In This Story
MIND Technology Inc. (MIND-3.25%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing revenues of $12.1 million, up from $5.0 million in the same quarter the previous year. The increase is attributed to heightened activity within the marine technology markets.
Cost of sales for the quarter was $6.7 million, resulting in a gross profit of $5.4 million. The gross profit margin remained stable at 45% compared to the same period last year.
Operating expenses for the quarter included $2.8 million in selling, general, and administrative expenses, $562,000 in research and development, and $221,000 in depreciation and amortization.
The company reported operating income of $1.9 million for the quarter, compared to an operating loss of $1.5 million in the previous year, primarily due to increased revenues and reduced operating expenses.
Net income for the quarter was $1.3 million, compared to a net loss of $1.7 million in the previous year. After adjustments, net income attributable to common stockholders was $15.7 million.
Cash used in operating activities was $1.4 million for the nine months ended October 31, 2024, compared to $5.6 million used in the same period the previous year.
The company had working capital of $21.2 million as of October 31, 2024, including $3.5 million in cash and cash equivalents.
The filing also details the sale of the Klein subsidiary, completed on August 21, 2023, which provided $11.5 million in cash consideration and resulted in a gain of approximately $2.3 million.
MIND Technology no longer has obligations regarding preferred stock dividends following the conversion of all preferred stock into common stock on September 4, 2024.
The company continues to focus on its Seamap business, which designs and sells seismic exploration and survey equipment, and reports a backlog of firm orders totaling approximately $26.2 million as of October 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MIND Technology Inc. quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.