Core Insights - MIND Technology, Inc. has experienced a significant decline in share price, dropping 19.8% since its earnings report for the quarter ended October 31, 2025, compared to a 0.4% decline in the S&P 500 index during the same period [1] Financial Performance - For the fiscal third quarter of 2026, MIND reported a net income of $0.01 per share, a sharp decrease from $2.87 in the same quarter of the previous year, which had benefited from the conversion of preferred stock to common shares [2] - Revenues for the quarter were approximately $9.7 million, down 20% from $12.1 million in the third quarter of fiscal 2025, with net income falling to $0.06 million from $1.3 million year-over-year [2] - Adjusted EBITDA was $1.3 million, reflecting a 34.9% decline from $2 million in the prior year, while gross profit decreased to $4.5 million from $5.4 million [3] Operating Metrics - Operating income fell to $0.8 million from $1.9 million in the prior-year quarter, although cash flow from operating activities turned positive at $3.8 million compared to a $1.4 million outflow in the same period of fiscal 2025 [4] - The company had $19.4 million in cash and $36 million in working capital as of October 31, 2025, a significant increase from $5.3 million in cash and $32.1 million in working capital at the beginning of the fiscal year [5] Order Backlog - The Marine Technology Product backlog was $7.2 million at the end of the quarter, down from $26.2 million a year ago, but MIND received additional orders worth $9.5 million after the quarter, which may enhance future revenues [6] Management Commentary - The CEO noted that the fiscal third-quarter results met expectations despite a decline in Seamap revenues, with higher-margin aftermarket activity contributing approximately 64% of revenues in the first nine months of fiscal 2026 [7] - Management expressed confidence in a stronger fourth quarter based on backlog deliveries and recent orders [10] Capital Structure - MIND raised $11 million through its At-The-Market equity program during the quarter, improving its cash position and supporting strategic growth initiatives [8] Performance Influencers - The decline in quarterly revenues was primarily due to lower Seamap product sales, with operating expenses increasing modestly driven by higher selling, general, and administrative costs [9]

Core Insights - Ocean Power Technologies, Inc. (OPT) reported a significant increase in backlog and pipeline, indicating strong commercial momentum despite challenges from a federal government shutdown [3][7]. Financial Results - For the fiscal second quarter ended October 31, 2025, revenues were $0.4 million, down from $2.4 million in the same period last year, primarily due to timing impacts from the U.S. federal government shutdown [7]. - Gross profit for the quarter was a loss of $1.4 million, compared to a profit of $0.8 million in the prior year [7]. - Operating expenses increased to $8.7 million for the quarter, up from $4.7 million in the same period last year, driven by higher non-cash stock-based compensation and increased headcount [7]. - Net losses for the quarter were $10.8 million, compared to $3.9 million in the same quarter of the previous year [7]. Backlog and Pipeline - Backlog increased to approximately $15.0 million, a rise of $11.2 million or nearly 300% year-over-year [3][7]. - The pipeline as of October 31, 2025, stood at $137.5 million, reflecting a 63% increase from $84.4 million a year earlier [3]. Strategic Partnerships - In November 2025, OPT signed a strategic partnership with Mythos AI to enhance its WAM-V® ASVs and PowerBuoy® platforms with advanced AI-driven autonomy, expanding its addressable market [3]. - Another partnership with Gradient Marine was established to integrate digital-twin and simulation capabilities, which will improve product development cycles and operational reliability [3]. Operational Highlights - During the quarter, OPT shipped eight WAM-V® autonomous surface vehicles, demonstrating its ability to scale manufacturing and meet rising demand [3]. - The company completed critical demonstrations in Latin America and the UAE, maintaining a production cadence of shipping a WAM-V approximately every two to three weeks [4]. Certification and Training - OPT became certified by AUVSI as a Trusted Uncrewed Maritime Systems Operator Training Provider, allowing it to deliver industry-standardized USV operator training [3]. Cash Position - As of October 31, 2025, combined cash and cash equivalents were $11.7 million, up from $6.7 million at the beginning of the fiscal year [7].

