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]