MIND TECHNOLOGY, INC. Q3 2025 10-Q Filing

TL;DR

**MIND TECHNOLOGY, INC. Q3 2025: Revenue $1.7k, Net Loss $7k. Assets $13.8M, Liabilities $1.4M.**

AI Summary

MIND TECHNOLOGY, INC. filed its 10-Q for the period ending October 31, 2024. The company reported total assets of $13,788,738 and total liabilities of $1,405,779. For the three months ended October 31, 2024, the company had revenues of $1,683 and a net loss of $7,000. For the nine months ended October 31, 2024, revenues were $7,969 and the net loss was $1,406.

Why It Matters

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

Risk Assessment

Risk Level: medium — The company shows significant assets but very low revenue and a net loss, indicating potential financial instability.

Key Numbers

• $13.8M — Total Assets (As of October 31, 2024)
• $1.4M — Total Liabilities (As of October 31, 2024)
• $1,683 — Q3 Revenue (For the three months ended October 31, 2024)
• $7,000 — Q3 Net Loss (For the three months ended October 31, 2024)
• $7,969 — Nine Month Revenue (For the nine months ended October 31, 2024)

Key Players & Entities

• MIND TECHNOLOGY, INC. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of reporting period
• $13,788,738 (dollar_amount) — Total assets
• $1,405,779 (dollar_amount) — Total liabilities
• $1,683 (dollar_amount) — Revenue for the three months ended October 31, 2024
• $7,000 (dollar_amount) — Net loss for the three months ended October 31, 2024
• $7,969 (dollar_amount) — Revenue for the nine months ended October 31, 2024
• $1,406 (dollar_amount) — Net loss for the nine months ended October 31, 2024

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock - $0.01 par value per share MIND The NASDAQ
• $7,000 — hort-term lease expense of approximately$7,000 and $ 20,000 , respectively for the thr

Filing Documents

• mind20241031_10q.htm (10-Q) — 1081KB
• ex_725097.htm (EX-31.1) — 8KB
• ex_725098.htm (EX-31.2) — 8KB
• ex_725099.htm (EX-32.1) — 5KB
• 0001437749-24-037356.txt ( ) — 4922KB
• mind-20241031.xsd (EX-101.SCH) — 42KB
• mind-20241031_cal.xml (EX-101.CAL) — 56KB
• mind-20241031_def.xml (EX-101.DEF) — 282KB
• mind-20241031_lab.xml (EX-101.LAB) — 246KB
• mind-20241031_pre.xml (EX-101.PRE) — 310KB
• mind20241031_10q_htm.xml (XML) — 716KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of October 31, 2024 and January 31, 2024 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended October 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended October 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended October 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) October 31, 2024 January 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 3,505 $ 5,289 Accounts receivable, net of allowance for credit losses of $ 332 at each of October 31, 2024 and January 31, 2024 9,471 6,566 Inventories, net 17,249 13,371 Prepaid expenses and other current assets 1,039 3,113 Total current assets 31,264 28,339 Property and equipment, net 775 818 Operating lease right-of-use assets 1,526 1,324 Intangible assets, net 2,420 2,888 Deferred tax asset 122 122 Total assets $ 36,107 $ 33,491 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,179 $ 1,623 Deferred revenue 248 203 Customer deposits 3,112 3,446 Accrued expenses and other current liabilities 1,742 2,140 Income taxes payable 2,093 2,114 Operating lease liabilities - current 660 751 Total current liabilities 10,034 10,277 Operating lease liabilities - non-current 866 573 Total liabilities 10,900 10,850 Stockholders' equity: Preferred stock, $ 1.00 par value; 2,000 shares authorized; no shares issued and outstanding at October 31, 2024 and 1,683 shares issued and outstanding at January 31, 2024 — 37,779 Common stock, $ 0.01 par value; 40,000 shares authorized; 7,969 shares issued and outstanding at October 31, 2024 and 1,406 shares issued and outstanding at January 31, 2024 80 14 Additional paid-in capital 135,572 113,121 Accumulated deficit ( 110,479 ) ( 128,307 ) Accumulated other comprehensive gain 34 34 Total stockholders' equity 25,207 22,641 Total liabilities and stockholders' equity $ 36,107 $ 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

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