MIND Technology, Inc. swung to a loss in its second quarter of fiscal 2027 as customer order delays pushed revenue down sharply, sending its shares down 14.2% since the report. The company posted a loss of 19 cents per share against earnings of 24 cents per share a year earlier, with revenues of $5.6 million marking a 58.5% decline from $13.6 million in the prior-year quarter. Net loss was $1.7 million versus net income of $1.9 million a year earlier, gross profit fell 69.4% to $2.1 million from $6.8 million, and adjusted EBITDA was negative $1 million compared with positive $3.1 million. Seamap's backlog stood at approximately $4.8 million as of July 31, down from $7.6 million at April 30 and $12.8 million a year earlier, while after-market activities accounted for approximately 87% of second-quarter revenues. Management said customers' wait-and-see approach to capital spending and geopolitical uncertainty, particularly the conflict in the Middle East, delayed projects, and it expects fiscal 2027 results to be below fiscal 2026 levels with weak conditions possibly pressuring results for another quarter or two.
Mind Technology IncMIND Technology swung to a Q2 loss with revenue down 58.5% and gross profit down 69.4% as order delays hit results.
