Slide 1: MIND Technology, Inc. Company Overview
MIND Technology, Inc. Company Overview June 2025 (NASDAQ: MIND)
Slide 2: Forward Looking Statement
Forward Looking Statement Certain statement and information in this presentation may constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The words “believe,” “expe
Slide 3: A Leading Provider of Marine Technology
A Leading Provider of Marine Technology MIND provides technology to the marine industry addressing three broad markets • Exploration • Survey • Maritime Security Our Seamap unit is a leading supplier to the seismic exploration and survey industries • Seismic source controllers • GNSS positioning sys
Slide 4: Compelling Investment Considerations
Compelling Investment Considerations Profitable growth & momentum in new order flow No debt & clean capital structure Strong backlog and pipeline of prospects Expanded global opportunities include higher margin parts & service New applications for our IP & technology Recognized market leader 4
Slide 5: Favorable Macro Environment & Industry Tailwinds
Favorable Macro Environment & Industry Tailwinds Marine Energy Exploration Industry Analysis Global capital expenditure on subsea facilities is set for a 10% compound annual growth rate from 2024 to 2027. – Rystad Research The ongoing energy transition is expected to create alternative revenue strea
Slide 6: A New Focus: Driving Profitability
A New Focus: Driving Profitability Aggressive Actions to Focus on Near-Term Opportunities Sold Klein Sonar Unit in August 2023 Streamlined Management and Corporate Operations Enhanced Balance Sheet ▪ Eliminated outstanding debt, currently debt free ▪ Recapitalized by converting all preferred stock t
Slide 7: Transformed MIND For Profitable Growth (Y/Y)
Transformed MIND For Profitable Growth (Y/Y) Revenue Gross Profit ($ in thousands) ($ in thousands) $46,863 $20,967 $36,510 $15,971 $25,012 $9,950 FY23 FY24 FY25 FY2025 Results FY23 FY24 FY25 2/1/2024 - 1/31/2025 Operating Income Adjusted EBITDA(1) ($ in thousands) ($ in thousands) $6,818 $8,237 $2,
Slide 8: Sustainably Higher Backlog
Sustainably Higher Backlog • Order visibility gives confidence for future financial performance • Firm backlog of $21.1 million as of April 30, 2025 • Pipeline of pending and highly confident orders is well in excess of received orders • FY revenue consistently exceeds reported backlog from prior ye
Slide 9: Revenue Trend Relative to Backlog
Revenue Trend Relative to Backlog(1) $50.0 $46.9 $45.0 $40.0 $36.5 $35.0 $30.0 $25.0 $25.0 $20.0 $38.4 $15.0 $10.0 $16.9 $15.7 $5.0 $9.3 $- FY23 (2) FY24 FY25 FY26 Backlog Prior Year-End Actual Revenue 1) MIND has not disclosed FY2026 Revenue Outlook 2) Backlog and reported revenue do not include th
Slide 10: Seamap Overview
Seamap Overview Seamap is a recognized brand in the seismic industry • GunLink – Dominant market position with source controllers • SeaLink – Reconfigurable towed streamer systems • BuoyLink – GNSS positioning systems • Broad repair, service and support capabilities Customers include: • Seismic expl
Slide 11: Seamap Applications
[i] MIND Seamap Applications Seamap - Offshore Technology Solutions 4 = es - - - SEAMAP MOTIVATE | INNOVATE | NAVIGATE | DISCOVER
Slide 12: Seamap: A Strategy for the Future
Seamap: A Strategy for the Future Addressing Opportunities Revitalized Marine Energy Exploration • Seismic contractors reporting improved results and prospects Alternative Energy Projects • Wind Farms and Carbon Capture Facilities Expanding Opportunities Apply Technology to New Markets • Ultra high-
Slide 13: Other Expansion
Other Expansion Expanded SeaLink streamer opportunities • Enhance ability to provide larger systems • Some design modifications • New production processes Sea Serpent passive seismic array • Re-using commercial streamer technology for military and maritime security markets • Opens a new market • Com
Slide 14: Global Markets Require Global Presence
Global Markets Require Global Presence United Kingdom Engineering / Field Service Huntsville, Texas Manufacturing / Repairs The Woodlands, Texas Malaysia Headquarters Manufacturing / Repairs Singapore Manufacturing / Field Service / Engineering 14
Slide 15: Seamap Singapore
Seamap Singapore • Assembly & testing of electronics modules • Engineering • Field service • Administration 15
Slide 16: Seamap Malaysia
Seamap Malaysia Production and Repair Operations • SeaLink seismic streamer systems • BuoyLink systems • Other Seamap products 16
Slide 17: Seamap U.K.
Seamap U.K. Located south of Bristol • Engineering operations ▪ Sustaining ▪ New development ▪ Sales support • Field service • Training • Sales 17
Slide 18: MIND Maritime Acoustics (US)
MIND Maritime Acoustics (US) Huntsville, Texas (North of Houston) • Streamer repair • Manufacturing support to Singapore • Ancillary streamer device manufacturing • Sleeve gun sales & support Hydrophone and other SeaLink intellectual property is held by this entity. 18
Slide 19: Compelling Investment Considerations
Compelling Investment Considerations Profitable growth & momentum in new order flow No debt & clean capital structure Strong backlog and pipeline of prospects Expanded global opportunities include higher margin parts & service New applications for our IP & technology Recognized market leader 19
Slide 20: Supplemental Information
Supplemental Information 20
Slide 21: Fiscal 2026 First Quarter Balance Sheet
Fiscal 2026 First Quarter Balance Sheet MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) January 31, April 30, 2025 2025 ASSETS Current assets: Cash and cash equivalents $ 9,172 $ 5,336 Accounts receivable, net of allowance for credit loss
Slide 22: Fiscal 2026 First Quarter Income Statement
Fiscal 2026 First Quarter Income Statement MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) For the Three Months Ended April 30, 2025 2024 Revenues: Sales of marine technology products $ 7,902 $ 9,678 Cost of sales: Sales of mari
Slide 23: Fiscal 2026 First Quarter Cash Flow Statement
Fiscal 2026 First Quarter Cash Flow Statement MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) For the Three Months Ended April 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ (970 ) $ 954 Adjustments to reconcile net income (lo
Slide 24: Reconciliation of Fiscal 2026 First Quarter Adjusted EBITDA
Reconciliation of Fiscal 2026 First Quarter Adjusted EBITDA MIND TECHNOLOGY, INC. Reconciliation of Net Income (Loss) and Net Cash Used in Operating Activities to EBITDA and Adjusted EBITDA from Continuing Operations (in thousands) (unaudited) For the Three Months Ended April 30, 2025 2024 Reconcili