MIND Technology, Inc. (MIND) Cash Flow Statement
Where MIND’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $2.6M +297.2% vs FY2025
- Capital expenditures
- $663,000 1.6% of revenue
- Free cash flow
- $1.9M 4.7% margin
- Returned to shareholders
- —
- Change in cash
- $13.7M cash at year-end $19.1M
Cash from operations
$2.6M
Capital expenditures
−$663,000
Shares issued
+$11.8M
Change in cash
$13.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MIND operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MIND cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.2MFY2017 | $2.6MFY2026 | −2.2%/yr | |
| Capital expenditures | $919,000FY2017 | $663,000FY2026 | −3.6%/yr | |
| Free cash flow | $2.2MFY2017 | $1.9MFY2026 | −1.7%/yr | |
| Free cash flow margin | 5.5%FY2017 | 4.7%FY2026 | −0.8 pts | |
| Operating cash flow / net income | 0.13FY2025 | 3.45FY2026 | +3.32 | |
| Stock-based compensation | $737,000FY2017 | $1.6MFY2026 | +8.6%/yr | |
| Dividends paid | $486,000FY2017 | $0FY2025 | −100.0% | |
| Share buybacks (net) | $4,000FY2017 | $0FY2024 | −100.0% | |
| Capex / revenue | 2.2%FY2017 | 1.6%FY2026 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MIND cash flow by activity
OperatingInvestingFinancingChange in cash
MIND net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MIND cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $750,000 | $5.1M | −$1.1M | −$8.8M | −$15.1M | −$20.3M | −$11.3M | −$19.8M | −$21.1M | −$33.2M |
| Depreciation & amortization | $873,000 | $944,000 | $1.2M | $1.9M | $2.2M | $4.6M | $7.8M | $11.8M | $16.6M | $28.3M |
| Stock-based compensation | $1.6M | $235,000 | $261,000 | $654,000 | $643,000 | $708,000 | $854,000 | $781,000 | $903,000 | $737,000 |
| Change in working capital | −$599,000 | −$5.2M | −$4.4M | $2.0M | −$4.3M | $5.2M | −$5.6M | −$2.8M | $5.7M | $5.2M |
| Other non-cash items | $12,000 | −$354,000 | −$919,000 | $1.3M | −$643,000 | $3.4M | $2.4M | $4.6M | −$1.4M | $2.1M |
| Cash from operating activities | $2.6M | $651,000 | −$5.0M | −$2.9M | −$17.1M | −$6.4M | −$5.8M | −$5.5M | $719,000 | $3.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$663,000 | −$437,000 | −$290,000 | −$582,000 | −$834,000 | −$566,000 | −$4.0M | −$2.5M | −$1.3M | −$919,000 |
| Investments (net) | — | $20,000 | $11.0M | $470,000 | $5.4M | $3.2M | −$2.1M | −$15,000 | $9.0M | $4.4M |
| Acquisitions & other investing | $0 | $437,000 | $290,000 | $582,000 | $834,000 | $566,000 | $4.0M | $2.5M | $1.3M | $919,000 |
| Cash from investing activities | −$663,000 | $20,000 | $11.0M | $470,000 | $5.4M | $3.2M | −$2.1M | −$15,000 | $9.0M | $4.4M |
| Financing activities | ||||||||||
| Dividends paid | — | $0 | −$946,000 | −$1.9M | −$2.5M | −$1.7M | −$2.0M | −$1.7M | −$905,000 | −$486,000 |
| Share repurchases & issuance (net) | — | — | $0 | −$1,000 | −$2,000 | $4.6M | $3.8M | $6.9M | −$4.2M | −$4,000 |
| Net borrowing (repayment) | — | $0 | −$803,000 | $0 | $0 | $1.6M | $1.6M | $1.6M | −$6.3M | −$14.1M |
| Shares issued | $11.8M | $0 | $0 | $0 | $14.7M | $4.6M | $3.8M | $6.9M | $0 | $0 |
| Other financing | $0 | −$619,000 | $214,000 | $0 | $0 | −$4.6M | −$5.4M | −$8.5M | $8.3M | $7.3M |
| Cash from financing activities | $11.8M | −$619,000 | −$1.5M | −$1.9M | $12.2M | $4.5M | $1.7M | $5.1M | −$3.0M | −$7.3M |
| Summary | ||||||||||
| Net change in cash | $13.7M | $47,000 | $4.5M | −$4.3M | $503,000 | $1.4M | −$6.3M | −$597,000 | $6.6M | −$258,000 |
| Cash at end of period | $19.1M | $5.3M | $5.3M | $778,000 | $5.1M | $4.6M | $3.2M | $9.5M | $10.1M | $3.5M |
| Free cash flow | $1.9M | $214,000 | −$5.3M | −$3.5M | −$18.0M | −$6.9M | −$9.8M | −$8.0M | −$597,000 | $2.2M |
| Free cash flow margin | 4.7% | 0.5% | −14.4% | −13.9% | −77.8% | −32.6% | −32.8% | −18.6% | −1.2% | 5.5% |
| Capex / revenue | 1.6% | 0.9% | 0.8% | 2.3% | 3.6% | 2.7% | 13.3% | 5.9% | 2.7% | 2.2% |
