Operating margins have collapsed from a 19.6% peak in 2026Q2 to near-zero levels of 0.1% in 2027Q1, highlighting the company's inability to leverage fixed costs during revenue downturns.
MIND Technology, Inc. (MIND) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 34.78M | 40.95M | 46.86M | 36.51M | 25.01M | 23.11M | 21.21M | 29.92M | 42.94M | 48.28M | 41M | 51.82M | 83.15M | 92.11M | 104.69M | 112.83M | 71.36M | 55.17M | 66.81M | 76.42M | 48.91M | 34.59M | 26.37M | 22.41M | 19.15M | 27.18M | 20.6M | 10.64M | 37.9M | 42M | 14.7M |
| Revenue Growth % | -28.46% | -12.62% | 28.36% | 45.97% | 8.24% | 8.92% | -29.09% | -30.33% | -11.05% | 17.75% | -20.88% | -37.68% | -9.73% | -12.01% | -7.22% | 58.11% | 29.35% | -17.42% | -12.57% | 56.25% | 41.4% | 31.18% | 17.68% | 16.98% | -29.54% | 31.98% | 93.51% | -71.92% | -9.76% | 185.71% | 101.37% |
| Cost of Goods Sold | 20.74M | 23.16M | 26.84M | 21.72M | 16.41M | 19.29M | 16.7M | 19.46M | 33.7M | 44.34M | 50.81M | 51.66M | 62.08M | 61.59M | 68.67M | 56.32M | 45.89M | 37.95M | 35.52M | 42.09M | 27.13M | 16.89M | 6.27M | 7.04M | 11.71M | 7.23M | 6.97M | 3.66M | 16.9M | 21.5M | 4.4M |
| COGS % of Revenue | - | 56.55% | 57.27% | 59.48% | 65.59% | 83.5% | 78.73% | 65.04% | 78.47% | 91.85% | 123.93% | 99.7% | 74.67% | 66.86% | 65.6% | 49.91% | 64.31% | 68.78% | 53.16% | 55.08% | 55.48% | 48.84% | 23.78% | 31.42% | 61.15% | 26.6% | 33.85% | 34.42% | 44.59% | 51.19% | 29.93% |
| Gross Profit | 14.04M | 17.79M | 20.02M | 14.79M | 8.61M | 3.81M | 4.51M | 10.46M | 9.24M | 3.94M | -9.81M | 158K | 21.06M | 30.52M | 36.01M | 56.51M | 25.47M | 17.23M | 31.29M | 34.33M | 21.78M | 17.69M | 20.1M | 15.37M | 8.21M | 19.95M | 13.63M | 6.98M | 21M | 20.5M | 10.3M |
| Gross Margin % | 40.36% | 43.45% | 42.73% | 40.52% | 34.41% | 16.5% | 21.27% | 34.96% | 21.53% | 8.15% | -23.93% | 0.3% | 25.33% | 33.14% | 34.4% | 50.09% | 35.69% | 31.22% | 46.84% | 44.92% | 44.52% | 51.15% | 76.22% | 68.58% | 42.86% | 73.4% | 66.15% | 65.58% | 55.41% | 48.81% | 70.07% |
| Gross Profit Growth % | - | -11.15% | 35.35% | 71.89% | 125.7% | -15.51% | -56.85% | 13.15% | 134.86% | 140.11% | -6310.76% | -99.25% | -30.99% | -15.25% | -36.27% | 121.87% | 47.86% | -44.95% | -8.85% | 57.65% | 23.07% | -11.96% | 30.8% | 87.17% | -58.85% | 46.43% | 95.2% | -66.76% | 2.44% | 99.03% | 71.67% |
| Operating Expenses | 14.97M | 14.93M | 13.21M | 14.28M | 14.26M | 18.36M | 16.31M | 15.99M | 23.48M | 22.18M | 21.48M | 22.95M | 27.81M | 24.72M | 22.11M | 21.97M | 18.55M | 16.36M | 20.39M | 17.89M | 15.22M | 9.63M | 17.72M | 15.37M | 18.9M | 19.95M | 17.55M | 14.31M | 19M | 10.6M | 10.6M |
