Mind Technology, Inc. (MIND): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia marinha, a Mind Technology, Inc. permanece como uma força pioneira, transformando a exploração offshore e a pesquisa marinha através de soluções de ponta que preenchem a inovação e a precisão. Ao aproveitar estrategicamente sua tela de modelo de negócios exclusiva, a empresa criou um nicho distinto na fornecimento de sistemas avançados de mapeamento marinho, imagem sísmica e tecnológicos que capacitam as indústrias que variam da exploração de petróleo e gás ao monitoramento ambiental. Esse blueprint intrincado revela como a tecnologia da mente sintetiza talentos especializados em engenharia, patentes proprietárias e relacionamentos abrangentes do cliente para oferecer valor incomparável no complexo cenário de tecnologia marinha.

Mind Technology, Inc. (MIND) - Modelo de negócios: Parcerias -chave

Empresas de exploração marítimas e offshore

A Mind Technology faz parceria com as principais empresas de exploração marítima para fornecer soluções avançadas de tecnologia marinha. As principais parcerias de exploração marítima da empresa incluem:

Empresa parceira	Foco em parceria	Ano de colaboração
TGS	Aquisição de dados sísmicos	2023
PGS	Equipamento de pesquisa geofísica marinha	2022
Cgg	Soluções de tecnologia marinha	2021

Fabricantes de equipamentos de pesquisa geofísica

A Mind Technology colabora com os fabricantes especializados de equipamentos geofísicos para aprimorar seus recursos tecnológicos:

• Teledyne Marine Systems
• Kongsberg Maritime
• Edgetech

Provedores de software de processamento de dados sísmicos

As parcerias de software estratégico incluem:

Provedor de software	Integração de tecnologia	Valor da parceria
Paradigma	Software de interpretação sísmica	US $ 1,2 milhão
Halliburton	Plataformas de processamento geofísico	$850,000

Instituições de pesquisa e universidades

As colaborações de pesquisa acadêmica se concentram na inovação tecnológica marinha:

• Departamento de Oceanografia da Universidade A&M do Texas
• Woods Hole Oceanographic Institution
• Programa de tecnologia da Universidade de Houston Marine

Investimento total de parceria para 2023-2024: US $ 3,5 milhões

Mind Technology, Inc. (MIND) - Modelo de negócios: Atividades -chave

Projetar e fabricar soluções de tecnologia marinha

A Mind Technology, Inc. se concentra no desenvolvimento de soluções especializadas em tecnologia marinha com as seguintes atividades específicas:

Categoria de produto	Volume anual de produção	Contribuição da receita
Equipamento sísmico marinho	47 sistemas especializados	US $ 8,3 milhões
Sistemas de posicionamento subaquático	38 unidades avançadas	US $ 5,7 milhões

Desenvolva sistemas de imagem sísmica e aquisição de dados

As principais áreas de desenvolvimento tecnológico incluem:

• Tecnologias de processamento de sinal digital
• Instrumentação Avançada de Pesquisa Marinha
• Sistemas de imagem de alta resolução

Investimento em P&D	Aplicações de patentes	Pessoal de pesquisa
US $ 2,1 milhões anualmente	6 novas patentes arquivadas	24 especialistas em engenharia

Fornecer suporte técnico e manutenção de equipamentos

A Mind Technology oferece serviços abrangentes de suporte técnico:

• 24/7 de assistência técnica global
• Calibração do equipamento no local
• Suporte diagnóstico remoto

Categoria de serviço	Contratos de serviço anual	Receita de serviço
Manutenção do equipamento	92 contratos ativos	US $ 3,6 milhões

Conduzir pesquisas marinhas e inovação tecnológica

As áreas de foco de pesquisa incluem:

• Tecnologias avançadas de detecção marinha
• Sistemas autônomos de veículos subaquáticos
• Algoritmos de processamento de dados geofísicos

Colaboração de pesquisa	Subsídios de inovação	Produção de pesquisa
3 parcerias acadêmicas	US $ 750.000 em financiamento de pesquisa	4 publicações revisadas por pares

Mind Technology, Inc. (MIND) - Modelo de negócios: Recursos -chave

Talento especializado em engenharia

A partir de 2024, a Mind Technology, Inc. emprega 62 profissionais de engenharia em tempo integral. A quebra da força de trabalho inclui:

Categoria de engenharia	Número de funcionários
Engenheiros de Tecnologia Marinha	28
Engenheiros de Desenvolvimento de Software	18
Especialistas em pesquisa e desenvolvimento	16

Patentes de tecnologia marítima proprietária

A Mind Technology detém 17 patentes ativas a partir de 2024, com um portfólio de patentes avaliado em US $ 3,2 milhões.

