Trimble for the ocean floor.

National Instruments for offshore data collection.

A specialized Teledyne for marine technology.

• Marine Seismic Data Acquisition Systems: Provides specialized equipment and software for acquiring seismic data in marine environments, primarily for energy exploration and scientific research.
• Hydrographic and Oceanographic Survey Systems: Offers advanced systems for mapping the seafloor, detecting underwater objects, and collecting environmental data for various marine applications.
• Equipment Rental Services: Provides temporary access to its specialized marine seismic and survey equipment for customers needing flexible solutions.
• Technical Support and Parts: Supplies spare parts, offers repair services, and provides ongoing maintenance for its range of marine technology products.

Major Customers of MIND Technology (MIND)

MIND Technology primarily sells its specialized marine technology and seismic exploration equipment to other companies and organizations, operating under a Business-to-Business (B2B) model.

While MIND Technology's public filings (such as its 10-K reports) indicate that a significant portion of its revenue can come from a few individual customers (e.g., in fiscal year 2023, two customers accounted for approximately 17% and 12% of total revenues, respectively), the company does not disclose the specific names of these major customers in its SEC filings. This is a common practice, often due to competitive and confidentiality reasons.

However, MIND Technology's customer base generally consists of the following categories of organizations that utilize its advanced seismic acquisition systems and other marine technology products:

• Seismic contractors (including major international seismic contractors involved in oil and gas exploration and other subsea surveys)
• Governmental agencies (such as naval forces, coast guards, and geological survey departments)
• Oceanographic and research institutions
• Defense industry participants

Robert P. Capps President & Chief Executive Officer

Mr. Capps was appointed President and Chief Executive Officer of MIND Technology in January 2022, having previously served as Co-Chief Executive Officer since September 2015 and as a member of the board since July 2004. He also held the position of Executive Vice President and Chief Financial Officer of MIND Technology starting in June 2006. With over 35 years of financial experience, Mr. Capps has spent more than 20 years as a chief financial officer for several public companies. His prior roles include Executive Vice President and Chief Financial Officer of TeraForce Technology Corporation, a publicly-held provider of defense electronics products, from 1999 to 2006. From 1996 to 1999, he was Executive Vice President and Chief Financial Officer of Dynamex, Inc., a NASDAQ-listed supplier of same-day transportation services. Before Dynamex, Mr. Capps served as Executive Vice President and Chief Financial Officer of Hadson Corporation, a New York Stock Exchange-listed energy company. He is a Certified Public Accountant.

Mark Cox Vice President & Chief Financial Officer

Mark Cox serves as the Vice President and Chief Financial Officer of MIND Technology. His employment agreement was renewed in January 2025, solidifying his continued leadership in his roles. He is also the Chief Accounting Officer.

Guy Malden Executive Vice President, Marine Systems

Mr. Malden brings over 35 years of experience in the geophysical industry. From 1993 to 2003, he held various management roles with seismic equipment manufacturers, including Syntron, Inc. Prior to that, from 1975 to 1993, he served in various field and management capacities with Geophysical Service Inc./Halliburton Geophysical Services. He holds a degree in Marine Geology.

Mark Welker Vice President, Seamap

Mark Welker was appointed Vice President – Seamap in July 2016 and possesses over 25 years of experience in the manufacturing sector of the marine seismic industry. His career began in 1982 with Syntron Inc. From 1992 to 1996, as Managing Director of Syntron Asia Pte Ltd, he established a streamer manufacturing and repair facility in Singapore. He then moved to Syntron Inc. from 1996 to 1998 as Vice President of Worldwide Manufacturing, during which he also established and managed a joint venture cable factory in China. In 2001, he became Managing Director of Seamap Pte Ltd in Singapore, a company that MIND Technology acquired in 2005.

MIND Technology (NASDAQ: MIND) operates in the marine technology sector, providing specialized solutions for marine survey, seismic, and maritime security industries. Its primary products include GunLink seismic source acquisition and control systems, BuoyLink RGPS tracking systems, Sleeve Gun energy sources, and SeaLink towed seismic streamer systems.

The addressable markets for MIND Technology's main products and services are identified as follows:

• Global Seismic Services Market: This market was valued at USD 9.04 billion in 2024 and is projected to reach USD 15.13 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.74% during the forecast period. North America held a significant share, valued at USD 2.76 billion in 2024.
• Global Marine Sensor Technology Market: This market is expected to reach USD 5.3 billion by 2026, with a CAGR of 8.9% from 2021 to 2026.
• Global Marine Research and Monitoring Market: This market is projected to reach USD 7.2 billion by 2027, with a CAGR of 6.8% from 2022 to 2027. Ocean observation technologies are expected to generate USD 3.5 billion in revenue by 2025.

MIND Technology (NASDAQ: MIND) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, stemming from its strategic focus and favorable market conditions.

1. Robust Backlog and Order Pipeline: The company consistently points to a strong backlog of firm orders and a significant pipeline of pending and highly confident orders as a primary indicator of future revenue. For instance, in Q2 FY2025, MIND Technology reported a strong backlog of approximately $26 million, with additional orders exceeding $6 million received subsequent to July 31. Although the backlog can fluctuate due to substantial deliveries, management has expressed confidence in converting these orders into revenue in coming quarters.
2. Expansion of Aftermarket Revenue: Growth in aftermarket services, including spare parts, repairs, and technical support, is expected to be a significant contributor to revenue. Aftermarket revenue accounted for approximately 68% of total revenues in the first half of fiscal year 2026, highlighting its crucial role and higher-margin nature. The company recently expanded its Texas repair facility, aiming to further boost recurring and U.S.-based aftermarket revenue.
3. New Product Development: MIND Technology is actively investing in research and development for its next-generation streamer system and continued enhancements to its Spectral Ai Software Suite. These ongoing R&D efforts are expected to lead to the launch of new products or improved services, creating additional revenue streams.
4. Favorable Macroeconomic Tailwinds and Diversified Market Demand: The company is benefiting from strong general market conditions within the marine technology space. This includes sustained demand across its core industries: oceanographic, hydrographic, defense, seismic, and security. Additionally, MIND Technology is capitalizing on the energy transition, which is opening up alternative revenue streams in emerging sectors such as carbon storage, geothermal, offshore wind, and deep-sea mining.
5. Strategic Price Increases and Enhanced Production Efficiencies: Price increases implemented in fiscal year 2024, coupled with improved production efficiencies, have already contributed to higher gross profit margins. Maintaining or further optimizing these strategies can lead to increased revenue and profitability, especially if demand remains strong and volumes grow.