Okay, thanks by Ken. And first some the financials before begin detail. discuss the I’d observations market market making like I'll up on things to then outlook. I [Indiscernible] our wrap general in with environment
marine seeing pre-release, growing on noticeable As a you are improvement a corresponding we uptick our in gathered, activity in may industries based the a with earlier driving market conditions, in orders.
favorable the intact, of line gains observed inquiries increasing trend driving most our in Assets, we and spending in strong QX sequential markets remains order activity top in QX. with
legacy business. We additional from disposal the progress have made our of leasing assets on
sell prior our from to agreement remember, may we you substantial As entered portion assets. call, a of these an
optimism for We also growth With for which marine initiatives, our sonar, the quarters. passive in aperture our arrays, systems continue to make improving, technology conditions target strategic we unmanned have such activity areas good synthetic space, progress considerable sensor and platforms. coming sonar as and on the business in
that remain shadow a optimism However, as over our COVID such economic chain worldwide, with I would note strain, disruptions and also new external must supply casting the activity Omicron factors, tempered.
in As due customer bit quarter-to-quarter mentioned changes quite our to I've the a in swing can results past, orders. delays or
to expect significantly. environment, foreseeable believe rapidly improving, rain things the can said, the future. the hold at and headline we That the this change market and uncertainty the for global With economic in are we fundamentals
our up last basis. total orders million our than on basis, of quarter-over-quarter third at pending posted XX%. the were and the QX X.X current million by Due from though XX%, down quarter, of year’s XXXX. XX.X, When to compared $XX up third backlog backlog strongly Looking up quarter, were during the backlog quarter is and our still year-over-year our some QX consolidated our in results, delivery they both revenues are of from fiscal more of a sequential up to revenues by a of
expect source of future, fully robust, continues survey, we additional multi-beam drive and improvement However, in in is orders year. engagement and sidescan have quite our on customers, and for in and sonar bids Based inquiries as believe both an interest we we specific customer this markets. In I the both near Marine be QX the increase systems. are to single the that development engagement and commercial military with noticed confident activity two in in still security defense. to poised coming and maritime the market. We're and inquiries our I bid those a Marine our one coming of being lead weeks. and primary space, survey within significant the products or in exploration seeing segment. of in In marine number levels strong orders controller marine continue this the markets, opportunities space. of three orders to exploration, are expected There is just positioning this And market, mentioned the
believe an Although activity, for or derived growth from that outstanding most we is currently the opportunity defense MIND. maritime our of security the commercial revenue market represents
diligently governmental We are military and among build to expand working and organizations. presence on our
that’s Counter We opportunities systems have for beam MCM, Measure multiple multi sonar Mine for applications.
space. ago coming our We synthetic of expand with few that I in sonar moments these months this in mentioned think introduction the opportunities will order other particular aperture The is a solution.
global progress. of supply. around these We've freight time. all and as challenges is rising be risks financial shipping forward the will delays, aware, aperture working a defense and economy, mitigate synthetic surge We of chain prolonged moving bottlenecks and even demand continue on as companies in Supply on our system, the issues are We're scan The in because effect sonar risk introduced into became a weigh schedule. materials, issues these degree chain of European already some resolved our are have with omnipresent had throughout of much the and through to possible to more The outlooks. supply our noted believe been partner initiatives. continuing our charges manage on that you're temporary in As continues partnership have also these and development COVID, shortages strategic certain world. disruptions it contractor to before components arisen and to
from in systems market. been line, continue maritime seen [ph] a mentioned earlier, I project commercial inquiries functionality. of single continues still also increase and ceiling security and This our resolution bigger generate which a we add unmanned market. sonar providing hopeful the with in recognized It sonar fourth in solar sensor to arrays systems based fiscal for play as markets These vessel on in we've to the demand established advance are our development the multi-beam arrays are more to passive prototype this revenue to helps warfare images. And address our product have bodes successful widely applications to also The quarter well marine for marine We burgeoning activity is military for next ability anti-submarine -- for and year. our and and higher both as well systems. recent and role bids deployed, commercial
into internal the needs, address application solutions these of existing new partnerships, continuing thereof. technology to products, our combination through either market develop some of technologies, strategic or development We that new critical our are
