MIND Technology Fiscal Q2 2027 Earnings Call: Backlog Falls
Source Tradingkey
Key Takeaways
- Marine technology product revenue was approximately $5.6 million in fiscal Q2 2027, with aftermarket activity contributing about 87% of the total.
- Gross profit was approximately $2.1 million, representing a 37% gross margin. Management said low revenue reduced fixed-cost absorption despite the typically higher margins of aftermarket sales.
- MIND Technology reported a net loss of approximately $1.7 million, compared with net income of $1.9 million in fiscal Q2 2026. Adjusted EBITDA swung to a loss of approximately $949,000 from positive $3.1 million.
- Firm backlog fell to approximately $4.8 million as of July 31, 2026, from $7.6 million on April 30, 2026, and $12.8 million a year earlier.
- Management expects fiscal 2027 results to be below fiscal 2026 and said weak order conversion will likely pressure performance for another quarter or two.
- The company ended the quarter with $15.8 million in cash, $36.7 million in working capital and no debt. Its potential-order pipeline remained several times larger than firm backlog, including projects worth $10 million or more each.
Core Financial Data
| Metric | Fiscal Q2 2027 | Comparison or context |
|---|---|---|
| Marine technology product revenue | Approximately $5.6 million | About 87% came from aftermarket activity |
| Gross profit | Approximately $2.1 million | 37% gross margin |
| General and administrative expense | Approximately $3.3 million | Down sequentially and year over year |
| Research and development expense | Approximately $407,000 | Up sequentially and year over year due to component-cost timing |
| Operating result | Approximately $1.8 million loss | Approximately $2.7 million income in fiscal Q2 2026 |
| Adjusted EBITDA | Approximately $949,000 loss | Positive $3.1 million in fiscal Q2 2026 |
| Net result | Approximately $1.7 million loss | Approximately $1.9 million income in fiscal Q2 2026 |
| Cash | Approximately $15.8 million | Approximately $19 million at the start of fiscal 2027 |
| Working capital | Approximately $36.7 million | More than $4 per common share, according to management |
| Firm backlog | Approximately $4.8 million | $7.6 million on April 30, 2026; $12.8 million on July 31, 2025 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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