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Side-by-side financial comparison of MIND TECHNOLOGY, INC (MIND) and Red Cat Holdings, Inc. (RCAT). Click either name above to swap in a different company.
MIND TECHNOLOGY, INC is the larger business by last-quarter revenue ($9.7M vs $9.6M, roughly 1.0× Red Cat Holdings, Inc.). MIND TECHNOLOGY, INC runs the higher net margin — 0.6% vs -166.0%, a 166.7% gap on every dollar of revenue. On growth, Red Cat Holdings, Inc. posted the faster year-over-year revenue change (988.2% vs -20.0%). MIND TECHNOLOGY, INC produced more free cash flow last quarter ($801.0K vs $-24.5M).
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MIND vs RCAT — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.7M | $9.6M |
| Net Profit | $62.0K | $-16.0M |
| Gross Margin | 46.6% | 6.6% |
| Operating Margin | 8.0% | -181.7% |
| Net Margin | 0.6% | -166.0% |
| Revenue YoY | -20.0% | 988.2% |
| Net Profit YoY | -95.2% | -29.0% |
| EPS (diluted) | — | $-0.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.7M | — | ||
| Q3 25 | $13.6M | $9.6M | ||
| Q2 25 | $7.9M | — | ||
| Q1 25 | $15.0M | $1.6M | ||
| Q4 24 | $12.1M | $0 | ||
| Q3 24 | $10.0M | — | ||
| Q2 24 | $9.7M | — | ||
| Q1 24 | $13.4M | $5.8M |
| Q4 25 | $62.0K | — | ||
| Q3 25 | $1.9M | $-16.0M | ||
| Q2 25 | $-970.0K | — | ||
| Q1 25 | $2.0M | $-23.1M | ||
| Q4 24 | $1.3M | $-13.3M | ||
| Q3 24 | $798.0K | — | ||
| Q2 24 | $954.0K | — | ||
| Q1 24 | $1.4M | $-5.5M |
| Q4 25 | 46.6% | — | ||
| Q3 25 | 50.4% | 6.6% | ||
| Q2 25 | 42.2% | — | ||
| Q1 25 | 43.5% | -52.2% | ||
| Q4 24 | 44.8% | — | ||
| Q3 24 | 47.6% | — | ||
| Q2 24 | 43.6% | — | ||
| Q1 24 | 46.7% | 18.8% |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 19.6% | -181.7% | ||
| Q2 25 | -8.3% | — | ||
| Q1 25 | 18.5% | -765.7% | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | 14.2% | — | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | 17.3% | -76.0% |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 14.2% | -166.0% | ||
| Q2 25 | -12.3% | — | ||
| Q1 25 | 13.5% | -1418.9% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.0% | — | ||
| Q2 24 | 9.9% | — | ||
| Q1 24 | 10.8% | -93.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.16 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-0.27 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $19.4M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.9M | $253.3M |
| Total Assets | $47.3M | $286.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.4M | — | ||
| Q3 25 | $7.8M | — | ||
| Q2 25 | $9.2M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $3.5M | — | ||
| Q3 24 | $1.9M | — | ||
| Q2 24 | $924.0K | — | ||
| Q1 24 | $5.3M | — |
| Q4 25 | $39.9M | — | ||
| Q3 25 | $28.8M | $253.3M | ||
| Q2 25 | $26.6M | — | ||
| Q1 25 | $27.3M | $28.9M | ||
| Q4 24 | $25.2M | $27.0M | ||
| Q3 24 | $24.5M | — | ||
| Q2 24 | $23.6M | — | ||
| Q1 24 | $22.6M | $49.6M |
| Q4 25 | $47.3M | — | ||
| Q3 25 | $35.8M | $286.0M | ||
| Q2 25 | $36.2M | — | ||
| Q1 25 | $36.7M | $59.7M | ||
| Q4 24 | $36.1M | $51.1M | ||
| Q3 24 | $37.8M | — | ||
| Q2 24 | $34.9M | — | ||
| Q1 24 | $33.5M | $55.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $894.0K | $-23.9M |
| Free Cash FlowOCF − Capex | $801.0K | $-24.5M |
| FCF MarginFCF / Revenue | 8.3% | -254.2% |
| Capex IntensityCapex / Revenue | 1.0% | 6.9% |
| Cash ConversionOCF / Net Profit | 14.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.1M | $-55.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $894.0K | — | ||
| Q3 25 | $-1.2M | $-23.9M | ||
| Q2 25 | $4.1M | — | ||
| Q1 25 | $2.1M | $-15.9M | ||
| Q4 24 | $2.3M | $-10.1M | ||
| Q3 24 | $1.1M | — | ||
| Q2 24 | $-4.8M | — | ||
| Q1 24 | $657.0K | $-4.1M |
| Q4 25 | $801.0K | — | ||
| Q3 25 | $-1.3M | $-24.5M | ||
| Q2 25 | $3.8M | — | ||
| Q1 25 | $1.8M | $-16.2M | ||
| Q4 24 | $2.2M | $-10.2M | ||
| Q3 24 | $978.0K | — | ||
| Q2 24 | $-4.8M | — | ||
| Q1 24 | $566.0K | $-4.2M |
| Q4 25 | 8.3% | — | ||
| Q3 25 | -9.9% | -254.2% | ||
| Q2 25 | 48.5% | — | ||
| Q1 25 | 12.2% | -992.9% | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 9.7% | — | ||
| Q2 24 | -49.8% | — | ||
| Q1 24 | 4.2% | -71.1% |
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.3% | 6.9% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 1.5% | 16.8% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.8% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.7% | 0.8% |
| Q4 25 | 14.42× | — | ||
| Q3 25 | -0.60× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.01× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | -4.98× | — | ||
| Q1 24 | 0.46× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MIND
Segment breakdown not available.
RCAT
| Products | $8.5M | 88% |
| Services | $1.2M | 12% |
