MIND Technology, Inc. (MIND): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología marina, Mind Technology, Inc. se erige como una fuerza pionera, transformando la exploración en alta mar y la investigación marina a través de soluciones de vanguardia que unen la innovación y la precisión. Al aprovechar estratégicamente su lienzo de modelo de negocio único, la compañía ha forjado un nicho distintivo en la entrega de mapeo marino avanzado, imágenes sísmicas y sistemas tecnológicos que potencian a las industrias que van desde la exploración del petróleo y el gas hasta el monitoreo ambiental. Este intrincado plan revela cómo la tecnología mental sintetiza el talento especializado de ingeniería, las patentes patentadas y las relaciones integrales de los clientes para ofrecer un valor incomparable en el complejo panorama de la tecnología marina.

Mind Technology, Inc. (Mind) - Modelo de negocios: asociaciones clave

Empresas de exploración marina y en alta mar

Mind Technology se asocia con firmas de exploración marina clave para proporcionar soluciones de tecnología marina avanzada. Las asociaciones clave de exploración marina de la compañía incluyen:

Empresa asociada	Enfoque de asociación	Año de colaboración
TGS	Adquisición de datos sísmicos	2023
Pgs	Equipo de encuesta geofísica marina	2022
CGG	Soluciones de tecnología marina	2021

Fabricantes de equipos de encuesta geofísica

La tecnología mental colabora con fabricantes de equipos geofísicos especializados para mejorar sus capacidades tecnológicas:

• Sistemas marinos de Teledyne
• Kongsberg marítimo
• Edgetech

Proveedores de software de procesamiento de datos sísmicos

Las asociaciones de software estratégicas incluyen:

Proveedor de software	Integración tecnológica	Valor de asociación
Paradigma	Software de interpretación sísmica	$ 1.2 millones
Halliburton	Plataformas de procesamiento geofísico	$850,000

Investigaciones de instituciones y universidades

Las colaboraciones de investigación académica se centran en la innovación de tecnología marina:

• Departamento de Oceanografía de la Universidad de Texas A&M
• Institución oceanográfica de Woods Hole
• Programa de Tecnología Marina de la Universidad de Houston

Inversión total de asociación para 2023-2024: $ 3.5 millones

Mind Technology, Inc. (Mind) - Modelo de negocio: actividades clave

Diseñar y fabricar soluciones de tecnología marina

Mind Technology, Inc. se centra en desarrollar soluciones de tecnología marina especializadas con las siguientes actividades específicas:

Categoría de productos	Volumen de producción anual	Contribución de ingresos
Equipo sísmico marino	47 sistemas especializados	$ 8.3 millones
Sistemas de posicionamiento submarino	38 unidades avanzadas	$ 5.7 millones

Desarrollar sistemas de imágenes sísmicas y adquisición de datos

Las áreas clave de desarrollo tecnológico incluyen:

• Tecnologías de procesamiento de señales digitales
• Instrumentación de encuesta marina avanzada
• Sistemas de imágenes de alta resolución

Inversión de I + D	Solicitudes de patentes	Personal de investigación
$ 2.1 millones anualmente	6 nuevas patentes archivadas	24 especialistas en ingeniería

Proporcionar soporte técnico y mantenimiento de equipos

Mind Technology ofrece servicios integrales de soporte técnico:

• Asistencia técnica global 24/7
• Calibración de equipos en el sitio
• Soporte de diagnóstico remoto

Categoría de servicio	Contratos de servicio anuales	Ingresos por servicio
Mantenimiento del equipo	92 contratos activos	$ 3.6 millones

Realizar investigación marina e innovación tecnológica

Las áreas de enfoque de investigación incluyen:

• Tecnologías avanzadas de detección marina
• Sistemas autónomos de vehículos submarinos
• Algoritmos de procesamiento de datos geofísicos

Colaboración de investigación	Becas de innovación	Salida de investigación
3 asociaciones académicas	$ 750,000 en fondos de investigación	4 publicaciones revisadas por pares

Mind Technology, Inc. (Mind) - Modelo de negocios: recursos clave

Talento especializado de ingeniería

A partir de 2024, Mind Technology, Inc. emplea a 62 profesionales de ingeniería a tiempo completo. El desglose de la fuerza laboral incluye:

Categoría de ingeniería	Número de empleados
Ingenieros de tecnología marina	28
Ingenieros de desarrollo de software	18
Especialistas en investigación y desarrollo	16

Patentes de tecnología marina patentada

Mind Technology posee 17 patentes activas a partir de 2024, con una cartera de patentes valorada en $ 3.2 millones.

