Mind Technology, Inc. (Mind): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la technologie marine, Mind Technology, Inc. est une force pionnière, transformant l'exploration offshore et la recherche marine à travers des solutions de pointe qui rejettent l'innovation et la précision. En tirant stratégiquement sa toile de modèle commercial unique, la société a taillé un créneau distinctif dans la fourniture de cartographie marine avancée, d'imagerie sismique et de systèmes technologiques qui permettent aux industries allant de l'exploration pétrolière et gazière à la surveillance environnementale. Ce plan complexe révèle comment la technologie de l'esprit synthétise les talents d'ingénierie spécialisés, les brevets propriétaires et les relations complets des clients pour offrir une valeur inégalée dans le paysage complexe de la technologie maritime.

Mind Technology, Inc. (Mind) - Modèle commercial: partenariats clés

Sociétés d'exploration marine et offshore

Mind Technology s'associe aux principales sociétés d'exploration maritime pour fournir des solutions de technologie marine avancées. Les principaux partenariats d'exploration maritime de la société comprennent:

Entreprise partenaire	Focus de partenariat	Année de collaboration
TGS	Acquisition de données sismiques	2023
PG	Équipement de levé géophysique marin	2022
Cgg	Solutions de technologie maritime	2021

Fabricants d'équipements d'enquête géophysique

Mind Technology collabore avec des fabricants d'équipements géophysiques spécialisés pour améliorer ses capacités technologiques:

• Télédyne Marine Systems
• Kongsberg maritime
• EdgeTech

Fournisseurs de logiciels de traitement des données sismiques

Les partenariats logiciels stratégiques comprennent:

Fournisseur de logiciels	Intégration technologique	Valeur de partenariat
Paradigme	Logiciel d'interprétation sismique	1,2 million de dollars
Halliburton	Plates-formes de traitement géophysique	$850,000

Institutions de recherche et universités

Les collaborations de recherche universitaire se concentrent sur l'innovation des technologies marines:

• Département d'océanographie de l'Université Texas A&M
• Institution océanographique de Woods Hole
• Programme de technologie maritime de l'Université de Houston

Investissement total de partenariat pour 2023-2024: 3,5 millions de dollars

Mind Technology, Inc. (Mind) - Modèle d'entreprise: activités clés

Concevoir et fabriquer des solutions technologiques marines

Mind Technology, Inc. se concentre sur le développement de solutions de technologie maritime spécialisées avec les activités spécifiques suivantes:

Catégorie de produits	Volume de production annuel	Contribution des revenus
Équipement sismique marin	47 systèmes spécialisés	8,3 millions de dollars
Systèmes de positionnement sous-marin	38 unités avancées	5,7 millions de dollars

Développer des systèmes d'imagerie sismique et d'acquisition de données

Les principaux domaines de développement technologique comprennent:

• Technologies de traitement du signal numérique
• Instrumentation avancée de l'enquête maritime
• Systèmes d'imagerie haute résolution

Investissement en R&D	Demandes de brevet	Personnel de recherche
2,1 millions de dollars par an	6 nouveaux brevets déposés	24 spécialistes de l'ingénierie

Fournir un support technique et une maintenance de l'équipement

Mind Technology offre des services de support technique complets:

• Assistance technique mondiale 24/7
• Étalonnage des équipements sur place
• Support de diagnostic à distance

Catégorie de service	Contrats de services annuels	Revenus de service
Entretien de l'équipement	92 Contrats actifs	3,6 millions de dollars

Mener la recherche marine et l'innovation technologique

Les domaines d'intérêt de la recherche comprennent:

• Technologies de détection marine avancée
• Systèmes de véhicules sous-marins autonomes
• Algorithmes de traitement des données géophysiques

Collaboration de recherche	Subventions d'innovation	Sortie de recherche
3 partenariats académiques	750 000 $ en financement de recherche	4 publications évaluées par des pairs

Mind Technology, Inc. (Mind) - Modèle commercial: Ressources clés

Talent d'ingénierie spécialisé

En 2024, Mind Technology, Inc. emploie 62 professionnels de l'ingénierie à temps plein. La répartition des effectifs comprend:

Catégorie d'ingénierie	Nombre d'employés
Ingénieurs de la technologie maritime	28
Ingénieurs de développement de logiciels	18
Spécialistes de la recherche et du développement	16

Brevets de technologie maritime propriétaire

Mind Technology détient 17 brevets actifs en 2024, avec un portefeuille de brevets d'une valeur de 3,2 millions de dollars.

