MIND Technology Inc (NASDAQ: MIND) is a marine technology company that designs, manufactures, and sells specialized marine seismic equipment through its single operating segment, Seamap. Revenue is generated entirely from the sale of marine technology products, which totaled $40.9 million in FY2026 (year ended January 31, 2026), down from $46.9 million in FY2025. The company serves three primary end markets: Marine Exploration, Marine Survey, and Maritime Security, with customers including marine survey companies and seismic survey contractors. Incorporated in Delaware in 1987 and headquartered in The Woodlands, Texas, MIND operates manufacturing and office facilities across the United States, Singapore, Malaysia, and the United Kingdom. The business is debt-free with no credit facility in place as of January 31, 2026, relying on cash on hand and operating cash flows for liquidity. Working capital stood at approximately $37.4 million as of January 31, 2026, including $19.1 million in cash.

Revenue model

Transactional product sales. All revenue comes from the sale of marine technology products through the Seamap segment. Revenue was $40.9 million in FY2026 and $46.9 million in FY2025. Gross profit was $18.7 million in FY2026 (45.6% gross margin) and $21.0 million in FY2025. Operating income was $2.9 million in FY2026 and $6.8 million in FY2025. Net income was $0.75 million in FY2026 and $5.1 million in FY2025.

Products and services

Seamap designs, manufactures, and sells specialized marine seismic equipment. The Seamap segment includes operating entities Seamap Pte Ltd, MIND Maritime Acoustics LLC, Seamap (Malaysia) Sdn Bhd, and Seamap (UK) Ltd. The product portfolio addresses Marine Exploration, Marine Survey, and Maritime Security applications.

Customers and end markets

Customers include marine survey companies and seismic survey contractors operating in the Marine Exploration, Marine Survey, and Maritime Security markets. Demand is tied to global energy exploration and marine survey activity. The company noted a decline in order activity and backlog in FY2026, which it attributed to global economic and political uncertainty.

Value-chain role

Manufacturer and seller of specialized marine seismic hardware. The company operates owned and leased facilities totaling roughly 140,200 square feet across Huntsville, Texas; The Woodlands, Texas; Singapore; Shepton Mallet, UK; and Iskandar Puteri, Malaysia. R&D expenditure was $1.6 million in FY2026 and $1.9 million in FY2025.

Geographic exposure

Operations in the United States (Huntsville and The Woodlands, Texas), Singapore, Malaysia, and the United Kingdom. Revenue is generated globally through the Seamap segment, with exposure to international regulatory, political, and currency risks as disclosed in the FY2026 10-K.

Source: SEC 10-K, filed 2026-04-20

Industry: Search, Detection, Navigation, Guidance, Aeronautical Sys Peers: Enservco Corp Koil Energy Solutions Inc Greenway Technologies Inc Laredo Oil Inc VICTORY CLEAN ENERGY, INC. Superior Drilling Products, Inc. SLB NV SMG Industries Inc.