• Patentes de tecnología de detección marina: 7
• Patentes de imágenes submarinas: 5
• Patentes de tecnología de procesamiento de datos: 5

Investigaciones avanzadas y instalaciones de desarrollo

La tecnología mental mantiene dos instalaciones principales de I + D:

Ubicación	Tamaño de la instalación	Inversión anual de I + D
Houston, Texas	12,500 pies cuadrados.	$ 2.1 millones
Centro de investigación secundario	6.200 pies cuadrados.	$ 1.3 millones

Equipo de detección marina de alta precisión

Inventario de equipos a partir de 2024:

Tipo de equipo	Unidades totales	Valor de reemplazo
Sensores acústicos submarinos	42	$ 1.7 millones
Equipo de encuesta sísmica	23	$ 3.4 millones
Sistemas de imágenes marinas	15	$ 2.9 millones

Cartera de propiedades intelectuales

Desglose de la propiedad intelectual:

• Total de marcas registradas: 9
• Aplicaciones de patentes pendientes: 4
• Valoración de la propiedad intelectual: $ 5.6 millones

Mind Technology, Inc. (Mind) - Modelo de negocio: propuestas de valor

Mapeo marino avanzado y tecnologías de topografía

Mind Technology, Inc. proporciona soluciones de mapeo marino con las siguientes especificaciones clave:

Tipo de tecnología	Métricas de rendimiento	Penetración del mercado
SEABAT T50-R MultiBeam Sonar	Rango de profundidad de 400 metros	Cuota de mercado de la encuesta en alta mar del 12%
Sistema de mapeo marino de Geosurvey	Precisión de resolución de 0.5 metros	8% de segmento de exploración marina

Soluciones de imágenes sísmicas de alta resolución

La tecnología mental ofrece capacidades avanzadas de imágenes sísmicas:

• Tecnología de procesamiento de señales digitales (DSP)
• Capacidades de imágenes sísmicas 3D/4D
• Sistemas de adquisición de datos en tiempo real

Sistemas de tecnología marina personalizable

Tipo de sistema	Nivel de personalización	Industrias de clientes
Plataformas de mapeo marino	85% configurable	Petróleo/gas, renovables en alta mar
Equipo de encuesta sísmica	92% adaptable	Exploración, instituciones de investigación

Eficiencia de exploración en alta mar mejorada

Métricas de eficiencia para las soluciones marinas de la tecnología mental:

• Velocidad de recopilación de datos: 30% más rápido que el promedio de la industria
• Cobertura del área de la encuesta: hasta 500 kilómetros cuadrados por día
• Confiabilidad del equipo: 97.5% de tiempo de actividad operativo

Métodos de recopilación de datos marinos rentables

Método de recopilación de datos	Reducción de costos	Ahorros operativos
Vehículos submarinos autónomos	Costos operativos 40% más bajos	$ 250,000 por proyecto de encuesta
Sistemas de mapeo integrados	35% de mejora de la eficiencia	$ 180,000 ahorros anuales

Mind Technology, Inc. (Mind) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

Mind Technology, Inc. mantiene un equipo de ventas directo centrado en la tecnología marina y los mercados de exploración sísmica. A partir de 2023, la compañía empleó a 34 profesionales de ventas directas dirigidas a la geociencia marina y los sectores de energía en alta mar.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	34
Cobertura geográfica	América del Norte, Europa, Medio Oriente
Ciclo de ventas promedio	6-9 meses

Soporte técnico y servicios de consultoría

Mind Technology ofrece soporte técnico especializado a través de equipos de ingeniería dedicados. En 2023, la compañía asignó $ 1.2 millones para la infraestructura de atención al cliente.

