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Mind Technology, Inc (MIND) stock

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NASDAQ: MIND Nasdaq Aerospace & Defense Next results ~December 8, 2026

E Fundamentals grade

Mind Technology, Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Mind Technology, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds21 adding, 27 cuttingOf 4 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mind Technology files

Where Mind Technology stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $35m, down 28.5% on a year earlier, a steeper fall than the 5.3% decline a quarter earlier. That puts it 43 of 46 for growth among the aerospace & defense companies we cover. Free-cash-flow margin fell to -11.1% from 13.5% a year earlier. Operating margin narrowed to -2.7% from 13.7%. The diluted share count is up 40.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks.

Our model value for Mind Technology is under review, so past values are not shown until it is resolved.

Source: 10-Q filed September 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 8, 2026 (estimated)

Mind Technology, Inc's trailing-twelve-month revenue fell 28.5% year on year, with a free-cash-flow margin of -11.1%. Where it lags: days sales outstanding of 158 days ranks 45 of 45 aerospace & defense companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -28.5% (-23.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 28.5% over the last 12 months.
  • Growth slowing. The growth rate is 23.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -2.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 16.4 points on a year ago.
  • Burning cash. Free cash flow was -11.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 40.3% in a year.

Latest results: FY2027 Q2

Filed September 9, 2026
Earnings per share
-$0.19 against an average estimate of -$0.08: missed by 137.5%
Revenue
$6m, down 58.5% on a year earlier
Share reaction
-14.9% in the first session after the results on September 8, 2026, against -1.0% for the S&P 500
Next report
December 8, 2026; average EPS estimate -$0.14

Mind Technology's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.4%
  • 1 week-3.0%
  • 1 month-15.1%
  • This year-56.4%
  • 1 year-65.2%
  • 5 years-79.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$34.8M
Operating margin
-2.7%
Net margin
-6.8%
EPS (TTM, diluted)
$-0.26

Growth

Revenue growth
−28.5%
Change in growth rate
−23.2 pts
Share count change
+40.3%

Cash

Free cash flow (TTM)
-$3.9M
FCF margin
-11.1%
Stock pay % of revenue
5.8%

Earnings

Last results
September 8, 2026
Next results (est.)
December 8, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mind Technology, Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Mind Technology, Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.25 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$2.8 ~$2.8–$3.3 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$30 ~$21–$42 Left out: out of range vs price (7.78x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$15 ~$13–$18 Included
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$7.5 ~$6.9–$21 Included, half weight
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mind Technology, Inc with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$27.30$48.60$37.60$39.80$28.40$21.40$13.80$6.60$6.00$9.27$8.75$3.83
Market value$197m$352m$273m$289m$207m$161m$114m$56m$51m$76m$73m$34m
+ Net debt (− = net cash)−$4m−$3m−$10m−$9m−$3m−$5m−$5m−$778000−$5m−$5m−$19m−$16m
Enterprise value$193m$349m$263m$280m$204m$156m$109m$55m$45m$70m$54m$18m
Multiples
Price / sales 3.8x8.6x5.6x6.7x4.8x7.6x4.9x2.2x1.4x1.6x1.8x1.0x
Price / earnings ————————184.7x14.9x97.2x—
Price / free cash flow 13.4x122.6xn/m——————n/m37.9x—
EV / EBITDA ————————26.7x9.1x14.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

27 /100

Weak moat

How hard Mind Technology's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -2.9% of total assets over 6 years.

  • Pricing power 5 / 20

    Gross margin has been a median 37.2%, moving by 14.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -26.4%; its worst year was -64.6%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -14.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 7232.3% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 8, 2026, after the close. Analysts expect revenue of $6m and EPS of −$0.14 (range −$0.14 to −$0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.43 −578% $29m −30%
Next $0.56 +230% $50m +74%

Next year's EPS estimate has moved −17.6% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −637.5% on 90 days ago. In the last 30 days, 0 analysts raised Mind Technology, Inc's forecast and 1 cut it.

