Slide 1: MIND Technology, Inc. Company Overview
MIND Technology, Inc. Company Overview April 2026 (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 Positive earnings and cash flow with meaningful pipeline of opportunities No debt & simple, streamlined capital structure Significant working capital and robust cash position Expanded global opportunities include higher margin parts & service New applications for
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 Spending on subsea projects worldwide is expecting to grow to $9 billion in 2
Slide 6: A New Focus: Driving Profitability
A New Focus: Driving Profitability Aggressive Actions to Focus on Near-Term Opportunities Sold Klein Sonar Unit in August 2023 Streamlined Management and Corporate Operations Enhanced Balance Sheet ▪ Eliminated outstanding debt, currently debt free ▪ Recapitalized by converting all preferred stock t
Slide 7: Built for Growth - Delivering Resilient Results
Built for Growth - Delivering Resilient Results Revenue Gross Profit ($ in thousands) ($ in thousands) $46,863 $40,947 $20,967 $36,510 $18,664 $15,971 $25,012 $9,950 FY23 FY24 FY25 FY26 Reported FY Results FY23 FY24 FY25 FY26 2/1 – 1/31 Cash Flow from Operations Adjusted EBITDA(1) ($ in thousands) (
Slide 8: Components of Revenue
Components of Revenue • After-market activity is recurring and includes spare parts, repairs and support services • Expanding installed base creates an opportunity for increased after-market activity • After-market activity accounted for approximately 60% of revenues in fiscal 2026 ($ in thousands)
Slide 9: Backlog & Pipeline of Opportunities
Backlog & Pipeline of Opportunities • Firm backlog of $13.9 million as of January 31, 2026 Fiscal Year-End Reported Backlog(1) $45 • FY revenue consistently exceeds reported backlog $40 $38.4 from prior year-end $35 $ in Millions (USD) • Long-term pipeline of opportunities is very positive $30 • Pip
Slide 10: Revenue Trend Relative to Backlog
Revenue Trend Relative to Backlog(1) (in millions) $50 $46.9 $45 $40.9 $40 $36.5 $35 $30 $25.0 $25 $38.4 $20 $15 $10 $16.2 $15.7 $13.9 $5 $9.3 $- (2) FY23 FY24 FY25 FY26 FY27 Backlog Prior Year-End FY Revenue 1) MIND has not disclosed FY2027 Revenue Outlook 10 2) Historical backlog and reported reve
Slide 11: 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 12: Seamap Applications
[i] MIND Seamap Applications Seamap - Offshore Technology Solutions 4 = es - - - SEAMAP MOTIVATE | INNOVATE | NAVIGATE | DISCOVER
Slide 13: 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 14: 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 15: 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 15
Slide 16: Seamap Singapore
Seamap Singapore • Assembly & testing of electronics modules • Engineering • Field service • Administration 16
Slide 17: Seamap Malaysia
Seamap Malaysia Production and Repair Operations • SeaLink seismic streamer systems • BuoyLink systems • Other Seamap products 17
Slide 18: Seamap U.K.
Seamap U.K. Located south of Bristol • Engineering operations ▪ Sustaining ▪ New development ▪ Sales support • Field service • Training • Sales 18
Slide 19: 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. 19
Slide 20: Compelling Investment Considerations
Compelling Investment Considerations Positive earnings and cash flow with meaningful pipeline of opportunities No debt & simple, streamlined capital structure Significant working capital and robust cash position Expanded global opportunities include higher margin parts & service New applications for
Slide 21: Supplemental Information
Supplemental Information 21
Slide 22: Fiscal 2026 Year-End Balance Sheet
Fiscal 2026 Year-End Balance Sheet MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) January 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 19,050 $ 5,336 Accounts receivable, net of allowance for credit losses of $332 at
Slide 23: Fiscal 2026 Income Statement
Fiscal 2026 Income Statement MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) For the Three Months For the Twelve Months Ended January 31, Ended January 31, 2026 2025 2026 2025 Revenues: Sale of marine technology products $ 9,796
Slide 24: Fiscal 2026 Cash Flow Statement
Fiscal 2026 Cash Flow Statement MIND TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Year Ended January 31, 2026 2025 Cash flows from operating activities: Net income $ 750 $ 5,074 Adjustments to reconcile net income to net cash provided by operating activ
Slide 25: Reconciliation of Fiscal 2026 Adjusted EBITDA
Reconciliation of Fiscal 2026 Adjusted EBITDA MIND TECHNOLOGY, INC. Reconciliation of Net (Loss) Income and Net Cash Provided By (Used In) Operating Activities to EBITDA and Adjusted EBITDA (in thousands) (unaudited) For the Three Months For the Twelve Months Ended January 31, Ended January 31, 2026