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]

THE WOODLANDS, Texas, May 28, 2025 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) announced today that it will release financial results for its fiscal 2026 first quarter ended April 30, 2025 after the market closes on Tuesday, June 10, 2025. In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, for Wednesday, June 11th at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. What:  MIND Technology Fiscal 2026 First Quarter Earnings ...

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]

Financial Data and Key Metrics Changes - MIND Technologies reported record revenues of approximately $15 million for the fourth quarter, representing a 12% increase year-over-year and a 24% increase sequentially from the previous quarter [17] - Full year revenue reached approximately $46.9 million, up 28% from the previous year, marking the highest annual revenue ever reported by the company [18] - Full year gross profit was approximately $21 million, a 31% increase compared to the previous year, resulting in a gross profit margin of approximately 45% [18] - Adjusted EBITDA for fiscal 2025 was $8.2 million, an increase of approximately 256% compared to 2024 [21] - Net income from continuing operations for the fourth quarter was $2 million, a 36% improvement year-over-year, while total net income for 2025 was approximately $5.1 million compared to a loss of $1.1 million in 2024 [21] Business Line Data and Key Metrics Changes - Marine Technology product revenues for the fourth quarter were $15 million and $46.9 million for the full fiscal year, both showing meaningful growth [13] - 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 after year-end [9] - The general market conditions within the marine technology space remain strong, with ongoing inquiries and requests for quotations [14] Company Strategy and Development Direction - MIND Technologies aims to capitalize on organic growth opportunities and is open to acquisitions or strategic combinations to enhance scale [27][29] - The company is focused on optimizing its supply chain and improving operational efficiency to drive revenue improvements [12] - Investments are being made to develop the next generation of ultra-high resolution SeaLink streamer systems [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued success, citing improved order visibility and a strong demand environment [7][10] - The company does not anticipate a material direct impact from potential trade tariffs due to its revenue being primarily generated outside the United States [25] - Management expects first quarter results to normalize but remains confident about the full year outlook [30] Other Important Information - The company maintains a clean, debt-free balance sheet and has no immediate plans to raise additional capital, although it intends to file a shelf registration statement for future flexibility [28][22] Q&A Session Summary Question: Can you elaborate on the pipeline and backlog, including aftermarket services? - Management confirmed high confidence in future orders not yet in backlog due to ongoing negotiations and customization requirements [39][40] Question: What is the expected EBITDA margin for the current fiscal year? - Management indicated sensitivity to volume but sees opportunities to enhance productivity and maintain margins similar to the previous year [58][60] Question: How does the company fit into the expanding market for ocean bottom mapping and sea mining? - Management noted that their ultra-high resolution streamer systems are being utilized for various applications, including ocean bottom mapping and pipeline monitoring [63][64] Question: Any updates on utilizing systems in the defense space? - Management is hopeful to restart engagement in the defense sector, which was previously paused to focus on profitability [67] Question: Will the company consider strategic partnerships for growth capital? - Management acknowledged the potential for strategic partnerships to support growth opportunities rather than solely relying on public market capital [71]

Financial Performance - Revenues from continuing operations for Q4 fiscal 2025 were approximately $15.0 million, a 24.0% increase from $12.1 million in Q3 fiscal 2025 and a 11.9% increase from $13.4 million in Q4 fiscal 2024[2] - Operating income from continuing operations for Q4 fiscal 2025 was approximately $2.8 million, compared to $1.9 million in Q3 fiscal 2025 and $2.3 million in Q4 fiscal 2024; full year operating income was $6.8 million compared to $518,000 in fiscal 2024[3] - Net income for Q4 fiscal 2025 was approximately $2.0 million, or $0.25 per share, compared to $1.3 million, or $0.35 per share in Q4 fiscal 2024[3] - Adjusted EBITDA from continuing operations for Q4 fiscal 2025 was approximately $3.0 million, up from $2.0 million in Q3 fiscal 2025 and $2.6 million in Q4 fiscal 2024[4] - Revenues from marine technology products for the three months ended January 31, 2025, increased to $15,044 thousand, up 12.4% from $13,378 thousand in the same period of 2024[18] - Gross profit for the twelve months ended January 31, 2025, was $20,967 thousand, representing a 31.3% increase compared to $15,971 thousand in 2024[18] - Operating income for the twelve months ended January 31, 2025, rose to $6,818 thousand, compared to only $518 thousand in 2024[18] - Net income for the twelve months ended January 31, 2025, was $5,074 thousand, a significant increase from $274 thousand in 2024[18] - Adjusted EBITDA from continuing operations for the twelve months ended January 31, 2025, was $8,237 thousand, compared to $2,311 thousand in 2024, marking a 256.2% increase[22] Financial Position - Cash on hand at the end of Q4 fiscal 2025 was approximately $5.3 million, indicating a solid financial position with positive cash flow from operations[6] - Total assets as of January 31, 2025, were $36.7 million, an increase from $33.5 million in 2024[16] - Total stockholders' equity increased to $27.3 million as of January 31, 2025, compared to $22.6 million in 2024[16] - Cash and cash equivalents at the end of the period on January 31, 2025, were $5,336 thousand, slightly up from $5,289 thousand at the beginning of the period[20] Operational Efficiency - Total operating expenses for the twelve months ended January 31, 2025, decreased to $14,149 thousand from $15,453 thousand in 2024, reflecting a reduction of 8.4%[18] - The company reported a net cash provided by operating activities of $651 thousand for the twelve months ended January 31, 2025, compared to a net cash used of $4,967 thousand in 2024[20] - The company experienced a decrease in accounts receivable by $5,246 thousand for the twelve months ended January 31, 2025, compared to a decrease of $3,343 thousand in 2024[20] Strategic Initiatives - The company is exploring options for additional scale, including organic growth opportunities and potential acquisitions, and has retained Lucid Capital Markets LLC for assistance[7] - The company plans to file a shelf registration statement with the SEC to prepare for potential future capital needs related to growth projects or acquisitions[8] - Preferred stock dividends declared were $946 thousand in 2024, which the company did not declare in 2025, indicating a strategic shift in capital allocation[20] Backlog Information - The backlog of Marine Technology Products as of January 31, 2025, was approximately $16.2 million, down from $26.2 million at October 31, 2024, and $38.4 million at January 31, 2024; however, firm orders totaling approximately $15.9 million were booked after January 31, 2025[5]

Group 1 - Mind Technologies (MIND) is set to report earnings on April 22, which is anticipated by investors [1] - The last earnings call in early December showed significant growth, with year-over-year revenues increasing from $4.9 million to $12.1 million [1] - Net income from continued operations improved from a loss of $1.7 million [1]

Core Viewpoint - MIND Technology, Inc. is set to release its financial results for the fiscal year 2025, with a conference call scheduled to discuss these results shortly after the announcement [1][2]. Group 1: Financial Results Announcement - MIND Technology will announce its fiscal 2025 fourth quarter and full year financial results on April 22, 2025, after market close [1]. - A conference call to discuss the financial results is scheduled for April 23, 2025, at 9:00 a.m. Eastern Time [2]. Group 2: Conference Call Details - The conference call can be accessed live via phone or the internet, with a specific dial-in number and web address provided for participants [2]. - A replay of the conference call will be available until April 30, 2025, and an archive of the webcast will be accessible for 90 days after the call [2]. Group 3: Company Overview - MIND Technology, Inc. specializes in providing technology for various industries, including oceanographic, hydrographic, defense, seismic, and security sectors [3]. - The company is headquartered in The Woodlands, Texas, and has a global presence with operations in the United States, Singapore, Malaysia, and the United Kingdom [3].