[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's analysis for the quarter ended April 30, 2025, along with market risk disclosures and controls [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for the quarter ended April 30, 2025, show a net loss of $970 thousand, a shift from prior-year net income, with total assets of $36.2 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity as of April 30, 2025, and January 31, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2025 | January 31, 2025 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $9,172 | $5,336 | | Accounts receivable, net | $7,779 | $11,817 | | Inventories, net | $13,447 | $13,745 | | **Total Assets** | **$36,226** | **$36,720** | | **Current Liabilities** | | | | Accounts payable | $2,011 | $2,558 | | Total current liabilities | $8,941 | $8,645 | | **Total Liabilities** | **$9,592** | **$9,388** | | **Total Stockholders' Equity** | **$26,634** | **$27,332** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's revenues, expenses, and net income or loss for the three months ended April 30, 2025, and 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Revenues | $7,902 | $9,678 | | Gross Profit | $3,331 | $4,218 | | Total Operating Expenses | $3,989 | $3,488 | | Operating Income (Loss) | $(658) | $730 | | Net Income (Loss) | $(970) | $954 | | Net Income (Loss) Attributable to Common Stockholders | $(970) | $7 | | Net Loss per Common Share - Basic and Diluted | $(0.12) | $— | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the cash inflows and outflows from operating, investing, and financing activities for the three months ended April 30, 2025, and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,068 | $(4,753) | | Net cash (used in) provided by investing activities | $(237) | $391 | | Net cash provided by financing activities | $— | $— | | **Net change in cash and cash equivalents** | **$3,836** | **$(4,365)** | | Cash and cash equivalents, beginning of period | $5,336 | $5,289 | | **Cash and cash equivalents, end of period** | **$9,172** | **$924** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides additional information and explanations regarding the company's financial statements, including liquidity, revenue by geography, and significant events - As of April 30, 2025, the company had working capital of approximately **$22.8 million**, including **$9.2 million** in cash and cash equivalents. Management believes it has adequate liquidity to meet future operating requirements[24](index=24&type=chunk) Revenue by Geography (in thousands) | Geography | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | United States | $550 | $325 | | China | $259 | $5,768 | | Norway | $3,275 | $2,758 | | Singapore | $1,027 | $211 | | Other | $2,811 | $817 | | **Total** | **$7,902** | **$9,678** | - On September 4, 2024, all outstanding shares of **9.00% Series A Cumulative preferred stock** were converted into approximately **6.6 million shares of common stock** and retired, eliminating obligations for preferred stock dividends[50](index=50&type=chunk)[53](index=53&type=chunk) - As of April 30, 2025, the company operates as a single reporting segment, **Seamap Marine Products**, providing products and services for marine exploration, survey, and maritime security[55](index=55&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 fiscal 2026 financial performance, attributing revenue decline to delayed orders, while highlighting increased backlog and positive operating cash flow, affirming adequate liquidity Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in thousands) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Net income (loss) | $(970) | $954 | | EBITDA | $(451) | $1,466 | | Adjusted EBITDA | $(179) | $1,514 | - The decline in Q1 revenue was attributed to a significant order of approximately **$4.5 million** being delayed due to third-party component issues, and another **$1.0 million** in orders awaiting customer shipment arrangements, with resolution expected in Q2 fiscal 2026[72](index=72&type=chunk) - The backlog of firm orders increased to approximately **$21.1 million** as of April 30, 2025, up from **$16.9 million** as of January 31, 2025, providing good visibility for the remainder of fiscal 2026[73](index=73&type=chunk) - Strategic initiatives include adapting **SeaLink solid streamer technology** for new applications such as hydrographic surveys for windfarm projects and maritime security[77](index=77&type=chunk)[81](index=81&type=chunk) Seamap Business Performance (in thousands) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | | :--- | :--- | :--- | | Revenues | $7,902 | $9,678 | | Gross Profit | $3,331 | $4,218 | | Gross Profit Margin | 42% | 44% | - General and administrative expenses increased to **$3.4 million** from **$2.8 million** year-over-year, driven by non-recurring costs for restructuring UK operations, tax planning, and higher stock-based compensation[83](index=83&type=chunk) - The company had working capital of **$22.8 million**, including **$9.2 million** in cash, as of April 30, 2025, relying on cash on hand and operating cash flows for liquidity with no credit facility[89](index=89&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from foreign currency fluctuations, with approximately $1.2 million in foreign currency cash holdings, and no exposure to interest rate risk due to absence of debt - The company is exposed to foreign currency risk from transactions denominated in British pounds, Singapore dollars, and