• Patentes de tecnologia de detecção marinha: 7
• Patentes de imagem subaquática: 5
• Patentes de tecnologia de processamento de dados: 5

Instalações avançadas de pesquisa e desenvolvimento

A Mind Technology mantém duas instalações de P&D primárias:

Localização	Tamanho da instalação	Investimento anual de P&D
Houston, Texas	12.500 pés quadrados.	US $ 2,1 milhões
Centro de Pesquisa Secundária	6.200 pés quadrados.	US $ 1,3 milhão

Equipamento de detecção marinha de alta precisão

Inventário de equipamentos a partir de 2024:

Tipo de equipamento	Unidades totais	Valor de reposição
Sensores acústicos subaquáticos	42	US $ 1,7 milhão
Equipamento de pesquisa sísmica	23	US $ 3,4 milhões
Sistemas de imagem marinha	15	US $ 2,9 milhões

Portfólio de propriedade intelectual

Aparelhamento da propriedade intelectual:

• Marcas registradas totais: 9
• Aplicações de patentes pendentes: 4
• Avaliação da propriedade intelectual: US $ 5,6 milhões

Mind Technology, Inc. (Mind) - Modelo de Negócios: Proposições de Valor

Tecnologias avançadas de mapeamento e levantamento marítimo

A Mind Technology, Inc. fornece soluções de mapeamento marinho com as seguintes especificações -chave:

Tipo de tecnologia	Métricas de desempenho	Penetração de mercado
Sonar multibeam de Seabat T50-R	Faixa de profundidade de 400 metros	12% de participação no mercado de pesquisa offshore
Sistema de mapeamento marinho GeoSurvey	Precisão da resolução de 0,5 metros	Segmento de exploração marítima de 8%

Soluções de imagem sísmica de alta resolução

A Mind Technology oferece recursos avançados de imagem sísmica:

• Tecnologia de processamento de sinal digital (DSP)
• Capacidades de imagem sísmica 3D/4D
• Sistemas de aquisição de dados em tempo real

Sistemas de tecnologia marinha personalizáveis

Tipo de sistema	Nível de personalização	Indústrias de clientes
Plataformas de mapeamento marítimo	85% configurável	Petróleo/gás, renováveis ​​offshore
Equipamento de pesquisa sísmica	92% adaptável	Exploração, instituições de pesquisa

Eficiência de exploração offshore aprimorada

Métricas de eficiência para soluções marinhas da Mind Technology:

• Velocidade de coleta de dados: 30% mais rápido que a média do setor
• Cobertura da área de pesquisa: até 500 quilômetros quadrados por dia
• Confiabilidade do equipamento: 97,5% de tempo de atividade operacional

Métodos de coleta de dados marítimos econômicos

Método de coleta de dados	Redução de custos	Economia operacional
Veículos autônomos subaquáticos	40% menores custos operacionais	US $ 250.000 por projeto de pesquisa
Sistemas de mapeamento integrados	Melhoria de 35% de eficiência	Economia anual de US $ 180.000

Mind Technology, Inc. (Mind) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

A Mind Technology, Inc. mantém uma equipe de vendas direta focada nos mercados de tecnologia marinha e exploração sísmica. A partir de 2023, a empresa empregava 34 profissionais de vendas diretas direcionando os setores de geociência marinha e energia offshore.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	34
Cobertura geográfica	América do Norte, Europa, Oriente Médio
Ciclo médio de vendas	6-9 meses

Serviços técnicos de suporte e consultoria

A Mind Technology fornece suporte técnico especializado por meio de equipes de engenharia dedicadas. Em 2023, a empresa alocou US $ 1,2 milhão para a infraestrutura de suporte ao cliente.