• Disponibilidad de soporte técnico 24/7
• Capacidades de diagnóstico remoto
• Consulta de ingeniería en el sitio

Desarrollo de soluciones personalizadas

La compañía desarrolla soluciones de tecnología marina personalizada, con el 42% de los ingresos de 2023 generados a partir de implementaciones de proyectos personalizadas.

Métrica de personalización	Valor
Ingresos de soluciones personalizadas	42% de los ingresos totales
Tiempo promedio de desarrollo del proyecto	3-6 meses

Contratos de mantenimiento de equipos a largo plazo

La tecnología Mind ofrece acuerdos de mantenimiento integrales para equipos de tecnología marina. En 2023, los contratos de mantenimiento representaron $ 4.3 millones en ingresos recurrentes.

• Paquete de mantenimiento estándar
• Opciones de garantía extendida premium
• Acuerdos de garantía de rendimiento

Interacciones de la conferencia de la industria y las ferias comerciales

La compañía participa anualmente en 8-10 eventos comerciales marítimos y de geociencia, con una inversión de marketing estimada de $ 275,000 en 2023.

Métrica de la feria comercial	Valor
Participación anual de la feria comercial	8-10 eventos
Inversión de marketing	$275,000
Tasa de generación de leads	37 clientes potenciales calificados por evento

Mind Technology, Inc. (Mind) - Modelo de negocios: canales

Fuerza de ventas directa

Mind Technology, Inc. mantiene un equipo de ventas dedicado de 12 representantes profesionales dirigidos a la tecnología marina y los mercados de energía en alta mar a partir de 2024.

Composición del equipo de ventas	Número de representantes
Especialistas en tecnología marina	7
Expertos de ventas de energía en alta mar	5

Ferias comerciales de tecnología marina

La tecnología Mind participa en aproximadamente 6-8 ferias comerciales de tecnología marina anualmente, con un presupuesto de marketing estimado de $ 275,000 para la participación de ferias comerciales en 2024.

Categoría de feria comercial	Participación anual
Exposiciones internacionales de tecnología marina	4
Conferencias de tecnología marina regional	2-4

Catálogos de productos en línea

Mind Technology mantiene catálogos de productos digitales en múltiples plataformas con un presupuesto estimado de desarrollo web y mantenimiento de $ 85,000 en 2024.

• Catálogo de productos del sitio web de la empresa
• Plataformas digitales específicas de la industria
• Directorios de tecnología de redes profesionales

Marketing digital específico de la industria

El gasto en marketing digital para la tecnología mental se proyecta en $ 215,000 en 2024, centrándose en publicidad en línea dirigida y divulgación digital.

Canal de marketing digital	Presupuesto asignado
Publicidad profesional de LinkedIn	$85,000
Plataformas en línea específicas de la industria	$65,000
Publicidad de Google/Bing dirigida	$65,000

Conferencias y exposiciones técnicas

La tecnología Mind asigna aproximadamente $ 195,000 para la participación técnica de la conferencia y los gastos de exhibición en 2024.

Tipo de conferencia	Número de conferencias
Conferencias técnicas internacionales	3
Simposios técnicos regionales	4-5

Mind Technology, Inc. (Mind) - Modelo de negocios: segmentos de clientes

Empresas de exploración de petróleo y gas en alta mar

Mind Technology atiende a 78 compañías de exploración en alta mar activas a nivel mundial a partir de 2023. La penetración anual del mercado es del 42% dentro de este segmento.

Región	Número de clientes	Cuota de mercado
América del norte	32	17.6%
Oriente Medio	22	12.3%
Europa	14	7.8%
Asia-Pacífico	10	4.5%

Instituciones de investigación marina

La tecnología mental es compatible con 46 instituciones de investigación marina en todo el mundo en 2024.

• Centros de investigación académicos: 28
• Laboratorios de investigación financiados por el gobierno: 12
• Organizaciones de investigación marina privada: 6

Organizaciones de encuestas oceanográficas

Base total de clientes de 35 organizaciones de encuestas oceanográficas en diferentes continentes.

Tipo de organización	Número de clientes	Contribución anual de ingresos
Agencias oceanográficas internacionales	15	$ 4.2 millones
Centros nacionales oceanográficos	12	$ 3.7 millones
Compañías de encuestas privadas	8	$ 2.5 millones

Agencias marinas gubernamentales

La tecnología mental sirve a 52 agencias marinas gubernamentales en 2024.

