MIND Technology said its fiscal 2027 results will come in below fiscal 2026, with CEO Robert Capps citing delayed customer commitments and the war with Iran as major drags on the marine technology company's business. Backlog of firm orders fell to approximately $4.8 million as of July 31, 2026, down from $7.6 million as of April 30, 2026, and $12.8 million as of July 31, 2025. Second quarter revenue was approximately $5.6 million, with roughly 87% coming from aftermarket activity, while the company posted an operating loss of approximately $1.8 million, an adjusted EBITDA loss of approximately $949,000, and a net loss of approximately $1.7 million. Gross profit was approximately $2.1 million, a 37% margin, and the company ended the quarter with working capital of approximately $36.7 million, including $15.8 million of cash on hand. Capps said the pipeline of potential orders remains solid and several times greater than firm backlog, including some projects worth $10 million or more each, but warned that customers are maintaining a wait-and-see approach and that results will likely be pressured for another quarter or two.
Mind Technology IncBacklog fell to $4.8M from $7.6M and $12.8M as customers delay commitments, with fiscal 2027 results guided below fiscal 2026.
