Why is MIND Technology, Inc. (NASDAQ: MIND) stock hiking in the Pre-opening session today?

MIND Technology, Inc. (NASDAQ: MIND) surged 22.0% to $2.16 in the Pre-marketing session after the company has released a financial report for the third quarter fiscal 2021 ending October 31, 2020.

For the third quarter of fiscal 2021, revenue from continuing operations was $6.5 million compared to $5.1 million in the second quarter and $8.2 million in the third quarter of fiscal 2020.

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 An increased level of activity and one-time SeaLink towed streamer orders contributed to the sequential improvement. Compared to a loss of $1.3 million in fiscal 2020, the third-quarter loss of 2021 amounted to approximately $2.4 million.

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The Company reported a loss of $(0.24) per share in the third quarter of fiscal 2021 instead of a loss of $(0.15) per share in the third quarter of fiscal 2020.

 Adjusted EBITDA for continuing operations was $1.5 million in the third quarter of fiscal 2021, compared to a loss of $423,000 in the same quarter of fiscal 2020. Relative to a reported net loss from continuing operations and cash provided by operating activities, adjusted EBITDA from continuing activities, a non-GAAP measure, is defined and reconciled in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented on US GAAP. The backlog was about $8.2 million as of October 31, 2020, compared to $7.6 million on July 31, 2020, and $8.9 million on January 31, 2020.

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