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M MIND TECHNOLOGY Mind Technology , Inc. Reports Fiscal 2022 First Quarter Results June 2 , 2021 THE WOODLANDS , Texas , June 2 , 2021 / PRNewswire / -- MIND Technology , Inc. ( NASDAQ : MIND ) ( " MIND " or the " Company " ) today announced financial results for its fiscal 2022 first quarter ended April 30 , 2021 . Revenues from Marine Technology Products sales for the first quarter of fiscal 2022 were $ 4.2 million compared to $ 6.4 million in the fourth quarter of fiscal 2021 and $ 3.2 million in the first quarter of fiscal 2021 . The Company reported a net loss from continuing operations for the first quarter of fiscal 2022 of approximately $ 3.7 million compared to a net loss of $ 3.3 million in the fourth quarter of fiscal 2021 and a net loss of $ 6.4 million in the first quarter of fiscal 2021. First quarter of fiscal 2022 net loss attributable to common shareholders was a $ ( 0.33 ) loss per share compared to a net loss per share of $ ( 0.30 ) in the fourth quarter of fiscal 2021 and a net loss of per share of $ ( 0.59 ) in the first quarter of fiscal 2021 . Adjusted EBITDA from continuing operations for the first quarter of fiscal 2022 was a loss of approximately $ 3.0 million compared , to a loss of $ 2.5 million in the first quarter of fiscal 2021. Adjusted EBITDA from continuing operations , which is a non - GAAP measure , is defined and reconciled to reported net loss from continuing operations and cash used in operating activities in the accompanying financial tables . These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles . Backlog of Marine Technology Products as of April 30 , 2021 was approximately $ 11.0 million compared to $ 14.2 million at January 31 , 2021 , $ 8.2 million at October 31 , 2020 and $ 8.9 million at January 31 , 2020 . Rob Capps , MIND's Co - Chief Executive Officer , stated , " During the first quarter of fiscal 2022 , we started to experience the impact of the disruptions to the global supply chain that have been widely reported . While not a material issue at this time , supply chain issues have generally extended lead times for a number of items . In some cases , customers did not receive ancillary items from third parties , causing them to delay deliveries from us . Additionally , we and our customers have experienced longer shipping times , particularly with ocean freight . As a result of these factors , our first quarter results were less than we had anticipated . We have taken steps to address these issues and expect significant improvement in following quarters . " Our backlog remains solid at $ 11.0 million as of April 30 , 2021 , although down from our record fourth quarter of fiscal 2021 backlog . While one customer did cancel an order for approximately $ 2.1 million due to changes in their near - term requirements , we expect future orders from this customer as their needs become more clearly defined . We are continuing to experience an increase in inquiries for marine exploration applications , particularly for our source controllers , and related components , and expect to receive a couple of significant orders , totaling more than $ 5.0 million , in the second quarter of fiscal 2022 . " We believe our long - term picture remains positive as we are on track with our strategic initiatives to expand our product offerings and market penetration , and our five - year plan generally remains unchanged . Last quarter , we expanded our contract with PGS , a leading integrated marine geophysical company , to provide advanced source controller technology , adding to the GunLink and SourceLink products currently deployed in the PGS fleet . " We are internally developing new technologies to strengthen our existing portfolio and create new solutions to address the global marine marketplace . As previously stated , our goal is to generate annual revenues of $ 140 million with an EBITDA margin of over 20 % within the next five years . Our belief is partially driven by the growing use of unmanned systems and the need for sensor packages for those systems , the need for higher resolution sonar systems in both military and commercial applications and the need for more cost - effective maritime security capabilities . " Going forward , we believe that the positive trend for order flow will continue beyond fiscal 2022. While we do not know the magnitude or duration of the global supply chain issues , we have taken necessary steps to reduce expenses and have maintained a healthy balance sheet with zero debt . We plan to continue to execute on our strategy to become the leading provider of innovative marine technology and products , and believe that the Company is well - positioned to capture both internal and non - organic growth opportunities as they develop , " concluded Capps . NOTE : As has been previously disclosed , the Company is exiting the land seismic equipment leasing business , which is referred to as Equipment Leasing as part of its recently completed reincorporation and rebranding process . Accordingly , the Equipment Leasing segment has been treated as a discontinued operation , and the associated results are excluded from the Company's results from continuing operations for all periods presented . Assets and liabilities associated with the Equipment Leasing segment have been reclassified as " held for sale " in the accompanying consolidated condensed balance sheet . CONFERENCE CALL Management has scheduled a conference call for Thursday , June 3 , 2021 , at 9:00 a.m. Eastern Time ( 8:00 a.m. Central Time ) to discuss fiscal 2022 first quarter results . To access the call , please dial ( 412 ) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time . Investors may also listen to the conference live on the MIND Technology website , http://mind-technology.com , by logging onto the site and clicking " Investor Relations . " A telephonic replay of the conference call will be available through June 10 , 2021 and may be accessed by calling ( 201 ) 612-7415 and using passcode 13719828 # . A webcast archive will also be available at http://mind-technology.com shortly after the call and will be accessible for approximately 90 days . For more information , please contact Dennard Lascar Investor Relations by email MIND@dennardlascar.com . ABOUT MIND TECHNOLOGY