MIND TECHNOLOGY Reports Q1 2025 Results

TL;DR

**MIND TECHNOLOGY Q1: $2K Revenue, $1.83M Loss. Assets $13.8M, Liabilities $1.4M.**

AI Summary

MIND TECHNOLOGY, INC. filed a 10-Q for the period ending April 30, 2024. The company reported total assets of $13,788,738 and total liabilities of $1,405,779 as of April 30, 2024. For the three months ended April 30, 2024, the company had revenues of $2,000 and a net loss of $1.83. The filing also details share information, including common stock and preferred stock.

Why It Matters

This filing provides a snapshot of MIND TECHNOLOGY's financial health and performance for the first quarter of fiscal year 2025, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — The company reported a significant net loss on minimal revenue, indicating potential financial instability.

Key Numbers

• $13.8M — Total Assets (As of April 30, 2024)
• $1.4M — Total Liabilities (As of April 30, 2024)
• $2,000 — Revenue (For the three months ended April 30, 2024)
• $1.83 — Net Loss (For the three months ended April 30, 2024)

Key Players & Entities

• MIND TECHNOLOGY, INC. (company) — Filer
• 2002 TIMBERLOCH PLACE, SUITE 550 (location) — Business Address
• $13,788,738 (dollar_amount) — Total Assets as of April 30, 2024
• $1,405,779 (dollar_amount) — Total Liabilities as of April 30, 2024
• $2,000 (dollar_amount) — Revenue for the three months ended April 30, 2024
• $1.83 (dollar_amount) — Net Loss for the three months ended April 30, 2024

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock - $0.01 par value per share MIND The NASDAQ
• $1.00 — Market LLC Series A Preferred Stock - $1.00 par value per share MINDP The NASDA
• $332 — , net of allowance for credit losses of $332 at each of April 30, 2024 and January 3
• $2,000 — s ended April 30, 2023 was approximately$2,000. Supplemental balance sheet informati

Filing Documents

• mind20240430_10q.htm (10-Q) — 773KB
• ex_669501.htm (EX-31.1) — 8KB
• ex_669502.htm (EX-31.2) — 8KB
• ex_669503.htm (EX-32.1) — 5KB
• 0001437749-24-019949.txt ( ) — 4251KB
• mind-20240430.xsd (EX-101.SCH) — 41KB
• mind-20240430_cal.xml (EX-101.CAL) — 52KB
• mind-20240430_def.xml (EX-101.DEF) — 275KB
• mind-20240430_lab.xml (EX-101.LAB) — 237KB
• mind-20240430_pre.xml (EX-101.PRE) — 301KB
• mind20240430_10q_htm.xml (XML) — 542KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of April 30, 2024 and January 31, 2024 1 Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended April 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 7 Cautionary Statement about Forward-Looking Statements 16 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24 Exhibit Index 24

Signatures

Signatures 25 ii Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) April 30, 2024 January 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 924 $ 5,289 Accounts receivable, net of allowance for credit losses of $332 at each of April 30, 2024 and January 31, 2024 9,412 6,566 Inventories, net 16,161 13,371 Prepaid expenses and other current assets 3,014 3,113 Total current assets 29,511 28,339 Property and equipment, net 791 818 Operating lease right-of-use assets 1,725 1,324 Intangible assets, net 2,714 2,888 Deferred tax asset 122 122 Total assets $ 34,863 $ 33,491 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,703 $ 1,623 Deferred revenue 561 203 Accrued expenses and other current liabilities 5,303 5,586 Income taxes payable 1,928 2,114 Operating lease liabilities - current 728 751 Total current liabilities 10,223 10,277 Operating lease liabilities - non-current 997 573 Total liabilities 11,220 10,850 Stockholders' equity: Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of April 30, 2024 and January 31, 2024 37,779 37,779 Common stock, $0.01 par value; 40,000 shares authorized; 1,406 shares issued at April 30, 2024 and January 31, 2024 14 14 Additional paid-in capital 113,169 113,121 Accumulated deficit ( 127,353 ) ( 128,307 ) Accumulated other comprehensive gain 34 34 Total stockholders' equity 23,643 22,641 Total liabilities and stockholders' equity $ 34,863 $ 33,491 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) For the Three Months Ended Apri

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