| OpEx % of Revenue | - | 36.47% | 28.18% | 39.1% | 57% | 79.44% | 76.88% | 53.44% | 54.67% | 45.94% | 52.38% | 44.29% | 33.44% | 26.83% | 21.12% | 19.47% | 25.99% | 29.64% | 30.52% | 23.4% | 31.12% | 27.83% | 67.2% | 68.58% | 98.69% | 73.4% | 85.19% | 134.47% | 50.13% | 25.24% | 72.11% |
| Selling, General & Admin | 13.13M | 13.35M | 11.29M | 12.14M | 12.88M | 14.76M | 13.31M | 14.14M | 21.11M | 20.68M | 21.48M | 20.81M | 27.81M | 24.72M | 22.11M | 21.97M | 18.55M | 16.36M | 20.39M | 17.89M | 15.22M | 9.63M | 7.12M | 5.12M | 3.71M | 9.44M | 4.42M | 4.47M | 6.6M | 4M | 3.2M |
| SG&A % of Revenue | - | 32.6% | 24.09% | 33.26% | 51.51% | 63.88% | 62.72% | 47.26% | 49.15% | 42.83% | 52.38% | 40.15% | 33.44% | 26.83% | 21.12% | 19.47% | 25.99% | 29.64% | 30.52% | 23.4% | 31.12% | 27.83% | 27.02% | 22.85% | 19.38% | 34.72% | 21.48% | 41.96% | 17.41% | 9.52% | 21.77% |
| Research & Development | 1.61M | 1.59M | 1.91M | 2.13M | 1.37M | 3.6M | 3M | 1.85M | 1.16M | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.87% | 4.08% | 5.84% | 5.49% | 15.56% | 14.16% | 6.18% | 2.7% | 3.11% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 228K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.21M | 0 | 0 | 2.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.97M | 10.24M | 5.63M | 10.51M | 13.12M | 2.51M | 12.4M | 6.6M | 3.1M |
| Operating Income | -930K | 2.86M | 6.82M | 518K | -5.65M | -14.54M | -11.8M | -5.53M | -14.23M | -18.24M | -31.29M | -22.79M | -6.75M | 5.8M | 13.9M | 34.54M | 6.92M | 871K | 10.9M | 16.45M | 6.55M | 8.07M | 3.38M | -3.43M | -11.46M | -5.5M | -3.92M | -7.33M | 2M | 9.9M | 4M |
| Operating Margin % | -2.67% | 6.98% | 14.55% | 1.42% | -22.59% | -62.94% | -55.61% | -18.48% | -33.14% | -37.79% | -76.32% | -43.98% | -8.11% | 6.3% | 13.28% | 30.61% | 9.7% | 1.58% | 16.31% | 21.52% | 13.4% | 23.33% | 12.81% | -15.32% | -59.84% | -20.24% | -19.04% | -68.89% | 5.28% | 23.57% | 27.21% |
| Operating Income Growth % | - | -58.08% | 1216.22% | 109.17% | 61.15% | -23.29% | -113.33% | 61.14% | 21.99% | 41.7% | -37.29% | -237.89% | -216.19% | -58.24% | -59.76% | 399.12% | 694.6% | -92.01% | -33.73% | 150.88% | -18.76% | 138.87% | 198.43% | 70.06% | -108.29% | -40.31% | 46.52% | -466.65% | -79.8% | 147.5% | 48.15% |
| EBITDA | -47K | 3.73M | 7.76M | 1.7M | -3.76M | -12.33M | -9M | 2.24M | -2.42M | -1.6M | -3.02M | 9.32M | 30.24M | 36.84M | 48.84M | 63.32M | 29.64M | 19.61M | 27.43M | 28.32M | 15.47M | 17.03M | 13.97M | 10.53M | 3.22M | 10.51M | 9.2M | 2.51M | 14.4M | 16.5M | 7.1M |
| EBITDA Margin % | -0.14% | 9.11% | 16.56% | 4.65% | -15.04% | -53.36% | -42.43% | 7.48% | -5.63% | -3.32% | -7.35% | 17.99% | 36.37% | 40% | 46.66% | 56.12% | 41.53% | 35.55% | 41.05% | 37.06% | 31.64% | 49.23% | 53% | 47% | 16.81% | 38.67% | 44.67% | 23.62% | 37.99% | 39.29% | 48.3% |
