MIND TECHNOLOGY, INC Segments Disclosure

14. Segment Reporting

 

At January 31, 2026, Seamap is the Company’s sole reporting segment.

 

Seamap - Our Seamap segment provides the following:

 

	•	GunLink seismic source acquisition and control systems
	•	BuoyLink relative global navigation satellite positioning systems
	•	SeaLink marine sensors and solid streamer systems

 

Our Seamap segment provides services and products, including engineering, repairs and software licensing, utilized in marine exploration, marine survey and maritime security for marine survey companies, seismic survey contractors, research institutes, non-military government organizations and operators of port facilities and other offshore installations.

 

Our CODM is our chief executive officer. Our CODM analyzes each segment's performance using revenue and operating income. Inter-company revenue and expenses have been eliminated in the reported revenue and operating income. Our CODM uses revenue and operating income in the annual budgeting and forecasting process and considers these on a monthly basis when making determinations on the allocation of resources. 

 

Financial information by business segment is set forth below net of any allocations (in thousands):

 

		Year Ended January 31,
		2026												2025
		Seamap				Corporate Expenses				Consolidated				Seamap				Corporate Expenses				Consolidated
Revenues		$	40,947			$	-			$	40,947			$	46,863			$	-			$	46,863
Cost of sales			22,283				-				22,283				25,896				-				25,896
Selling, general and administrative			6,301				7,046				13,347				6,293				4,998				11,291
Research and development			1,252				334				1,586				1,610				304				1,914
Depreciation and amortization expense			864				9				873				926				18				944
Operating income (loss)			10,247				(7,389	)			2,858				12,138				(5,320	)			6,818
Capital expenditures			625				38				663				416				21				437

 

Corporate selling, general and administrative expense primarily includes payroll of corporate personnel, Directors' fees, professional services, rental expense, and certain insurance expense.

 

The following table presents a reconciliation of operating income (loss) to income before income taxes (in thousands):

 

		As of January 31,
		2026				2025
Seamap			10,247				12,138
Corporate Expenses			(7,389	)			(5,320	)
Operating income			2,858				6,818
Interest income			151				4
Other (expense) income			(108	)			236
Income before income taxes			2,901				7,058

 

Total assets by business segment is set forth below (in thousands):

 

		Year Ended January 31,
Assets		2026				2025
Seamap		$	36,177			$	35,740
Corporate			13,089				980
Total Assets		$	49,266			$	36,720

 

Revenue

 

During the fiscal year ended January 31, 2026, four Seamap customers individually exceeded 10% of total revenue in the amounts of approximately $7.4 million, $7.1 million, $6.7 million and $4.8 million. During the fiscal year ended  January 31, 2025, two Seamap customers individually exceeded 10% of total revenue, in the amounts of approximately $16.9 million and $10.1 million. 

 

Depreciation and Amortization Expense

 

Depreciation expense on property, plant and equipment, reflected in the table above, was approximately $301,000 for fiscal 2026 and approximately $306,000 for fiscal 2025. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $572,000 in fiscal 2026 and approximately $638,000 in fiscal 2025. Essentially all depreciation and amortization relate to the Seamap segment. Depreciation and amortization in Corporate Expenses relate to software for the corporate ERP and computer equipment.

 

Assets

 

All property, plant and equipment are allocated to the Seamap segment. Corporate assets primarily consist of cash, right of use assets for an operating lease, and prepaid expenses. 

 

Geographic Operating Areas

 

For fiscal 2026 and 2025, $1.1 million and $1.3 million, respectively, of right-of-use operating lease assets are included in the following table which summarizes Property and Equipment, Net and Right-of-Use Operating Lease Assets by geographic area:

 

		Year Ended January 31,
		2026				2025
Property and Equipment, Net and Right-of-Use Operating Lease Assets
Foreign:
The United Kingdom		$	480			$	245
Singapore			402				711
Malaysia			610				391
Total Foreign			1,492				1,347
United States			835				863
Total PP&E net and ROU Assets		$	2,327			$	2,210

 

Revenue is based on the location of our customers. See Note 3-"Revenue from Contracts with Customers" for disclosure of revenue by geographic area.