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MIND TECHNOLOGY, INC. REPORTS FISCAL 2027 FIRST QUARTER RESULTS

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THE WOODLANDS, Texas, June 10, 2026 /PRNewswire/ — MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2027 first quarter ended April 30, 2026.

Revenues for the first quarter of fiscal 2027 were approximately $9.7 million compared to $9.8 million for the fourth quarter of fiscal 2026 and $7.9 million for the first quarter of fiscal 2026.

The Company reported operating income of $14,000 for the first quarter of fiscal 2027 compared to $78,000 for the fourth quarter of fiscal 2026 and an operating loss of $658,000 for the first quarter of fiscal 2026. Net loss for the first quarter of fiscal 2027 amounted to $411,000, or a loss of $0.05 per share, compared to a net loss of $271,000, or a loss of $0.03 per share, for the fourth quarter of fiscal 2026 and a net loss of $970,000, or a loss of $0.12 per share, for the first quarter of fiscal 2026. In computing net loss per common share, approximately 9,089,000 shares were outstanding for the first quarter of fiscal 2027, compared to 9,040,000 shares for the fourth quarter of fiscal 2026, and 7,969,000 shares during the first quarter of fiscal 2026.

Adjusted EBITDA for the first quarter of fiscal 2027 was $811,000 compared to Adjusted EBITDA of $1.1 million for the fourth quarter of fiscal 2026 and negative Adjusted EBITDA of $179,000 for the first quarter of fiscal 2026. Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) and cash provided by (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 Product orders related to our Seamap segment was approximately $7.6 million as of April 30, 2026 compared to $13.9 million at January 31, 2026 and $21.1 million at April 30, 2025.

Rob Capps, MIND’s President and Chief Executive Officer, stated, “Our first quarter results were consistent with our expectations, and we delivered another quarter of positive Adjusted EBITDA. Our after-market business remains a steady contributor that made up about 50% of our total revenue in this most recent quarter. This component of our business continues to provide a solid base of revenue.

“As we discussed last quarter, near-term visibility across our markets remains impacted by significant macro uncertainty, yet our conviction in MIND’s long-term prospects remains strong. Certain of our customers have seen an impact on their operations from the on-going conflict in the Middle East. Additionally, we believe that overall economic, security and political uncertainties are causing many, if not all, companies within the marine technology industry to be cautious in the near term. In our opinion, these factors are major contributors to our reduced near-term visibility. While we will likely see some operational softness in the very near-term, we believe the longer term outlook for the marine exploration and survey market is positive. Some of our customers are reporting increasing backlogs and many industry commentators predict a strong resurgence in marine exploration activity.  These factors bode well for MIND’s longer-term outlook. Our financial position and liquidity remain strong.  We believe we are well positioned to weather any near-term challenges and to take advantage of emerging opportunities.

“As we have stated previously, we are committed to enhancing stockholder value and are open to a variety of means to accomplish that objective. We continue to identify and evaluate a number of such opportunities and intend to maintain our disciplined approach. MIND has both the resources and the flexibility to act quickly and efficiently when the right opportunity arises,” concluded Capps.

CONFERENCE CALL

Management has scheduled a conference call for Thursday, June 11, 2026 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company’s fiscal 2027 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, 2026, and may be accessed by calling (201) 612-7415 and using passcode 13760778#.  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, 2026 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. 

Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net income 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.

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,
2026

January 31,
2026

ASSETS

Current assets:

Cash and cash equivalents

$

17,656

$

19,050

Accounts receivable, net of allowance for credit losses of $332 at each of April 30, 2026
     and January 31, 2026

16,515

12,570

Inventories, net

10,977

11,150

Prepaid expenses and other current assets

1,593

2,114

Total current assets

46,741

44,884

Property and equipment, net

1,196

1,235

Operating lease right-of-use assets

910

1,092

Intangible assets, net

1,614

1,753

Deferred tax asset

302

302

Total assets

$

50,763

$

49,266

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

1,499

$

1,214

Deferred revenue

598

320

Customer deposits

901

971

Accrued expenses and other current liabilities

2,610

1,596

Income taxes payable

2,721

2,656

Operating lease liabilities – current

655

686

Total current liabilities

8,984

7,443

Operating lease liabilities – non-current

255

406

Total liabilities

9,239

7,849

Stockholders’ equity:

