MIND Technology, Inc. (MIND), a defense and marine technology company, reported narrower loss for the first quarter of fiscal 2027, attributable to higher revenue from the sales of marine technology products. Meanwhile, backlog for the quarter declined sharply from last year.
In the after-hours activity on the Nasdaq, the shares ended Wednesday's trading 7 percent lower at $5.17, after closing regular trading 5.76 percent lower on the same day.
Net loss for the period narrowed to $0.411 million from loss of $0.970 million in the same quarter last year. Net loss per share dropped to $0.05 from loss of $0.12 in the previous year.
However, the company recorded an operating income of $0.014 million, compared to loss of $0.658 million a year earlier.
Adjusted EBITDA for the first quarter was $0.811 million, compared to a loss of $0.179 million a year ago.
Total revenue from the sales of marine technology products rose to $9.672 million from $7.902 million in the prior year.
The backlog of Marine Technology Product orders related to Seamap segment was approximately $7.6 million as of April 30, compared to $21.1 million at April 30, 2025.
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