Financial Data and Key Metrics Changes - The company's third-quarter revenues from marine technology product sales totaled $9.7 million, slightly down sequentially but still profitable, indicating resilience in uncertain market conditions [11][12] - Gross profit for the third quarter was $4.5 million, representing a gross profit margin of 47%, an improvement from 45% in the same quarter a year ago, primarily due to a favorable product mix [14] - Net income for the third quarter was $62,000, down from $1.3 million in the same quarter a year ago, influenced by an increased effective tax rate [16] Business Line Data and Key Metrics Changes - The aftermarket business accounted for approximately 64% of total revenues in the first nine months of the fiscal year, providing a stable and recurring revenue stream [11][10] - The backlog of firm orders as of October 31, 2025, was approximately $7.2 million, down from $12.8 million as of July 31, 2025, but new orders totaling about $9.5 million were received after the quarter ended [7][8] Market Data and Key Metrics Changes - The company noted that many customers are taking a wait-and-see approach to larger system orders due to geopolitical and economic uncertainties, but the long-term outlook for the seismic exploration industry remains positive [8][19] - The company has established strong relationships with customers and maintains a dominant position in the marine technology market, which is expected to support future growth [9][19] Company Strategy and Development Direction - The company aims to capitalize on pockets of demand and is focused on maintaining profitability through cost structure optimization and production efficiencies [5][12] - Future growth strategies include potential mergers and acquisitions, investments in organic growth opportunities, and strategic alliances with industry partners [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving improved results in the fourth quarter despite current market uncertainties, viewing the recent lull in order activity as temporary [18][20] - The company anticipates a clear picture of fiscal 2027 on the next call, emphasizing the importance of maintaining a streamlined operation and strong balance sheet [19][20] Other Important Information - The company raised approximately $11 million through share issuance via its ATM program, enhancing its financial flexibility [17][22] - The company is expanding its test field facility to support larger manufacturing and product repair projects, which is expected to increase aftermarket activity [11][10] Q&A Session Summary Question: Confidence in fiscal Q4 and order turnaround - Management confirmed that recent orders were anticipated and in process, contributing to confidence for Q4 [28][30] Question: Gross margin improvement and system sales contribution - Management indicated that gross margin improvement is primarily due to fixed cost absorption rather than pricing strategies [31][32] Question: Geopolitical risks and customer interest - Management noted a mix of new and existing customers showing interest, which is encouraging despite geopolitical uncertainties [33] Question: Future growth and capital allocation - Management discussed the potential for organic growth and new product offerings as key drivers for future revenue increases [37][38] Question: GWL collaboration details - Management described the GWL collaboration as a product line expansion rather than just aftermarket servicing [42][43] Question: Free cash flow expectations - Management acknowledged that while costs for orders are in inventory, actual cash flow will depend on delivery timing [56][57] Question: Tax asset utilization and revenue generation - Management aims to increase U.S. revenue to leverage tax loss carryforwards, with a target of $3-10 million annually [59] Question: Maintenance work as a revenue driver - Management indicated that maintenance work is a growing percentage of the business, driven by the increasing installed base [60][61] Question: Operating profit margin recovery - Management expressed optimism for improved operating profit margins in the current quarter, contingent on higher top-line revenue [63]