• Brevets technologiques de détection marine: 7
• Brevets d'imagerie sous-marine: 5
• Brevets technologiques de traitement des données: 5

Installations de recherche et développement avancées

Mind Technology maintient deux principales installations de R&D:

Emplacement	Taille de l'installation	Investissement annuel de R&D
Houston, Texas	12 500 pieds carrés.	2,1 millions de dollars
Centre de recherche secondaire	6 200 pieds carrés.	1,3 million de dollars

Équipement de détection marine de haute précision

Inventaire de l'équipement à partir de 2024:

Type d'équipement	Total des unités	Valeur de remplacement
Capteurs acoustiques sous-marins	42	1,7 million de dollars
Équipement d'enquête sismique	23	3,4 millions de dollars
Systèmes d'imagerie maritime	15	2,9 millions de dollars

Portefeuille de propriété intellectuelle

Répartition des propriétés intellectuelles:

• Marques totales enregistrées: 9
• Demandes de brevet en instance: 4
• Évaluation de la propriété intellectuelle: 5,6 millions de dollars

Mind Technology, Inc. (Mind) - Modèle d'entreprise: propositions de valeur

Technologies avancées de cartographie maritime et d'arpentage

Mind Technology, Inc. fournit des solutions de cartographie marine avec les spécifications clés suivantes:

Type de technologie	Métriques de performance	Pénétration du marché
Seabat T50-R sonar multibam	Plage de profondeur de 400 mètres	12% de part de marché de l'enquête offshore
Système de cartographie maritime GeoSurvey	Précision de résolution de 0,5 mètre	Segment d'exploration maritime à 8%

Solutions d'imagerie sismique haute résolution

Mind Technology offre des capacités d'imagerie sismique avancées:

• Technologie de traitement du signal numérique (DSP)
• Capacités d'imagerie sismique 3D / 4D
• Systèmes d'acquisition de données en temps réel

Systèmes technologiques marins personnalisables

Type de système	Niveau de personnalisation	Industries des clients
Plates-formes de cartographie marine	85% configurable	Pétrole / gaz, énergies renouvelables offshore
Équipement d'enquête sismique	92% adaptable	Exploration, institutions de recherche

Amélioration de l'efficacité d'exploration offshore

Métriques d'efficacité pour les solutions marines de la technologie mentale:

• Vitesse de collecte des données: 30% plus rapide que la moyenne de l'industrie
• Couverture de la zone d'enquête: jusqu'à 500 kilomètres carrés par jour
• Fiabilité de l'équipement: 97,5% de disponibilité opérationnelle

Méthodes de collecte de données marines rentables

Méthode de collecte de données	Réduction des coûts	Économies opérationnelles
Véhicules sous-marins autonomes	40% de coûts opérationnels inférieurs	250 000 $ par projet d'enquête
Systèmes de cartographie intégrés	Amélioration de l'efficacité de 35%	Économies annuelles de 180 000 $

Mind Technology, Inc. (Mind) - Modèle d'entreprise: relations clients

Engagement de l'équipe de vente directe

Mind Technology, Inc. maintient une équipe de vente directe axée sur la technologie marine et les marchés de l'exploration sismique. En 2023, l'entreprise a employé 34 professionnels de la vente directe ciblant les secteurs de la géoscience marine et de l'énergie offshore.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	34
Couverture géographique	Amérique du Nord, Europe, Moyen-Orient
Cycle de vente moyen	6-9 mois

Services de support technique et de conseil

Mind Technology fournit un support technique spécialisé par le biais d'équipes d'ingénierie dédiées. En 2023, la société a alloué 1,2 million de dollars à l'infrastructure de support client.

