The following is a summary of the MIND Technology, Inc. (MIND) Q4 2024 Earnings Call Transcript:
Financial Performance:
MIND Technology, Inc. reported Q4 revenue of $13.4 million and full-year revenue of $36.5 million, the highest annual revenue from its Seamap business.
Gross profit from continuing operations for Q4 was approximately $16 million, representing a gross profit margin of 44% for fiscal 2024, an increase from 40% in fiscal 2023.
Operating income for Q4 was $2.3 million, and the adjusted EBITDA from continuing operations was $2.6 million.
Net income for the fourth quarter was approximately $1.4 million, up over 100% from Q4 fiscal 2023.
For the full fiscal year, the net income was $274,000, contrasting the $8.8 million loss reported in fiscal 2023.
Business Progress:
MIND entered Fiscal 2025 with a backlog exceeding $38 million, due to its specialized capabilities and diversified product lines.
Significant customer engagement with Seamap products like GunLink source controllers, BuoyLink positioning systems, and SeaLink streamer systems drove the company's robust backlog.
MIND successfully adapted its technologies to meet changing customer needs, penetrating new markets such as offshore installations like wind farms and carbon capture facilities.
The Spectral Ai Software Suite gained traction through a collaboration with General Oceans, getting usage by two NATO navies.
MIND anticipates revenue growth, a positive adjusted EBITDA, and profitability in fiscal 2025, leveraging strong customer engagement and favorable market conditions.
More details: MIND Technology IR
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