MIND MIND TECHNOLOGY, INC

Overview and Growth

In fiscal 2026, MIND TECHNOLOGY, INC recorded $40.95M of revenue, net income of $750.00K, and an operating cash inflow of $2.59M. Revenue of $40.95M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 12.6% from $46.86M in fiscal 2025; this top-line contraction left the company with a smaller revenue base. The company employed $49.27M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.83x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $18.66M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 45.6% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $2.86M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 7.0%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $750.00K, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 1.8% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $2.90M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 7.1%, relating income before taxes directly to revenue. Income tax expense totaled $2.15M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 74.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 1.8%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 1.5%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

The company held $49.27M of assets against $7.85M of liabilities and $41.42M of equity, revealing how the asset base was financed. The near-term balance sheet paired $44.88M of current assets with $7.44M of current liabilities at the reporting date. Current assets covered current liabilities by 6.03x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $19.05M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 255.9%, excluding receivables and other current assets. The liabilities-to-assets relationship was 15.9%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 38.7%, comparing reported cash and equivalents with the full positive asset balance. Compared with $36.72M in fiscal 2025, the current asset base moved 34.2% and finished higher. Reported equity changed 51.5% from $27.33M in fiscal 2025, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $2.59M, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 3.45x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $663.00K, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 25.6% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $1.92M of positive free cash flow for the period. Free cash flow represented 4.7% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 3.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Jan 31, 2026. Analysis generated Oct 21, 2026.