The UK opened applications for the latest offshore wind subsidy auction as the government tries to secure enough capacity to make it possible to run a carbon-free electricity grid by 2030 https://t.co/IneVLOMlTw ...

“There are certain types of projects that really won’t move forward, in particular offshore wind.”This week on “Checks and Balance” @chowardchoward weighs up the impact of the “Big Beautiful Bill” on America’s energy sector https://t.co/etfE81rgEg ...

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]