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MIND TECHNOLOGY, INC. REPORTS FISCAL 2024 SECOND QUARTER RESULTS
THE WOODLANDS, Texas, Sept. 13, 2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or the "Company") today announced financial results for its
About this update from Mind Technology, Inc.
[{"type":"text","content":"THE WOODLANDS, Texas, Sept. 13, 2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) (\"MIND\" or the \"Company\") today announced financial results for its fiscal 2024 second quarter ended July 31, 2023.\n\nRevenues from Marine Technology Products sales for the second quarter of fiscal 2024 were $8.8 million compared to $8.7 million in the second quarter of fiscal 2023.\nThe Company reported operating loss of $1.5 million for the second quarter of fiscal 2024 compared to a loss of approximately $1.6 million in the second quarter of fiscal 2023. The net loss from continuing operations for the second quarter of fiscal 2024 was $1.5 million compared to a net loss from continuing operations of approximately $1.8 million in the second quarter of fiscal 2023. Second quarter of fiscal 2024 net loss attributable to common shareholders was $0.18 per share compared to $0.20 in the second quarter of fiscal 2023.\nAdjusted EBITDA from continuing operations for the second quarter of fiscal 2024 was a loss of $687,000 compared to an adjusted EBITDA loss of approximately $1.0 million in the second quarter of fiscal 2023. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) from continuing operations and cash used in 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.\nThe backlog of Marine Technology Products as of July 31, 2023 related to our Seamap segment was approximately $17.0 million compared to $14.0 million at July 31, 2022. \nRob Capps, MIND's President and Chief Executive Officer, stated, \"We were pleased with our second quarter results, with revenues coming in slightly higher than the second quarter of last year. Although our revenues declined sequentially, they were in line with our expectations. As we have mentioned previously, our revenues often fluctuate due to timing of orders delivered among other factors that are out of our control, but we are confident that the robust customer interest, favorable market conditions, increased order flow and growing backlog will translate to higher levels of revenue in the back half of the year.\n\"Subsequent to the end of the second quarter, we comp...