Euros, holding approximately **$1.2 million** in foreign currency denominated cash as of April 30, 2025[101](index=101&type=chunk) - A hypothetical **10% adverse change** in the U.S. dollar against these foreign currencies would result in a loss of approximately **$120 thousand** in the value of these cash deposits[102](index=102&type=chunk) - As of April 30, 2025, the company had **no debt**, and therefore no exposure to interest rate risk[103](index=103&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of April 30, 2025, with no material changes to internal control over financial reporting during the quarter - The principal executive and financial officers concluded that the company's disclosure controls and procedures were **effective** as of April 30, 2025[104](index=104&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended April 30, 2025[105](index=105&type=chunk) [PART II. OTHER INFORMATION](index=28&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other required disclosures including legal proceedings, risk factors, sales of equity securities, defaults, mine safety, and exhibits [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings deemed to have a material adverse effect on its financial condition or operations - The company is not currently a party to any **material legal proceedings**[107](index=107&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors since the Annual Report on Form 10-K for the fiscal year ended January 31, 2025 - There have been **no material changes** in risk factors from those described in the Annual Report on Form 10-K for the year ended January 31, 2025[108](index=108&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable for the current reporting period - Not applicable[112](index=112&type=chunk) [Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the current reporting period - Not applicable[109](index=109&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the current reporting period - Not applicable[110](index=110&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) This section is not applicable for the current reporting period - Not applicable[111](index=111&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The exhibits filed with the Form 10-Q include **CEO and CFO certifications** (Exhibits 31.1, 31.2, 32.1) and **Inline XBRL data files** (Exhibits 101 and 104)[113](index=113&type=chunk)[114](index=114&type=chunk)

Financial Data and Key Metrics Changes - MIND Technologies reported first quarter revenues of $7,900,000, down approximately 18% year-over-year due to the timing of $5,500,000 in orders that could not be delivered before quarter end [17][18] - The first quarter gross profit was $3,300,000, resulting in a gross profit margin of 42%, both metrics impacted by lower revenue [18] - The company experienced a net loss of approximately $970,000 compared to net income of $954,000 in the same quarter a year ago [21] - Cash flow from operations improved to approximately $4,100,000, a 98% sequential increase [22] Business Line Data and Key Metrics Changes - The aftermarket activity represented approximately 71% of revenues in the first quarter, significantly up from the historical average of 40% due to deferred system sales [13] - Marine Technology product revenues were impacted by delivery delays, with expectations for improved results in the second quarter [15][17] Market Data and Key Metrics Changes - The backlog of firm orders as of April 30, 2025, was approximately $21,000,000, an increase from $16,200,000 as of January 31, 2025 [9] - The company continues to see strength in key markets, with a favorable customer demand environment expected to drive improved results [17] Company Strategy and Development Direction - MIND Technologies is focused on optimizing its supply chain to manage lead times and meet customer delivery requirements [8] - The company is exploring innovative ways to expand and repurpose existing technology for new applications [24] - MIND aims to enhance shareholder value by pursuing strategic opportunities for growth and expanding its offerings [26] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the balance of the fiscal year despite first quarter shortfalls, expecting a much improved second quarter [8][27] - The macro environment is seen as advantageous, with strong demand for marine technology products across various industries [27] - Management acknowledges the potential impact of global economic uncertainties on customer purchasing decisions but remains confident in the company's backlog and pipeline [25][28] Other Important Information - The company is in the final stages of expanding its facility in Huntsville, Texas, which is expected to contribute significantly to revenue in the future [14][66] - Approximately $80,000,000 of net operating loss carryforwards are available for future use, which management believes can be leveraged [38] Q&A Session Summary Question: Have the delayed deliveries been completed? - Partially delivered, with one large system and a few other orders still pending [33][35] Question: What is the expected cash cycle for the delayed orders? - Expected to complete the cash cycle by the end of Q2 [37] Question: How much net operating loss carryforwards are available? - Approximately $80,000,000 [38] Question: Is there potential for new opportunities in deep-sea mining? - Yes, existing and new customers are looking to expand into exploration survey work, which aligns with MIND's product offerings [44] Question: Are there active master supply agreements with larger customers? - Yes, there are existing agreements that facilitate new business [45][47] Question: What is the expected revenue run rate for the year? - Aiming for a revenue run rate of approximately $48,000,000 to $50,000,000 [73][74] Question: What is the impact of the Texas facility expansion on revenue? - Expected to generate several million dollars a year in additional revenue [66] Question: What is the company's approach to new business lines? - Actively pursuing new opportunities and expanding offerings to existing and new customers [71]