| EBITDA Growth % | -100.62% | -51.93% | 357.67% | 145.07% | 69.48% | -36.98% | -502.19% | 192.59% | -50.59% | 46.77% | -132.35% | -69.18% | -17.92% | -24.57% | -22.86% | 113.64% | 51.13% | -28.5% | -3.16% | 83.04% | -9.12% | 21.85% | 32.69% | 227.15% | -69.38% | 14.25% | 265.99% | -82.54% | -12.73% | 132.39% | 77.5% |
| D&A (Non-Cash Add-back) | 883K | 873K | 944K | 1.18M | 1.89M | 2.21M | 2.8M | 7.77M | 11.81M | 16.64M | 28.27M | 32.11M | 36.99M | 31.04M | 34.94M | 28.77M | 22.72M | 18.74M | 16.53M | 11.88M | 8.92M | 8.96M | 10.6M | 13.96M | 14.68M | 16.02M | 13.12M | 9.85M | 12.4M | 6.6M | 3.1M |
| EBIT | -753K | 2.9M | 7.06M | 913K | -4.88M | -13.62M | -11.8M | -5.53M | -14.23M | -18.24M | -31.29M | -22.79M | -6.75M | 5.8M | 13.9M | 34.54M | 6.92M | 871K | 10.9M | 16.45M | 6.55M | 8.07M | 2.38M | -3.43M | -9.05M | -5.5M | -3.92M | -7.33M | 2M | 9.93M | 4.3M |
| Net Interest Income | 0 | 0 | 0 | -675K | -519K | 0 | 0 | -46K | 72K | 47K | -643K | -725K | -673K | -10K | 11K | -396K | -473K | -415K | 350K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72K | 47K | 10K | 14K | 229K | 304K | 544K | 344K | 283K | 214K | 631K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 675K | 519K | 0 | 0 | 46K | 0 | 0 | 653K | 739K | 902K | 314K | 533K | 740K | 756K | 629K | 281K | 0 | 0 | 422M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 257K | 43K | 240K | -280K | 256K | 926K | -1.67M | -660K | -5.36M | -1.92M | -49K | -4.97M | -3.44M | 221K | -378K | -214K | -127K | -232K | 1.26M | 482K | 902K | -178K | -52M | -142K | -270K | -229K | -533K | 670K | -14M | 400K | 100K |
| Pretax Income | -673K | 2.9M | 7.06M | 238K | -5.39M | -13.62M | -13.47M | -6.19M | -19.59M | -20.16M | -31.34M | -27.76M | -10.19M | 6.03M | 13.52M | 34.33M | 6.79M | 639K | 12.15M | 16.93M | 7.46M | 7.89M | 2.33M | -3.57M | -9.32M | -5.73M | -4.46M | -6.66M | -12M | 10.3M | 4.1M |
| Pretax Margin % | -1.94% | 7.08% | 15.06% | 0.65% | -21.57% | -58.93% | -63.47% | -20.69% | -45.62% | -41.76% | -76.44% | -53.57% | -12.25% | 6.54% | 12.92% | 30.43% | 9.52% | 1.16% | 18.19% | 22.15% | 15.25% | 22.81% | 8.82% | -15.95% | -48.68% | -21.09% | -21.63% | -62.6% | -31.66% | 24.52% | 27.89% |
| Income Tax | 1.68M | 2.15M | 1.98M | 1.34M | 699K | -39K | 536K | 353K | 252K | 910K | 1.81M | 10.98M | -994K | 1.26M | -3.53M | 10.01M | 2.06M | 119K | 3.09M | 5.49M | -1.83M | -2.96M | 277K | 0 | -1.65M | 2.73M | -1.51M | -1.8M | -3.5M | 3.9M | 1.4M |
| Effective Tax Rate % | -249.78% | 74.15% | 28.11% | 562.18% | -12.96% | 0.29% | -3.98% | -5.7% | -1.29% | -4.51% | -5.79% | -39.54% | 9.76% | 20.88% | -26.08% | 29.16% | 30.39% | 18.62% | 25.42% | 32.42% | -24.51% | -37.56% | 11.91% | 0% | 17.66% | -47.54% | 33.87% | 27% | 29.17% | 37.86% | 34.15% |
