Mind Technology Inc (NASDAQ:MIND) stock plunges 16.67% (As on December 14, 11:23:56 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the third quarter of FY 24 as MIND was unable to complete and deliver certain orders as previously anticipated due to delays in the receipt of certain key components. These orders, which total from $5.0 to $6.0 million, are now expected to be delivered in the fourth quarter.  Net income for the quarter amounted to approximately $568,000, including a gain of approximately $2.4 million from the sale of the Company’s Klein Marine Systems segment. Revenues from continuing Marine Technology Products sales for the third quarter of fiscal 2024 were $5.0 million compared to $3.0 million in the third quarter of fiscal 2023. The Company 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 backlog of Marine Technology Products as of October 31, 2023 related to the Seamap segment was approximately $37.4 million compared to $14.0 million at October 31, 2022 and $17.0 million at July 31, 2023.

MIND in the third quarter of FY 24 has reported the adjusted earnings per share of -27 cents, missing the analysts’ estimates for the adjusted earnings per share of -20 cents. The company had reported the adjusted revenue of $4.97 million in the third quarter of FY 24, missing the analysts’ estimates for revenue of $10.50 million. Adjusted EBITDA from continuing operations for the third quarter of fiscal 2024 was a loss of $1.1 million compared to an adjusted EBITDA loss of approximately $2.4 million in the third quarter of fiscal 2023.

Additionally, there were two very significant achievements for MIND in the third quarter.  First, the company has completed the sale of the Klein unit.  Secondly, the Seamap unit reached a record backlog of approximately $37.4 million as of October 31, 2023, which is by far the largest backlog in the history.  In addition, and subsequent to the end of the quarter, the company had entered into a framework supply agreement with a major international seismic contractor.