mind technology announces change in auditing firm following merger
Investing.com
Published Jun 04, 2025 04:44PM ET
Today, MIND Technology, Inc. (NASDAQ:MIND), a profitable technology company currently trading below its InvestingPro Fair Value, announced a change in its independent registered public accounting firm. The company maintains strong financial health with a current ratio of 3.71, indicating robust liquidity. The company was informed that its current auditor, Moss Adams LLP, has merged with Baker Tilly US, LLP, effective June 3, 2025. As a result of this merger, Moss Adams resigned as MIND Technology's auditor. The Audit Committee of MIND Technology's Board of Directors has approved the engagement of Baker Tilly as the new independent registered public accounting firm.
The audit reports from Moss Adams on MIND Technology's financial statements for the fiscal years ending January 31, 2025, and January 31, 2024, were issued without any adverse opinions or disclaimers. There were no disagreements between MIND Technology and Moss Adams regarding accounting principles, financial statement disclosures, or auditing procedures during these periods. With the company's next earnings report due on June 10, 2025, investors can access comprehensive financial analysis through InvestingPro 's detailed research reports.
Additionally, MIND Technology did not consult with Baker Tilly on any accounting matters or audit opinions prior to the merger. The company provided Moss Adams with a copy of the SEC filing and requested a letter to the Commission confirming agreement with the disclosed information. Moss Adams' response is included as Exhibit 16.1 in the filing.
This announcement is based on a press release statement by MIND Technology filed with the Securities and Exchange Commission.
In other recent news, MIND Technology Inc. reported its fourth-quarter earnings for 2025, revealing a strong performance with a 12% year-over-year increase in marine technology product revenues. The company achieved a full-year revenue of $46.9 million, marking a 28% increase from the previous year, and reported a net income of $5.1 million, a significant improvement from a $1.1 million loss in 2024. MIND Technology's gross profit increased by 31% year-over-year, reaching $21 million, with a gross profit margin of 45%. The company also announced its 2025 Annual Meeting of Stockholders, set for July 17, 2025, with deadlines for stockholder proposals and director nominations established.
MIND Technology's strategic initiatives have contributed to its strong financial results, supported by a backlog of approximately $16 million and $15.9 million in subsequent orders. The company continues to explore growth opportunities, including organic growth and potential acquisitions. Additionally, the company is preparing to file a shelf registration statement with the SEC to maintain financial flexibility for future growth opportunities. Analyst firm KC Capital highlighted the company's strong pipeline and confidence in future orders, while ARS Investment Partners noted the potential for increased EBITDA margins with volume growth.
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MIND Technology's CEO, Rob Capps, emphasized the company's focus on strategic growth and its ability to pursue various opportunities. The company remains optimistic about its future performance, expecting marginally better results in fiscal 2026, supported by its strong market position and innovative product offerings.
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Written By: Investing.com
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