| Net Income | -2.35M | 750K | 5.07M | -2.07M | -8.83M | -15.09M | -18.45M | -11.29M | -19.84M | -21.07M | -33.15M | -38.74M | -9.19M | 4.77M | 17.05M | 24.32M | 4.73M | 520K | 9.06M | 11.44M | 9.29M | 10.86M | 2.13M | -6.29M | -10.1M | -8.46M | -2.95M | -4.86M | -8.5M | 6.4M | 2.7M |
| Net Margin % | -6.77% | 1.83% | 10.83% | -5.67% | -35.31% | -65.28% | -86.95% | -37.73% | -46.2% | -43.64% | -80.86% | -74.75% | -11.06% | 5.18% | 16.29% | 21.55% | 6.63% | 0.94% | 13.57% | 14.97% | 18.98% | 31.38% | 8.07% | -28.07% | -52.73% | -31.11% | -14.3% | -45.7% | -22.43% | 15.24% | 18.37% |
| Net Income Growth % | -154.99% | -85.22% | 345.24% | 76.57% | 41.45% | 18.23% | -63.44% | 43.11% | 5.83% | 36.45% | 14.41% | -321.41% | -292.79% | -72.04% | -29.89% | 414.29% | 809.42% | -94.26% | -20.75% | 23.2% | -14.46% | 409.86% | 133.85% | 37.73% | -19.42% | -187.07% | 39.43% | 42.78% | -232.81% | 137.04% | 58.82% |
| Net Income (Continuing) | -2.35M | 750K | 5.07M | -1.1M | -6.09M | -13.58M | -14M | -6.54M | -19.84M | -21.07M | -33.15M | -38.74M | -9.19M | 4.77M | 17.05M | 24.32M | 4.73M | 520K | 9.06M | 11.44M | 9.29M | 10.86M | 2.05M | -3.57M | -7.68M | -8.46M | -2.95M | -4.86M | -8.5M | 6.4M | 2.7M |
| Discontinued Operations | 0 | 0 | 0 | -969K | -2.74M | -1.51M | -4.45M | -4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.26 | 0.10 | 0.64 | -0.38 | -9.20 | -2.46 | -3.56 | -9.30 | -17.80 | -18.20 | -27.90 | -32.20 | -7.40 | 3.60 | 12.90 | 5.14 | 4.60 | 0.50 | 8.90 | 11.10 | 9.30 | 11.00 | 2.30 | -4.10 | -11.50 | -2.40 | -0.82 | -1.25 | -2.17 | 8.30 | 6.00 |
| EPS Growth % | -108.07% | -84.38% | 268.42% | 95.87% | -273.98% | 30.9% | 61.72% | 47.75% | 2.2% | 34.77% | 13.35% | -335.14% | -305.56% | -72.09% | 150.97% | 11.74% | 820% | -94.38% | -19.82% | 19.35% | -15.45% | 378.26% | 156.1% | 64.35% | -379.17% | -192.68% | 34.4% | 42.4% | -126.14% | 38.33% | 20% |
| EPS (Basic) | - | 0.09 | 0.64 | -0.38 | -8.98 | -2.46 | -3.56 | -9.30 | -16.39 | -17.44 | -27.47 | -32.17 | -7.37 | 3.70 | 13.40 | 5.44 | 4.80 | 0.50 | 9.30 | 11.80 | 9.70 | 11.90 | 2.40 | -4.10 | -11.50 | -2.40 | -0.82 | -1.25 | -8.95 | 8.70 | 6.60 |
| Diluted Shares Outstanding | 9.09M | 9.04M | 7.97M | 5.5M | 5.51M | 5.51M | 5.19M | 4.86M | 4.84M | 4.83M | 4.83M | 4.82M | 4.99M | 5.27M | 5.3M | 4.74M | 4.07M | 3.98M | 4.08M | 4.11M | 4.01M | 3.94M | 3.72M | 3.5M | 3.51M | 3.53M | 3.61M | 3.9M | 3.93M | 768.6K | 450K |
| Basic Shares Outstanding | 9.09M | 9.04M | 7.97M | 5.5M | 5.51M | 5.51M | 5.19M | 4.86M | 4.84M | 4.83M | 4.83M | 4.82M | 4.95M | 5.11M | 5.09M | 4.47M | 3.95M | 3.92M | 3.91M | 3.88M | 4.01M | 3.65M | 3.54M | 3.5M | 3.51M | 3.53M | 3.61M | 3.9M | 950.2K | 730.7K | 409.09K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MIND stock.