Common stock, $0.01 par value; 40,000 shares authorized; 9,089 shares issued and
     outstanding at April 30, 2026 and at January 31, 2026

91

91

Additional paid-in capital

149,508

148,990

Accumulated deficit

(108,109)

(107,698)

Accumulated other comprehensive gain

34

34

Total stockholders’ equity

41,524

41,417

Total liabilities and stockholders’ equity

$

50,763

$

49,266

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

For the Three Months Ended April
30,

2026

2025

Revenues:

Sales of marine technology products

$

9,672

$

7,902

Cost of sales:

Sales of marine technology products

5,575

4,571

Gross profit

4,097

3,331

Operating expenses:

Selling, general and administrative

3,545

3,384

Research and development

310

380

Depreciation and amortization

228

225

Total operating expenses

4,083

3,989

Operating income (loss)

14

(658)

Other income (expense):

Other, net

51

(18)

Total other income (expense)

51

(18)

Income (loss) before income taxes

65

(676)

Provision for income taxes

(476)

(294)

Net loss

$

(411)

$

(970)

Net loss per common share – Basic and diluted

$

(0.05)

$

(0.12)

Shares used in computing net loss per common share:

Basic and diluted

9,089

7,969

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

For the Three Months Ended April
30,

2026

2025

Cash flows from operating activities:

Net loss

$

(411)

$

(970)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

228

225

Stock-based compensation

518

272

Provision for inventory obsolescence

15

Changes in:

Accounts receivable

(3,961)

3,969

Unbilled revenue

17

16

Inventories

172

282

Prepaid expenses and other current and long-term assets

521

(92)

Income taxes receivable and payable

65

208

Accounts payable, accrued expenses and other current liabilities

1,713

(386)

Deferred revenue and customer deposits

(208)

529

Net cash (used in) provided by operating activities

(1,346)

4,068

Cash flows from investing activities:

Purchases of property and equipment

(48)

(237)

Net cash used in investing activities

(48)

(237)

Cash flows from financing activities:

Net cash provided by financing activities

Effect of changes in foreign exchange rates on cash and cash equivalents

5

Net change in cash and cash equivalents

(1,394)

3,836

Cash and cash equivalents, beginning of period

19,050

5,336

Cash and cash equivalents, end of period

$

17,656

$

9,172

 

MIND TECHNOLOGY, INC.

Reconciliation of Net Loss and Net Cash (Used in) Provided by Operating Activities to EBITDA and

Adjusted EBITDA

(in thousands)

(unaudited)

For the Three Months Ended April
30,

2026

2025

Reconciliation of Net loss to EBITDA and Adjusted EBITDA

Net loss

$

(411)

$

(970)

Depreciation and amortization

228

225

Provision for income taxes

476

294

EBITDA (1)

293

(451)

Stock-based compensation

518

272

Adjusted EBITDA (1)

$

811

$

(179)

Reconciliation of Net Cash (Used in) Provided by Operating Activities to EBITDA

Net cash (used in) provided by operating activities

$

(1,346)

$

4,068

Stock-based compensation

(518)

(272)

Provision for inventory obsolescence

(15)

Changes in accounts receivable

3,944

(3,985)

Taxes paid, net of refunds

411

80

Changes in inventory

(172)

(282)

Changes in accounts payable, accrued expenses and other current liabilities, deferred revenue
and customer deposits

(1,505)

(143)

Changes in prepaid expenses and other current and long-term assets

(521)

92

Other

6

EBITDA (1)

$

293

$

(451)

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 and other non-cash tax related items. 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 

 

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Choice Van Line Strengthens Online Presence Through Independent Customer Reviews and Nationwide Moving Services

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FAIRFIELD, N.J., June 10, 2026 /PRNewswire/ — Choice Van Line continues to expand its presence in the nationwide long-distance moving industry as customers increasingly rely on independent research and verified online reviews when selecting a relocation provider. As part of this shift in consumer behavior, third-party review platforms and service listings have become an important part of how customers evaluate moving companies before booking.

One of the independent listings featuring the company can be found here: https://mygoodmovers.com/movers/choice-van-line. This resource provides consumers with additional information about Choice Van Line, helping them compare services, evaluate customer feedback, and make more informed decisions when choosing a long-distance moving provider.

