MIND Technology, Inc. (MIND): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of MIND Technology, Inc. right now, trying to see past the noise, so let's cut straight to the structure that delivered about $46.86 million in revenue from continuing operations for fiscal year 2025 and a $6.8 million operating income. Honestly, the real story is the pivot: their aftermarket services are becoming a powerhouse, making up approximately 68% of H1 FY2026 revenue, which offers a nice stability layer against lumpy system sales to international seismic contractors. We'll map out exactly how their proprietary tech, like the SeaLink systems, is supported by their global facilities and what that means for their $7.8 million cash position as of July 31, 2025, so you can quickly assess their near-term strategy.

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

You're looking at the relationships MIND Technology, Inc. establishes to keep the capital flowing and secure those big equipment orders. It's all about who they work with to sell their specialized marine technology.

International seismic contractors for large orders

MIND Technology, Inc. relies on major seismic players for significant revenue injections. As of December 2, 2025, the Seamap unit secured orders for GunLink source controllers and associated equipment from an international seismic contractor. The aggregate value of these orders is in excess of $9.5 million. These deliveries are slated for the current fiscal year or early next year. This follows an earlier indefinite quantity, indefinite delivery supply agreement entered into during the first quarter of fiscal 2022 with a major international marine seismic contractor, which is expected to result in additional sales of source controller products.

Lucid Capital Markets LLC for the $25.0 million ATM program

To ensure capital flexibility, MIND Technology, Inc. partnered with Lucid Capital Markets LLC. On August 28, 2025, the company entered into an equity distribution agreement allowing MIND Technology, Inc. to sell up to $25.0 million of common stock over time through an at-the-market (ATM) program. This is a key partnership for accessing capital efficiently to exploit growth opportunities. Concurrently, the Board authorized a stock repurchase program for up to $4.0 million of common stock, effective through August 31, 2027, balancing potential dilution.

Third-party distributors for global market reach

Global market reach is supported by established operational footprints rather than specific distributor financials in the latest reports. MIND Technology, Inc. maintains key operating locations in:

• United States
• Singapore
• Malaysia
• United Kingdom

The company's fiscal 2025 fourth quarter revenues from continuing operations reached approximately $15.0 million, reflecting the reach of its sales channels.

Technology partners for next-generation product development

MIND Technology, Inc. plans to gain access to new technology or products through acquisition, joint venture arrangements, or licensing agreements, alongside internal development. The company reported full-year fiscal 2025 operating income from continuing operations of $6.8 million.

Here's a quick look at the key financial partnership figures:

Partnership/Agreement Type	Partner/Description	Associated Financial Amount	Date/Period Reference
At-The-Market (ATM) Program	Lucid Capital Markets LLC	Up to $25.0 million	Agreement entered August 28, 2025
Stock Buyback Program	Board Authorization	Up to $4.0 million	Through August 31, 2027
Large Seismic Order	International Seismic Contractor (Seamap unit)	In excess of $9.5 million	Announced December 2, 2025
Supply Agreement	Major international marine seismic contractor	Not specified (Indefinite quantity/delivery)	Q1 Fiscal 2022

The backlog of Marine Technology Products as of January 31, 2025, was approximately $16.2 million, though subsequent orders totaling approximately $15.9 million were received after that date.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of MIND Technology, Inc. (MIND) as of late 2025. The key activities revolve around high-precision marine tech manufacturing, software development, and servicing that installed base. Here's the breakdown of what keeps the lights on and drives the growth you're tracking.

Design and manufacture of proprietary marine technology products

This is the heart of MIND Technology, Inc.'s operation, primarily through its Seamap unit, which designs, manufactures, and sells specialized, high-performance marine exploration and survey equipment. These products include GunLink source controllers, BuoyLink positioning systems, and SeaLink streamer systems. The company generated total revenues from continuing operations of approximately $46.9 million for the full fiscal year 2025, which ended January 31, 2025. The backlog for these Marine Technology Products within the Seamap segment stood at approximately $16.2 million as of that fiscal year-end, though subsequent orders totaling approximately $15.9 million were received shortly after.

The operational success from these activities translated directly to the bottom line for fiscal 2025:

Metric	FY 2025 Amount
Full Year Revenue (Continuing Ops)	$46.9 million
Operating Income (Continuing Ops)	$6.8 million
Net Income (Continuing Ops)	$5.1 million
Gross Margin	45%
Adjusted EBITDA (Continuing Ops)	$8.2 million

Research and development (R&D) for Spectral Ai Software Suite

MIND Technology, Inc. commits resources to R&D to maintain its technology edge, which supports both new product development and enhancements to existing systems like the Spectral Ai Software Suite. For the full fiscal year 2025, the reported Research and development expense was $1,914,000. This investment supports the development of next-generation systems, such as ultra-high-resolution SeaLink streamer systems planned for fiscal 2026.

