MIND TECHNOLOGY, INC. Files Q2 2025 10-Q

TL;DR

**MIND TECHNOLOGY, INC. Q2 2025 10-Q FILED. Financials and operations update.**

AI Summary

MIND TECHNOLOGY, INC. filed a 10-Q for the period ending July 31, 2024. The filing details financial performance and operational updates. Key figures include revenue and net income for the reported periods, with specific line items like 'Other Machinery and Equipment' also noted.

Why It Matters

This filing provides investors with an update on MIND TECHNOLOGY, INC.'s financial health and operational performance for the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but specific financial performance metrics and future outlook are not detailed enough to assess significant immediate risk.

Key Numbers

• 13,788,738 — Shares Outstanding (Represents the total number of common shares outstanding as of the reporting period.)
• 1,405,779 — Net Income (Indicates the company's profitability for a specific period.)
• 2024-07-31 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)

Key Players & Entities

• MIND TECHNOLOGY, INC. (company) — Filer of the 10-Q
• 20240731 (date) — End of the reporting period
• 20240912 (date) — Filing date
• 001-13490 (dollar_amount) — SEC File Number

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
• $7,000 — hort-term lease expense of approximately$7,000 and $ 13,100 , respectively for the thr
• $672,000 — continuing operations was approximately $672,000 and $917,000, respectively, on pre-tax
• $917,000 — erations was approximately $672,000 and $917,000, respectively, on pre-tax income from c

Filing Documents

• mind20240731_10q.htm (10-Q) — 970KB
• ex_691062.htm (EX-31.1) — 8KB
• ex_691063.htm (EX-31.2) — 8KB
• ex_691064.htm (EX-32.1) — 5KB
• 0001437749-24-029059.txt ( ) — 4783KB
• mind-20240731.xsd (EX-101.SCH) — 43KB
• mind-20240731_cal.xml (EX-101.CAL) — 53KB
• mind-20240731_def.xml (EX-101.DEF) — 295KB
• mind-20240731_lab.xml (EX-101.LAB) — 245KB
• mind-20240731_pre.xml (EX-101.PRE) — 321KB
• mind20240731_10q_htm.xml (XML) — 675KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of July 31, 2024 and January 31, 2024 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended July 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended July 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended July 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 7 Cautionary Statement about Forward-Looking Statements 15 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 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23 Exhibit Index 23

Signatures

Signatures 24 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) July 31, 2024 January 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,904 $ 5,289 Accounts receivable, net of allowance for credit losses of $ 332 at each of July 31, 2024 and January 31, 2024 9,586 6,566 Inventories, net 19,069 13,371 Prepaid expenses and other current assets 2,075 3,113 Total current assets 32,634 28,339 Property and equipment, net 782 818 Operating lease right-of-use assets 1,732 1,324 Intangible assets, net 2,566 2,888 Deferred tax asset 122 122 Total assets $ 37,836 $ 33,491 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,387 $ 1,623 Deferred revenue 428 203 Customer deposits 2,726 3,446 Accrued expenses and other current liabilities 1,905 2,140 Income taxes payable 2,171 2,114 Operating lease liabilities - current 747 751 Total current liabilities 12,364 10,277 Operating lease liabilities - non-current 985 573 Total liabilities 13,349 10,850 Stockholders' equity: Preferred stock, $ 1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of July 31, 2024 and January 31, 2024 37,779 37,779 Common stock, $ 0.01 par value; 40,000 shares authorized; 1,406 shares issued and outstanding at July 31, 2024 and January 31, 2024 14 14 Additional paid-in capital 113,215 113,121 Accumulated deficit ( 126,555 ) ( 128,307 ) Accumulated other comprehensive gain 34 34 Total stockholders' equity 24,487 22,641 Total liabilities and stockholders' equity $ 37,836 $ 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 July 31, For

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