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Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom.
−Removed: Effective with the sale of our Klein Marine Systems, Inc.
−Removed: subsidiary (“Klein”) in August 2023, during our fiscal year ended January 31, 2024 ("fiscal 2024"), we operate in one segment, Seamap Marine Products.
−Removed: Our Seamap Marine Products business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), which designs, manufactures and sells specialized marine seismic equipment.
−Removed: Our Klein Marine Products business consisted of Klein, which designed, manufactured and sold high performance side scan sonar systems.
−Removed: We are focusing on our strategy to emphasize our Seamap business following the decision to exit the Leasing Business and dispose of the Klein Marine Products segment.
+Added: We operate in one segment, Seamap.
+Added: Our Seamap business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), which designs, manufactures and sells specialized marine seismic equipment.
+Added: We are focusing on our strategy to emphasize and expand our Seamap business.
This strategy is based on the following vision for MIND:
become known as a provider of innovative technology and products to the oceanographic, hydrographic, seismic and maritime security industries;
−Removed: leverage our various technologies, products and services to create new products and address new markets, as well as seek out opportunities to add new technologies and products.
+Added: leverage our various technologies, products and services to create new products and services and address new markets, as well as seek out opportunities to add new technologies and products.
We are primarily focused on three markets within the broader marine products space, Marine Exploration, Marine Survey and Maritime Security.
Customers within these market segments include marine survey companies, seismic survey contractors, non-military governmental organizations, research institutes, and operators of port facilities and other offshore installations.
−Removed: The discontinued operations of the Klein Marine Product segment included all the activities of Klein which had been conducted from a location in Salem, New Hampshire.
Our products and equipment are utilized in a variety of geographic regions throughout the world, which are described under “Customers, Sales, Backlog and Marketing.”
−Removed: Seamap Marine Products Business –
+Added: Seamap Business –
Seamap designs, manufactures and sells a broad range of products for the oceanographic, hydrographic and marine seismic industries.
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however, we believe our hydrophone and solid streamer technologies are well suited to maritime security applications.
−Removed: Discontinued Operations –
−Removed: Klein primarily designed, manufactured and sold side scan sonar systems for the oceanographic, hydrographic and maritime security industries on a world-wide basis.
−Removed: Klein’s family of sonar products were used in a variety of applications including hydrographic surveys, naval mine counter measure operations, search and recovery operations, ocean bottom profiling and other underwater object detection operations.
Seismic Technology
Data generated from digital seismic recording systems and peripheral equipment is used in a variety of marine applications, including hydrographic surveys, civil engineering operations, mining surveys and in the search for and development of oil and gas reserves.
−Removed: In addition, marine seismic sensors can be used in a number of security applications, such as anti-submarine warfare.
Users of marine seismic technology include marine seismic contractors, marine survey operators, research institutes and governmental entities.
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Business and Operations
−Removed: Seamap Marine Products Business –
−Removed: Through our Seamap Marine Products business, we develop, manufacture and sell a range of proprietary products for the oceanographic, hydrographic, seismic, and maritime security industries.
+Added: Seamap Business –
+Added: Through our Seamap business, we develop, manufacture and sell a range of proprietary products for the oceanographic, hydrographic, seismic, and maritime security industries.
We have developed certain of our technology and have acquired other technology through the purchase of businesses or specific assets from others.
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The facility in Malaysia is in relatively close proximity to our Singapore facility.
+Added: Our facility in Huntsville, Texas provides manufacturing support for our Singapore facility and repair, manufacturing and support services for third parties.
Components for our marine products are sourced from a variety of suppliers located in Asia, Europe and the United States.
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Spectral Ai and Software –
−Removed: Prior to the sale of Klein, we developed a data handling and automatic target recognition (“ATR”) software system designed specifically for Klein side scan sonar systems which we refer to as Spectral Ai™.
−Removed: Under the terms of the Klein sale, we retained ownership of the intellectual property associated with Spectral Ai and entered into a licensing agreement and collaboration agreement with Klein and the purchaser of Klein, General Oceans AS.
−Removed: Pursuant to these agreements, we will jointly promote the licensing of Spectral Ai to customers of Klein, for which we will receive recurring licensing fees.
−Removed: Revenues from these arrangements have been immaterial to date.
+Added: We developed a data handling and automatic target recognition (“ATR”) software system, which we refer to as Spectral Ai™, designed specifically for Klein Marine System, Inc.
+Added: (“Klein”) side scan sonar systems.
+Added: Klein was formerly a wholly owned subsidiary of the Company was sold in August 2023.
+Added: During fiscal 2026 we discontinued the ATR initiative as we deemed the potential revenue did not outweigh the expected costs.
Key Agreements
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See Item 1A - “Risk Factors.”
−Removed: As of January 31, 2025, our Seamap Marine Products business had a backlog of orders amounting to approximately $16.9 million, which is a decrease of approximately 56% from the $38.4 million reported at January 31, 2024.
−Removed: We expect a substantial portion of the backlog of orders as of January 31, 2025, to be fulfilled during the fiscal year ending January 31, 2026 (“fiscal 2026”).
+Added: As of January 31, 2026, our Seamap business had a backlog of orders amounting to approximately $13.9 million, which is a decrease of approximately 18% from the $16.9 million reported at January 31, 2025.
+Added: We expect essentially all of the backlog of orders as of January 31, 2026, to be fulfilled during the fiscal year ending January 31, 2027 (“fiscal 2027”).
We analyze our backlog, which we define as orders we consider to be firm based on the receipt of a purchase order or other documentation from the customer, to evaluate operations and future revenue potential.
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Accordingly, our backlog as of any particular date is an uncertain indicator of future earnings.
−Removed: We participate in both domestic and international trade shows and expositions to inform the appropriate industries of our products and services.
−Removed: A summary of our revenues from continuing operations from customers by geographic region is as follows (in thousands):
+Added: We participate in both domestic and international trade shows and exhibitions to inform the appropriate industries of our products and services.
+Added: A summary of our revenues from customers by geographic region is as follows (in thousands):
Year Ended January 31,
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.