MIND Technology, Inc., a technology provider to various industries, including the oceanographic and defense sectors, has announced its financial results for the fiscal 2024 fourth quarter and year ended January 31, 2024.
According to the company's President and Chief Executive Officer, Rob Capps, "We are pleased to report solid results for the fiscal fourth quarter and our first profitable fiscal year since 2014. This is a significant milestone and a reflection of the efforts that we've made to strategically position the Company for future growth."
Capps further added, "We enter fiscal 2025 with backlog over $38 million, which represents another sequential backlog increase, and is over 145% above our backlog at the start of fiscal 2024. With our current visibility, healthy customer engagement, strong backlog and favorable macroeconomic tailwinds, we expect revenue growth and increased Adjusted EBITDA in fiscal 2025, and we anticipate another profitable fiscal year for MIND."
The company reported revenues of approximately $13.4 million for the fourth quarter of fiscal 2024, showing a significant increase from previous quarters. Additionally, MIND Technology reported operating income of $518,000 for the full year of fiscal 2024 compared to a loss of $5.6 million in fiscal 2023.
Adjusted EBITDA from continuing operations for the fourth quarter of fiscal 2024 was $2.6 million, a notable improvement from previous quarters. The backlog of Marine Technology Products related to the Seamap segment also saw an increase, reaching approximately $38.4 million.
Looking ahead, Capps emphasized the importance of managing liquidity and working capital requirements as the company continues to focus on growth and profitability in the coming fiscal year.
For those interested in learning more about MIND Technology, a conference call has been scheduled for Tuesday, April 30, 2024, at 9:00 a.m. Eastern Time to discuss the fiscal 2024 fourth quarter and year-end results. Investors can access the call by dialing (412) 902-0030 or by visiting the MIND Technology website.
MIND Technology, Inc. remains optimistic about its future prospects and is committed to delivering value to its shareholders and stakeholders in the following fiscal year.