Technology
MIND TECHNOLOGY, INC. REPORTS FISCAL 2025 FIRST QUARTER RESULTS
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2 years agoon
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THE WOODLANDS, Texas, June 10, 2024 /PRNewswire/ — MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2025 first quarter ended April 30, 2024.
Revenues from continuing operations for the first quarter of fiscal 2025 were approximately $9.7 million compared to approximately $10.6 million in the first quarter of fiscal 2024. The Company reported operating income from continuing operations of approximately $730,000 for the first quarter of fiscal 2025 compared to approximately $419,000 for the first quarter last year. Net income for the first quarter of fiscal 2025 amounted to approximately $954,000 compared to a loss of approximately $240,000 in the first quarter of fiscal 2024. First quarter of fiscal 2025 net income attributable to common shareholders (after declared and undeclared preferred stock dividends) was approximately $7,000, or less than $0.01 per share compared to a loss of approximately $1.2 million, or a loss of $0.84 per share in the first quarter last year. Adjusted EBITDA from continuing operations for the first quarter of fiscal 2025 was approximately $1.5 million compared to approximately $874,000 in the first quarter of fiscal 2024.
Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) from continuing operations and cash used in operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.
The backlog of Marine Technology Products related to our Seamap segment as of April 30, 2024 was approximately $31 million compared to approximately $18 million at April 30, 2023.
Rob Capps, MIND’s President and Chief Executive Officer, stated, “We are pleased to report solid results for our fiscal first quarter. We are particularly encouraged by the improved operating margins. I think this is a result of our cost containment measures and improved production efficiencies. Our backlog remains strong, over 70% above the year ago amount, and we have a number of customer engagements that we expect to lead to further orders. With our strong backlog, improved cost structure, current visibility, and favorable macroeconomic tailwinds, we expect another profitable fiscal year for MIND with increased revenue and Adjusted EBITDA as compared to fiscal 2024. As expected, we saw increased working capital requirements in the first quarter, which utilized some of our existing liquidity. Managing our liquidity and increased working capital requirements remain a focus for us,” concluded Capps.
CONFERENCE CALL
Management has scheduled a conference call for Tuesday, June 11, 2024 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company’s fiscal 2025 first quarter results. To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the MIND Technology website, http://mind-technology.com, by logging onto the site and clicking “Investor Relations”. A telephonic replay of the conference call will be available through June 18, 2024 and may be accessed by calling (201) 612-7415 and using passcode 13746964#. A webcast archive will also be available at http://mind-technology.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Dennard Lascar Investor Relations by email at MIND@dennardlascar.com.
ABOUT MIND TECHNOLOGY
MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures and sells specialized, high performance, marine exploration and survey equipment.
Forward-looking Statements
Certain statements and information in this press release concerning results for the quarter ended April 30, 2024 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital and volatility in commodity prices for oil and natural gas.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.
Non-GAAP Financial Measures
Certain statements and information in this press release contain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Company management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Company management also believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company’s business trends and to understand the Company’s performance. In addition, the Company may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliation of Backlog, which is a non-GAAP financial measure, is not included in this press release due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable GAAP financial measures.
