Mind Technology Inc (MIND)

Shares of MIND Technology Inc (MIND) dropped by 16.97% from $5.88 to $4.8822 in the trading on Thursday, December 14, 2023. The reason why MIND down today is due to the company's fiscal 2024 third-quarter financial results announcement.

• Net Income and Revenue Gained: MIND reported net income for the quarter of approximately $568,000, including a gain of approximately $2.4 million from the sale of its Klein Marine Systems segment. Revenues from continuing Marine Technology Products sales in the third quarter of fiscal 2024 were $5.0 million, compared to $3.0 million in the third quarter of fiscal 2023.
• Operating Loss: MIND reported an operating loss from continuing operations of $1.5 million for the third quarter of fiscal 2024, compared to a loss of approximately $2.9 million in the third quarter of fiscal 2023. The net loss from continuing operations for the third quarter of fiscal 2024 was $1.7 million, compared to a net loss from continuing operations of approximately $2.9 million in the third quarter of fiscal 2023.
• The company also disclosed a significant increase in its backlog for Marine Technology Products related to the Seamap segment. Investors may have reacted to the net loss and other financial metrics, leading to the drop in MIND's share price on December 14, 2023.