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what it is
MIND sells and rents marine tech used to find, map, and protect things in rough offshore environments.
how it gets paid
Last year Mind Technology made $47M in revenue. marine exploration was the main engine at $18.8M, or 40% of sales.
why it's growing
Revenue grew 28.4% last year. That jump says big offshore orders finally showed up.
what just happened
The quarter that mattered was revenue: $31M, up 222% vs. prior year, with gross margin holding at 47.1%.
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
28.0x trailing p/e — priced about right
18.6% return on capital — nothing to write home about
$4.32 fy2024 eps est
xvary composite: 40/100 — below average
What they do
MIND sells and rents marine tech used to find, map, and protect things in rough offshore environments.
MIND wins where failure is expensive. If your sonar or seismic gear breaks offshore, the delay can cost more than the hardware, which gives a 146-person specialist room to charge for reliability. The quiet part: in a $72 million company, one customer still supplied 21% of fiscal 2024 revenue, so a few hard-won relationships matter more than branding.
How they make money
$47M
annual revenue · their business grew +28.4% last year
marine exploration
$18.8M
marine survey
$14.1M
maritime security
$9.4M
equipment leasing
$4.7M
The products that matter
underwater mapping and imaging
Seamap & Klein Sonar Systems
$13.6M · +36%
this line produced $13.6M of revenue and grew 36%. It is the cleaner growth pocket in the portfolio, even though it is still the smaller one at 29% of sales.
29% of revenue
rental and sales for marine surveys
Seismic Equipment & Services
$33.4M · 71% of revenue
this is the $33.4M center of gravity. When offshore exploration budgets are open, it carries the company. When they close, you feel it almost everywhere else in the income statement.
71% of revenue
Key numbers
16.6%
operating margin
Operating margin means profit after running the business, before debt costs and taxes. Plain English: MIND keeps about 17 cents from each sales dollar. So what: for a $47M revenue company, that is roughly $7.8M of operating profit.
18.6%
return on capital
Return on capital means profit earned on the cash tied up in the business. Plain English: every $1 invested in operations produced about $0.19 in profit. So what: that is better than the 16.6% operating margin and hints the business is not capital-hungry.
21%
largest customer
One customer produced 21% of fiscal 2024 revenue. Plain English: a single buyer mattered for about $9.9M of the $47M total. So what: one delayed order can wreck your quarter.
47.1%
gross margin
Gross margin means sales minus the direct cost to build the product. Plain English: MIND kept about 47 cents of every revenue dollar before overhead. So what: the products have pricing power, even if total sales are choppy.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $1M (1% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for MIND right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter that mattered was revenue: $31M, up 222% vs. prior year, with gross margin holding at 47.1%.
That jump says big offshore orders finally showed up. EDGAR shows EPS of $0.13 for the latest quarter, while Yahoo lists the last earnings figure at $0.24, so revenue is the cleaner anchor here.
$31M
revenue
$0.13
eps
47.1%
gross margin
the number that mattered
Revenue at $31M matters most because it was 66% of the full-year $47M base. One quarter did most of the work.
source: company earnings report, 2026
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What could go wrong
The #1 risk is a shrinking marine equipment backlog. For a $47M revenue company that just posted $0.77M of quarterly operating income, weaker backlog does not stay theoretical for long.
med
shrinking order backlog
This business is small enough that fewer orders show up quickly in revenue and profitability. When operating income is already down to $0.77M, you do not have much cushion.
Impact: weaker backlog would pressure sales visibility across a company doing about $47M in annual revenue.
med
segment concentration
Seismic Equipment & Services represents 71% of revenue. If offshore survey and exploration budgets tighten, the largest business line gets hit first and hardest.
Impact: 71% of the revenue base is tied to one cyclical segment, so the downside does not need many moving parts.
med
micro-cap volatility and thin trading support
A $72M market cap and a 5 / 100 price stability score is the market's way of telling you this stock can move hard on limited volume.
Impact: even small news or small trades can push the share price around more than fundamentals justify in the short run.
med
capital allocation sending mixed signals
Management now has both an at-the-market program and a buyback authorization. That gives flexibility, but it also tells you the capital plan is not settled.
Impact: if equity issuance becomes the tool that gets used while earnings stay thin, existing shareholders feel the dilution risk fast.
Put it together and you own a volatile $72M small cap where 71% of revenue sits in one cyclical segment and quarterly operating income is under $1M.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
backlog direction
This is the main tell. Management has already flagged a shrinking backlog, and that matters more than almost any headline number for a business this size.
metric
operating income staying above the current floor
Last quarter printed $0.77M after $2.7M in the prior quarter. You want to see that line recover, not settle into a new lower normal.
calendar
q4 fy2026 earnings
Consensus sits at $0.32 EPS on $14.94M revenue for Apr 27, 2026. The backlog commentary may matter more than whether the quarter beats by a few cents.
capital allocation
atm issuance versus buyback activity
The Aug 28, 2025 at-the-market program and repurchase authorization pull in opposite directions. In a micro-cap, how management uses them tells you a lot about confidence and constraints.
Analyst rankings
earnings predictability
15 / 100
A 15 / 100 score means the quarterly numbers are hard to model. In human-speak, analysts do not have a smooth business to forecast here.
balance sheet grade
C++
That grade says the company is not in obvious balance-sheet trouble, but it is not built to absorb many execution mistakes either.
source: institutional data
Institutional activity
institutional ownership data for MIND is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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