-Tables to Follow-
MIND TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
April 30, 2024
January 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
924
$
5,289
Accounts receivable, net of allowance for credit losses of $332 at each of April 30, 2024 and January 31, 2024
9,412
6,566
Inventories, net
16,161
13,371
Prepaid expenses and other current assets
3,014
3,113
Total current assets
29,511
28,339
Property and equipment, net
791
818
Operating lease right-of-use assets
1,725
1,324
Intangible assets, net
2,714
2,888
Deferred tax asset
122
122
Total assets
$
34,863
$
33,491
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,703
$
1,623
Deferred revenue
561
203
Accrued expenses and other current liabilities
5,303
5,586
Income taxes payable
1,928
2,114
Operating lease liabilities – current
728
751
Total current liabilities
10,223
10,277
Operating lease liabilities – non-current
997
573
Total liabilities
11,220
10,850
Stockholders’ equity:
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of April 30, 2024 and January 31, 2024
37,779
37,779
Common stock, $0.01 par value; 40,000 shares authorized; 1,406 shares issued at April 30, 2024 and January 31, 2024
14
14
Additional paid-in capital
113,169
113,121
Accumulated deficit
(127,353)
(128,307)
Accumulated other comprehensive gain
34
34
Total stockholders’ equity
23,643
22,641
Total liabilities and stockholders’ equity
$
34,863
$
33,491
MIND TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
For the Three Months Ended April 30,
2024
2023
Revenues:
Sales of marine technology products
$
9,678
$
10,597
Cost of sales:
Sales of marine technology products
5,460
6,061
Gross profit
4,218
4,536
Operating expenses:
Selling, general and administrative
2,759
3,306
Research and development
462
478
Depreciation and amortization
267
333
Total operating expenses
3,488
4,117
Operating income
730
419
Other income (expense):
Interest expense
—
(204)
Other, net
469
72
Total other income (expense)
469
(132)
Income from continuing operations before income taxes
1,199
287
Provision for income taxes
(245)
(411)
Net income (loss) from continuing operations
954
(124)
Loss from discontinued operations, net of income taxes
—
(116)
Net income (loss)
$
954
$
(240)
Preferred stock dividends – declared
—
—
Preferred stock dividends – undeclared
(947)
(947)
Net income (loss) attributable to common stockholders
$
7
$
(1,187)
Net income (loss) per common share – Basic and Diluted
Continuing operations
$
—
$
(0.76)
Discontinued operations
$
—
$
(0.08)
Net income (loss)
$
—
$
(0.84)
Shares used in computing net income (loss) per common share:
Basic and diluted
1,406
1,406
MIND TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Three Months Ended April 30,
2024
2023
Cash flows from operating activities:
Net income (loss)
$
954
$
(240)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization
267
481
Stock-based compensation
48
50
Provision for inventory obsolescence
23
—
Gross profit from sale of other equipment
(457)
(138)
Changes in:
Accounts receivable
(2,837)
(3,462)
Unbilled revenue
(10)
11
Inventories
(2,812)
979
Prepaid expenses and other current and long-term assets
100
1,308
Income taxes receivable and payable
(186)
206
Accounts payable, accrued expenses and other current liabilities
277
(2,788)
Deferred revenue and customer deposits
(120)
606
Net cash used in operating activities
(4,753)
(2,987)
Cash flows from investing activities:
Purchases of property and equipment
(66)
(57)
Sale of other equipment
457
138
Net cash provided by investing activities
391
81
Cash flows from financing activities:
Net proceeds from short-term loan
—
2,945
Net cash provided by financing activities
—
2,945
Effect of changes in foreign exchange rates on cash and cash equivalents
(3)
(2)
Net change in cash and cash equivalents
(4,365)
37
Cash and cash equivalents, beginning of period
5,289
778
Cash and cash equivalents, end of period
$
924
$
815
MIND TECHNOLOGY, INC.
Reconciliation of Net Income (Loss) and Net Cash Used in Operating Activities to EBITDA and
Adjusted EBITDA from Continuing Operations
(in thousands)
(unaudited)
For the Three Months Ended April 30,
2024
2023
Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA from continuing operations
(in thousands)
Net income (loss)
$
954
$
(240)
Interest expense, net
—
204
Depreciation and amortization
267
481
Provision for income taxes
245
411
EBITDA (1)
1,466
856
Stock-based compensation
48
50
Income from discontinued operations net of depreciation and amortization
—
(32)
Adjusted EBITDA from continuing operations (1)
$
1,514
$
874
Reconciliation of Net Cash Used in Operating Activities to EBITDA
Net cash used in operating activities
$
(4,753)
$
(2,987)
Stock-based compensation
(48)
(50)
Provision for inventory obsolescence
(23)
—
Changes in accounts receivable (current and long-term)
2,847
3,451
Interest paid, net
—
204
Taxes paid, net of refunds
430
189
Gross profit from sale of other equipment
457
138
Changes in inventory
2,812
(979)
Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue
(157)
2,182
Changes in prepaid expenses and other current and long-term assets
(100)
(1,308)
Other
1
16
EBITDA (1)
$
1,466
$
856
1. EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, stock-based compensation, impairment of intangible assets, other non-cash tax related items and non-cash costs of lease pool equipment sales. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. We have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures, service debt and finance working capital requirements and we believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities. We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes. Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies.
Contacts:
Rob Capps, President & CEO
MIND Technology, Inc.
