The 64% YoY backlog decline is the critical lead indicator -- it points to a meaningful revenue compression ahead as current orders convert. With operating cash flow turning negative and cash burning $1.4M in Q1, the company's $17.7M cash cushion provides only limited runway if the backlog slide continues. Monitor Q2 results for further backlog deterioration and whether cash burn accelerates.
Price Chart
Executive Summary
MIND Technology reported Q1 FY2027 revenue of $9.7M (up 22.5% YoY from $7.9M) but generated a net loss of $411K (-$0.05/share) vs a loss of $970K (-$0.12/share) in the prior-year quarter. Backlog collapsed 46% sequentially to $7.6M from $13.9M, and cash flow from operations was negative $1.3M. The prior quarter's explicit guidance that FY2027 results would be down from FY2026 is already materializing in the backlog contraction and operating cash burn.
Key Financial Metrics
Key Facts
- Revenue $9.7M, up 22.5% YoY from $7.9M but essentially flat sequentially vs $9.8M in Q4 FY2026
- Net loss of $411K (-$0.05/share) vs net loss of $970K (-$0.12/share) in Q1 FY2026
- Operating income of just $14K vs operating loss of $658K in the prior-year quarter
- Backlog of Marine Technology Product orders plunged to $7.6M from $13.9M at January 31, 2026 (-46% sequentially) and from $21.1M at April 30, 2025 (-64% YoY)
- Operating cash flow was negative $1.3M vs positive $4.1M in the prior-year quarter
- Cash balance declined to $17.7M from $19.1M at January 31, 2026
- Management noted 'reduced near-term visibility' and 'operational softness' due to macro uncertainty and Middle East conflict impacting customers
Financial Impact
Backlog collapse of 46% QoQ to $7.6M signals a sharp near-term revenue headwind; $54M market cap company with only $14K operating income and negative $1.3M operating cash flow
Risk Factors
- Backlog conversion risk: $7.6M backlog vs $13.9M 90 days ago implies potential 30-40%+ revenue decline in coming quarters
- Negative operating cash flow of $1.3M after two years of positive annual operating cash flow
- Explicit management guidance that FY2027 will be down vs FY2026, now being validated by the backlog data
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-020175 |
| Document: mind20260419_8k.htm | 0001437749-26-020175 |
| Document: 0001437749-26-020175-index-headers.html | 0001437749-26-020175 |
| Document: 0001437749-26-020175-index.html | 0001437749-26-020175 |
| Document: 0001437749-26-020175.txt | 0001437749-26-020175 |
| 8-K Data (Synthetic) | 0001437749-26-020175 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 9w ago | Press Release | $4.34 | awaiting T+60 | — | $4.04 (−6.91%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.26 $4.20 | ▼ −20.15% | ▼ −23.97% | $4.04 (−23.19%) |
Jun 10, 2026 19w ago | 8-K | $5.26 $4.20 | ▲ +20.15% | ▲ +23.97% | $4.04 (+23.19%) |
Apr 15, 2026 27w ago | 8-K | $6.23 $5.36 | ▲ +13.96% | ▲ +21.01% | $4.04 (+35.15%) |
US Market Status
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