Financial Data and Key Metrics Changes - MIND Technology reported third-quarter revenues of $9.7 million, slightly down from the previous quarter but still profitable, indicating consistent execution and cost structure optimization [12][14] - Gross profit for the quarter was $4.5 million, resulting in a gross profit margin of 47%, an improvement from 45% year-over-year, primarily due to a favorable product mix [14][17] - Net income decreased to $62,000 compared to $1.3 million in the same quarter last year, influenced by a higher effective tax rate due to discrete tax expense items [17][18] Business Line Data and Key Metrics Changes - The aftermarket business accounted for approximately 64% of total revenues in the first nine months of the fiscal year, providing a stable and recurring revenue stream [11][12] - The backlog of firm orders as of October 31, 2025, was approximately $7.2 million, down from $12.8 million as of July 31, 2025, but new orders totaling about $9.5 million were received after the quarter ended [7][10] Market Data and Key Metrics Changes - Customers across various industries are adopting a wait-and-see approach to larger system orders due to geopolitical and economic uncertainties, although the long-term outlook for the seismic exploration industry remains positive [8][19] - The company maintains a solid pipeline of potential orders, primarily from its three main product lines: GunLink source controllers, BuoyLink positioning systems, and SeaLink streamer systems [10][19] Company Strategy and Development Direction - MIND Technology aims to capitalize on growth opportunities by investing in the development of next-generation marine technology products and expanding its product offerings [13][20] - The company is exploring mergers and acquisitions, organic growth opportunities, and strategic alliances to enhance stockholder value and expand its scale [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving improved results in the fourth quarter despite current market uncertainties, viewing the recent lull in order activity as temporary [6][19] - The long-term pipeline of opportunities is considered very positive, with expectations for a clearer outlook for fiscal 2027 in the next call [20][24] Other Important Information - The company raised approximately $11 million through share issuance via its ATM program, enhancing its liquidity and flexibility for future opportunities [18][22] - MIND Technology maintains a clean, debt-free balance sheet with significant working capital of approximately $35.8 million, including $19.4 million in cash [17][18] Q&A Session Summary Question: Confidence in fiscal Q4 and order turnaround - Management confirmed that recent orders were anticipated and in process, contributing to confidence for Q4 results [28][29] Question: Gross margin improvement and system sales contribution - The improvement in gross margin was attributed to fixed cost absorption rather than pricing strategies on large systems [30][31] Question: Geopolitical risks and customer interest - Management noted a mix of new and existing customers showing interest, indicating a positive outlook despite geopolitical risks [32] Question: ATM program and capital deployment - The ATM program was utilized to strengthen working capital, with no specific event targeted for financing [33][34] Question: Future revenue growth and scaling opportunities - Management indicated that growth could come from new product offerings or market expansions, not solely through M&A [36][38] Question: GWL collaboration details - The collaboration is focused on product line expansion rather than aftermarket servicing [42][43] Question: U.S. revenue generation and tax asset utilization - The company aims to increase U.S. revenue to leverage tax loss carryforwards, with potential annual contributions of $3-10 million [60] Question: Maintenance work as a revenue driver - Maintenance work is expected to grow as the installed base increases, contributing to recurring revenue [61][62] Question: Operating profit margin expectations - Management anticipates improvements in operating profit margins as top-line revenue increases, despite recent stock-based compensation impacts [63][64]

Core Viewpoint - MIND Technology, Inc. reported a decline in revenues and net income for the third quarter of fiscal 2026, but highlighted strong after-market activity and improved liquidity as positive factors for future performance [1][2][5][6]. Financial Performance - Revenues for Q3 FY2026 were approximately $9.7 million, down from $13.6 million in Q2 FY2026 and $12.1 million in Q3 FY2025 [1]. - Operating income was approximately $774,000 for Q3 FY2026, compared to $2.7 million in Q2 FY2026 and $1.9 million in Q3 FY2025 [2]. - Net income for Q3 FY2026 was approximately $62,000, a significant decrease from $1.9 million in Q2 FY2026 and $1.3 million in Q3 FY2025 [2]. - Adjusted EBITDA for Q3 FY2026 was approximately $1.3 million, down from $3.1 million in Q2 FY2026 and $2.0 million in Q3 FY2025 [3]. Order Backlog and Market Activity - The backlog of Marine Technology Product orders was approximately $7.2 million as of October 31, 2025, down from $12.8 million at July 31, 2025, and $26.2 million at October 31, 2024 [4]. - The company received additional orders totaling approximately $9.5 million after October 31, 2025 [4]. - Higher margin after-market activity accounted for about 64% of revenues in the first nine months of the fiscal year [5]. Liquidity and Financial Position - The company generated positive adjusted EBITDA and cash flow from operating activities, raising approximately $11.0 million through its ATM program during the quarter [6]. - MIND ended the quarter with nearly $36.0 million in working capital, including $19.4 million in cash, equating to approximately $4.00 per share of common stock [6]. Future Outlook - The company expects an improved fourth quarter based on the anticipated delivery schedule of its backlog and recent orders [5][7].

