Mitcham Industries Stock Earnings Reports

MINE Technology reported a strong fiscal Q3 2025 with revenue of $12.1M (up ~143% YoY, +21% sequentially) and gross profit of ~$5.4M (45% margin). The company recorded its fourth consecutive quarter of profitability: net income was ~$1.3M and adjusted EBITDA was ~ $2.0M. Key drivers include a firm backlog of approximately $26M and a pipeline of prospective orders estimated to be more than double that backlog. About 40% of Q3 revenue came from aftermarket parts, repairs and support, supporting recurring revenue and higher margins. Management has been proactively purchasing long‑lead components to mitigate supply chain risk (which elevated inventory but is now being drawn down). R&D spending (~$562K in Q3) is focused on next‑generation streamer systems (C Link/ultra‑high‑resolution streamer). Balance sheet and capital structure strengthened materially after the September preferred‑to‑common conversion (issued ~6.6M common shares, now ~8M shares outstanding); as of Oct 31 the company reported working capital of ~$21.2M, cash on hand ~$3.5M, $1.6M operating cash flow in Q3, and no debt. Management expects continued revenue and margin improvement into Q4 and fiscal 2026, citing strong demand for key product lines (source controllers, positioning systems, streamer systems), a larger installed base that drives aftermarket annuity revenue, and ongoing cost discipline.