Consensus EPS forecast Mind Technology, Inc, last 90 days
−$0.50 $0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.08 Current fiscal year, 60 days ago: $0.08 Current fiscal year, 30 days ago: $0.08 Current fiscal year, 7 days ago: $0.08 Current fiscal year, Now: −$0.43 −$0.43 Next fiscal year, 90 days ago: $0.68 Next fiscal year, 60 days ago: $0.68 Next fiscal year, 30 days ago: $0.68 Next fiscal year, 7 days ago: $0.68 Next fiscal year, Now: $0.56 $0.56

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.08$0.68
60 days ago $0.08$0.68
30 days ago $0.08$0.68
7 days ago $0.08$0.68
Now −$0.43$0.56

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 −$0.08 −$0.19 −137.5%
Apr 2026 $0.00 −$0.05 0.0%
Jan 2026 $0.31 −$0.03 −109.7%
Oct 2025 $0.16 $0.01 −93.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 8, 2026

No numeric guidance in Mind Technology, Inc's latest earnings release (filed September 8, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Mind Technology, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.0%
of tradable shares
Days to cover
3.65
at average volume
Short interest, 1 month
−34%
to October 15, 2026
Held by institutions
14%
of shares
Held by insiders
1.9%
of shares
Employees
157
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −65.2%

$11.01 on October 31, 2025 to $3.83

ThenNowEffect
Revenue (last 12 months) $49m $35m −28.5%
P/S multiple 2.0x 1.0x −50.3%
Share count 9m 9m −2.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −16.0%

$4.56 on November 3, 2023 to $3.83

ThenNowEffect
Revenue (last 12 months) $31m $35m +11.3%
P/S multiple 1.6x 1.0x −39.5%
Share count 11m 9m +24.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MIND−25%−73%+43%+21%+11%−56%
Industry peers (median)−4%−10%+13%+22%+19%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MIND42%8%50%50%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MIND−50%−77%−46%−53%−57%−66%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 94% from April 5, 2017 to September 9, 2024. Getting back needed a 1471% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.83 – $14.29
From 52-week high
−73.2%
vs 50-day average
−10.4%
vs 200-day average
−38.4%
Volatility (1 year)
76%
Beta vs S&P 500
1.90