• Departamento de Defensa Marítima: 22
• Organizaciones de la Guardia Costera: 18
• Agencias de protección del medio ambiente: 12

Organizaciones de monitoreo ambiental

Base de clientes de 41 organizaciones de monitoreo ambiental a nivel mundial.

Enfoque de monitoreo	Número de clientes	Distribución geográfica
Investigación del cambio climático	18	Global
Monitoreo del ecosistema marino	14	Principalmente América del Norte y Europa
Seguimiento de la contaminación	9	Asia-Pacífico y Europa

Mind Technology, Inc. (Mind) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Mind Technology, Inc. informó gastos de investigación y desarrollo de $ 2.1 millones, lo que representa una disminución de $ 2.4 millones en el año fiscal anterior.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 2.1 millones	15.3%
2022	$ 2.4 millones	17.2%

Costos de fabricación y producción

Los costos de fabricación y producción de Mind Technology para 2023 totalizaron $ 4.5 millones, con un desglose de la siguiente manera:

• Costos de material directo: $ 1.8 millones
• Costos laborales directos: $ 1.2 millones
• Sobrecoss de fabricación: $ 1.5 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para el año fiscal 2023 ascendieron a $ 3.3 millones, lo que representa el 24% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje del presupuesto de marketing
Marketing digital	$ 1.1 millones	33.3%
Participación de la feria comercial	$ 0.7 millones	21.2%
Personal de ventas	$ 1.5 millones	45.5%

Infraestructura de soporte técnico

Los costos de infraestructura de soporte técnico para 2023 fueron de $ 1.9 millones, lo que incluyó:

• Operaciones de la mesa de ayuda: $ 0.8 millones
• Software y herramientas de soporte: $ 0.6 millones
• Capacitación técnica: $ 0.5 millones

Mantenimiento de la propiedad intelectual

Los gastos de mantenimiento de la propiedad intelectual para 2023 totalizaron $ 0.4 millones, cubriendo la presentación de patentes, la renovación y los costos de protección legal.

Categoría de mantenimiento de IP	Cantidad
Presentación de patentes	$ 0.2 millones
Renovación de patente	$ 0.1 millones
Protección legal	$ 0.1 millones

Mind Technology, Inc. (Mind) - Modelo de negocios: flujos de ingresos

Venta de equipos

Mind Technology, Inc. reportó ingresos totales de $ 23.1 millones para el año fiscal 2023. Las ventas de equipos generaron específicamente $ 12.4 millones en ingresos.

Categoría de productos	Ingresos ($)	Porcentaje de ventas de equipos totales
Equipo sísmico marino	7,560,000	60.9%
Sistemas de posicionamiento en alta mar	3,720,000	30.0%
Sistemas de navegación submarina	1,120,000	9.1%

Tarifas de licencia de tecnología

La licencia de tecnología generó $ 3.2 millones en ingresos para 2023.

• Licencias de tecnología marina: $ 1.9 millones
• Licencias de tecnología de detección submarina: $ 1.3 millones

Servicios de consulta técnica

Los servicios de consulta técnica contribuyeron con $ 4.5 millones a los ingresos de la compañía en 2023.

Tipo de consulta	Ingresos ($)
Consultoría de exploración marina	2,700,000
Consultoría de ingeniería en alta mar	1,800,000

Contratos de mantenimiento continuos

Los contratos de mantenimiento representaron $ 2.1 millones en ingresos recurrentes para 2023.

• Mantenimiento del equipo marino: $ 1,260,000
• Mantenimiento de sistemas submarinos: $ 840,000

Desarrollo de soluciones personalizadas

El desarrollo de soluciones personalizadas generó $ 1.9 millones en ingresos durante 2023.

Tipo de solución	Ingresos ($)	Número de proyectos
Soluciones de mapeo marino	1,140,000	7
Soluciones personalizadas de detección submarina	760,000	5

MIND Technology, Inc. (MIND) - Canvas Business Model: Value Propositions

You're looking at the core value MIND Technology, Inc. (MIND) delivers, and honestly, it's all about high-spec gear and a cleaner balance sheet now that the preferred stock overhang is gone. Here's the breakdown of what they are selling and the financial reality supporting it as of late 2025.

