Mind Technology Q2 revenue falls amid market softness, macro uncertainty

Mind Technology

08/09/2026 21:27

Overview
US marine exploration equipment maker's fiscal Q2 revenue fell sharply yr/yr amid market softness
Company reported a wider net loss and negative adjusted EBITDA for fiscal Q2
After-market business contributed 87% of revenue, providing recurring income during order slowdown

Outlook
Company says macro uncertainty is limiting near-term visibility and impacting order flow
Mind Technology sees timing of new projects as uncertain, tied to Middle East conflict resolution
Company maintains confidence in long-term marine exploration market fundamentals

Result Drivers
MARKET SOFTNESS - Co said ongoing market softness and macro uncertainty limited order flow and visibility, impacting Q2 results
AFTER-MARKET REVENUE - After-market business contributed 87% of Q2 revenue, providing a recurring base during order slowdown
PROJECT DELAYS - Co said timing of new projects remains uncertain, with some customers waiting for resolution of Middle East conflict

Company press release: ID:nPn9DR2sga

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$5.62 mln
$7.68 mln (1 Analyst)
Q2 Loss Per Share
 
$0.19
 
Q2 Net Loss
 
$1.73 mln
 

Analyst Coverage
The one available analyst rating on the shares is "strong buy"
The average consensus recommendation for the oil related services and equipment peer group is "buy."
Wall Street's median 12-month price target for Mind Technology Inc is $10.00, about 118.8% above its September 4 closing price of $4.57
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 22 three months ago

Reuters Recommended Reads
Sept 8 - Hormuz disruptions hitting small businesses hardest, UN trade agency warns 
Sept 8 - US military underwater drone malfunctioned in Middle East, official says

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)