MIND TECHNOLOGY, INC. REPORTS FISCAL 2023 THIRD QUARTER RESULTS

About this update from Mind Technology, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Dec. 13, 2022 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) (\"MIND\" or the \"Company\") today announced financial results for its fiscal 2023 third quarter ended October 31, 2022.\nRevenues from Marine Technology Products sales for the third quarter of fiscal 2023 were $4.9 million, compared to $8.3 million in the third quarter of fiscal 2022. The Company reported a net loss from continuing operations for the third quarter of fiscal 2023 of approximately $3.3 million compared to a net loss of $2.1 million in the third quarter of fiscal 2022. Third quarter of fiscal 2023 net loss from continuing operations attributable to common shareholders was $0.31 per share compared to a net loss of $0.20 per share in the third quarter of fiscal 2022.\nAdjusted EBITDA from continuing operations for the third quarter of fiscal 2023 was a loss of $2.7 million compared to a loss of $1.3 million in the third 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 October 31, 2022, was approximately $19.9 million compared to $19.3 million at July 31, 2022 and $10.0 million at October 31, 2021. \nRob Capps, MIND's President and Chief Executive Officer, stated, \"As expected, our third quarter results were down sequentially. The decline from our second quarter revenues was greater than initially anticipated due to the timing of certain larger orders which we have now delivered in the fourth quarter. We strongly believe that this sets the stage for a better than expected fourth quarter, during which we anticipate returning to profitability. Given our current backlog and delivery schedules, we expect to generate revenue of $12.0 million to $14.0 million in the fourth quarter, which we believe will enable us to report positive earnings from continuing operations in that period.\n\"We see this general positive trend continuing into our next fiscal year. While no doubt there will be quarterly variations, our remaining backlog and ong...

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