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 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, 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]