MIND TECHNOLOGY, INC Leases Disclosure
7. Leases
The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia and The United Kingdom.
Lease expense for the twelve months ended January 31, 2026 and 2025 was approximately $930,000 and $860,000, respectively, and was recorded as a component of operating income.
Supplemental balance sheet information related to leases as of January 31, 2026 and 2025 was as follows (in thousands):
| As of January 31, | ||||||||
| Lease | 2026 | 2025 | ||||||
| Assets | ||||||||
| Operating lease right-of-use assets | $ | 1,092 | $ | 1,320 | ||||
| Liabilities | ||||||||
| Operating lease liabilities | $ | 1,092 | $ | 1,320 | ||||
| Classification of lease liabilities | ||||||||
| Current liabilities | $ | 686 | $ | 577 | ||||
| Non-current liabilities | 406 | 743 | ||||||
| Total Operating lease liabilities | $ | 1,092 | $ | 1,320 | ||||
Lease-term and discount rate details as of January 31, 2026 and 2025 were as follows:
| As of January 31, | ||||||||
| Lease term and discount rate | 2026 | 2025 | ||||||
| Weighted average remaining lease term (years) | ||||||||
| Operating leases | 1.39 | |||||||
| Weighted average discount rate: | ||||||||
| Operating leases | 15 | % | 14 | % | ||||
Supplemental cash flow information related to leases on January 31, 2026 and 2025 was as follows (in thousands):
| As of January 31, | ||||||||
| Lease | 2026 | 2025 | ||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
| Operating cash flows from operating leases | $ | (930 | ) | $ | (987 | ) | ||
| Right-of-use assets obtained in exchange for lease liabilities: | ||||||||
| Operating leases | $ | 950 | $ | 834 | ||||
Maturities of lease liabilities on January 31, 2026 and 2025 were as follows (in thousands):
| As of January 31, | ||||||||
| 2026 | 2025 | |||||||
| 2027 | $ | 789 | $ | 718 | ||||
| 2028 | 292 | 526 | ||||||
| 2029 | 115 | 275 | ||||||
| 2030 | 46 | 35 | ||||||
| 2031 | 22 | — | ||||||
| Thereafter | — | — | ||||||
| Total payments under lease agreements | $ | 1,264 | $ | 1,554 | ||||
| Less: imputed interest | (172 | ) | (234 | ) | ||||
| Total lease liabilities | $ | 1,092 | $ | 1,320 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Apr 20, 2026 | Showing above |
| 2025 | Apr 25, 2025 | |
| 2024 | Apr 30, 2024 | |
| 2023 | May 1, 2023 | |
| 2022 | Apr 29, 2022 | |
| 2021 | Apr 16, 2021 | |
| 2020 | Apr 28, 2020 | |
| 2019 | Apr 5, 2019 | |
| 2017 | Apr 7, 2017 | |
| 2016 | Apr 7, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.