Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2023 or ☐ 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: 001-13490 MIND TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 76-0210849 (Sta ...

Financial Data and Key Metrics - The company reported a net income of approximately $568,000 for Q3 2024, driven by a gain of $2.4 million from the sale of Klein [9] - Adjusted EBITDA from continuing operations was a loss of $1.1 million, compared to a loss of $2.4 million in the same quarter last year [9] - Working capital stood at approximately $16.5 million, with $5.6 million in cash on hand as of October 31, 2023 [10] - Gross profit for Q3 was $2.3 million, up from $862,000 in the prior-year period, with a gross profit margin of 45% [38] - Operating loss improved by nearly 50% to $1.5 million, compared to a loss of $2.9 million in Q3 2023 [41] Business Line Performance - Marine Technology Products revenue was approximately $5 million in Q3, significantly lower than expected due to component delivery delays [28] - The backlog for Marine Technology Products reached a record $37.4 million, more than double the $17 million backlog at the end of July [26][22] - The company expects a significant revenue increase in Q4 as delayed orders are completed and delivered [30] Market Performance - The company's Marine Technology Products are penetrating various industries, with strong demand in exploration, defense, and survey markets [32] - A new supply agreement with a major international seismic contractor is expected to drive additional orders in Q4 and beyond [27] - The backlog includes over $5 million related to SeaLink ultra-high resolution 3-D seismic streamer systems for offshore wind farms and green energy projects [33] Strategic Direction and Industry Competition - The company has streamlined operations by selling Klein, which has improved liquidity and eliminated high-cost debt [10][25] - The focus is on profitability and leveraging the growing backlog to achieve sustainable revenue growth [12][17] - The company is well-positioned to capitalize on favorable market dynamics, particularly in the maritime technology sector [14][32] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's future, citing a record backlog and favorable market conditions [12][14] - Supply chain issues, while improved, continue to impact results, but delayed orders are expected to be fulfilled in Q4 [29] - The company anticipates meaningful financial improvements in Q4 and fiscal 2025 as the backlog converts to revenue [17] Other Important Information - The company declared and paid a dividend on preferred stock for Q3 but does not expect to declare further dividends in the foreseeable future due to capital needs for business growth [15] - General and administrative expenses decreased slightly to $2.9 million, with further cost reductions expected in Q4 and fiscal 2025 [39] - Research and development expenses were $508,000, focused on next-generation streamer systems and Spectral Ai Software Suite development [40] Q&A Session Summary Question: Backlog and Revenue Realization - The backlog increased to $37.4 million, with $5-6 million deferred from Q3 expected to be realized in Q4 [22][23] - Component delays pushed some shipments to Q4, but the company expects to catch up by the end of the calendar year [23] Question: Working Capital and Dividend Policy - The company is cautious about reinitiating dividends due to increased working capital requirements from growing business [7][15] - Management emphasized the need to prioritize business execution over dividend payments [62] Question: Inventory and Cash Flow - Inventories increased by approximately $3 million over the last six months, with cash flow expected to improve as inventory is sold [83][84] Question: Preferred Stock and Capital Strategy - The company is exploring alternatives to manage the preferred stock dividend burden, including potential capital-raising strategies [72][86] - Management acknowledged the need to balance business growth with shareholder value creation [87]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 or ☐ 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: 001-13490 MIND TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 76-0210849 (State ...

Company Participants Operator Thank you, operator. Good morning and welcome to the MIND Technology Fiscal 2024 second quarter earnings conference call. We appreciate you joining us today. With me are Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer. Rob Capps As we've previously disclosed, consideration from the sale was $11.5 million in cash. We used a portion of these proceeds to repay the $3.75 million term loan from earlier this year. After trans ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 or ☐ 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: 001-13490 MIND TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 76-0210849 (State ...

MIND Technology, Inc. (NASDAQ:MIND) Q1 2024 Earnings Conference Call June 14, 2023 9:00 AM ET Conference Call Participants Greetings. Welcome to the MIND Technology First Quarter 2024 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. Thank you, operator. Good morning, and welcome to the MIND Technology fiscal 2024 first quarter earnings confere ...

1 Fiscal Fourth Quarter Highlights 5 • Liquidity demands • In business more than 50 years RE THINKING. LEADING TECI MOTIVATE I INNOVATE I NAVIGATE I DISCOVER 17 • Re-using our commercial streamer technology for military ASW and maritime security markets FUTURE THINKING. LEADING TECHNOLOGIES. • Order and inquiry activity continues to be encouraging Quarterly Revenue Trend d Primary Products and Technology Growth Drivers Passive Sea Serpent – ASW and Maritime Security • Exclusively for Klein side scan sonars ...

Table of Contents 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, 2023 or ☐ 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 jurisdi ...

And now with all that behind me, I???d like to turn the call over to Rob Capps. Rob? Despite the significant increase in revenues, we maintained and even increased our backlog. As of January 31, our backlog of firm orders stood at $20.7 million compared to $13.1 million at the end of fiscal 2022 and $19.9 million at the end of last quarter. We think this bodes well for fiscal 2024 and indicates favorable trends. We believe that the current market environment is advantageous for MIND. We continue to see subs ...

MIND Technology, Inc. 1 Fiscal Fourth Quarter (ended January 31, 2023) Conference Call April 20, 2023 FUTURE THINKING. LEADING TECHNOLOGIES. Certain statement and information in this presentation may constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," or other similar expr ...