Choice Van Line operates as a licensed and insured interstate moving carrier, offering direct relocation services across the United States. By working directly with customers throughout the entire process, the company is able to maintain consistent communication, improve coordination, and ensure accountability from pickup to final delivery.

The company provides a full suite of relocation services designed to support both residential and commercial moves, including interstate and cross-country moving, apartment and household relocations, office and business moves, professional packing and unpacking services, furniture protection and secure transportation, and flexible storage solutions.

As demand for long-distance moving services continues to grow, customers are placing greater emphasis on transparency, reliability, and verified service experiences. Independent platforms such as My Good Movers allow consumers to review publicly available company information and better understand what to expect before scheduling a move.

“Our focus has always been on delivering a reliable and professional moving experience that customers can feel confident about,” said a representative for Choice Van Line. “We understand that today’s customers do their research, and we value being represented accurately across trusted review platforms.”

Choice Van Line continues to invest in service quality, operational efficiency, and customer communication as it expands its nationwide footprint. By maintaining high service standards and supporting transparency through independent listings and customer feedback, the company aims to remain a trusted option for long-distance and interstate relocations across the United States.

Prospective customers can learn more about services or request a free, no-obligation moving quote through the company’s website.

Contact: support@choicevanline.com 

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SOURCE Choice Vanlines

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Greenberg Traurig New York Expands Intellectual Property Practice with Addition of Scott Weingaertner, Stefan Mentzer

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NEW YORK, June 10, 2026 /PRNewswire/ — Global law firm Greenberg Traurig, LLP has expanded its Intellectual Property Litigation Practice with the addition of veteran litigators Scott Weingaertner and Stefan Mentzer as shareholders in New York. They join Greenberg Traurig from Goodwin Procter LLP.

“As the pace of technological innovation accelerates and global competition intensifies, we are prepared at the highest level to assist our clients in protecting intellectual property at this critical juncture,” said Richard A. Rosenbaum, Executive Chairman of Greenberg Traurig. “The addition of Scott and Stefan — two highly accomplished intellectual property litigators with extensive backgrounds in technology — reflects our unwavering strategic commitment to delivering the highest level of IP protection capabilities to our clients — not just in New York, but across our global platform. We are enhancing the team our clients need, precisely when they need it most.”

Scott J. Bornstein, executive vice president of Greenberg Traurig and co-chair of the firm’s Global Intellectual Property & Technology Practice, agreed: “Scott and Stefan are outstanding additions to our Intellectual Property Litigation Practice. Their deep experience in life sciences and technology, areas that continue to evolve rapidly from an IP perspective, along with their broader complex litigation capabilities, will be tremendous assets to our team. What makes them particularly compelling is their ability to combine complementary talents to build the kind of creative, methodical strategy that is so often critical to winning cases.”

Weingaertner and Mentzer, who have worked together for more than a decade, have jointly tried numerous cases.

Weingaertner represents clients in patent, trade secret, and copyright litigation, as well as commercial disputes involving software licensing, supply contracts, privacy-related mass arbitration, and life sciences licensing matters. Across his 30-year career, Weingaertner has guided technology and life sciences clients through significant disputes, including cross-border matters in the United States involving entities based in Europe and Asia.

Mentzer focuses on copyright, trade secret, trademark, unfair competition, and complex commercial disputes for clients across industries including electronics, software, online platforms, e-commerce, media, music, automotive, manufacturing, financial services, and life sciences. He has represented clients in precedent-setting intellectual property and commercial matters for technology-driven businesses for more than two decades.

Weingaertner’s work has included safeguarding product lines worth billions of dollars, defending mobile platforms against patent claims, and challenging licensing practices of dominant technology licensors. He also has served as senior in-house counsel for a large European corporation, where he oversaw intellectual property matters across several subsidiaries.

“Greenberg Traurig’s platform of formidable attorneys offers an extraordinary opportunity to serve clients who require sophisticated representation in the U.S. and across borders,” said Weingaertner, who has represented some of the world’s leading technology companies in landmark cases. “The firm’s business-focused approach is exactly what clients need in the face of rapid changes in technology and the law.”

Mentzer has represented clients in high-stakes, precedent-setting matters for more than two decades. He brings substantial experience in trials, appeals, and proceedings before the International Trade Commission, the U.S. Copyright Office, and the U.S. Patent and Trademark Office.

