) from net income of $1.9 million ($0.24/share) a year ago.
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Backlog Shrinks to $4.8 Million
Marine Technology Product backlog fell to $4.8 million as of July 31, 2026, down from $7.6 million at April 30, 2026 and $12.8 million at July 31, 2025 — a 63% year-over-year decline.
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After-Market Business Now 87% of Revenue
The after-market component contributed approximately 87% of total Q2 revenue, providing a durable base but highlighting the lack of new system orders.
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Debt-Free with $15.8 Million Cash
The company ended the quarter with $15.8 million in cash and no debt, providing flexibility to navigate near-term challenges, pursue acquisitions, or repurchase shares.
Analysis · MIND · Manufacturing
MIND Technology's fiscal Q2 results show a sharp deterioration: 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 backlog of marine technology orders dropped to $4.8 million, down 37% from the prior quarter and 63% from a year ago, signaling continued weakness in new system orders. The company remains debt-free with $15.8 million in cash, providing runway, but the after-market business now accounts for 87% of revenue, highlighting how dependent the company has become on recurring service work rather than new equipment sales. Management attributes the slowdown to macro uncertainty and Middle East conflict delaying customer project timing, with no clear timeline for recovery.
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At the time of this filing, MIND was trading at $3.40 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $38.2M. The 52-week trading range was $4.20 to $14.50. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.