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M MIND TECHNOLOGY MIND Technology , Inc. Reports Fiscal 2022 Second Quarter Results September 8 , 2021 THE WOODLANDS , Texas , Sept. 8 , 2021 / PRNewswire / -- MIND Technology , Inc. ( NASDAQ : MIND ) ( " MIND " or the " Company " ) today announced financial results for its fiscal 2022 second quarter ended July 31 , 2021 . Revenues from Marine Technology Products sales for the second quarter of fiscal 2022 were $ 6.8 million compared to $ 4.2 million in the first quarter of fiscal 2022 and $ 5.1 million in the second quarter of fiscal 2021 . The Company reported a net loss from continuing operations for the second quarter of fiscal 2022 of approximately $ 2.7 million compared to a net loss of $ 3.7 million in the first quarter of fiscal 2022 and a net loss of $ 1.9 million in the second quarter of fiscal 2021. Second quarter of fiscal 2022 net loss from continuing operations attributable to common shareholders was $ ( 0.25 ) per share compared to the first quarter of fiscal 2022 net loss per share of $ ( 0.31 ) and a net loss of $ ( 0.20 ) per share in the second quarter of fiscal 2021 . Adjusted EBITDA from continuing operations for the second quarter of fiscal 2022 was a loss of approximately $ 1.8 million compared to a loss of $ 3.0 million in the first quarter of fiscal 2022 and a loss of $ 1.5 in the second 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 provided by 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 July 31 , 2021 , was approximately $ 11.7 million compared to $ 11.0 million at April 30 , 2021 and $ 7.6 million at July 31 , 2020 . Rob Capps , MIND's President and Chief Executive Officer , stated , " We saw notable improvement in the second quarter , with our results being primarily top - line driven . Total revenues increased 62 % sequentially and were approximately 34 % higher than the same period last year , and we expect to see further improvement during the remainder of this year as we complete our scheduled and expected orders . Inquiry and bidding activity continues to increase , including for our sonar products for use in military applications . As noted above , our backlog remains solid , roughly even with the first quarter backlog . Essentially all orders are expected to be delivered in the current fiscal year . " We continue to experience effects of the global supply chain disruptions that began earlier this year . Although this has not been a significant issue for us so far , we are beginning to experience shortages or extended lead times for some components and materials , as well as increased costs in some cases . As we discussed last quarter , we are taking steps to mitigate the supply chain issues and are prepared for future challenges , should they arise . " Subsequent to the end of the second quarter , we reached an agreement for the sale of a significant portion of our remaining land leasing assets which we expect will provide over $ 4.0 million of additional liquidity . We expect to generate further liquidity through the sale of remaining equipment and collection of certain outstanding obligations . Our balance sheet remains strong with zero debt , and we are actively managing our expenses . " Our long - term picture remains positive as we are progressing with our strategic initiatives to expand our product offerings to meet the increasing needs of the maritime market which will underpin our future growth . Some of these efforts include providing sensor packages to the growing USV and AUV markets developing cost - effective solutions for the anti - submarine and maritime security markets . Also , we are proceeding with the development of new synthetic aperture sonar systems under our partnership with a European defense contractor . We expect that these efforts will enable us to achieve our long - term goal of generating annual revenues of $ 140 million with an EBITDA margin of over 20 % within the next five years . " As we move into the second half of this year , we believe the positive trend for order flow will continue for the next two quarters and beyond fiscal 2022. While we do not know the magnitude or duration of the global supply chain issues and related challenges , we plan to continue to execute on our strategic initiatives . We believe these initiatives well - position the Company to become a leading provider of innovative marine technology and products , " concluded Capps . NOTE : As has been previously disclosed , the Company is exiting the land leasing business 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 Com ny'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 , September 9 , 2021 at 9:00 a.m. Eastern Time ( 8:00 a.m. Central Time ) to discuss fiscal 2022 second 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 September 16 , 2021 and may be accessed by calling ( 201 ) 612-7415 and using passcode 13722415 # . 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 MIND Technology , Inc. provides technology to the oceanographic , hydrographic , defense , seismic and security industries . Headquartered in The