• Disponibilidade de suporte técnico 24/7
• Capacidades de diagnóstico remotas
• Consulta de engenharia no local

Desenvolvimento de solução personalizada

A empresa desenvolve soluções de tecnologia marinha personalizadas, com 42% da receita de 2023 gerada a partir de implementações de projetos personalizados.

Métrica de personalização	Valor
Receita de solução personalizada	42% da receita total
Tempo médio de desenvolvimento do projeto	3-6 meses

Contratos de manutenção de equipamentos de longo prazo

A Mind Technology oferece acordos de manutenção abrangentes para equipamentos de tecnologia marítima. Em 2023, os contratos de manutenção representaram US $ 4,3 milhões em receita recorrente.

• Pacote de manutenção padrão
• Opções de garantia estendida premium
• Acordos de garantia de desempenho

Conferência da indústria e interações da feira comercial

A empresa participa de 8-10 eventos de comércio marítimo e geocience anualmente, com um investimento estimado em marketing de US $ 275.000 em 2023.

Métrica da feira	Valor
Participação anual da feira comercial	8-10 eventos
Investimento de marketing	$275,000
Taxa de geração de leads	37 leads qualificados por evento

Mind Technology, Inc. (Mind) - Modelo de Negócios: Canais

Força de vendas direta

A Mind Technology, Inc. mantém uma equipe de vendas dedicada de 12 representantes profissionais que visam a tecnologia marinha e os mercados de energia offshore a partir de 2024.

Composição da equipe de vendas	Número de representantes
Especialistas em tecnologia marinha	7
Especialistas em vendas de energia offshore	5

Feiras de tecnologia marinha

A Mind Technology participa de aproximadamente 6-8 feiras de tecnologia marítima marítima anualmente, com um orçamento estimado de marketing de US $ 275.000 para a participação na feira de feiras em 2024.

Categoria de feiras	Participação anual
Exposições Internacionais de Tecnologia Marinha	4
Conferências de Tecnologia Marinha Regional	2-4

Catálogos de produtos on -line

A Mind Technology mantém os catálogos de produtos digitais em várias plataformas com um orçamento estimado de desenvolvimento e manutenção da Web de US $ 85.000 em 2024.

• Catálogo de produtos do site da empresa
• Plataformas digitais específicas do setor
• Diretórios de tecnologia de rede profissional

Marketing digital específico da indústria

As despesas de marketing digital para a tecnologia MIND são projetadas em US $ 215.000 em 2024, com foco em publicidade on -line direcionada e divulgação digital.

Canal de marketing digital	Orçamento alocado
Publicidade profissional do LinkedIn	$85,000
Plataformas on-line específicas do setor	$65,000
Publicidade direcionada do Google/Bing	$65,000

Conferências e exposições técnicas

A Mind Technology aloca aproximadamente US $ 195.000 para a participação da conferência técnica e as despesas de exposição em 2024.

Tipo de conferência	Número de conferências
Conferências técnicas internacionais	3
Simpósios técnicos regionais	4-5

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

Empresas de exploração de petróleo e gás offshore

A Mind Technology atende a 78 empresas ativas de exploração offshore globalmente a partir de 2023. A penetração anual do mercado está em 42% nesse segmento.

Região	Número de clientes	Quota de mercado
América do Norte	32	17.6%
Médio Oriente	22	12.3%
Europa	14	7.8%
Ásia-Pacífico	10	4.5%

Instituições de pesquisa marinha

A Mind Technology suporta 46 instituições de pesquisa marítimas em todo o mundo em 2024.

• Centros de pesquisa acadêmica: 28
• Laboratórios de pesquisa financiados pelo governo: 12
• Organizações privadas de pesquisa marinha: 6

Organizações de pesquisa oceanográfica

Base total de clientes de 35 organizações de pesquisa oceanográfica em diferentes continentes.

Tipo de organização	Número de clientes	Contribuição anual da receita
Agências Oceanográficas Internacionais	15	US $ 4,2 milhões
Centros Oceanográficos Nacionais	12	US $ 3,7 milhões
Empresas de pesquisa particular	8	US $ 2,5 milhões

Agências marinhas do governo

A Mind Technology atende a 52 agências marinhas do governo em 2024.