Financial Data and Key Metrics Changes - MIND's first quarter revenues from marine technology product sales totaled $7.9 million, down approximately 18% year-over-year due to the timing of $5.5 million in orders that were unable to be delivered before quarter-end [17][18] - First quarter gross profit was $3.3 million, representing a gross profit margin of 42%, impacted by lower revenue and less cost absorption [19] - The company reported a net loss of approximately $970,000 for the first quarter, compared to net income of $954,000 in the same quarter a year ago [22] Business Line Data and Key Metrics Changes - The aftermarket activity represented approximately 71% of revenues in the first quarter, significantly higher than the historical average of 40%, due to deferrals in system sales [13] - Marine Technology product revenues were affected by the delivery delays, which are expected to be resolved in the second quarter [17][18] Market Data and Key Metrics Changes - The backlog of firm orders as of April 30, 2025, was approximately $21 million, an increase from $16.2 million as of January 31, 2025 [9] - The company continues to see strength in all key markets, with a favorable customer demand environment expected to improve results for the remainder of fiscal 2026 [18] Company Strategy and Development Direction - MIND is focused on optimizing its supply chain to manage lead times and meet customer delivery requirements, which is expected to enhance financial results [7][8] - The company is exploring innovative ways to expand and repurpose existing technology for new applications, aiming to enhance shareholder value [24][27] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the balance of the fiscal year despite the first quarter shortfall, expecting improved performance in the second quarter [7][28] - The macro environment is seen as advantageous for MIND, with strong demand for marine technology products across various industries [28] Other Important Information - The company has a clean, debt-free balance sheet following the conversion of preferred stock to common stock, enhancing financial flexibility [23] - MIND is in the final stages of expanding its facility in Huntsville, Texas, which is expected to contribute significantly to revenue in the future [13] Q&A Session Summary Question: Have the $5.5 million delayed deliveries been completed? - Partially delivered, with one large system and a few other orders still pending [34][36] Question: What is the expected impact of the tax loss carryforwards? - Approximately $80 million in net operating loss carryforwards could be utilized, but generating U.S. income is necessary to unlock that value [40][42] Question: Are there new opportunities in deep-sea mining? - Existing and potential customers are looking to expand their exploration efforts, which aligns with MIND's product offerings [46][47] Question: What is the status of master supply agreements? - MIND currently has master supply agreements with larger customers, facilitating quicker order processing [48][50] Question: What is the expected revenue from the expanded Texas facility? - The facility expansion is expected to generate several million dollars a year in additional revenue [67] Question: How is the company addressing new business lines? - MIND is actively looking to expand its offerings to existing and new customers, which is part of its strategic focus [73]

[MIND Technology, Inc. Fiscal 2026 First Quarter Results](index=1&type=section&id=MIND%20TECHNOLOGY%2C%20INC.%20REPORTS%20FISCAL%202025%20FIRST%20QUARTER%20RESULTS) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) MIND Technology reported Q1 FY2026 revenues of $7.9 million, an operating loss of $658 thousand, and a net loss of $970 thousand Q1 FY2026 Key Financial Metrics | Metric | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | | :--- | :--- | :--- | :--- | | Revenues (in millions) | $7.9 | $15.0 | $9.7 | | Operating Income (Loss) (in thousands) | ($658) | $2,800 | $730 | | Net Income (Loss) (in thousands) | ($970) | $2,000 | $954 | | Net Loss per Share | ($0.12) | $0.25 (Income) | <$0.01 (Income) | | Adjusted EBITDA (from continuing operations) (in thousands) | ($179) | $3,000 | $1,500 | - The backlog for Marine Technology Products (Seamap segment) was approximately **$21.1 million** as of April 30, 2025, an increase from **$16.2 million** at January 31, 2025, but a decrease from **$31 million** at April 30, 2024[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributed Q1 revenue decline to $5.5 million in delayed shipments, but highlighted strong cash flow of $4.1 million and improved liquidity - The Q1 revenue decline was exacerbated by approximately **$5.5 million** of completed orders that were not shipped due to delays in third-party components or customer delivery arrangements, with these shipments now expected in the second quarter[6](index=6&type=chunk) - Despite