MIND Technology, Inc. (MIND) stock surged 48.91% in the after-market trading session at the price of $2.04 after it entered into a Cooperative Research and Development Agreement with the Naval Surface Warfare Center of the US Navy.
MIND delivers technology to the hydrographic, oceanographic, seismic, defense, and security industries. Headquartered in Texas, the company has a global presence with operating sites in Singapore, Malaysia, the United States, and the United Kingdom.
Cooperative Research & Development Agreement with NSWC PCD
On 13th December 2021, MIND reported entering into a Cooperative Research and Development Agreement with the Naval Surface Warfare Center, Panama City Division (NSWC PCD) of the US Navy. The CRADA agreement is named Advanced Mine Finding. It will facilitate scientists from the US Navy and MIND to cooperate and optimize the mine-hunting sonar techniques to ensure their suitability for the warfighter.
Chief Technology Officer of MIND, Andy Meecham, remarked that MIND had a great history of supporting the United States Navy through its subsidiary, Klein Marine Systems. This CRADA will enable them to leverage the expertise of the engineers and scientists at NSWC PCD to provide creative solutions to the warfighter. This contract illustrates their corporate focus on creativity, innovation, and technology. The company will continue to present standardized technology solutions for underwater sensing, he added.
MIND Third Quarter Fiscal 2022 Financial Results
On 8th December 2021, MIND reported its financial results for the third fiscal quarter ended 31st October 2021. For the third quarter of fiscal 2022, the company calculated $8.3 million in revenues from products sales. Revenues from products sales totaled $6.8 million for the second quarter of fiscal 2022.
Loss from operations was roughly $2.1 million for the third quarter of fiscal 2022. For the second quarter of fiscal 2022, the loss from operations was $2.7 million. For the third fiscal quarter ended 31st October 2021, the net loss per share attributable to common shareholders was $(0.20). Net loss per share was $(0.25) for the second quarter of fiscal 2022. For the third quarter of fiscal 2022, adjusted EBITDA was a loss of $1.3 million.