MIND Technology (MIND) investor relations material

Business Overview and Transformation

• Designs, manufactures, and sells equipment for offshore exploration, survey, and maritime security, focusing on enabling data gathering rather than conducting surveys or processing data.

• Underwent significant transformation, including the sale of the Klein sonar unit and a strategic refocus on core business.

• Achieved profitability, eliminated all debt, and maintains a clean capital structure with only common stock and limited employee options.

• Expanded global presence with operations in the US, UK, Malaysia, and Singapore.

• Sees a favorable macro environment with bullish long-term outlook for marine exploration and survey activity.

Growth Strategy and Financial Performance

• Focused on enhancing stockholder value through organic growth, product development, acquisitions, and partnerships.

• Revenue increased from $17.8M in FY23 to $46.9M in FY26E, with gross profit rising to $20.97M in FY26E.

• Operating income turned positive in FY25 and FY26E after prior losses.

• Established ATM and buyback programs for capital flexibility and opportunistic deployment.

• Aftermarket business, including spare parts and repairs, now accounts for a growing share of revenue, reaching 68% in the first half of the current fiscal year.

Products, Customers, and Market Expansion

• Four main revenue streams: GUNLINK (energy source controller), CLINK (towed streamer system), BUOYLINK (GPS positioning), and aftermarket services.

• Holds dominant market positions, especially in source controllers, with a customer base primarily outside the U.S.

• Business expansion driven by new applications such as wind farms, carbon capture, and non-oil mineral exploration.

• Seamap targets ultra high-resolution surveys and expanded repair services for alternative energy projects.

• New Sea Serpent array leverages commercial technology for military and security markets.