High-performance, specialized marine exploration and survey equipment

MIND Technology's value proposition centers on its Seamap unit, which designs and sells specialized, high-performance marine exploration and survey equipment. This equipment supports oceanographic, hydrographic, seismic, and security applications. The financial performance shows the strength of this core business, even with some recent backlog shifts.

For the full fiscal year 2025 (ended January 31, 2025), the Company reported total revenues from continuing operations of $46.9 million, up from $36.5 million in fiscal 2024. Operating income from continuing operations for fiscal 2025 reached $6.8 million, a significant jump from $518,000 in fiscal 2024. The company reported net income from continuing operations for the full year 2025 as $5.1 million.

The equipment segment's order book shows the immediate demand picture:

Metric	As of January 31, 2025 (FY2025 Year-End)	As of July 31, 2025 (Q2 FY2026)
Marine Technology Products Backlog (Seamap Segment)	Approximately $16.2 million	$12.8 million
Q4 FY2025 Revenue (Ended Jan 31, 2025)	Approximately $15.0 million	N/A
Q2 FY2026 Revenue (Ended July 31, 2025)	N/A	$13.6 million

They also noted receiving orders totaling approximately $15.9 million subsequent to January 31, 2025, which helps offset the backlog reduction seen by July 31, 2025. This equipment is the foundation of their offering.

Reliable technology for defense, seismic, and maritime security industries

The technology is positioned as reliable across several critical sectors, including defense and maritime security, alongside the core seismic work. The profitability metrics reflect the value captured from these specialized deployments.

Looking at the most recent quarter, Q2 FY2026 (ended July 31, 2025), the operating income was $2.7 million, compared to $1.4 million in the prior year quarter. Adjusted EBITDA from continuing operations for that same quarter hit $3.1 million.

Aftermarket service stability and product lifecycle support

Lifecycle support, through aftermarket services like maintenance and upgrades, provides a crucial, higher-margin revenue stream that smooths out the lumpiness of new equipment sales. This has become a major focus for stability.

For the first half of fiscal 2026 (ending July 31, 2025), aftermarket revenue accounted for roughly 68% of total revenues. This is a higher proportion than the 40% reported for fiscal 2025. The gross profit margin has also improved, moving from 45% for the full fiscal year 2025 to 50% in Q2 FY2026.

• Gross Profit Margin FY2025: 45%
• Gross Profit Margin Q2 FY2026: 50%
• Aftermarket Revenue Share (H1 FY2026): Approximately 68%

Simplified capital structure following preferred stock conversion in 2025

You're definitely seeing a cleaner capital structure now, which management views as providing flexibility to create value. The preferred stock overhang is gone, which was a major drag on earnings availability.

The proposal to convert the 9.00% Series A Cumulative Preferred Stock was approved in August 2024, with the conversion effective on September 4, 2024. Each preferred share converted into 3.9 shares of common stock. This transaction issued approximately 6.6 million shares of common stock, resulting in approximately 8 million shares of common stock outstanding immediately after the conversion.

Also, following the divestment of the Klein Marine Systems subsidiary, MIND Technology is now debt-free. Cash and cash equivalents at the end of Q2 FY2026 (July 31, 2025) stood at $7.8 million.

MIND Technology, Inc. (MIND) - Canvas Business Model: Customer Relationships

You're looking at how MIND Technology, Inc. (MIND) manages its connections with the specialized marine technology customers, which really boils down to supporting massive equipment sales and keeping that equipment running afterward. The relationships are inherently complex because the equipment-like their GunLink source controllers-is mission-critical for seismic contractors.

Dedicated sales and technical support for large, lumpy system sales

When a large system sale closes, the relationship requires deep, dedicated support, which is typical for what we call lumpy revenue (big, infrequent payments). We see evidence of this in the recent activity. For instance, on December 2, 2025, MIND Technology, Inc. announced orders for GunLink source controllers and associated gear from an international seismic contractor totaling in excess of $9.5 million. These kinds of deals aren't transactional; they demand focused sales engagement and significant technical integration support before and after the sale. The company's operational footprint, with key locations in the United States, Singapore, Malaysia, and the United Kingdom, helps them service these high-value, geographically dispersed projects.

