MIND TECHNOLOGY, INC. REPORTS FISCAL 2023 SECOND QUARTER RESULTS

About this update from Mind Technology, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Sept. 12, 2022 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) (\"MIND\" or the \"Company\") today announced financial results for its fiscal 2023 second quarter ended July 31, 2022.\nRevenues from Marine Technology Products sales for the second quarter of fiscal 2023 were $8.7 million, up 28% compared to $6.8 million in the second quarter of fiscal 2022. The Company reported a net loss from continuing operations for the second quarter of fiscal 2023 of approximately $1.8 million compared to a net loss of $2.7 million in the second quarter of fiscal 2022. Second quarter of fiscal 2023 net loss from continuing operations attributable to common shareholders was $0.20 per share compared to a net loss of $0.25 per share in the second quarter of fiscal 2022.\nAdjusted EBITDA from continuing operations for the second quarter of fiscal 2023 was a loss of $1.0 million compared to a loss of $1.8 million in the second quarter of fiscal 2022. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net loss from continuing operations and cash provided by operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles.\nBacklog of Marine Technology Products as of July 31, 2022, was approximately $19.3 million compared to $13.4 million at April 30, 2022 and $11.7 million at July 31, 2021.\nRob Capps, MIND's President and Chief Executive Officer, stated, \"We were pleased with our second quarter results, with revenues coming in 28% higher than the second quarter of last year. These revenues were in line with our expectations and were comparable to our first quarter revenues of approximately $9.1 million. We feel that the higher level of revenue that we've generated in the first half of this year is an indication of our revenue potential on an ongoing basis. As we have discussed previously, we see robust interest, improved customer optimism, increased order flow and backlog. Based on these factors, we expect revenue in the second half of fiscal 2023 to exceed that of the first half.\n\"Despite slightly lower revenue in the second quarter as compared to the first, our operating loss improved to approximately $1.6 mi...

More updates from Mind Technology, Inc.