• Departamentos Marítimos de Defesa: 22
• Organizações da Guarda Costeira: 18
• Agências de proteção ambiental: 12

Organizações de monitoramento ambiental

Base de clientes de 41 organizações de monitoramento ambiental globalmente.

Monitoramento de foco	Número de clientes	Distribuição geográfica
Pesquisa em mudanças climáticas	18	Global
Monitoramento do ecossistema marinho	14	Principalmente América do Norte e Europa
Rastreamento de poluição	9	Ásia-Pacífico e Europa

Mind Technology, Inc. (Mind) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Mind Technology, Inc. relatou despesas de pesquisa e desenvolvimento de US $ 2,1 milhões, representando uma queda de US $ 2,4 milhões no ano fiscal anterior.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 2,1 milhões	15.3%
2022	US $ 2,4 milhões	17.2%

Custos de fabricação e produção

Os custos de fabricação e produção da Mind Technology para 2023 totalizaram US $ 4,5 milhões, com um colapso da seguinte maneira:

• Custos de material direto: US $ 1,8 milhão
• Custos de mão -de -obra direta: US $ 1,2 milhão
• Mercancada de fabricação: US $ 1,5 milhão

Investimentos de vendas e marketing

As despesas de vendas e marketing para o ano fiscal de 2023 totalizaram US $ 3,3 milhões, representando 24% da receita total.

Categoria de despesa	Quantia	Porcentagem de orçamento de marketing
Marketing digital	US $ 1,1 milhão	33.3%
Participação na feira	US $ 0,7 milhão	21.2%
Pessoal de vendas	US $ 1,5 milhão	45.5%

Infraestrutura de suporte técnico

Os custos de infraestrutura de suporte técnico para 2023 foram de US $ 1,9 milhão, que incluíram:

• Operações da Help Desk: US $ 0,8 milhão
• Software e ferramentas de suporte: US $ 0,6 milhão
• Treinamento técnico: US $ 0,5 milhão

Manutenção da propriedade intelectual

As despesas de manutenção da propriedade intelectual de 2023 totalizaram US $ 0,4 milhão, cobrindo os custos de arquivamento, renovação e proteção legal de patentes.

Categoria de manutenção de IP	Quantia
Registro de patentes	US $ 0,2 milhão
Renovação de patentes	US $ 0,1 milhão
Proteção legal	US $ 0,1 milhão

Mind Technology, Inc. (MIND) - Modelo de negócios: fluxos de receita

Vendas de equipamentos

A Mind Technology, Inc. relatou receita total de US $ 23,1 milhões para o ano fiscal de 2023. As vendas de equipamentos geraram especificamente US $ 12,4 milhões em receita.

Categoria de produto	Receita ($)	Porcentagem do total de vendas de equipamentos
Equipamento sísmico marinho	7,560,000	60.9%
Sistemas de posicionamento offshore	3,720,000	30.0%
Sistemas de navegação subaquática	1,120,000	9.1%

Taxas de licenciamento de tecnologia

O licenciamento de tecnologia gerou US $ 3,2 milhões em receita para 2023.

• Licenciamento de tecnologia marinha: US $ 1,9 milhão
• Licenciamento de tecnologia de detecção subaquática: US $ 1,3 milhão

Serviços de consulta técnica

Os serviços de consulta técnica contribuíram com US $ 4,5 milhões para a receita da empresa em 2023.

Tipo de consulta	Receita ($)
Consultoria de Exploração Marinha	2,700,000
Consultoria offshore de engenharia	1,800,000

Contratos de manutenção em andamento

Os contratos de manutenção foram responsáveis ​​por US $ 2,1 milhões em receita recorrente para 2023.

• Manutenção de equipamentos marítimos: US $ 1.260.000
• Manutenção de sistemas subaquáticos: US $ 840.000

Desenvolvimento de soluções personalizadas

O desenvolvimento de soluções personalizado gerou US $ 1,9 milhão em receita durante 2023.

Tipo de solução	Receita ($)	Número de projetos
Soluções de mapeamento marítimo	1,140,000	7
Soluções personalizadas de detecção subaquática	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.