MIND suffers $355,000 net loss in H1

MIND CTI registered a net loss of $355,000 in the first half, despite an increase in revenues to $10.2 million from $8.9 million in the same period last year.

Cash flow from operating activities was placed at $2.1 million, with cash and cash equivalents pegged at $9.7 million as of end-June.

In the second quarter alone, MIND secured two new customers: one in the US and one in Europe. It also got a major license upgrade contract from an existing customer.

The win in the US was a six-year managed service contract with a regional mobile operator, while the new contract in Europe was also a managed service contract with a small telecom reseller.

The license upgrade from the existing customer included the new MIND offering, the Point of Sale module, as well as an upgrade of subscriber license.