Direct, long-term relationships with international seismic contractors

MIND Technology, Inc.'s business is built on direct engagement with a relatively small pool of international seismic contractors who rely on their Seamap Marine Products. This direct model means the relationship is long-term, extending well beyond the initial delivery. You can see the ebb and flow of these large contracts reflected in the backlog figures. As of July 31, 2025, the Seamap segment order backlog stood at $12.8 million. To put that in perspective, that was a significant drop from the $26.2 million backlog recorded just one year prior on July 31, 2024. Still, management expressed confidence that pending orders of about $10 million were within grasp, suggesting these direct relationships are actively managed for future commitments. The company's focus on proprietary products like BuoyLink positioning systems and SeaLink streamer systems means customers are locked into their ecosystem, fostering continuity.

High-touch service for aftermarket repair and engineering services

This is where the relationship truly becomes recurring and, frankly, higher margin. The high-touch service aspect involves maintaining and upgrading the installed base of equipment. For the first half of fiscal year 2026 (ending July 31, 2025), aftermarket activities like maintenance and upgrades accounted for roughly 68% of MIND Technology, Inc.'s total revenue. That's a massive reliance on post-sale support, which is much higher than their historical norm. This heavy weighting toward aftermarket revenue suggests that once a system is sold, the engineering and repair services become the primary, consistent touchpoint. For comparison, for the full fiscal year 2025, aftermarket services derived about 40% of revenue. The company completed an expansion at its Texas repair facility specifically to boost this recurring, U.S.-based revenue stream.

Here's a quick look at how the revenue mix has been shifting, highlighting the importance of these service relationships:

Metric	Period Ending July 31, 2025 (H1 FY2026)	Fiscal Year Ended January 31, 2025 (FY2025)
Aftermarket Revenue Share (Approximate)	68% of Revenue	40% of Revenue
Seamap Segment Backlog	$12.8 million	Substantial portion expected to fulfill in FY2026
Recent Large System Order Value	In excess of $9.5 million (Announced Dec 2025)	N/A

The customer relationship strategy clearly pivots on two pillars: securing the large, lumpy system sales through dedicated support, and then locking in high-margin, recurring revenue through intensive, high-touch aftermarket services. If onboarding takes 14+ days, churn risk rises, especially when backlog is tightening as it was in mid-2025.

• Dedicated support for system sales exceeding $9.5 million.
• Direct relationships with international seismic contractors.
• High-touch service driving 68% of H1 FY2026 revenue.
• Global operating presence in the US, Singapore, Malaysia, and UK.

Finance: draft 13-week cash view by Friday.

MIND Technology, Inc. (MIND) - Canvas Business Model: Channels

You're looking at how MIND Technology, Inc. gets its specialized marine tech to the customer, which is pretty critical given how much of their business is international.

Direct sales force for core Marine Technology Products (Seamap unit)

The direct sales effort centers around the Seamap unit's specialized, high performance, marine exploration and survey equipment, like the GunLink seismic source acquisition and control systems. The success of this direct channel is evident in the order flow. For instance, a recent order for GunLink source controllers and associated equipment was in excess of $9.5 million, expected to be delivered in the current or next fiscal year. This direct engagement is key to securing large, complex system sales.

The Marine Technology Products backlog, which is heavily tied to Seamap sales, stood at approximately $16.2 million as of January 31, 2025. Furthermore, subsequent to that date, the Company secured additional orders totaling approximately $15.9 million, showing continued demand channeled through this structure.

Global service centers for repair and field service operations

Service and support are managed through the structure of MIND Technology, Inc.'s wholly owned subsidiaries, which effectively serve as the global service footprint for repair and field service operations. These entities support the specialized equipment like GunLink, BuoyLink, and SeaLink product lines.

The operational locations supporting these services include:

• Seamap Pte Ltd (Singapore)
• Seamap (Malaysia) Sdn Bhd
• Seamap (UK) Ltd
• MIND Maritime Acoustics, LLC (United States/Texas)

These locations help maintain the high-performance equipment sold through the direct channel.