shipment delays, cash flow from operations grew to approximately **$4.1 million**, increasing the quarter-end cash balance to about **$9.2 million**, indicating improved liquidity[6](index=6&type=chunk) - Management believes the long-term positive trajectory remains intact, supported by a strong backlog and new opportunities, despite some near-term delays in purchase commitments due to global economic uncertainty[7](index=7&type=chunk) - First-quarter general and administrative costs were higher due to normal seasonality, non-recurring costs from a U.K. operations reorganization, and a third-party income tax position analysis[8](index=8&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of April 30, 2025, total assets were $36.2 million, total liabilities $9.6 million, and cash increased to $9.2 million Balance Sheet Highlights (in thousands) | Account | April 30, 2025 | January 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,172 | $5,336 | | Total current assets | $31,708 | $32,115 | | Total assets | $36,226 | $36,720 | | Total current liabilities | $8,941 | $8,645 | | Total liabilities | $9,592 | $9,388 | | Total stockholders' equity | $26,634 | $27,332 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 FY2026, the company reported $7.9 million in revenues, a gross profit of $3.3 million, and a net loss of $970 thousand Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 FY2026 (3 mo ended Apr 30, 2025) | Q1 FY2025 (3 mo ended Apr 30, 2024) | | :--- | :--- | :--- | | Revenues | $7,902 | $9,678 | | Gross Profit | $3,331 | $4,218 | | Operating Income (Loss) | $(658) | $730 | | Net Income (Loss) | $(970) | $954 | | Net Loss per Common Share | $(0.12) | $— | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 FY2026, the company generated $4.1 million in cash from operating activities, increasing cash and cash equivalents to $9.2 million Cash Flow Highlights (in thousands) | Metric | Q1 FY2026 (3 mo ended Apr 30, 2025) | Q1 FY2025 (3 mo ended Apr 30, 2024) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,068 | $(4,753) | | Net cash (used in) provided by investing activities | $(237) | $391 | | Net change in cash and cash equivalents | $3,836 | $(4,365) | | Cash and cash equivalents, end of period | $9,172 | $924 | [Non-GAAP Financial Measures Reconciliation](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20and%20Net%20Cash%20Used%20in%20Operating%20Activities%20to%20EBITDA%20and%20Adjusted%20EBITDA%20from%20Continuing%20Operations) For Q1 FY2026, the company reported an EBITDA loss of $451 thousand and an Adjusted EBITDA loss of $179 thousand Reconciliation to Adjusted EBITDA (in thousands) | Metric | Q1 FY2026 (3 mo ended Apr 30, 2025) | Q1 FY2025 (3 mo ended Apr 30, 2024) | | :--- | :--- | :--- | | Net income (loss) | $(970) | $954 | | Depreciation and amortization | $225 | $267 | | Provision for income taxes | $294 | $245 | | **EBITDA** | **$(451)** | **$1,466** | | Stock-based compensation | $272 | $48 | | **Adjusted EBITDA** | **$(179)** | **$1,514** | - EBITDA and Adjusted EBITDA are presented as important indicators for business performance and liquidity, excluding items like interest, taxes, depreciation, amortization, and certain non-cash charges to help investors analyze core cash operations[23](index=23&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) This section provides details on the Q1 FY2026 investor conference call, corporate profile, and standard legal disclaimers - A conference call to discuss Q1 FY2026 results is scheduled for Wednesday, June 11, 2025, at 9:00 a.m. Eastern Time[11](index=11&type=chunk) - MIND Technology provides technology to various marine-focused industries, and its Seamap unit designs and manufactures marine exploration and survey equipment[12](index=12&type=chunk) - The report includes forward-looking statements and advises readers not to place undue reliance on them due to significant risks and uncertainties[13](index=13&type=chunk)[15](index=15&type=chunk)

Company Overview - MIND Technology, Inc. provides technology solutions to various industries including oceanographic, hydrographic, defense, seismic, and security [2] - The company is headquartered in The Woodlands, Texas, and has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom [2] Recent Developments - MIND's Seamap unit has received an order for a GunLink source controller and associated equipment from Sanco Holdings A/S, valued at over $4.0 million [1] - The delivery of this order is expected within the current fiscal year [1] - Demand for MIND's source controller technology remains strong, with several opportunities anticipated for the remainder of the fiscal year and beyond [2]

Core Viewpoint - MIND Technology, Inc. is set to release its financial results for the first quarter of fiscal 2026 on June 10, 2025, with a conference call scheduled for June 11, 2025, to discuss the results [1][2]. Company Information - MIND Technology, Inc. specializes in providing technology for the oceanographic, hydrographic, defense, seismic, and security industries [3]. - The company is headquartered in The Woodlands, Texas, and has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom [3]. - The Seamap unit of MIND Technology designs, manufactures, and sells specialized, high-performance marine exploration and survey equipment [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-13490 MIND Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 76-0210849 (State or other jurisdiction of incorporatio ...

