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Tag: MIND

  • MIND Technology Inc. (MIND) Bullish After Hours. Here’s what is happening?

    Following the announcement of an agreement with the U.S. Navy, MIND Technology Inc. (MIND) went up by 49.64% aftermarket on Monday.

    In regular trading, the stock lost 6.80% to close at $1.37 with 6.41 million shares exchanging. Moreover, the news led the stock towards the green, causing it to reach $2.05 at an after-hours’ volume of 6.31 million shares.

    MIND stock and its Movement

    MIND Technology Inc. provides technology solutions for exploration, survey, and defense applications in various industries including oceanographic. Currently, its 13.77 outstanding shares trade at a market capitalization of $20.25 million.

    In the past five days, MIND stock has gone down by 13.29% and 31.16% in the past three months. Moreover, the stock has lost 38.84% year to date, while the one-year loss stands at 44.53%.

    Agreement with the Navy

    On December 13, the company announced its Cooperative Research and Development Agreement (CRADA) with the U.S. Navy. Further, the agreement took place with the Navy’s Naval Surface Warfare Center, Panama City Division (NSWC PSC). Accordingly, the CRADA is titled “Advanced Mine Finding”.

    Moreover, the company is looking forward to working with the U.S. Navy for developing innovative solutions for the warfighter.

    MIND’s Public Offering

    On November 09, the company announced the pricing of a public offering of 9.00% Series A Cumulative Preferred stock. As per the underwritten public offering, the company offered 432,000 shares of 9.00% of the mentioned stock at $24.25 per share price. Furthermore, for the additional purchase of 64,800 shares of the same stock, a 30-day option was also granted.

    In addition, the offering was expected to close on or about November 12, 2021, as per the closing conditions. According to the announcement, MIND expected net proceeds of $9.5 million approximately. Further, the proceeds would increase to $11.0 million approx. if the option is fully exercised.

    MIND’s Financials

    On December 08, the company declared its third-quarter financial results for the fiscal year 2022. As per the Q3 of fiscal 2022, the Marine Technology Products’ revenue was $8.3 million. In comparison, the same was $6.5 million in the third quarter of the previous year.

    Moreover, the net loss from continuing operations was $0.20 per share in the Q3 of fiscal 2022. This compares to $0.24 per share in the third quarter of fiscal 2021.

  • MIND Technology, Inc. (MIND) Stock Exhibits Minor Volatility Ahead of Commencement of Dividends

    MIND Technology, Inc. (MIND) Stock Exhibits Minor Volatility Ahead of Commencement of Dividends

    MIND Technology, Inc. (MIND) stock prices were down by a marginal 1.54% as of the market closing on July 8th, 2021, bringing the price per share down to USD$1.92. Premarket fluctuations saw the stock rally by 4.69%, bringing it up to USD$2.01.

    Dividends Initiated

    July 6th 2021 saw the company announce the commencement of the paying of dividends on the company’s 9.00% Series A Preferred Stock, following the approval from the Board of Directors. The dividend will be in the amount of USD$0.5625 per share and will be paid on a quarterly basis for the period started May 1st, 2021, and ends July 31st, 2021. The dividend will be paid out to stockholders on record as of the close of the trading day on July 15th, 2021. The Series A Preferred Stock is listed on the Nasdaq under the ticker symbol MINDP.

    MIND’s Plan of Action

    The company is confident in its long-term outlook as it stays the course in regard to its strategic initiatives aimed at expanding the company’s product portfolio, as well as facilitating maximum market penetration. The company’s upcoming 5-year plan remains largely unchanged. The fourth quarter of fiscal 2021 saw the company expand its contract with a leading integrated geophysical company, PGS, that facilitated the provision of advanced source controller technology.

    Revenue Reports

    The first quarter of fiscal 2022, ended April 30th, 2021, saw the company report USD$4.2 million in revenues generated from the sale of Marine Technology Products. This is comparable to the USD$3.2 million reported in the prior-year quarter and USD$6.4 million in the previous quarter. As of the end of the quarter, the backlog of Marine Technology Products came in at USD$11 million, as compared to the USD$14.2 million reported as of January 31st, 2021.

    Net Loss

    Net loss arising from continuing of operations for the first quarter of fiscal 2022 came in at USD$3.7 million, as compared to the net loss of USD$3.3 million in the prior quarter and USD$6.4 million in the prior-year quarter. Net loss attributable to common shareholders was reported at USD$0.33 per share, as compared to a net loss of USD$0.30 per share for the fourth quarter of fiscal 2021 and a net loss of USD$0.59 per share for Q1 2021.

    Future Outlook for MIND

    With the company’s stock significantly more attractive to current and potential investors on account of the commencement of dividends, the company is poised to capitalize on the increase of its equity value. Shareholders are confident in the company’s ability to leverage the resources at their disposal to usher in long-term organic growth.