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].

Asset Management and Financial Reporting - The company periodically assesses long-lived assets for impairment, which could negatively affect results if future cash flows fall below net book value[96]. - A material weakness in internal control over financial reporting could lead to material misstatements in financial statements, affecting investor confidence and the market price of the Common Stock[131]. - Effective internal control is essential for accurate financial reporting, and failures in this area could lead to significant operational disruptions[130]. Compliance and Regulatory Risks - The company faces potential fines and sanctions for non-compliance with anti-bribery laws, which could adversely affect business operations and reputation[97]. - Environmental regulations may increase compliance costs and liabilities, potentially reducing demand for the company's products and services[99]. - Compliance with data protection laws may elevate costs and expose the company to potential penalties and liabilities[108]. - The company has adopted a Code of Business Conduct and Ethics, but risks remain regarding employee misconduct and compliance with laws and regulations[122]. Operational and Management Risks - The company plans to grow through strategic acquisitions, but ineffective management of these acquisitions could adversely affect performance[109]. - As of January 31, 2025, the company had approximately 146 employees and anticipates increasing this number, which may strain management resources[118]. - The company may face operational disruptions due to health epidemics, which could materially impact liquidity and financial condition[114]. - The company relies on key management personnel, and the loss of such personnel could have a material adverse effect on operations[119]. Market and Financial Performance - The company's stock prices have been volatile, which could adversely affect its ability to attract qualified personnel and obtain additional financing[123]. - If the price of the Common Stock remains low or declines, the company's ability to raise funds through equity issuance will be reduced, potentially limiting its operating and growth plans[124]. - The company may issue securities with rights senior to its Common Stock, which could dilute or negatively affect the value of the Common Stock[126]. - The company faces risks related to operating results that vary from analyst expectations and market conditions, which could impact stock performance[127]. Corporate Governance and Control - Provisions in the company's certificate of incorporation and Delaware law may discourage takeover attempts, potentially reducing stockholder opportunities for premium sales[128]. - The company is governed by Section 203 of the Delaware General Corporation Law, which could delay or prevent changes in control that stockholders might consider beneficial[129]. Cybersecurity and Environmental Concerns - The company is exposed to risks related to cybersecurity threats, which could lead to financial losses and damage to reputation[105]. - Increasing concerns regarding climate change may lead to regulatory changes that adversely affect demand for oil and gas products[102].

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]