MIND TECHNOLOGY, INC 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) July 31, 2026 January 31, 2026 ASSETS Current assets: Cash and cash equivalents $ 15,758 $ 19,050 Accounts receivable, net of allowance for credit losses of $ 332 at each of July 31, 2026 and January 31, 2026 15,034 12,570 Inventories, net 10,526 11,150 Prepaid expenses and other current assets 1,536 2,114 Total current assets 42,854 44,884 Property and equipment, net 1,163 1,235 Operating lease right-of-use assets 839 1,092 Intangible assets, net 1,532 1,753 Deferred tax asset 302 302 Total assets $ 46,690 $ 49,266 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 607 $ 1,214 Deferred revenue 373 320 Customer deposits 434 971 Accrued expenses and other current liabilities 2,040 1,596 Income taxes payable 2,064 2,656 Operating lease liabilities - current 678 686 Total current liabilities 6,196 7,443 Operating lease liabilities - non-current 161 406 Total liabilities 6,357 7,849 Stockholders’ equity: Common stock, $ 0.01 par value; 40,000 shares authorized; 9,089 shares issued and outstanding at July 31, 2026 and at January 31, 2026 91 91 Additional paid-in capital 150,051 148,990 Accumulated deficit ( 109,843 ) ( 107,698 ) Accumulated other comprehensive gain 34 34 Total stockholders’ equity 40,333 41,417 Total liabilities and stockholders’ equity $ 46,690 $ 49,266 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) For the Three Months Ended July 31, For the Six Months Ended July 31, 2026 2025 2026 2025 Revenues: Sales of marine technology products $ 5,622 $ 13,561 $ 15,294 $ 21,463 Cost of sales: Sales of marine technology products 3,532 6,732 9,107 11,303 Gross profit 2,090 6,829 6,187 10,160 Operating expenses: Selling, general and administrative 3,255 3,637 6,800 7,021 Research and development 407 311 717 691 Depreciation and amortization 224 217 452 442 Total operating expenses 3,886 4,165 7,969 8,154 Operating (loss) income ( 1,796 ) 2,664 ( 1,782 ) 2,006 Other income (expense): Other, net 80 ( 65 ) 131 ( 83 ) Total other income (expense) 80 ( 65 ) 131 ( 83 ) (Loss) income before income taxes ( 1,716 ) 2,5