Mitcham Industries Inc. (NASDAQ: MIND) stock gains during pre-market trading by 12.37%, at last check. MIND Technology, Inc. is a maritime technology company that delivers technology and solutions. Marine Exploration, Marine Survey, and Maritime Security are the three major areas of this industry that MIND is focusing on.
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Recent Past Development
MIND Technology released financial data for the first quarter of fiscal 2022, which concluded on April 30, 2021, on June 2, 2021.
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- In the first quarter of fiscal 2022, revenue from Marine Technology Products sales was $4.2 million, relative to $6.4 million in the fourth quarter of fiscal 2021 and $3.2 million in the first quarter of fiscal 2021.
- MIND recorded a $3.7 million net loss from continuing operations in the first quarter of fiscal 2022, relative to a $3.3 million net loss in the Q4 of fiscal 2021 and a $6.4 million net loss in the Q1 of fiscal 2021.
- In the first quarter of fiscal 2022, adjusted EBITDA from continuing operations was a loss of approximately $3.0 million, relative to a loss of $2.5 million in the first quarter of fiscal 2021.
- Marine Technology Products had a backlog of around $11.0 million as of April 30, 2021, relative to $14.2 million as of January 31, 2021, $8.2 million as of October 31, 2020, and $8.9 million as of January 31, 2020.
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Rob Capps, MIND’s Co-CEO, commented,
They began to feel the effects of the global supply chain problems that have been extensively publicized during the first quarter of fiscal 2022. While not a major concern at the moment, supply chain issues have caused a number of goods to have longer lead times. Customers did not obtain supplementary products from third parties in some circumstances, which caused them to postpone delivery from MIND. Furthermore, especially with ocean freight, MIND and its clients have encountered lengthier shipment times. Their first-quarter earnings were lower than expected as a result of these issues. They’ve made efforts to address these concerns, and they anticipate considerable progress in the coming quarters.