• Disponibilité du support technique 24/7
• Capacités de diagnostic à distance
• Consultation d'ingénierie sur place

Développement de solutions personnalisées

La société développe des solutions de technologie marine personnalisées, avec 42% des revenus 2023 générés par les implémentations de projet sur mesure.

Métrique de personnalisation	Valeur
Revenus de solution personnalisés	42% des revenus totaux
Temps moyen de développement du projet	3-6 mois

Contrats de maintenance à long terme

Mind Technology propose des accords de maintenance complets pour les équipements technologiques marins. En 2023, les contrats de maintenance ont représenté 4,3 millions de dollars de revenus récurrents.

• Ensemble de maintenance standard
• Options de garantie prolongée premium
• Accords de garantie de performance

Interactions de conférence et de salon de l'industrie

La société participe à 8 à 10 événements maritimes et géoscientifiques chaque année, avec un investissement marketing estimé à 275 000 $ en 2023.

Métrique du salon	Valeur
Participation annuelle des salons commerciaux	8-10 événements
Investissement en marketing	$275,000
Taux de génération de leads	37 pistes qualifiées par événement

Mind Technology, Inc. (Mind) - Modèle commercial: canaux

Force de vente directe

Mind Technology, Inc. maintient une équipe de vente dédiée de 12 représentants professionnels ciblant la technologie marine et les marchés énergétiques offshore à partir de 2024.

Composition de l'équipe de vente	Nombre de représentants
Spécialistes de la technologie maritime	7
Experts en vente d'énergie offshore	5

Montrages commerciaux de la technologie maritime

Mind Technology participe à environ 6 à 8 salons de la technologie maritime chaque année, avec un budget marketing estimé à 275 000 $ pour la participation des salons commerciaux en 2024.

Catégorie de salon	Participation annuelle
Expositions internationales de technologie maritime	4
Conférences régionales de technologie maritime	2-4

Catalogues de produits en ligne

Mind Technology maintient les catalogues de produits numériques sur plusieurs plateformes avec un budget de développement Web et de maintenance estimé de 85 000 $ en 2024.

• Catalogue de produits du site Web de l'entreprise
• Plates-formes numériques spécifiques à l'industrie
• Répertoires de technologie de réseautage professionnel

Marketing numérique spécifique à l'industrie

Les dépenses de marketing numérique pour la technologie mentale sont prévues à 215 000 $ en 2024, en se concentrant sur la publicité en ligne ciblée et la sensibilisation numérique.

Canal de marketing numérique	Budget alloué
Publicité professionnelle LinkedIn	$85,000
Plateformes en ligne spécifiques à l'industrie	$65,000
Publicité Google / Bing ciblée	$65,000

Conférences et expositions techniques

La technologie de l'esprit alloue environ 195 000 $ pour la participation et les frais d'exposition de la conférence technique en 2024.

Type de conférence	Nombre de conférences
Conférences techniques internationales	3
Symposiums techniques régionaux	4-5

Mind Technology, Inc. (Mind) - Modèle d'entreprise: segments de clientèle

Compagnies d'exploration du pétrole et du gaz offshore

Mind Technology dessert 78 sociétés d'exploration offshore actives dans le monde en 2023. La pénétration annuelle du marché s'élève à 42% dans ce segment.

Région	Nombre de clients	Part de marché
Amérique du Nord	32	17.6%
Moyen-Orient	22	12.3%
Europe	14	7.8%
Asie-Pacifique	10	4.5%

Institutions de recherche maritime

Mind Technology soutient 46 institutions de recherche maritime dans le monde en 2024.

• Centres de recherche universitaire: 28
• Labs de recherche financés par le gouvernement: 12
• Organisations privées de recherche maritime: 6

Organisations d'enquête océanographique

Base de clientèle totale de 35 organisations d'enquête océanographique sur différents continents.