281-353-4475
Ken Dennard / Zach Vaughan
Dennard Lascar Investor Relations
713-529-6600
MIND@dennardlascar.com
View original content:https://www.prnewswire.com/news-releases/mind-technology-inc-reports-fiscal-2025-first-quarter-results-302168613.html
SOURCE MIND Technology, Inc.
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LG INSTAVIEW™ REFRIGERATOR SURPASSES 5.3 MILLION IN GLOBAL SALES
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Chosen by Customers Worldwide, LG’s Instaview Refrigerator Innovation Continues to Redefine the Kitchen Experience a Decade After Its Debut
News Summary
LG Electronics’ InstaView™ refrigerator celebrates the 10th anniversary of its 2016 launch by exceeding 5.3 million units in cumulative global sales.LG’s iconic “Knock Twice, See Inside” feature broke convention, offering a blend of user convenience, energy efficiency, and aesthetic value that set a new industry standard.LG InstaView refrigerators continue to gain traction worldwide, leading the refrigerator category in North America while seeing significant growth across Europe, Asia and Latin America.Over the past decade, LG InstaView refrigerator has won numerous prestigious design and innovation awards, including Red Dot, iF, IDEA and CES.
SEOUL, South Korea, July 24, 2026 /PRNewswire/ — LG Electronics’ (LG) InstaView™ refrigerator, which allows users to see inside without opening the door, has reached a major milestone on its 10th anniversary, surpassing 5.3 million units in cumulative global sales since its 2016 launch.
Trusted by Consumers Around the World
Since launching the LG InstaView refrigerator in 2016, LG has sold a remarkable 5.3 million units – equivalent to selling roughly one unit every minute.
LG InstaView refrigerator has seen strong customer demand globally, with North America representing its strongest market and accounting for about 30 percent of cumulative sales to date. In Europe, InstaView refrigerator has also been well received by consumers who place high value on energy efficiency, sustainability and food preservation performance. Sales are also steadily rising in Asia and Latin America, driven by growing demand for premium appliances.
An Innovation That Redefined the Refrigerator
InstaView redefined how consumers interact with their refrigerators by allowing them to see inside without opening the door. This feature allows users to check the fridge’s contents without opening the door and helps reduce unnecessary cold-air loss associated with frequent door opening. Over the past decade, its innovation has been recognized by international media and honored with numerous accolades from major global design and innovation awards, including the Red Dot Design Award, iF Design Award, IDEA, and the CES Innovation Award.
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LG’s analysis of global customer reviews shows that consumer appreciation for the InstaView refrigerator and its eponymous feature has evolved over time, shifting from an initial focus on the functional benefits to the overall sense of satisfaction that it provides. While early feedback centered on the convenience of knocking twice to see inside and the reduction of cold air loss, more recent reviews increasingly highlight InstaView’s refined design and the enjoyment it brings to everyday kitchen use.
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Alpha Ladder Hosts Globalization Forum, Debuts Proprietary AI Platform AgentX
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HONG KONG, July 24, 2026 /PRNewswire/ — On 9 July, Alpha Ladder hosted a tech globalization forum at LEAP East 2026 in Hong Kong under the theme “Connecting Industrial Innovation, Unlocking New Global Growth Opportunities” — and used the occasion to officially unveil AgentX, its proprietary AI‑powered solution.
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Paul Pang, Head of AI at Alpha Ladder, unveiled the Group’s new financial AI agent, AgentX, during the product launch. He observed that the rapid proliferation of AI agents has rendered traditional cross‑border financial delivery models ill‑suited to the evolving AI industry landscape. Conventional local plugin integrations carry significant risks, including code tampering, data leakage, and compromised asset security.
He also noted that expanding enterprises frequently face a persistent disconnect between their business tools and financial pipelines. Core operational systems — covering expense reimbursement, payroll, and account reconciliation — often operate in silos, isolated from cross‑border payment and treasury management frameworks. The resulting reliance on manual workflows leads to chronic inefficiency and inflated operating costs.
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Yin emphasised that proactive compliance is the core moat for enterprises going global. Businesses must conduct thorough assessments of local regulatory and legal frameworks before entering overseas markets. Leveraging its “on‑the‑ground global presence” model — with coordinated teams across China and multiple international jurisdictions — the firm conducts advance due diligence to identify and mitigate legal risks inherent in cross‑border operations.