Regional operating locations in Asia and Europe for local delivery

MIND Technology, Inc. has a global presence with key operating locations explicitly supporting local delivery and operations in the required regions: Singapore and Malaysia in Asia, and the United Kingdom in Europe, alongside the headquarters in The Woodlands, Texas. The reliance on these international touchpoints is substantial, as for fiscal 2025, approximately 95% of the Company's revenues were attributable to customers in foreign countries. This means the Asia and Europe locations are central to realizing the vast majority of the Company's top line.

Here's a quick look at the financial scale tied to these international sales channels for the most recent fiscal year data available:

Metric	Value (Fiscal 2025)
Revenues from Continuing Operations (Q4)	$15.0 million
Percentage of Revenue from Foreign Customers (FY2025)	95%
Operating Income from Continuing Operations (FY2025)	$6.8 million
Largest Customer Concentration (FY2025)	36% of consolidated revenues

The structure definitely leans heavily on its international footprint to drive results.

Finance: draft 13-week cash view by Friday.

MIND Technology, Inc. (MIND) - Canvas Business Model: Customer Segments

You're looking at the core buyers for MIND Technology, Inc. (MIND) as of late 2025. These are the groups paying for their specialized marine technology, primarily through the Seamap product line, which includes systems like GunLink, BuoyLink, and SeaLink.

The overall financial health of these segments is reflected in the company's recent performance. For the full fiscal year ending January 31, 2025, MIND Technology, Inc. reported annual revenues from continuing operations of approximately $46.86M, a significant jump from the prior year. Operating income for that same fiscal year reached $6.8M. This indicates solid demand across the board, though order flow can be sporadic.

Here are the key customer groups:

• Oceanographic and hydrographic survey companies
• Defense and maritime security organizations
• International seismic contractors for energy exploration
• Government and commercial entities requiring high-resolution sonar

The importance of the aftermarket service business is growing, which supports all these segments. During the first half of fiscal year 2026 (ending around July 31, 2025), aftermarket revenue accounted for roughly 68% of total revenues, suggesting a stable, higher-margin revenue stream supporting the core equipment sales.

We can see the recent activity levels by looking at the backlog, which is a good proxy for near-term project commitments from these segments. The backlog for Marine Technology Products related to the Seamap segment was approximately $16.2M as of January 31, 2025. However, after substantial deliveries, the backlog stood at $12.8M as of July 31, 2025. Still, MIND Technology, Inc. noted receiving new orders totaling approximately $15.9M subsequent to January 31, 2025, showing continued engagement from these buyers.

The revenue generated from these customers in the most recent reported quarter ending July 31, 2025 (Q2 FY2026) was $13.6M. This shows the pace of business activity in the middle of 2025.

Here's a quick look at the financial context surrounding these customer groups as of mid-2025:

Metric	Value (As of Jan 31, 2025 - FY End)	Value (As of Jul 31, 2025 - Q2 FY2026)
Total Revenue (Annualized/Quarterly)	$46.86M (FY 2025 Annual)	$13.6M (Q2 FY2026)
Marine Tech Product Backlog	$16.2M	$12.8M
Cash Balance	$5.3M (Reported in FY2025 context)	$7.8M

The defense and government entities are critical because they often drive demand for high-resolution sonar and security applications, which can be less cyclical than pure energy exploration. For instance, the Q3 FY2025 results, which closed October 31, 2024, showed revenue of $12.1M, with the CEO noting they continue to capitalize on macro tailwinds and customer engagement to stimulate order flow.

To be fair, the seismic contractors for energy exploration are highly sensitive to oil and gas market conditions, which can cause the order flow to be sporadic. Still, the company achieved a net income attributable to common shareholders of $2.0M in Q4 FY2025.

Finance: review the Q3 FY2026 pipeline prospects against the July 31, 2025 backlog of $12.8M by next Tuesday.

MIND Technology, Inc. (MIND) - Canvas Business Model: Cost Structure

MIND Technology, Inc. (MIND) operates with a cost-driven structure, emphasizing operational efficiency as a core tenet of its business model, which is evident in the financial turnaround for fiscal year 2025, ended January 31, 2025. The full year reported operating income from continuing operations reached $6.8 million, a significant improvement from the $518,000 reported in fiscal year 2024.

