Mind Technology, Inc (NASDAQ: MIND)

MIND Technology, Inc. provides technology to the oceanographic, hydrographic, seismic, and maritime security industries. Headquartered in The Woodlands, Texas, the company designs, manufactures, and sells specialized marine seismic equipment and related services. It focuses on three markets within the marine products space: marine exploration, marine survey, and maritime security. The firm operates worldwide with key locations in the United States, Singapore, Malaysia, and the United Kingdom. As of January 31 2026 it employed approximately 157 full time workers.

The company generates revenue primarily through the sale of its marine seismic products such as the GunLink seismic source acquisition and control systems, the BuoyLink RGNSS positioning system, the SeaLink marine sensors and solid streamer systems, and the Sleeve Gun energy sources. In addition it earns income from spare parts, repair, training, field service, umbilical terminations, and other technical support offerings. Components are sourced from suppliers in Asia, Europe, and the United States, and final assembly, testing, and shipping occur at facilities in Singapore, Malaysia, and Texas. Customers include marine survey companies, seismic survey contractors, non military governmental organizations, research institutes, and operators of port facilities and other offshore installations.

The company operates through the following segments.

• Seamap: designs manufactures and sells specialized marine seismic equipment including the GunLink seismic source acquisition and control systems, the BuoyLink RGNSS positioning system, the SeaLink marine sensors and solid streamer systems, and the Sleeve Gun energy sources; it also provides spare parts, repair, training, field service, umbilical terminations, engineering, and sales support from its facilities in the United Kingdom, Singapore, Malaysia, and Texas; the segment further develops technology internally and acquires additional technology through purchases of businesses or specific assets.

MIND Technology, Inc. competes with other manufacturers of marine seismic, hydrographic, and oceanographic equipment. Competition is based on technical capability, reliability, price, delivery terms, and service. Some rivals have greater financial resources but the company distinguishes itself through its proprietary technology, patented innovations, and focused product lines. The firm believes its pertinent patents have a valid term through at least 2028.

The company serves marine survey companies, seismic survey contractors, non military governmental organizations, research institutes, and operators of port facilities and other offshore installations. In fiscal 2026 the largest customer represented approximately 18% of consolidated revenue while the five largest customers together accounted for about 69% of sales. Geographically, revenue in thousands of dollars was distributed as follows: United States $3,005, China $10,897, Norway $21,110, Turkey $2,116, Singapore $0, Japan $1,121, and other $2,698. As of January 31 2026 the order backlog stood at approximately $13.9 million, down from $16.9 million a year earlier.