Mind Technology Inc
mind-technology.comWhat Do They Do?
Sells marine seismic equipment, positioning systems and marine sensors to marine survey and seismic contractors, research institutes and government organizations.
10-K for FY2026, filed Apr 20, 2026
How Do They Make Money?
Customers pay for marine products when they take possession, typically on delivery. Repair and upgrade work is billed as invoices are issued, while support-contract revenue is spread evenly over contracts lasting up to 12 months.
10-K for FY2026, filed Apr 20, 2026Revenue Recognition of Marine Product Sales—Revenues and cost of sales from the sale of marine products are recognized upon acceptance of…View ↗
Revenue Recognition of Repair Services and Equipment Upgrades—Revenue and cost of sales from the provision of repair services and equipment…View ↗
Revenue Recognition of Service Agreements—In some cases the Company provides on-going support services pursuant to contracts that generally…View ↗
$40.9M
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10-K for FY2026, filed Apr 20, 2026
$40.9M ↗
Who Are Their Customers?
Marine survey companies, seismic contractors, research institutes, government organizations and operators of ports or offshore installations buy marine equipment.
10-K for FY2026, filed Apr 20, 2026We are primarily focused on three markets within the broader marine products space, Marine Exploration, Marine Survey and Maritime…View ↗
Data generated from digital seismic recording systems and peripheral equipment is used in a variety of marine applications, including…View ↗
Seamap’s primary products include: (1) the GunLink seismic source acquisition and control systems, which are designed to provide operators…View ↗
10-K for FY2026, filed Apr 20, 2026
Revenue Risk— In fiscal 2026 and 2025, our single largest customer accounted for approximately 18% and 36%, respectively, of our…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2026 and turned 5 cents into free cash flow.
10-K for FY2026, filed Apr 20, 2026
$2.9MView ↗
10-K for FY2026, filed Apr 20, 2026
$750KView ↗
10-K for FY2026, filed Apr 20, 2026
$1.9MView ↗
How Are They Changing?
Growing. Revenue grew 77% in 4 years, from $23.1M in FY2022 to $40.9M in FY2026, about 15% a year.
Narrowed product scope
The earlier report described Seamap and Klein products; the latest identifies Seamap as the operating segment and says Klein had been sold.
10-K for FY2023, filed May 1, 2023 10-K for FY2026, filed Apr 20, 2026
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