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±21.7%
After a week
5 up, 7 down
typical move ±22.6%
After a month
7 up, 5 down
typical move ±17.3%
Results releasedNext dayS&P 500 next day5 days21 days
September 8, 2026 −14.9% −1.0% −11.6% −5.3%
June 10, 2026 −10.8% +0.1% −14.9% −9.2%
April 15, 2026 −28.8% +1.0% −28.0% −21.4%
December 9, 2025 −23.6% +0.6% −24.9% −4.9%
September 9, 2025 −13.8% +0.5% −11.1% +6.4%
June 10, 2025 −12.9% +0.3% −14.9% +12.9%
April 22, 2025 +30.8% +4.2% +21.5% +22.2%
December 10, 2024 +43.7% +0.5% +71.4% +85.7%
September 11, 2024 +10.4% +1.9% +9.9% +9.6%
June 10, 2024 −12.7% +0.6% −15.8% −22.7%
April 29, 2024 +47.0% −1.2% +40.7% +5.5%
December 13, 2023 −11.3% +1.7% +6.9% +2.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Mind Technology, Inc in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mind Technology, Inc
$30M $35M $40M $45M $50M FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $33.2M Revenue (TTM), FY24 Q4: $37.7M Revenue (TTM), FY25 Q1: $36.8M Revenue (TTM), FY25 Q2: $38.1M Revenue (TTM), FY25 Q3: $45.2M Revenue (TTM), FY25 Q4: $46.9M Revenue (TTM), FY26 Q1: $45.1M Revenue (TTM), FY26 Q2: $48.6M Revenue (TTM), FY26 Q3: $46.2M Revenue (TTM), FY26 Q4: $40.9M Revenue (TTM), FY27 Q1: $42.7M Revenue (TTM), FY27 Q2: $34.8M $34.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $33.2M
FY24 Q4 $37.7M
FY25 Q1 $36.8M
FY25 Q2 $38.1M
FY25 Q3 $45.2M
FY25 Q4 $46.9M
FY26 Q1 $45.1M
FY26 Q2 $48.6M
FY26 Q3 $46.2M
FY26 Q4 $40.9M
FY27 Q1 $42.7M
FY27 Q2 $34.8M
Revenue growth, TTM YoY Mind Technology, Inc
-40% -20% 0% 20% 40% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 34.9% Revenue growth, TTM YoY, FY24 Q4: 26.9% Revenue growth, TTM YoY, FY25 Q1: 17.8% Revenue growth, TTM YoY, FY25 Q2: 21.8% Revenue growth, TTM YoY, FY25 Q3: 36.2% Revenue growth, TTM YoY, FY25 Q4: 24.3% Revenue growth, TTM YoY, FY26 Q1: 22.6% Revenue growth, TTM YoY, FY26 Q2: 27.7% Revenue growth, TTM YoY, FY26 Q3: 2.2% Revenue growth, TTM YoY, FY26 Q4: -12.6% Revenue growth, TTM YoY, FY27 Q1: -5.3% Revenue growth, TTM YoY, FY27 Q2: -28.5% -28.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 34.9%
FY24 Q4 26.9%
FY25 Q1 17.8%
FY25 Q2 21.8%
FY25 Q3 36.2%
FY25 Q4 24.3%
FY26 Q1 22.6%
FY26 Q2 27.7%
FY26 Q3 2.2%
FY26 Q4 -12.6%
FY27 Q1 -5.3%
FY27 Q2 -28.5%
Operating margin (TTM) Mind Technology, Inc
-5% 0% 5% 10% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -3.6% Operating margin (TTM), FY24 Q4: 1.4% Operating margin (TTM), FY25 Q1: 2.3% Operating margin (TTM), FY25 Q2: 7.9% Operating margin (TTM), FY25 Q3: 14.1% Operating margin (TTM), FY25 Q4: 14.5% Operating margin (TTM), FY26 Q1: 12.0% Operating margin (TTM), FY26 Q2: 13.7% Operating margin (TTM), FY26 Q3: 12.0% Operating margin (TTM), FY26 Q4: 7.0% Operating margin (TTM), FY27 Q1: 8.3% Operating margin (TTM), FY27 Q2: -2.7% -2.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -3.6%
FY24 Q4 1.4%
FY25 Q1 2.3%
FY25 Q2 7.9%
FY25 Q3 14.1%
FY25 Q4 14.5%
FY26 Q1 12.0%
FY26 Q2 13.7%
FY26 Q3 12.0%
FY26 Q4 7.0%
FY27 Q1 8.3%
FY27 Q2 -2.7%
FCF margin (TTM) Mind Technology, Inc
-20% -10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: -19.6% FCF margin (TTM), FY24 Q4: -13.9% FCF margin (TTM), FY25 Q1: -19.1% FCF margin (TTM), FY25 Q2: -14.5% FCF margin (TTM), FY25 Q3: -2.3% FCF margin (TTM), FY25 Q4: 0.5% FCF margin (TTM), FY26 Q1: 19.7% FCF margin (TTM), FY26 Q2: 13.5% FCF margin (TTM), FY26 Q3: 11.1% FCF margin (TTM), FY26 Q4: 4.7% FCF margin (TTM), FY27 Q1: -7.7% FCF margin (TTM), FY27 Q2: -11.1% -11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 -19.6%
FY24 Q4 -13.9%
FY25 Q1 -19.1%
FY25 Q2 -14.5%
FY25 Q3 -2.3%
FY25 Q4 0.5%
FY26 Q1 19.7%
FY26 Q2 13.5%
FY26 Q3 11.1%
FY26 Q4 4.7%
FY27 Q1 -7.7%
FY27 Q2 -11.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Mind Technology took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $40.9M
  2. Cost of revenue $22.3M · 54.4%
  3. Gross profit $18.7M · 45.6%
  4. Research and development $1.6M · 3.9%
  5. Selling, general and admin $13.3M · 32.6%
  6. Other operating costs $873,000 · 2.1%
  7. Operating income $2.9M · 7.0%
  8. Income tax $2.2M · 5.3%
  9. Net income $750,000 · 1.8%

