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Mind Technology cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$1.9M in Q2 FY27 · −$3.9M over twelve months

Operating cash flow−$1.8M
Capital spending−$108K
Free cash flow−$1.9M
Cash conversion cycle511 days

Analysis

In Q2 FY27, Mind Technology generated −$1.8M of operating cash flow and spent $108K on capital projects, leaving free cash flow of −$1.9M. That is $557K less than in Q2 FY26 (−$1.3M).

Over the twelve months to Jul 31, 2026, operating cash flow was −$3.5M; the largest uses were operating cash flow ($3.5M), capital spending ($400K); besides operations, cash came from other financing ($11.8M); the cash balance rose by $7.9M.

Operating cash flow was −$1.8M against net income of −$1.7M. The largest differences: other liabilities −$1.9M, receivables +$1.5M, income taxes payable −$657K.

Its cash conversion cycle was 511 days (receivables 258 + inventory 280 − payables 27).

Free cash flow

Mind Technology: free cash flow by quarterMind Technology: free cash flow by quarter$2.2MQ3 FY25$1.8MQ4 FY25$3.8MQ1 FY26−$1.3MQ2 FY26$801KQ3 FY26−$1.4MQ4 FY26−$1.4MQ1 FY27−$1.9MQ2 FY27
Operating cash flow less capital spending.
Mind Technology: operating cash flow against capital spendingMind Technology: operating cash flow against capital spendingOperating cash flowCapital spending$2.3M$67KQ3 FY25$2.1M$224KQ4 FY25$4.1M$237KQ1 FY26−$1.2M$182KQ2 FY26$894K$93KQ3 FY26−$1.2M$151KQ4 FY26−$1.3M$48KQ1 FY27−$1.8M$108KQ2 FY27
Latest (Q2 FY27): Operating cash flow −$1.8M, Capital spending $108K.

Capital allocation, year by year

Mind Technology: where the cash came from (up) and went (down), by fiscal yearMind Technology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY22: Operating cash flow −$17.1MFY22: Shares issued $14.7MFY22: Asset sales $6.2MFY22: Capital spending −$834KFY22: Buybacks −$2K$20.9MFY22FY23: Operating cash flow −$2.9MFY23: Asset sales $1.1MFY23: Capital spending −$570KFY23: Buybacks −$1K$1.1MFY23FY24: Operating cash flow −$5.0MFY24: Net borrowing −$803KFY24: Asset sales $11.3MFY24: Capital spending −$290K$11.3MFY24FY25: Operating cash flow $651KFY25: Asset sales $457KFY25: Capital spending −$437K$1.1MFY25FY26: Operating cash flow $2.6MFY26: Shares issued $11.8MFY26: Capital spending −$663K$14.4MFY26
Over these 5 years operating cash flow totalled −$21.8M; the largest uses were operating cash flow ($25.0M) and capital spending ($2.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.8M
Debtnone
Net cash$15.8M
Cash runway4.1 years

Mind Technology is burning cash: its operations consume cash, a free cash flow of −$3.9M a year at the current rate against $15.8M of cash and investments: a runway of about 4.1 years before any new financing.

Where the cash came from and went

Mind Technology: sources (+) and uses (−) of cash, Q2 FY27Mind Technology: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$1.9MOperating cash flow−$1.8MCapital spending−$108K
Mind Technology: sources (+) and uses (−) of cash, TTM to Q2 FY27Mind Technology: sources (+) and uses (−) of cash, TTM to Q2 FY27Other financing$11.8MCash drawn (+) / kept (−)−$7.9MOperating cash flow−$3.5MCapital spending−$400K

From profit to cash

Mind Technology: net income to operating cash flow, Q2 FY27Mind Technology: net income to operating cash flow, Q2 FY27Net income−$1.7MDepreciation & amortization$224KStock-based pay$543KReceivables$1.5MInventory$406KDeferred revenue−$276KContract assets−$10KPrepaid and other assets$57KOther liabilities−$1.9MIncome taxes payable−$657KOperating cash flow−$1.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2725828027511
Q1 FY2713417722289
Q4 FY2610918123267
Q3 FY2610220926286
Q2 FY266317322214
Q1 FY2611026544331
Q4 FY256516826207
Q3 FY257225045277

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$1.8M−$108K—$1.9M−$1.9M
Q1 FY27−$1.3M−$48K—$1.4M−$1.4M
Q4 FY26−$1.2M−$151K$1.0M$337K−$1.4M
Q3 FY26$894K−$93K—−$11.6M$801K
Q2 FY26−$1.2M−$182K—$1.3M−$1.3M
Q1 FY26$4.1M−$237K—−$3.8M$3.8M
Q4 FY25$2.1M−$224K—−$1.8M$1.8M
Q3 FY25$2.3M−$67K—−$1.6M$2.2M

Mind Technology: income statement and cash flow

Mind Technology, Q2 FY27: revenue $5.6M (-58% year over year), operating margin -31.9%. The chart follows the revenue to costs, profit and cash.

Mind Technology: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.