Core Viewpoint - MIND Technology, Inc. has shown significant stock performance improvement and financial growth in fiscal 2025, despite a decline in backlog for its Marine Technology Products segment. Financial Performance - For Q4 fiscal 2025, MIND Technology reported net income of $0.25 per share, down from $0.35 per share in the same quarter last year [2] - Revenues from continuing operations reached approximately $15 million, a 12.5% increase from $13.4 million in Q4 fiscal 2024 [2] - Operating income improved to $2.8 million, a 20% increase from $2.3 million a year ago [3] - Adjusted EBITDA from continuing operations grew to $3 million, indicating a 15.4% year-over-year growth [3] - Net income attributable to common shareholders was $2 million, compared to $0.5 million in the prior-year quarter [3] Key Business Metrics - The backlog of Marine Technology Products within the Seamap segment was approximately $16.2 million as of Jan. 31, 2025, down from $38.4 million a year earlier [4] - Post-quarter-end, the company secured orders totaling approximately $15.9 million [4] - Cash on hand at the end of the quarter was around $5.3 million, with positive cash flow generated from operations [4] Management Insights - CEO Rob Capps expressed satisfaction with the company's performance and highlighted confidence in future growth due to market conditions and business pipeline [5] - The company is considering strategic options, including mergers, acquisitions, or a potential sale, and has retained Lucid Capital Markets LLC for this purpose [5] Revenue Drivers - Revenue growth was driven by increased sales of marine technology products, with gross profit rising to $6.6 million from $6.2 million [6] - Operating expenses declined slightly, aided by reduced research and development spending and lower depreciation and amortization costs [6] Full Year Update - For the full fiscal year 2025, revenues totaled $46.9 million, a 28.4% increase from $36.5 million in fiscal 2024 [8] - Operating income surged to $6.8 million from $0.5 million in the prior year [8] - Net income attributable to common shareholders jumped to $17.6 million, or $4.32 per share, compared to a loss of $3.5 million, or $2.50 per share, in the prior year [8][9] - Adjusted EBITDA for the year was $8.2 million, a significant increase from $2.3 million in fiscal 2024 [9] Other Developments - Management plans to file a shelf registration statement with the SEC, providing flexibility to raise funds for internal growth projects or potential acquisitions [10]

Financial Data and Key Metrics Changes - MIND Technology reported record fiscal 2025 results with fourth quarter revenues of $15 million, up 12% year-over-year and 24% sequentially [20][26] - Full year revenue reached approximately $46.9 million, representing a 28% increase over the previous year, marking the highest annual revenue for the Seamap business [27] - Gross profit for the full year was approximately $21 million, a 31% increase compared to fiscal 2024, resulting in a gross profit margin of approximately 45% [28] - Operating income for the fourth quarter was approximately $2.8 million, compared to $2.3 million in the same quarter of 2024, with full year operating income of $6.8 million, an increase of approximately $6.3 million from 2024 [31] - Net income from continuing operations for the fourth quarter was $2 million, improving 36% from the same quarter a year ago, while total net income for 2025 was approximately $5.1 million compared to a loss of $1.1 million in 2024 [32] Business Line Data and Key Metrics Changes - Marine Technology product revenues for the fourth quarter were $15 million, and for the full fiscal year, they totaled $46.9 million, both showing significant growth [20][26] - Approximately 40% of revenue comes from aftermarket activities, which are expected to grow as the installed base of Seamap products expands [17] Market Data and Key Metrics Changes - The general market conditions within the Marine Technology space remain strong, with numerous opportunities and inquiries being fielded [22] - The company has a backlog of approximately $16 million entering fiscal 2026, with additional orders received post-year-end supporting this backlog [13][14] Company Strategy and Development Direction - MIND Technology aims to enhance its scale and is exploring various strategic alternatives, including organic growth opportunities and potential acquisitions [40][41] - The company is focused on optimizing its supply chain and improving operational efficiencies to drive revenue improvements [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued success, citing improved liquidity and a strong demand environment [11][12] - The company anticipates fluctuations in quarterly revenue but believes it is strategically positioned for growth and profitability in the coming periods [12][46] - Management noted that the majority of revenues are generated from international markets, reducing the impact of U.S. trade