Core Viewpoint - MIND Technology, Inc. has announced a collaboration with GWL Overseas Ltd. to develop and promote GWL's Floatseis data acquisition system, which is considered a novel autonomous marine data acquisition technology [1][2]. Company Overview - MIND Technology, Inc. provides technology solutions for various industries including oceanographic, hydrographic, defense, seismic, and security sectors. The company is headquartered in The Woodlands, Texas, and has a global presence with key operations in the United States, Singapore, Malaysia, and the United Kingdom [3]. - The Seamap unit of MIND designs, manufactures, and sells specialized high-performance marine exploration and survey equipment [3]. Collaboration Details - Mark Welker, Vice President of MIND and Managing Director of Seamap, expressed enthusiasm about refining and producing the Floatseis system for commercial deployment [2]. - Nikolay Amelin, CEO of GWL, highlighted the positive reception of the Floatseis concept and emphasized that the collaboration will leverage Seamap's production and support capabilities alongside GWL's development expertise to expedite the system's entry into the seismic data acquisition market [2].

Financial Data and Key Metrics Changes - In Q2 2025, total revenue increased by 31.8% to $7 million from $5.3 million in Q2 2024 [36] - Operating income decreased by 19.5% to $1.1 million compared to $1.4 million in Q2 2024 [41] - Gross profit margin decreased to 64.1% from 70.2% in the same quarter last year [37] - Net income after tax was $900,000 or $0.08 per diluted share, down from $1.4 million or $0.13 per diluted share in Q2 2024 [41] Business Line Data and Key Metrics Changes - The marine technology business generated revenue of $3.9 million, a 10% increase from $3.5 million in Q2 2024 [36] - The marine engineering business revenue increased by 2.3% to $1.84 million from $1.8 million [36] - The newly acquired Precision Acoustics Limited contributed 18.5% to consolidated revenue and 13.4% to operating income [17] Market Data and Key Metrics Changes - Hardware sales to Asia rose by approximately 105%, reaching $2.2 million compared to $1.1 million in Q2 2024 [14] - The marine technology business accounted for 55.3% of total consolidated revenue in Q2 2025 [7] Company Strategy and Development Direction - The company is focusing on increasing market share in underwater imaging sensors, particularly in the defense sector [9] - The launch of the NanoGen series aims to address smaller underwater vehicles and enhance market opportunities [11][23] - The company is pursuing a multi-year, multi-sales model for its marine technology business, particularly with the DAVID product line [46] Management's Comments on Operating Environment and Future Outlook - Management noted a strong level of inquiries in the marine technology business, particularly for the Echoscope technology [50] - The company is optimistic about the utilization of its rental fleet and ongoing rentals for longer periods [15] - Management acknowledged the impact of the weakening US dollar on operating costs and gross profit margins [43] Other Important Information - The company is under contract for five development programs related to the DAVID system, focusing on integration with existing equipment [55] - The company plans to continue its M&A strategy but has paused new acquisitions until the global policy environment stabilizes [46] Q&A Session Summary Question: What led to the stronger than expected second quarter demand from Marine Products? - Management observed strong inquiries around Echoscope technology, particularly from Asia, and a pickup in DAVID program sales [50] Question: Timing for the new NanoGen release and customer feedback? - The NanoGen series is expected to launch after trials at the end of the month, addressing the needs of smaller underwater vehicles [51][52] Question: Expected gross margin percentage for the back half of the year? - Management expects gross margins to improve in the second half, returning to typical levels around 70% [68] Question: Revenue contribution from the delivery of 16 DAVID untethered systems? - The delivery of 16 units is expected to generate around $800,000 in revenue [78]

Financial Data and Key Metrics Changes - In Q2 2025, total revenue increased by 31.8% to $7 million from $5.3 million in Q2 2024 [36] - Operating income decreased by 19.5% to $1.1 million compared to $1.4 million in Q2 2024 [40] - Gross profit increased to $4.5 million, but gross margin decreased to 64.1% from 70.2% in the prior year [37][41] - Net income after tax was $900,000 or $0.08 per diluted share, down from $1.4 million or $0.13 per diluted share in Q2 2024 [41] Business Line Data and Key Metrics Changes - The marine technology business generated $3.9 million in revenue, a 10% increase from $3.5 million in Q2 2024 [36] - The marine engineering business saw a revenue increase of 2.3% to $1.84 million [36] - The newly acquired Precision Acoustics Limited contributed 18.5% to consolidated revenue and 13.4% to operating income [17][36] Market Data and Key Metrics Changes - Hardware sales to Asia rose by approximately 105%, reaching $2.2 million compared to $1.1 million in Q2 2024 [14] - The marine technology business accounted for 55.3% of total consolidated revenue in Q2 2025 [6] Company Strategy and Development Direction - The company is focusing on increasing market share in underwater imaging sensors, particularly in the defense sector [9] - The launch of the NanoGen series is aimed at addressing smaller underwater vehicles and enhancing market opportunities [11][24] - The company is pursuing a multi-year, multi-sales model for its marine technology business [47] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging global policy environment but expressed optimism about increasing inquiries and rental utilization [5][15] - The company is focused on executing its growth strategy and adapting to changes in the defense market [46] Other Important Information - The company is under contract for five development programs related to the DAVID system, which integrates with existing diving equipment [55][58] - The company has paused its M&A strategy until the global policy environment stabilizes [47] Q&A Session Summary Question: What led to the stronger than expected second quarter demand from Marine Products? - Management noted strong inquiries around Echoscope technology, particularly from Asia, and a pickup in DAVID program sales [50] Question: What is the expected timing for the new NanoGen release? - The NanoGen series is on the cusp of release, with trials expected to conclude by the end of June [52] Question: Can you provide a range of sizes for the development programs? - The five programs primarily focus on integrating the DAVID system with existing underwater breathing apparatus equipment [55] Question: What progress is CODA making in securing design wins for next-generation underwater vehicles? - Management indicated ongoing evaluations and integration of Echoscope technology into various defense programs [60] Question: Should gross margin percentages be modeled for the back half of the year? - Management expects gross margins to improve in the second half of the year, returning to typical levels [70] Question: What revenue contribution might the delivery of 16 DAVID untethered systems generate? - The expected revenue from delivering 16 units is around $800,000 [78]

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]

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]

Core Insights - Ocean Power Technologies, Inc. has secured a contract from a new international government customer for a fully integrated WAM-V, which will be assembled and shipped immediately, indicating strong demand for its systems in the market [1][2] Company Overview - Ocean Power Technologies specializes in innovative low-carbon marine power solutions, providing services for various sectors including defense, oil and gas, science and research, and offshore wind [3] - The company offers products such as PowerBuoy® platforms for clean electric power and real-time data communications, as well as WAM-V® unmanned surface vehicles and marine robotics services [3] Market Expansion - Recent efforts in Latin America and the Middle East have driven increased interest in the company's systems, contributing to the conversion of pipeline to backlog and further growth opportunities [2]