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M MIND TECHNOLOGY MIND Technology , Inc. Reports Fiscal 2022 Third Quarter Results December 8 , 2021 THE WOODLANDS , Texas , Dec. , 2021 / PRNewswire / -- MIND Technology , Inc. ( NASDAQ : MIND ) ( " MIND " or the " Company " ) today announced financial results for its fiscal 2022 third quarter ended October 31 , 2021 . Revenues from Marine Technology Products sales for the third quarter of fiscal 2022 were $ 8.3 million compared to $ 6.8 million in the second quarter of fiscal 2022 and $ 6.5 million in the third quarter of fiscal 2021 . The Company reported a loss from continuing operations for the third quarter of fiscal 2022 of approximately $ 2.1 million compared to a loss of $ 2.7 million in the second quarter of fiscal 2022 and a loss of $ 2.4 million in the third quarter of fiscal 2021. Third quarter of fiscal 2022 net loss from continuing operations attributable to common shareholders was $ ( 0.20 ) per share compared to the second quarter of fiscal 2022 net loss per share of $ ( 0.25 ) and a net loss of $ ( 0.24 ) per share in the third quarter of fiscal 2021 . Adjusted EBITDA from continuing operations for the third quarter of fiscal 2022 was a loss of approximately $ 1.3 million compared to a loss of $ 1.8 million in the second quarter of fiscal 2022 and a loss of $ 1.5 in the third 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 October 31 , 2021 , was approximately $ 10.0 million compared to $ 11.7 million at July 31 , 2021 and $ 8.2 million at October 31 , 2020 . Rob Capps , MIND's President and Chief Executive Officer , stated , " On November 22nd , we pre - released our expected fiscal 2022 third quarter results which demonstrated an uptick in orders and activity , as we had forecast . Revenues from marine technology product sales rose 23 % sequentially and were up 31 % year - over - year . Our order flow is increasing , as expected , and our backlog of approximately $ 10.0 million included orders for commercial sonar and source controller products , in addition to sonar systems for military applications . Based on our backlog and ongoing order activity that is expected to include two anticipated large orders in the fourth quarter , we expect revenues from continuing operations in fiscal year 2022 to exceed those of fiscal 2021 . " As previously announced , on November 12th , we issued 432,000 shares of our 9 % Series A Cumulative Preferred Stock in an underwritten public offering . This generated net proceeds to the Company of about $ 9.5 million , after underwriter discounts , commissions and other costs , " added Capps . " We also negotiated the sale of a substantial portion of our legacy leasing assets during the third quarter . This resulted in proceeds to the Company of over $ 2.5 million in the third quarter , with approximately another $ 2.0 million expected in the fourth quarter of this year . We believe the funds generated from our preferred stock offering , along with proceeds from the ongoing liquidation of our land leasing assets , will provide us with the liquidity and cash flow to execute on the expected increase in activity and to take advantage of any other opportunities that may present themselves in coming months . Our balance sheet remains strong with zero debt , and our cost structure is lean and flexible . " Our long - term outlook remains positive as we progress with our strategic initiatives to expand our product offerings to meet the increasing needs of the maritime market , which will underpin our future growth , " continued Capps . " The continued disruptions in the global supply chain that began earlier this year do pose a risk to this favorable outlook . While not yet a major issue for us , we have experienced shortages for certain components and materials in addition to a surge in freight costs and prolonged shipping delays . We have taken steps to mitigate these supply chain issues , however we expect to feel some impact in the remainder of this year . Based on our current assessment , we believe our fiscal fourth quarter results are likely to be about flat with the third quarter . However , we do see upside opportunities depending on the timing of orders and deliveries from suppliers . Of course , implicit in this situation is downside risk should supply issues become more acute than currently anticipated . " We continue to believe the positive trend for order flow will continue in the fourth quarter and beyond fiscal 2022 , the underlying fundamentals of the marine market are improving , and we expect this to hold for the foreseeable future . The supply chain issues we have discussed do interject some uncertainty , but we are working hard to manage these temporary challenges . Our long - term initiatives have strategically positioned the Company toward becoming 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 . 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 , December 9 , 2021 at 9:00 a.m. Eastern Time ( 8:00 a.m. Central Time ) to discuss the Company's fiscal 2022 third 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 December 16 , 2021 and may be accessed by calling ( 201 ) 612-7415 and using passcode 13725279 # . 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