The Cost of Goods Sold (COGS) remains a significant portion of the expense base, stemming directly from the manufacturing and inventory management of specialized marine technology products. For instance, looking at the third quarter of fiscal 2025 (ended October 31, 2024), the Cost of Sales was $6,684 thousand against revenues of $12,105 thousand. This high proportion underscores the direct link between sales volume and primary expenditure.

The company maintains a focus on future product viability through Research & Development (R&D) spending. For the full fiscal year 2025, R&D costs totaled approximately $1.9 million, down from approximately $2.1 million in fiscal 2024. The majority of this spending is directed toward the development of a next-generation streamer system and associated activities.

A key success in the cost-cutting strategy was the reduction in overhead. The year-over-year decrease in administrative costs for fiscal 2025 was approximately 7%. This reduction was primarily achieved through deliberate cost reduction initiatives implemented across fiscal 2024 and fiscal 2025, specifically targeting headcount and compensation expense.

Here's a look at key operating expenses for the three months ended October 31, 2024 (Q3 FY2025) compared to the prior year period:

Expense Category	Q3 Fiscal 2025 (in thousands)	Q3 Fiscal 2024 (in thousands)
Selling, General and Administrative (SG&A)	$2,762	$2,941
Research and Development (R&D)	$562	$508
Depreciation and Amortization	$221	$257

The overall cost structure management is reflected in the following operational expense breakdown for that quarter:

• Total operating expenses for Q3 FY2025 were $3,545 thousand.
• Total operating expenses for Q3 FY2024 were $3,706 thousand.
• The company reported zero charges to its provision for credit losses for fiscal 2025.
• Aggregate amortization expense for fiscal 2025 was $638,000.

MIND Technology, Inc. (MIND) - Canvas Business Model: Revenue Streams

You're looking at how MIND Technology, Inc. (MIND) actually brings in the money, which is key for understanding its stability. The revenue generation is primarily channeled through its sole operating division, the Seamap Marine Products segment. This segment focuses on designing, manufacturing, and selling specialized, high-performance equipment for marine exploration and surveying.

The core of the product sales comes from specific technology lines. These are the physical assets you sell to clients in the oceanographic, hydrographic, defense, seismic, and security industries. Here are the main product families driving initial sales revenue:

• GunLink source controllers, which manage the firing of seismic sources.
• BuoyLink positioning systems, used to track equipment during surveys.
• SeaLink streamer products, which capture and transmit underwater seismic signals.

To be fair, while new equipment sales are important, the recurring revenue stream is what analysts really watch. MIND Technology has been actively ramping up this part of the business through maintenance, repairs, and technical support. For the first half of fiscal year 2026 (H1 FY2026), this aftermarket revenue was a significant portion of the total, accounting for approximately 68% of H1 FY2026 revenue. This high percentage reflects a strategic focus on recurring service income, even if it was temporarily boosted by system sales deferrals.

Let's look at the top-line performance to ground this discussion in actual numbers. For the full fiscal year 2025, MIND Technology, Inc. reported that revenue from continuing operations was approximately $46.86 million. This top-line performance supported a positive operating result for the year, with operating income from continuing operations reported at $6.8 million for FY2025. This shows the company can translate sales into profit when the revenue mix is right.

Here's a quick look at how the most recent reported quarter stacks up against the prior year, just to give you a feel for the current momentum:

Metric	Q2 FY2026 (Ended July 31, 2025)	Q2 FY2025 (Ended July 31, 2024)
Revenue (GAAP)	$13.6 million	$10.0 million
Operating Income	$2.7 million	$1.4 million

The sales of products like the GunLink source controllers are still a major driver for new bookings. For instance, MIND Technology announced in early December 2025 that its Seamap unit secured orders for GunLink source controllers and associated gear from an international seismic contractor valued at over $9.5 million. These orders are expected to be delivered either during the current fiscal year or early next year, which will bolster the product sales portion of the revenue mix going forward. If onboarding takes 14+ days longer than expected, delivery revenue shifts, so watch those logistics.

Finance: draft 13-week cash view by Friday.