For fiscal year 2026, MIND Technology, Inc. (MIND) reported total revenue of $40.9M. This represents a 178.6% increase compared to $14.7M in 1997.
MIND Technology, Inc. (MIND) is profitable, generating $0.8M in net income for the fiscal year ending 2026 with a net profit margin of 1.8%.
MIND Technology, Inc. (MIND) reported an operating income of $2.9M, resulting in an operating profit margin of 7.0%. This margin reflects the operational efficiency of the business before interest and taxes.
MIND Technology, Inc. (MIND) generated $17.8M in gross profit for the year, representing a gross profit margin of 43.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and scale
Metrics are mathematically derived from official filings.
Lumpy Revenue Obscures Growth Trends
As reported in recent financial filings, MIND's revenue exhibits extreme quarterly volatility, swinging from a 35.1% growth rate in 2026Q2 to a 34.9% contraction by 2026Q4, highlighting the inherent unpredictability of project-based hardware sales within the specialized marine seismic and sonar instrumentation markets.
The revenue trajectory appears heavily dependent on the timing of large-scale system deliveries rather than consistent organic demand. This lumpiness suggests that investors should monitor backlog conversion rates closely, as the current lack of a stable growth floor complicates long-term valuation models.
Gross Margin Sensitivity to Scale
Based on the provided income statement data, MIND's gross margins fluctuate between 38.5% and 48.8%, indicating that the company's profitability is highly sensitive to production volume and the specific mix of high-margin defense sonar versus lower-margin seismic equipment sales across different reporting periods.
The inability to maintain consistent gross margins suggests that the company lacks significant pricing power or economies of scale in its current manufacturing footprint. This volatility implies that fixed-cost absorption remains a primary challenge for management when revenue cycles turn downward.
Operating Leverage Remains Highly Constrained
According to the income statement, MIND's operating margins have swung from a peak of 19.6% in 2026Q2 to near-zero levels in 2027Q1, demonstrating that the company's high fixed-cost structure prevents meaningful operating leverage during periods of revenue contraction or project delays.
The data suggests that SG&A expenses remain relatively sticky even as revenue fluctuates, which puts immediate pressure on operating income. Investors should monitor whether management can rationalize the cost base to prevent further margin erosion during future cyclical downturns.
Earnings Quality Impacted by SBC
As indicated by the quarterly data, stock-based compensation has trended upward to $714,000 in 2026Q4, which significantly impacts net income and suggests that reported earnings may be overstated relative to the actual cash-generating capability of the core hardware business operations.
The reliance on non-cash compensation during periods of net losses warrants further investigation into the company's true operational profitability. This trend may indicate that management is utilizing equity to preserve cash, which could lead to shareholder dilution without a corresponding improvement in bottom-line performance.
Structural Risks to Margin Sustainability
While the company maintains a nearly debt-free balance sheet, the persistent revenue contraction and the reliance on project-based hardware sales suggest that the current business model may be fundamentally unsustainable without a pivot toward higher-margin, recurring software or service-based revenue streams in the future.
Short-sellers would likely focus on the company's inability to achieve consistent profitability despite its niche market position. The risk remains that the core seismic business continues to decline, potentially forcing the company to burn through its cash reserves to support its specialized engineering overhead.