Shares of revenue. Source: Mind Technology's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 55 71 113 105 92 83 52 41 48 43 43 21 23 25 37 47 41 35
Gross profit 18 27 58 37 32 23 3 −7 6 12 13 7 6 10 16 21 19 15
EBITDA 2 8 36 15 7 −5 −24 −29 −18 −11 −4 −12 −12 −4 2 8 4 −0
Operating income 1 7 35 14 6 −7 −27 −31 −20 −13 −6 −14 −15 −6 1 7 3 −1
Net income 1 5 24 17 5 −9 −39 −33 −21 −20 −11 −20 −15 −9 0 5 1 −2
Diluted EPS $0.08 $0.77 $0.03 $0.02 $0.01 −$0.01 −$0.05 −$0.05 −$0.03 −$0.03 −$0.02 −$0.03 −$0.02 −$0.15 — — — −$0.26
Growth (year on year)
Revenue — +29.3% +58.1% −7.2% −12.0% −9.7% −37.7% −20.9% +17.7% −11.0% −0.6% −50.3% +8.9% +8.2% +46.0% +28.4% −12.6% −28.5%
EBITDA — +357.2% +342.2% −57.2% −52.3% −162.4% — — — — — — — — — +357.7% −51.9% −100.6%
Operating income — — +399.1% −59.8% −58.2% −216.2% — — — — — — — — — — −58.1% −114.0%
Net income — — +414.3% −29.9% −72.0% −292.8% — — — — — — — — — — −85.2% −155.0%
Diluted EPS — — −95.6% −36.1% −72.1% −305.6% — — — — — — — — — — — −139.2%
Margins
Gross margin 32.9% 37.3% 51.2% 35.7% 34.8% 28.0% 5.2% −18.1% 12.6% 27.3% 30.4% 34.5% 26.1% 39.8% 43.7% 44.7% 45.6% 42.2%
EBITDA margin 3.2% 11.3% 31.7% 14.6% 7.9% −5.5% −46.8% −70.5% −36.4% −24.5% −8.9% −54.4% −53.4% −17.2% 4.6% 16.6% 9.1% −0.1%
Operating margin 1.6% 9.7% 30.6% 13.3% 6.3% −8.1% −51.6% −76.3% −40.8% −30.3% −14.7% −67.5% −62.9% −22.6% 1.4% 14.5% 7.0% −2.7%
Net margin 0.9% 6.6% 21.6% 16.3% 5.2% −11.1% −74.8% −80.9% −43.6% −46.2% −26.4% −95.7% −65.3% −35.3% 0.8% 10.8% 1.8% −6.8%
Free-cash-flow margin 24.6% 41.7% 30.5% 41.4% 22.4% 29.8% 28.4% 7.0% 0.6% −14.6% −16.1% −30.4% −77.8% −13.9% −14.4% 0.5% 4.7% −11.1%
Cash flow
Cash from operations 14 30 36 44 21 25 15 3 1 −5 −6 −6 −17 −3 −5 1 3 −3
Capital spending 1 0 2 1 1 0 0 0 0 1 1 0 1 1 0 0 1 0
Free cash flow 14 30 34 43 21 25 15 3 0 −6 −7 −6 −18 −3 −5 0 2 −4
Stock-based pay 1 1 1 2 1 1 1 1 1 1 1 1 1 1 0 0 2 2
Free cash flow after stock pay 12 29 33 42 20 23 13 2 −1 −7 −8 −7 −19 −4 −6 −0 0 −6
Balance sheet
Cash 6 15 15 15 15 5 4 3 10 9 3 5 5 1 5 5 19 16
Total debt 0 — — — — — — — — — — — — — — — — 0
Net debt (negative = net cash) −6 −15 −15 −15 −15 −5 −4 −3 −10 −9 −3 −5 −5 −1 −5 −5 −19 −16
Diluted shares 6m 6m 7m 8m 8m 7m 7m 7m 7m 7m 7m 8m 8m 8m 8m 8m 8m 9m
Returned to shareholders
Buybacks — — — — 2 10 0 0 0 0 — 0 0 0 0 — — —
Total returned — — — — 2 10 0 0 0 0 — 0 0 0 0 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · July 31, 2026
What it owns · $47m
Short-term assets $43mLonger-term assets $4m
What it owes, and who funded it · $47m
Short-term liabilities $6mLonger-term liabilities $0mShareholders' equity $40m
  • Short-term assets cover short-term liabilities $43m of assets due within a year against $6m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $43m short-term assets against $161,000 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Mind Technology, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+40.3%
year over year
R&D spending
4.6%
of revenue
Sales & admin spending
37.7%
of revenue
Days sales outstanding
158 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated MIND SATL UMAC CODA AIRI EH Median
Revenue, last 12 months $35m $32m $32m $29m $47m $58m $769m
Revenue growth, last 12 months −28.5% 130.1% 313.6% 17.5% −10.6% −8.3% 15.5%
Revenue growth, 3-year average 3.6% — — 11.0% −4.1% — 12.6%
Revenue growth, latest quarter −58.5% 258.5% 687.3% 9.2% −5.2% — 15.8%
Gross margin 42.2% — 34.8% 66.1% 19.7% 61.5% 27.8%
Operating margin −2.7% −66.8% −93.5% 20.1% −1.1% −75.8% 9.0%
Operating margin, 3-year average 6.3% −654.1% −194.8% 16.6% −0.7% −345.8% 6.0%
Net margin −6.8% −325.6% −20.3% 17.6% −3.8% −66.0% 5.5%
Cash from operations / revenue −9.9% −82.4% −176.5% 22.1% −6.4% −42.9% 5.5%
Free-cash-flow margin −11.1% −132.2% −183.7% 19.4% −10.0% −78.6% 3.4%
Free-cash-flow margin, 3-year average −4.0% −416.6% — 12.6% −3.1% −159.6% 3.0%
Stock pay / revenue 5.8% 16.5% 45.0% 0.3% 3.0% 58.9% 1.2%
Change in share count 40.3% 403.1% 195.8% −0.5% 39.6% >999% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth -28.5% 15.5% 54 of 57
Change in growth rate Growth -23.2pp +2.2pp 54 of 57
Gross margin Profitability 42.2% 28.3% 11 of 46
Operating margin Profitability -2.7% 8.5% 36 of 51
Net margin Profitability -6.8% 5.5% 40 of 57
Free-cash-flow margin Cash generation -11.1% 3.4% 40 of 57
Stock pay as % of revenue Cash generation 5.8% 1.5% 37 of 53
Change in share count Balance sheet 40.3% 2.4% 42 of 51
Days sales outstanding Balance sheet 158 days 53 days 45 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Geography
Region Revenue Share YoY
NO $21.1M 51.6% ▼ 3.9%
China $10.9M 26.6% ▼ 38.5%
United States $3M 7.3% ▲ 21.3%
Other Countries $2.7M 6.6% ▼ 19.9%
TR $2.1M 5.2% ▲ 233.8%
Japan $1.1M 2.7% ▲ 229.7%
Singapore $0 0.0% ▼ 100.0%

