MIND Technology, Inc.

Overview

• Established: Delaware corporation, 1987.
• Core focus: Seamap business — design, manufacture and sale of specialized marine seismic equipment and related technologies.
• Global presence: United States (headquarters in The Woodlands, TX; facility in Huntsville, TX), Singapore, Malaysia, United Kingdom.
• Operating segments: One operating segment — Seamap.

Markets and customers

• Target markets: Marine exploration, marine survey, maritime security.
• Typical customers: Marine survey companies, seismic survey contractors, non-military government organizations, research institutes, and operators of port facilities and offshore installations.
• Revenue concentration: In fiscal 2026 the largest customer accounted for approximately 18% of consolidated revenues; the five largest customers accounted for approximately 69% of revenues.
• Geography of customers (fiscal years ended Jan 31):
  • United States: $3.005 million (2026) vs $2.478 million (2025)
  • China: $10.897 million (2026) vs $17.720 million (2025)
  • Norway: $21.110 million (2026) vs $21.956 million (2025)
  • Turkey: $2.116 million (2026) vs $0.634 million (2025)
  • Singapore: $0 (2026) vs $0.366 million (2025)
  • Japan: $1.121 million (2026) vs $0.340 million (2025)
  • Other: $2.698 million (2026) vs $3.369 million (2025)
  • Total revenue: $40.947 million (2026) vs $46.863 million (2025)

Seamap products and technology

• Primary products:
  • GunLink: seismic source acquisition and control systems (energy source controllers).
  • BuoyLink: RGNSS positioning system for precise positioning of energy sources and streamers.
  • Sleeve Gun: energy sources.
  • SeaLink: towed seismic streamer system.
• Configurations and specialized offerings:
  • SeaLink UHR3D: configuration for ultra high-resolution 3D ocean bottom surveys.
• Other offerings: Streamer weight collars, depth transducers, pressure transducers, air control valves, source array systems; spare parts; services including repair, training, field service, and umbilical terminations.
• Intellectual property: Internally developed designs and patent applications; acquired patents related to energy source controllers and hydrophones, with patent terms believed to extend through at least 2028.
• Software: Spectral Ai — data handling and automatic target recognition software developed for Klein Marine System side-scan sonars (Klein was sold in August 2023). ATR initiative discontinued in fiscal 2026.

Operations and facilities

• United States: The Woodlands, TX (headquarters); Huntsville, TX (manufacturing support and other services).
• Singapore: Engineering, assembly, sales, repair and field service operations.
• Malaysia: Manufacturing and repair facility proximate to Singapore.
• United Kingdom: Seamap facility providing engineering, training, sales and field service operations.
• Raw materials sourcing: Components procured from suppliers in Asia, Europe and the United States.

Backlog and revenue outlook

• Backlog (Seamap) as of Jan 31, 2026: approximately $13.9 million, down from $16.9 million as of Jan 31, 2025.
• Expectation: Essentially all backlog as of Jan 31, 2026 is expected to be fulfilled during fiscal year 2027.
• Backlog considerations: Backlog is subject to cancellations, scope changes and customer terminations.

Financial snapshot (selected items)

• Employees: Approximately 157 full-time employees as of Jan 31, 2026; none represented by a union or covered by a collective bargaining agreement.
• Property and equipment (net book value as of Jan 31, 2026):
  • United States: $0.685 million
  • United Kingdom: $0.238 million
  • Singapore: $0.034 million
  • Malaysia: $0.278 million
  • Total non-U.S.: $0.550 million
  • Total property and equipment: $1.235 million
• Stock and capitalization (as of Jan 31, 2026):
  • Authorized: 40,000,000 shares of Common Stock; 2,000,000 shares of Preferred Stock.
  • Issued and outstanding: 9,089,055 shares of Common Stock; no Preferred Stock outstanding.
• Recent financing: Subsequent to fiscal 2026, Seamap Pte Ltd entered into a trade finance facility with HSBC Singapore for issuing letters of credit or bank guarantees.

Intellectual property and regulatory

• IP strategy: Combination of patents, copyrights, trademarks, trade secrets and confidentiality agreements to protect GunLink, SeaLink, BuoyLink and related technologies.
• Regulatory and compliance exposure: Subject to environmental and worker safety rules, export controls (U.S. BIS/OFAC), anti-bribery laws (FCPA/UK Bribery Act), data privacy and cybersecurity requirements. The company manages these risks across global operations and suppliers and monitors potential impacts from regulatory and environmental requirements.