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MIND MIND Technology

MIND Technology, Inc. engages in the provision of equipment to the geophysical, oceanographic, hydrographic and defence industries. It operates through the following segments: Marine Technology products and Equipment Leasing. The Marine Technology products segment is comprised of the design, manufacture, and sale of specialized marine seismic equipment, side scan sonar, water-side security systems, and the equipment sales activities of its Australian subsidiary, Seismic Asia Pacific Pty Ltd. The Equipment Leasing segment offers leasing of seismic equipment to companies in the oil and gas industry. The company was founded on January 29, 1987 and is headquartered in Woodlands, TX.

Company profile

Ticker
MIND, MINDP
Exchange
CEO
Billy Mitcham
Employees
Incorporated
Location
Fiscal year end
Former names
MITCHAM INDUSTRIES INC
SEC CIK
IRS number
760210849

MIND stock data

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Calendar

4 Dec 20
11 Apr 21
31 Jan 22
Quarter (USD)
Oct 20 Jul 20 Apr 20 Oct 19
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Cost of revenue
Operating income
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Annual (USD)
Jan 20 Jan 19 Jan 18 Jan 17
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.66M 2.66M 2.66M 2.66M 2.66M 2.66M
Cash burn (monthly) (positive/no burn) 414.58K 757.67K 1.02M 745.67K 462.25K
Cash used (since last report) n/a 2.23M 4.08M 5.49M 4.02M 2.49M
Cash remaining n/a 429.09K -1.42M -2.83M -1.36M 172.14K
Runway (months of cash) n/a 1.0 -1.9 -2.8 -1.8 0.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Oct 20 William Hunter Hilarides MIND Common Stock Buy Aquire P No No 2.15 10,000 21.5K 15,500
10 Jul 20 Dennis Patrick Morris MII Common Stock Buy Aquire P No No 1.68 4,000 6.72K 70,000
9 Jul 20 Dennis Patrick Morris MII Common Stock Buy Aquire P No No 1.64 16,000 26.24K 66,000
8 Jul 20 Dennis Patrick Morris MII Common Stock Buy Aquire P No No 1.645 35,000 57.58K 50,000
26 Jun 20 Blum Peter H MII Common Stock Buy Aquire P No No 1.63 10,000 16.3K 541,528
25 Jun 20 Blum Peter H MII Common Stock Buy Aquire P No No 1.73 10,000 17.3K 531,528
19 Dec 19 Robert John Albers MII Common Stock Sell Dispose S No No 2.64 3,000 7.92K 14,800

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
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Financial report summary

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Competition
Geospace Technologies
Risks
  • The Company’s ability to continue as a going concern could impact our ability to obtain capital financing and adversely affect the price of our common stock.
  • A limited number of customers account for a significant portion of our revenues and the loss of one of these customers could harm our results of operations.
  • The financial soundness of our customers could materially affect our business and operating results.
  • We derive a substantial amount of our revenues from foreign operations and sales, which pose additional risks including economic, political and other uncertainties.
  • Our global operations expose us to risks associated with conducting business internationally, including failure to comply with United States laws that apply to international operations.
  • Due to the international scope of our business activities, our results of operations may be significantly affected by currency fluctuations.
  • We are subject to risks associated with the intellectual property of our Marine Technology Products segment.
  • Products we develop, manufacture and sell may be subject to performance or reliability risks.
  • We may not be successful in implementing and maintaining technology and product development and enhancements. New technology and product developments may cause us to become less competitive.
  • We are subject to risks related to the availability and reliability of component parts used in the manufacture of our products.
  • Increases in tariffs, trade restrictions, or taxes on our supplies and products could have an adverse impact on our business.
  • We are subject to risks related to maintaining appropriate inventory levels.
  • Our quarterly operating results may be subject to significant fluctuations.
  • We face competition for our products and services.
  • We rely on a small number of suppliers and disruption in vendor supplies could adversely affect our results of operations.
  • We rely on contractors and subcontractors for certain projects, which could affect our results of operations and reputation.
  • Demand for seismic data is not assured.
  • Fuel conservation measures could reduce demand for oil and natural gas, which would in turn reduce the demand for our products and services.
  • Our revenues are subject to fluctuations that are beyond our control, which could materially adversely affect our results of operations in a given financial period.
  • We face risks related to health epidemics and other outbreaks, including the recent spread of COVID-19 or novel coronavirus, or fear of such an event.
  • Capital requirements for our business strategy can be large. If we are unable to finance these requirements, we may not be able to maintain our competitive advantage or execute our strategy.
  • Access to working capital and letters of credit may be limited.
  • Our failure to attract and retain key personnel could adversely affect our operations.
  • Our long-lived assets may be subject to impairment.
  • Enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) and final regulations relating to and interpretations of provisions of the Tax Cuts and Jobs Act (the “TCJA”) may vary from our current interpretation of such legislation and could have a material adverse effect on our financial condition and results of operations.
  • Failure to comply with anti-bribery statutes, such as the U.S. Foreign Corrupt Practices Act (the “FCPA”) and the UK Bribery Act of 2010 (the “UK Bribery Act”), could result in fines, criminal penalties, and other sanctions, and may adversely affect our business and operations.
  • We are subject to a variety of environmental and worker safety and health laws and regulations that could increase our costs of compliance and impose significant liabilities.
  • Climate change laws and regulations restricting emissions of “greenhouse gases” could result in reduced demand for oil and natural gas, thereby adversely affecting our business, while the physical effects of climate change could disrupt our manufacturing of equipment and cause us to incur significant costs in preparing for or responding to those effects.
  • Our business could be negatively affected by security threats, including cybersecurity threats, and other disruptions.
  • Our business could be negatively affected by data protection and privacy laws that carry fines and may expose us to criminal sanctions and civil suits.
  • We may grow through acquisitions and our failure to properly plan and manage those acquisitions may adversely affect our performance.
  • Our stock price is subject to volatility.
  • We may not be able to maintain our listing on the NASDAQ Global Select Market (“NASDAQ”), which could have a material adverse effect on us and our shareholders.
  • Because we do not currently pay any dividends on our common stock, investors must look solely to stock appreciation for a return on their investment in us.
  • We may issue debt or equity securities with rights senior to that of our common stock in liquidation which could dilute or negatively affect the value of our common stock.
  • Provisions in our Amended and Restated Articles of Incorporation and Texas law could discourage a takeover attempt, which may reduce or eliminate the likelihood of a change of control transaction and, therefore, the ability of our shareholders to sell their shares for a premium.
  • Failure to establish and maintain effective internal control over financial reporting could adversely affect our financial results.
Management Discussion
  • On August 2, 2013, we entered into a syndicated $50 million, secured, three-year revolving credit agreement (the “Credit Agreement”) with HSBC Bank USA, N.A as administrative agent, and on August 22, 2014, Seamap Singapore entered into a $15.0 million credit facility (the “Seamap Credit Facility”) with The Hongkong and Shanghai Banking Corporation Limited. In March 2017, we repaid all outstanding obligations under the Credit Agreement and terminated that agreement. Also, on April 5, 2017, we repaid all outstanding obligations under the Seamap Credit Facility and cancelled that facility. During fiscal 2018, our average borrowing levels under the Credit Agreement and the Seamap Credit Facility was approximately $801,000 and we made net repayments of borrowings under the Credit Agreement of approximately $3.5 million.
Content analysis
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H.S. freshman Avg
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Removed: connection, depreciated, fully, inventory, mix, reducing