tariffs [38][39] Other Important Information - The company has retained Lucid Capital Markets to assist in identifying and analyzing growth opportunities [42] - A shelf registration statement will be filed with the SEC to provide financial flexibility for future growth opportunities [43] Q&A Session Summary Question: Discussion on pipeline and backlog - Management confirmed confidence in future orders not yet in backlog due to ongoing negotiations with customers [56][58] Question: Shelf registration and historical context - Management clarified that the shelf registration is a common practice and a return to normalcy after previous restrictions [61][62] Question: Growth targets and capacity - Management indicated substantial capacity for growth exists, with a focus on achieving greater scale [63][64] Question: Order book outlook and industry trends - Management highlighted opportunities in ocean bottom mapping and other applications beyond traditional energy exploration [81][84] Question: Defense market engagement - Management acknowledged past pauses in defense market efforts but expressed hope for re-engagement [88][89] Question: Overall expectations for fiscal 2026 - Management expects marginally better performance in fiscal 2026 compared to fiscal 2025, with a focus on maintaining margins [93][94]

Financial Data and Key Metrics Changes - MIND Technologies reported record revenues of approximately $15 million for the fourth quarter and $46.9 million for the full fiscal year 2025, representing a year-over-year growth of about 12% and 28% respectively [13][18] - Full year gross profit was approximately $21 million, a 31% increase compared to fiscal 2024, resulting in a gross profit margin of approximately 45% for the year [18][19] - Net income from continuing operations for the fourth quarter was $2 million, a 36% improvement from the same quarter a year ago, while total net income for 2025 was approximately $5.1 million compared to a loss of $1.1 million in 2024 [21][22] Business Line Data and Key Metrics Changes - Marine Technology product revenues for the fourth quarter were $15 million, and for the full fiscal year, they reached $46.9 million, marking significant growth [13][18] - Approximately 40% of revenue comes from aftermarket activities, which are expected to grow as the installed base of CMAP products expands [11] Market Data and Key Metrics Changes - The company has a backlog of approximately $16 million entering fiscal 2026, with an additional $15.9 million in orders received post-year-end [9][10] - The general market conditions within the marine technology space remain strong, with ongoing inquiries and requests for quotations indicating a favorable demand environment [14] Company Strategy and Development Direction - MIND Technologies aims to enhance its scale through organic growth opportunities, potential acquisitions, or strategic combinations, emphasizing the need to be bigger to realize its potential [27][28] - The company is focusing on developing next-generation products, such as the ultra-high resolution SeaLink streamer systems, to maintain a competitive advantage [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning, citing improved liquidity, operational efficiency, and a strong pipeline of opportunities [6][9] - The company does not anticipate a material direct impact from potential trade tariffs due to its revenue generation primarily from international markets [25][26] - While the first quarter results are expected to normalize, management remains confident about achieving positive adjusted EBITDA and continued profitability throughout fiscal 2026 [31][32] Other Important Information - The company has retained Lucid Capital Markets to assist in identifying and analyzing growth opportunities, indicating a proactive approach to strategic evaluation [29] - MIND Technologies plans to file a shelf registration statement to maintain financial flexibility for future growth opportunities [30] Q&A Session Summary Question: Insights on pipeline and backlog - Management confirmed high confidence in future orders that are not yet in backlog due to ongoing negotiations and customer interactions [40][41] Question: Expectations for EBITDA margins - Management acknowledged sensitivity to volume affecting EBITDA margins but expressed optimism about enhancing productivity and maintaining margins [58][60] Question: Potential order book outlook and market expansion - Management highlighted opportunities in ocean bottom mapping and other applications, indicating a broadening addressable market beyond traditional energy exploration [62][64] Question: Progress in defense space utilization - Management indicated a pause in defense initiatives but expressed hope to reengage in that market moving forward [67] Question: Overall growth expectations for fiscal year 2026 - Management anticipates marginally better performance in fiscal 2026 compared to fiscal 2025, despite not expecting the same growth rate [70]