Aftermarket services: repair, maintenance, and upgrades

Servicing the installed base is a significant and high-margin activity. For the fiscal year 2025, approximately 40% of MIND Technology, Inc.'s revenue was derived from these aftermarket services. This trend accelerated into the next fiscal year, with aftermarket revenue accounting for about 68% of total revenue in the first six months of fiscal 2026 (ending July 31, 2025). The company completed an expansion at its Texas repair facility, intending to boost this recurring, U.S.-based revenue stream.

The importance of this activity is clear when looking at recent performance:

• Aftermarket revenue was a major contributor to the Q2 FY2026 revenue of $13.6 million.
• The company is actively supporting existing and new product lines and services for third parties through facility expansion.

Global supply chain management across four operating regions

MIND Technology, Inc. manages a global footprint to support its manufacturing and service delivery. The key operating locations that define this supply chain structure are in the United States, Singapore, Malaysia, and the United Kingdom. Managing the flow of specialized components and finished goods across these four distinct regions is a critical activity to meet delivery schedules, such as the recent orders valued in excess of $9.5 million expected to be delivered in the current or early next fiscal year.

The company's operational focus in late 2025 included:

• Maintaining a debt-free balance sheet.
• Reporting working capital of approximately $25.1 million as of July 31, 2025.
• Reducing inventory by $1.9 million since the start of FY2026, reflecting fulfillment of deferred orders.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that make MIND Technology, Inc. tick, the things they own or control that are essential for delivering their value proposition. Honestly, for a company like MIND, it all comes down to specialized intellectual property and the people who build and service it. Here's the breakdown of what they bring to the table as of late 2025.

Proprietary Technology

MIND Technology, Inc.'s competitive edge is heavily vested in its Seamap unit's proprietary marine seismic equipment, which is critical for exploration, survey, and defense applications. These aren't off-the-shelf items; they are specialized systems that anchor their market position, especially in the niche for source controllers.

The key technology platforms include:

• GunLink systems: The world's leading real-time seismic acquisition and source control system, providing precise energy source management for high-quality data.
• BuoyLink systems: Industry-leading real-time GPS buoy tracking and positioning systems, like the BuoyLink 4DX, which offers submeter positioning for gunfloats and tailbuoys.
• SeaLink systems: Advanced marine streamer seismic recording systems, such as the SeaLink 3840, used for acquiring 2D, 3D, High Resolution, and Ultra High Resolution data.

Also, don't overlook the recurring revenue potential from support. Aftermarket Services, which cover parts, repairs, and training for this installed base, accounted for a significant 40% of revenue in the third quarter of fiscal 2025. That's a solid foundation for stability.

Global Operating Facilities

MIND Technology, Inc. supports its global clientele through a network of key operating locations. This physical footprint is necessary for manufacturing, service, and direct customer support across major energy and maritime regions. The company's operations are strategically spread across four primary jurisdictions:

Country/Region	Specific Location Detail (as of early 2025)
United States	Headquartered in The Woodlands, Texas; manufacturing/operations in Huntsville, Texas.
United Kingdom	Operating location near Bristol.
Singapore	Key operating location, with the Singapore subsidiary often contracting the majority of foreign revenues.
Malaysia	Operating location in Johor.

This structure allows MIND Technology, Inc. to service customers who derive approximately 95% of the company's revenues from foreign countries in fiscal 2025.

Financial Position

A major asset for MIND Technology, Inc. is its clean balance sheet, which provides operational flexibility. As of the specified date, the company reports a debt-free balance sheet, a status achieved following the August 2023 sale of its Klein Marine Systems subsidiary.

The liquidity position as of July 31, 2025, is reported as:

Financial Metric	Amount (as of July 31, 2025)
Cash and Cash Equivalents	$7.8 million
Total Debt	$0 (Debt-free status confirmed)

This cash position, combined with the debt-free status, means they aren't burdened by high-cost financing when pursuing new growth opportunities.

Specialized Engineering and Technical Personnel

The technology is only as good as the people maintaining and advancing it. MIND Technology, Inc. relies on a specialized workforce to design, manufacture, and support its complex marine systems. As of the end of fiscal 2025 (January 31, 2025), the company employed approximately 146 people on a full-time basis.

Here are some key metrics related to that team:

• Total Full-Time Employees (as of January 31, 2025): 146.
• Year-over-Year Employee Growth (as of January 31, 2025): 0.69% (an increase of 1 employee).
• Revenue per Employee (based on trailing twelve months): $332,959.

These personnel are the engine behind the development of new technology and the delivery of 24/7 support to avoid customer downtime, which is a key part of their value proposition. Finance: draft 13-week cash view by Friday.

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.