Type d'organisation	Nombre de clients	Contribution annuelle des revenus
Agences océanographiques internationales	15	4,2 millions de dollars
Centres océanographiques nationaux	12	3,7 millions de dollars
Sociétés d'enquête privées	8	2,5 millions de dollars

Agences marines gouvernementales

Mind Technology dessert 52 agences marines gouvernementales en 2024.

• Défense des départements maritimes: 22
• Organisations de la Garde côtière: 18
• Agences de protection de l'environnement: 12

Organisations de surveillance environnementale

Base de clients de 41 organisations de surveillance environnementale dans le monde.

Focus de surveillance	Nombre de clients	Distribution géographique
Recherche sur le changement climatique	18	Mondial
Surveillance des écosystèmes marins	14	Principalement l'Amérique du Nord et l'Europe
Suivi de la pollution	9	Asie-Pacifique et Europe

Mind Technology, Inc. (Mind) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Mind Technology, Inc. a déclaré des frais de recherche et de développement de 2,1 millions de dollars, ce qui représente une baisse de 2,4 millions de dollars au cours de l'exercice précédent.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	2,1 millions de dollars	15.3%
2022	2,4 millions de dollars	17.2%

Coûts de fabrication et de production

Les coûts de fabrication et de production de Mind Technology pour 2023 ont totalisé 4,5 millions de dollars, avec une ventilation comme suit:

• Coûts de matériel direct: 1,8 million de dollars
• Coûts de main-d'œuvre directes: 1,2 million de dollars
• Fabrication des frais généraux: 1,5 million de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour l'exercice 2023 s'élevaient à 3,3 millions de dollars, ce qui représente 24% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage du budget marketing
Marketing numérique	1,1 million de dollars	33.3%
Participation des salons commerciaux	0,7 million de dollars	21.2%
Personnel de vente	1,5 million de dollars	45.5%

Infrastructure de support technique

Les coûts d'infrastructure de soutien technique pour 2023 étaient de 1,9 million de dollars, notamment:

• Opérations du bureau d'assistance: 0,8 million de dollars
• Logiciel et outils de support: 0,6 million de dollars
• Formation technique: 0,5 million de dollars

Maintenance de la propriété intellectuelle

Les frais de maintenance de la propriété intellectuelle pour 2023 ont totalisé 0,4 million de dollars, couvrant les frais de dépôt de brevets, de renouvellement et de protection juridique.

Catégorie de maintenance IP	Montant
Dépôt de brevet	0,2 million de dollars
Renouvellement des brevets	0,1 million de dollars
Protection juridique	0,1 million de dollars

Mind Technology, Inc. (Mind) - Modèle commercial: Strots de revenus

Ventes d'équipement

Mind Technology, Inc. a déclaré un chiffre d'affaires total de 23,1 millions de dollars pour l'exercice 2023. Les ventes d'équipements ont spécifiquement généré 12,4 millions de dollars de revenus.

Catégorie de produits	Revenus ($)	Pourcentage de la vente totale d'équipements
Équipement sismique marin	7,560,000	60.9%
Systèmes de positionnement offshore	3,720,000	30.0%
Systèmes de navigation sous-marine	1,120,000	9.1%

Frais de licence de technologie

Les licences technologiques ont généré 3,2 millions de dollars de revenus pour 2023.

• Licence de technologie maritime: 1,9 million de dollars
• Licence de technologie de détection sous-marine: 1,3 million de dollars

Services de consultation technique

Les services de consultation technique ont contribué 4,5 millions de dollars aux revenus de la société en 2023.

Type de consultation	Revenus ($)
Conseil d'exploration maritime	2,700,000
Conseil d'ingénierie offshore	1,800,000

Contrats de maintenance en cours

Les contrats de maintenance ont représenté 2,1 millions de dollars de revenus récurrents pour 2023.

• Entretien des équipements marins: 1 260 000 $
• Entretien des systèmes sous-marins: 840 000 $

Développement de solutions personnalisées

Le développement de solutions personnalisés a généré 1,9 million de dollars de revenus en 2023.

Type de solution	Revenus ($)	Nombre de projets
Solutions de cartographie maritime	1,140,000	7
Solutions personnalisées de détection sous-marine	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.