| Operating cash flow / net income | 3.45 | 0.13 | — | — | — | — | — | — | — | — |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.7M | −$411,000 | −$271,000 | $62,000 | $1.9M | −$970,000 | $2.0M | $1.3M | $798,000 | $954,000 | $1.5M | $567,000 |
| Depreciation & amortization | $224,000 | $228,000 | $219,000 | $212,000 | $217,000 | $225,000 | $220,000 | $221,000 | $236,000 | $267,000 | $286,000 | $290,000 |
| Stock-based compensation | $543,000 | $518,000 | $714,000 | $283,000 | $553,000 | $272,000 | $94,000 | $46,000 | $47,000 | $48,000 | −$3,000 | $106,000 |
| Change in working capital | −$868,000 | −$1.5M | −$2.0M | $476,000 | −$3.6M | $4.5M | −$323,000 | $708,000 | −$45,000 | −$5.6M | −$1.2M | −$691,000 |
| Other non-cash items | $45,000 | −$193,000 | $121,000 | −$139,000 | −$257,000 | $15,000 | $36,000 | $22,000 | $22,000 | −$434,000 | $74,000 | −$2.4M |
| Cash from operating activities | −$1.8M | −$1.3M | −$1.2M | $894,000 | −$1.2M | $4.1M | $2.1M | $2.3M | $1.1M | −$4.8M | $657,000 | −$2.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$108,000 | −$48,000 | −$151,000 | −$93,000 | −$182,000 | −$237,000 | −$224,000 | −$67,000 | −$80,000 | −$66,000 | −$91,000 | −$97,000 |
| Investments (net) | — | — | — | — | −$182,000 | −$237,000 | −$224,000 | −$67,000 | −$80,000 | $391,000 | $0 | $10.8M |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $182,000 | $237,000 | $224,000 | $67,000 | $80,000 | $66,000 | −$10.8M | $97,000 |
| Cash from investing activities | −$108,000 | −$48,000 | −$151,000 | −$93,000 | −$182,000 | −$237,000 | −$224,000 | −$67,000 | −$80,000 | $391,000 | −$10.9M | $10.8M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | −$946,000 | −$946,000 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | $0 | $0 | — | — | — |
| Shares issued | $0 | $0 | $1.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | — | — | −$1 | $10.8M | — | — | $0 | −$619,000 | $0 | $0 | $0 | −$3.5M |
| Cash from financing activities | — | — | $1.0M | $10.8M | — | — | $0 | −$619,000 | $0 | −$946,000 | −$946,000 | −$3.5M |
| Summary | ||||||||||||
| Net change in cash | −$1.9M | −$1.4M | −$337,000 | $11.6M | −$1.3M | $3.8M | $1.8M | $1.6M | $980,000 | −$4.4M | −$280,000 | $5.1M |
| Cash at end of period | $15.8M | $17.7M | $19.1M | $19.4M | $7.8M | $9.2M | $5.3M | $3.5M | $1.9M | $924,000 | $5.3M | $5.6M |
| Free cash flow | −$1.9M | −$1.4M | −$1.4M | $801,000 | −$1.3M | $3.8M | $1.8M | $2.2M | $978,000 | −$4.8M | $566,000 | −$2.2M |
| Free cash flow margin | −33.8% | −14.4% | −14.0% | 8.3% | −9.9% | 48.5% | 12.2% | 18.3% | 9.7% | −49.8% | 4.2% | −45.1% |
| Capex / revenue | 1.9% | 0.5% | 1.5% | 1.0% | 1.3% | 3.0% | 1.5% | 0.6% | 0.8% | 0.7% | 0.7% | 2.0% |
| Operating cash flow / net income | — | — | — | 14.42 | −0.60 | — | 1.01 | 1.77 | 1.33 | −4.98 | 0.44 | −3.79 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MIND cash generation
In fiscal 2026 (ended January 31, 2026), MIND Technology generated $2.6 million of cash from operations (up 297.2%) and spent $0.7 million on capital expenditures, leaving free cash flow of $1.9 million, 4.7% of revenue. Cash and equivalents rose by $13.7 million over the year.
Related: MIND income statement, MIND balance sheet. See the MIND stock overview for the latest quote and news.
MIND cash flow FAQ
What is MIND Technology's free cash flow?
MIND Technology's free cash flow was $1.9 million in fiscal 2026: $2.6 million of operating cash flow minus $0.7 million of capital expenditures It was $0.2 million a year earlier..
How much cash does MIND Technology generate from operations?
MIND Technology generated $2.6 million of cash from operating activities in fiscal 2026, 3.45 times its net income of $0.8 million.
How much does MIND Technology spend on capital expenditures?
MIND Technology spent $0.7 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $0.4 million the year before.