From Mind Technology, Inc's 10-K filed April 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.1M
Institutions reporting
55
Shares held vs prior quarter
▼ 10.5%
Positions opened / closed
9 / 11

Top buyers and sellers, Q2 2026: 21 institutions bought and 27 sold ; the biggest buyer was Vanguard Capital Management LLC (+63K shares) and the biggest seller Marshall Wace, LLP (−93K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $1.8M 373K 28.6% ▲ 20.5%
Geode Capital Management, LLC $476,591 101K 7.8% ▼ 0.8%
Blackrock, Inc. $374,206 79K 6.1% ▲ 12.6%
Dimensional Fund Advisors LP $289,369 61K 4.7% ▼ 3.5%
Stratos Wealth Partners, Ltd. $279,438 59K 4.5% ▼ 5.7%
Vanguard Fiduciary Trust Co $278,150 59K 4.5% ▲ 19.9%
Commonwealth Equity Services, LLC $250,230 53K 4.1% ▼ 3.3%
Ars Investment Partners, LLC $237,643 50K 3.9% ▼ 35.7%
LPL Financial LLC $231,719 49K 3.8% ▲ 1.7%
Kingsview Wealth Management, LLC $186,789 40K 3.0% ▼ 1.2%
State Street Corp $174,177 37K 2.8% 0.0%
Jane Street Group, LLC $145,848 31K 2.4% ▲ 113.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mind Technology, Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 8, 2026 estimated from the company's past filing pattern, not announced

  • September 8, 2026
  • June 10, 2026
  • April 15, 2026
  • December 9, 2025
  • September 9, 2025
  • June 10, 2025

Recent SEC filings

Data status

When each part of this page on Mind Technology, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mind Technology, Inc in brief

What does Mind Technology, Inc do?
Mind Technology, Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in January.
What is Mind Technology, Inc's stock ticker?
Mind Technology, Inc trades under the ticker MIND on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mind Technology, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mind Technology, Inc reported revenue of $34.8M, 28.5% lower than a year earlier, according to its SEC filings.
What is Mind Technology, Inc's free cash flow?
Mind Technology, Inc's free-cash-flow margin is -11.1% of revenue over the trailing twelve months, ranking 40 of the 57 aerospace & defense companies we cover.
Who are Mind Technology, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Geode Capital Management, LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Mind Technology, Inc's market cap?
On November 2, 2026, Mind Technology, Inc's market capitalisation was about $34M and net debt of -$15.8M. Market figures come from third-party market data and may be delayed.
Who are Mind Technology, Inc's competitors?
In our Aerospace & Defense peer group, the companies closest to Mind Technology, Inc are Satellogic Inc., Unusual Machines, Inc., Coda Octopus Group, Inc., AIR Industries Group and Ehang Holdings Ltd. The side-by-side comparison below sets their revenue, margins and growth against Mind Technology, Inc's.
When is Mind Technology, Inc's next earnings date?
Around December 8, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mind Technology, Inc announces its own schedule.