About Alpha Ladder:
Alpha Ladder is a Singapore-regulated fintech group focused on developing a world-leading, one-stop, fully compliant financial infrastructure — delivering secure, efficient cross-border financial solutions for enterprises going global. The Group holds core licences issued by the Monetary Authority of Singapore (MAS), covering securities, futures, fund management, custody, RWA asset exchange, and Major Payment Institution (MPI). We also maintain regulatory approvals in Canada, and are actively expanding our footprint across key global financial hubs including Switzerland, Dubai, and Hong Kong, building a globally compliant regulatory network. By leveraging AI to reshape compliance, risk management, and treasury operations, Alpha Ladder empowers enterprises to reduce costs, enhance efficiency, and achieve sustainable global growth.
For more information, please visit our official website: www.alphaladder.hk
View original content:https://www.prnewswire.com/apac/news-releases/alpha-ladder-hosts-globalization-forum-debuts-proprietary-ai-platform-agentx-302833044.html
SOURCE Alpha Ladder
Technology
UOB Asset Management Highlights Global Resilience Despite Heightened Uncertainty
Published
20 minutes agoon
July 24, 2026By
SINGAPORE, July 24, 2026 /PRNewswire/ — UOB Asset Management (UOBAM) has released its 3Q 2026 Quarterly Investment Strategy, highlighting the global economy’s resilience in the face of persistent headwinds, including inflation, tariffs, geopolitical tensions and energy market volatility.
Despite repeated challenges over the past 18 months, economic activity has remained robust. Corporate earnings have held up across major regions, labour markets have remained resilient, and continued investment in artificial intelligence (AI) infrastructure is providing a powerful tailwind for growth.
While uncertainty remains elevated, the global economy’s resilience has reinforced confidence that the current expansion remains durable, even as risks continue to evolve.
On interest rates, UOBAM’s base case is that the US Federal Reserve is more likely to remain on an extended pause than embark on a new rate-hiking cycle. Although inflation remains sticky and recent geopolitical developments have raised upside risks, the firm continues to see evidence of moderating underlying inflation pressures, particularly in housing and wages.
Within equities, UOBAM remains positive on Asia and has upgraded Onshore China to overweight from underweight. Despite strong market gains, Asia continues to trade at a valuation discount to global equities, even as earnings growth has accelerated. UOBAM believes this combination of strong earnings momentum and attractive valuations presents a compelling opportunity for investors. In China, improving industrial profits and continued growth in higher-value sectors have strengthened the investment case for selected areas of the market, particularly those linked to AI, semiconductors, energy infrastructure and advanced manufacturing.
Anthony Raza, Head of UOBAM Multi-Asset Strategy, said, “The key story for investors is that the global economy has repeatedly withstood shocks without derailing growth. Despite a more uncertain backdrop, we continue to see attractive opportunities in Asia, where strong earnings growth is supported by compelling valuations, and we maintain gold as a preferred allocation as investors navigate an increasingly complex environment.”
In its asset allocation strategy, UOBAM remains overweight equities, diversified across fixed income and underweight cash. The firm continues to favour the United States and Asia within equities, while retaining a positive outlook on gold. Supported by strong central bank demand and its role as a safe-haven asset during periods of uncertainty, gold remains an important source of portfolio diversification.
For deeper insights across equities, fixed income, currencies and commodities, read the full 3Q 2026 Investment Strategy: https://uobam.com.sg/qis3q26
About UOB Asset Management
UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 30 June 2026, we manage 63 unit trusts in Singapore and together with our subsidiaries, oversee S$44.3 billion in clients’ assets.
Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited (China) and strategic alliances with partners such as Wellington Management Singapore.
UOBAM is one of the region’s most awarded asset managers, with over 380 awards won. In 2025, we were recognised as the Best Regional Asset Management Company by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia[1] and Best Robo Advisory Initiative[2] for four consecutive years as of 2025.
As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN[3] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for three consecutive years[4].
Connect with us: LinkedIn | Facebook
[1] Awarded by Asia Asset Management
[2] Awarded by The Digital Banker for the Global Retail Banking Innovations Award
[3] Awarded by Asia Asset Management
[4] As of 2026, by Asia Asset Management
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SOURCE UOB Asset Management
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