starting a recently and it. to has This we product been example, see Survey. we're order space launched a an XK call we well what activity in the received or for new As XK-SVY
our you walk some me third more let summarizing now, in financials before comments. detail Okay, quarter I bit through a make
revenues, second in As our sequentially, the was up this was I versus mentioned from with the million of ago XX% million revenues earlier, in increase $X.X XXXX. totaled compared fiscal XX%. $X.X quarter operations continuing When quarter, year an which our of
as Third also gross of achieved up continuing operations QX. for in overhead quarter absorption. which gross is prior revenues higher greater impact operating drove The $X.X of reflects profit $X.X million, in the up the XX% from million represents This the XX%, quarter. was beneficial a increase margin from we leverage,
and such million increases general were for quarter, to fees. up in administrative the Our was and which costs quarter second fiscal the various due of in professional third expenses travel $X.X employment, million as XXXX, from $X.X
some were we and first industry attain direction strategic first-hand of to new demonstrate to for be MIND. All almost the able customers great face to three in to face cost, was two the in contribute conferences the higher to Now years. that with did quarter, time it
development largely directed to expense are $XXX,XXX, These which our arrays, initiatives, research sonar and towards unmanned other as our was and and about roughly Our is upgrades as costs enhancements quarter. second synthetic flat for systems. sensor such platforms, the passive well strategic sonar with as systems sonar, aperture
Our loss from million of operations million $X.X quarter third as in year second compared this was quarter the fiscal for $X.X the to XXXX. loss of continuing
QX. of from Our continuing third operations loss a million, $X.X to in EBITDA loss of compared $X.X quarter a million adjusted was
in which approximately land expected with million the legacy quarter. realized course we discontinued to operations, our fourth so For in leasing classified or QX asset business, is additional fiscal an of realized be sales, as $X million $X.X
this, likely miscellaneous and capital is structure and weighed liquidity year. quarter $XX the the accounts the monetized certain end million of receivable, solid. there will MIND’s capital. remain which be Beyond equipment some next about fiscal from in At working
remains have lean to cost our continue no debt. flexible. We Also, and structure funded
for to any turn in take largely business. conditions structure us our with leeway gives worse. variable that expenses cost declines market the Social commensurate believe We our a our reduce some
available to We sources liquidity of also have additional us.
moment our assets give opportunities ago, completed versus our also shortly from that offering arise. In also our sufficient to received with for land progress million of mentioned will handle QX. last us resources net month initiatives approximately that addition take the after and the to strategic we of ahead, may we close in combined an which of challenges proceeds company These in proceeds I a liquidity the stock, $X.X sale preferred may enabling advantage the public discretionary the underwritten from was take, to actions while the leasing
improving be XXXX the and the potential sum, continuing will in to into remain the whole pitfalls macro and view an on over trend difficulties the that in year. improvement continue hear coming fiscal year, prior are So from revenues although the we operations things to will and continue environment, for the larger this
be year. baseline in apprehension We our the are will timing the very incremental order perhaps of coming improving the It's chain and interest roughly customer excited with about with backlog Therefore, supply and supply market the of will for We're expectation pandemic chain because in overhang customer challenges are seeing we're MIND’s marketplace. be orders. have timing that potential prospects hard QX in bottlenecks, despite the fall in this about well. say strong the upside eventual for of to the terms seeing lingering coming an depending inflow fundamentals a those as some weeks. and on where of aligned optimistic QX but in pertains orders production And to solid
and strategy long term towards our on execute to work achieving continue will We goals. our
Now, a I'd before we something is to questions just like address there else take for moment.
but Malden month. As I of know, at retiring He with Guy today, assignment on have all think in here this would this Singapore me end he's week. been is you the
instrumental to way the the all going been So years him for call for XX back to [ph] He of Guy join partners were the in SEMA logistics past and over our transformation, problematic. ago. acquisition I've years. has the been our few
equipment business the not technology from made Guy. space, have the moved leasing have we we we that could the Marine without into progress As
I his still great plan personally, for this I'm done miss however, my in have and become a him to friend. invaluable, I and going retirement. advice have time calls. phone on he's to he me numbers. I mind pretty advice experience, Luckily, For his know to All he our want interaction. and daily I'm a where and to him he'll wish and Guy and Therefore, insights been lean sure all counsel lives, I has answer his and Cheryl for from thank good time,
that we So call now questions. open up with for operator, can
