Q1 2025 Mind Technology Inc Earnings Call Transcript
Key Points
- MIND Technology Inc (MIND) reported another quarter of positive adjusted EBITDA and overall profitability.
- The company has a strong backlog of approximately $31 million, which is over 70% higher than the end of last year's first quarter.
- MIND Technology Inc (MIND) has taken steps to improve its cost structure, enhancing profitability despite ongoing supply chain challenges.
- The company has developed valuable partnerships and customer relationships, contributing to a robust order flow.
- MIND Technology Inc (MIND) remains debt-free following the sale of Klein, which has strengthened its balance sheet.
- Revenues from marine technology product sales were down about 9% from the same period a year ago.
- The company utilized liquidity to fund working capital requirements, impacting cash on hand.
- Supply chain issues, although improved, still pose challenges and can impact results in particular periods.
- The company continues to defer dividends on its preferred stock due to the need to retain capital for operations.
- There is variability in the timing of orders and deliveries, which can cause fluctuations in quarterly revenue.
Greetings and welcome to the Mind Technology first-quarter fiscal 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded and it is now my pleasure to introduce your host, Ken Dennard Thank you, sir. You may begin.
Thank you, operator. Good morning, and welcome to the Mind Technology fiscal 2025 first-quarter earnings conference call. We appreciate everyone joining us today. With me are Rob Capps, President and Chief Executive Officer; and Mark Cox, Vice President and Chief Financial Officer.
Before I turn the call over to Rob, I have a few items to cover. If you'd like to listen to a replay of today's call, it will be available for 90 days via webcast by going to the Investor Relations section of the company's website, and that's minddashtechnology.com or via a telephonic instant replay recorded until June 18. Information on how to access these replay features was provided in yesterday's earnings release.
The information reported on this call speaks only as of today,
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