MIND MIND Technology Inc

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

 

MIND TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

MIND TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

 

1. Organization, Liquidity and Summary of Significant Accounting Policies

 

Organization—MIND Technology, Inc., a Delaware corporation (the “Company”), was incorporated in 1987. The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd, collectively “Seamap”, designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the state of Texas.

 

Liquidity—As of April 30, 2025, the Company had working capital of approximately $22.8 million, including cash and cash equivalents of approximately $9.2 million, compared to working capital of approximately $23.5 million, including cash and cash equivalents of approximately $5.3 million as of January 31, 2025. The Company does not have a credit facility in place and depends on cash on hand and cash flows from operations to satisfy its liquidity needs.  However, the Company believes it will have adequate liquidity to meet its future operating requirements through a combination of cash on hand, cash expected to be generated from operations, disciplined working capital management, potential financing secured by company-owned real property, and potentially securing a credit facility or some other form of financing.

 

Summary of Significant Accounting Policies—We describe our significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. During the three months ended April 30, 2025, there were no changes to those accounting policies.

 

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2. Basis of Presentation

 

The condensed consolidated balance sheet as of January 31, 2025, for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2025 (“fiscal 2025”). In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2025, the results of operations for the three-months ended April 30, 2025 and 2024, the cash flows for the three months ended April 30, 2025 and 2024, and the statement of stockholders’ equity for the three-months ended April 30, 2025 and 2024, have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2026 (“fiscal 2026”).

 

3. New Accounting Pronouncements

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 seeks to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The updated guidance is effective for the Company on February 1, 2025. The adoption of this accounting standard did not have an impact on the Company's consolidated financial statements.

 

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"), to enhance the disclosures public entities provide regarding specified information about certain costs and expenses at each interim and annual reporting period so that investors can better understand an entity’s overall performance, including its cost structure, and assess potential future cash flows. ASU 2024-03 is effective for the Company for annual periods beginning February 1, 2027 and interim periods within fiscal years beginning February 1, 2028. The Company is evaluating the new guidance to determine the impact it will have on the disclosures to its consolidated financial statements.

 

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4. Revenue from Contracts with Customers

 

The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition:

 

		Three Months Ended April 30,
		2025				2024
Revenue recognized at a point in time:		(in thousands)
Total revenue recognized at a point in time		$	7,556			$	9,377
Revenue recognized over time:
Total revenue recognized over time			346				301
Total revenue from contracts with customers		$	7,902			$	9,678

 

The following table presents revenue from contracts with customers disaggregated by geography, based on the location of our customers' headquarters:

 

		Three Months Ended April 30,
		2025				2024
		(in thousands)
United States		$	550			$	325
China			259				5,768
Norway			3,275				2,758
Turkey			227				33
Singapore			1,027				211
Canada			517				—
Japan			678				203
Other			1,369				380
Total revenue from contracts with customers		$	7,902			$	9,678

 

Performance Obligations

 

The revenue from products manufactured and sold by our Seamap business is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. However, revenue is recognized over time when our Seamap business provides repair and maintenance services, or performs upgrades, on customer-owned equipment, which occurs periodically. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMAs”) to customers who have an active license for software embedded in Seamap products. The revenue from SMAs is recognized over time, with the total value of the SMAs amortized in equal monthly amounts over the life of the contract. The duration of SMAs is typically one year or less. We do not have elements of variable consideration within these contracts.

 

As of April 30, 2025 and January 31, 2025, due to the nature of our contracts and the services and products we provide, there were no significant outstanding liability balances for refunds or returns. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. For the three months ended April 30, 2025 and April 30, 2024, we did not recognize revenue from performance obligations satisfied in a prior period.

 

Contract Balances

 

Prepayments and deferred revenue on SMAs have a significant impact our contract liabilities. Considering the products manufactured and sold by our Seamap business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three to six-month period. We do not have any long-term service contracts or related long-term contract assets or liabilities. Costs to obtain and fulfill contracts are considered immaterial and are expensed during the period when incurred. Contract liabilities increased by approximately $529,000 during the three months ended April 30, 2025 due primarily to recognition of revenue during the year.

 

 

As of April 30, 2025, and April 30, 2024, contract assets and liabilities consisted of the following:

 

		April 30, 2025				April 30, 2024
Contract Assets:		(in thousands)
Contract Assets, beginning balance		$	20			$	26
Revenue accrued		$	42			$	—
Amounts billed		$	(20	)		$	(10	)
Total unbilled revenue		$	42			$	16
Contract Liabilities:
Contract liabilities, beginning balance		$	1,792			$	3,649
Deferred revenue and customer deposits		$	1,574			$	625
Revenue recognized		$	(1,045	)		$	(745	)
Total deferred revenue & customer deposits		$	2,321			$	3,529

 

With respect to the presentation of contract assets and liabilities above, sales and transaction-based taxes are excluded from revenue. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses.

 

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5. Balance Sheet

 

		April 30, 2025				January 31, 2025
		(in thousands)
Inventories:
Raw materials		$	8,234			$	8,485
Finished goods			3,541				3,980
Work in progress			3,199				2,817
Cost of inventories			14,974				15,282
Less allowance for obsolescence			(1,527	)			(1,537	)
Total inventories, net		$	13,447			$	13,745

 

		April 30, 2025				January 31, 2025
		(in thousands)
Property and equipment:
Furniture and fixtures		$	9,474			$	9,246
Autos and trucks			227				227
Land and buildings			1,003				997
Cost of property and equipment			10,704				10,470
Accumulated depreciation and amortization			(9,656	)			(9,580	)
Total property and equipment, net		$	1,048			$	890

 

As of January 31, 2025, the Company completed an annual review of property and equipment noting no indications that the recorded value of assets may not be recoverable, and no impairment was recorded for fiscal 2025. Since  January 31, 2025, there have been no changes to the market, economic or legal environment in which the Company operates or overall performance of the Company, that would, in the aggregate, indicate additional impairment analysis is necessary as of April 30, 2025. Depreciation expense on property and equipment for the three months ended April 30, 2025 and April 30, 2024 was approximately $77,000 and $81,000, respectively.

 

6. Leases

 

The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia, and the United Kingdom. 

 

Lease expense for the three months ended April 30, 2025, and  April 30, 2024, was approximately $232,000 and $207,000, respectively, and was recorded as a component of operating income (loss). