Sep 9, 2026 earnings call — Middle East conflict slows orders; aftermarket supports revenue
Revenue from marine products was approximately $5.6 million this quarter, with roughly 87% coming from aftermarket activity.
Revenue $0.0B (est $0.0B) · EPS $-0.19 (est $-0.08)
Key quotes
"Despite these headwinds, aftermarket business continues to provide a recurring stream of revenue."
"The war with Iran has had a significant impact on our recent results."
"As of July 31, 2026, we had working capital of approximately $36.7 million including $15.8 million of cash on hand."
Analyst Q&A 2
how to use cash during conflict
Q (Tyson Bauer · KC Capital): The analyst asked how the Middle East conflict affects MIND's capital decisions (spend to grow vs hold cash). He also asked whether many Q3 months might fall into blackout periods.
A: Management said they will not telegraph blackout timing and do not expect all of Q3 to necessarily be in blackout. They said the Middle East situation is a factor when deciding how to allocate capital and could steer them toward buybacks or other strategic uses if near-term opportunities fade. They added the conflict has lasted longer and had a bigger impact than they expected.
"I think that the situation in the Middle East is something we have to contemplate when we look at capital allocation." — Robert Capps (CEO)
cutting costs to reduce cash burn
Q (Ross Taylor · ARS Investment Partners): The analyst asked what steps management is taking to cut operating cash burn and what the public company costs are. He also asked about demand shifts away from risky regions, expected year-end cash, and the size/type of possible strategic deals.
A: They are looking at production-side costs and people reductions, and reviewing R&D carefully so long-term prospects are not harmed; they feel G&A cuts have mostly been done. They said public company costs are roughly $2 million to $3 million per year and agreed demand may shift away from the Middle East but such projects have long lead times. They expect cash to be higher by year end if a major customer collection is resolved and said they are open to tuck-ins or transformative deals but those are hard to find.
"So we are looking at things on the production side, production costs, there is people primarily on the production side, what we can do there without hurting the longer term prospects." — Robert Capps (CEO)