“This is an exciting time to join Greenberg Traurig. The firm is uniquely positioned to serve clients with its top-notch IP litigation practice and deep bench around the globe,” Mentzer said. “The firm is flexible and collaborative like no other, and it meets clients where they are to broadly serve their legal needs.”

About Greenberg Traurig: Greenberg Traurig, LLP has approximately 3,100 lawyers across 51 locations in the United States, Europe, the Middle East, Latin America, and Asia. The firm’s broad geographic and practice range enables the delivery of innovative and strategic legal services across borders and industries. Recognized as a 2025 BTI “Best of the Best Recommended Law Firm” by general counsel for trust and relationship management, Greenberg Traurig is consistently ranked among the top firms on the Am Law Global 100, NLJ 500, and Law360 400. Greenberg Traurig is also known for its philanthropic giving, culture, innovation, and pro bono work. Web: www.gtlaw.com.

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As nearly $20B in broadband funding marks turning point, community readiness remains critical

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BOWLING GREEN, Ky., June 10, 2026 /PRNewswire/ — A historic investment in broadband expansion is set to bring high-speed internet access to millions of Americans, with nearly $20 billion in federal funding now flowing to states. The impact is expected to transform sectors ranging from education and healthcare to economic development. However, experts warn that infrastructure alone will not guarantee success.

Connected Nation (CN), a national nonprofit celebrating its 25th anniversary this year, is urging communities to prioritize readiness alongside deployment to ensure the full benefits of connectivity are realized.

“Connectivity is coming to communities across the country,” said Tom Ferree, chairman and CEO of Connected Nation. “The critical question is whether communities are prepared to leverage that connectivity and ensure everyone can fully benefit from it.”

For more than two decades, CN has focused on closing the Digital Divide by equipping communities with data-driven insights, digital skills strategies, and implementation support. The organization combines broadband mapping, field research, and direct community engagement to identify barriers to access and use.

Over the past year, the nonprofit has conducted outreach in underserved regions across the United States, including Michigan’s Upper Peninsula, West Texas, and communities throughout Oklahoma. These engagements focused on sharing information about emerging technologies while also gathering input on local priorities.

Recent policy updates to the federal Broadband Equity, Access, and Deployment (BEAD) program expanded eligible technologies to include fiber, fixed wireless, and satellite solutions—reflecting the reality that no single technology can meet every community’s needs.

In rural and underserved regions, reliable connectivity is increasingly tied to essential services. Community stakeholders highlighted the role of broadband in enabling precision agriculture, telehealth, remote patient monitoring, and workforce development initiatives.

Examples of local innovation include:

Amarillo, Texas: Agricultural and healthcare leaders emphasized the need for connectivity to support modern farming and rural medical services.

Lawton, Oklahoma: A growing innovation park features STEM makerspaces, digital literacy programs, telehealth resources, and 3D printing facilities within a public library setting.

Okmulgee, Oklahoma: Workforce development partnerships between the College of the Muscogee Nation and OSU Institute of Technology are building local talent pipelines.

Hessel, Michigan: Tribal and community leaders are aligning around long-term digital goals tied to economic growth, education, and healthcare access.

“Across these regions, a consistent theme emerged: communities are not only seeking infrastructure, but also prioritizing affordability, digital literacy, and device access,” Ferree said. “Lasting impact requires strong ecosystems. That includes digital skills training, local leadership, institutional support, and sustained investment.”

To scale these insights nationally, CN recently hosted a virtual town hall bringing together stakeholders from multiple states, Tribal Nations, state broadband offices, and policymakers. Participants emphasized the need for coordinated strategies that address the full spectrum of digital inclusion.

CN also partnered with private-sector organizations, including Amazon, to support community engagement efforts. Representatives shared information on low Earth orbit (LEO) satellite technology and contributed equipment, such as eero devices, to support household connectivity.

“Through these meetings and partnerships, it has become clear that as deployment accelerates nationwide, policymakers, community leaders, and other stakeholders must align their efforts around comprehensive readiness strategies that ensure more people can participate in our increasingly digital world,” Ferree said.

To learn more or join in the conversation, head to connectednation.org.

About Connected Nation: Marking its 25th anniversary in 2026, the national nonprofit’s mission is to improve lives by providing innovative solutions that expand access to and increase the adoption and use of broadband (high-speed internet) and its related technologies for all people. Everyone belongs in a Connected Nation. Learn more at connectednation.org

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