As filed with the United States Securities and Exchange Commission on December 5, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 VISION MARINE TECHNOLOGIES INC. (Exact name of registrant as specified in its charter) Québec 3730 N/A (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification Number) 730 Boulevard du Curé-Boi ...

Core Insights - Ocean Power Technologies, Inc. (OPT) will release early earnings for its fiscal 2026 second quarter on December 15, 2025, prior to market open [1] - A conference call to discuss the financial results will take place on the same day at 9:00 AM EST, hosted by CEO Philipp Stratmann and CFO Bob Powers [2] Company Overview - OPT specializes in innovative low-carbon marine power solutions and services, targeting sectors such as defense, oil and gas, science and research, and offshore wind [4] - The company offers products like Merrows™, which integrates Maritime Domain Awareness Systems, and PowerBuoy® platforms that provide clean electric power and real-time data communications for maritime applications [4] - OPT is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California [4]

Core Viewpoint - bound4blue is expanding its production capabilities in China to enhance its industrial presence in Asia and support the adoption of its eSAIL suction sail technology, aiming for efficient supply to newbuild vessels and retrofits [1][5]. Group 1: Production and Manufacturing - Manufacturing of eSAIL units will be managed through a network of certified industrial partners around Shanghai and the Yangtze River Delta, adhering to ISO 9001, ISO 14001, and ISO 45001 standards [2]. - Initial production capacity is set to reach up to 100 eSAIL units per year starting from 2026, with potential for further scaling through additional facility allocation [3]. - Local production is expected to reduce lead times for Model 2 and Model 3 eSAILs, simplifying logistics and installation processes for clients in China, South Korea, and Japan [3]. Group 2: Strategic Partnerships - Strategic partners include manufacturers with expertise in heavy-marine and port-handling equipment, as well as a global structural provider and a supplier experienced in safety-critical environments [4]. - The initial focus will be on manufacturing and logistics, with plans to expand into after-sales service and technical support as adoption increases [4]. Group 3: Market Context and Technology - China is identified as central to the future of maritime decarbonisation, being a major hub for designing and building new vessels, where shipowners seek proven technologies to meet fuel and emission targets [5]. - The eSAIL system operates autonomously and can be fitted to various vessel types, including tankers, bulk carriers, and cruise ships, enhancing versatility in maritime applications [6][7].

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on November 18, 2025 Registration No. 333-290856 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 General Purpose Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number ...

Core Viewpoint - Marine Thinking Inc. is set to become a publicly traded company through a business combination with Eureka Acquisition Corp, with a potential pre-money valuation of approximately $130 million at closing [1][5]. Company Overview - Marine Thinking specializes in autonomous ship navigation technology based on physical AI, aiming to transform the marine industry by providing low-cost, easy-to-assemble unmanned sailing technology [2]. - The company has established itself as a leading provider of autonomous ship and fleet solutions in Canada, having been selected for various important R&D projects by multiple Canadian federal government organizations [2]. - Marine Thinking's autonomous solutions have been applied across various marine industry fields in over a dozen countries, addressing the growing shortage of seafarers [2]. Transaction Details - The business combination will result in the new entity being named Marine Thinking Holdings Inc., which will be listed on NASDAQ [1][5]. - The transaction involves an aggregate consideration of $130 million in Eureka shares to be paid to Marine Thinking's shareholders at closing [5]. - The closing of the proposed transaction is subject to customary conditions, including regulatory and shareholder approvals [3][6]. Leadership Comments - The founder and chairman of Marine Thinking emphasized the support received from the Canadian federal government and partners, expressing commitment to advancing unmanned marine technologies [4]. - The incoming chairman of Marine Thinking highlighted confidence in the team's vision and the momentum towards AI-driven solutions in the marine industry [4]. - The chairman and CEO of Eureka expressed excitement about the partnership, which is expected to accelerate innovation in ocean technology and create value for stakeholders [4].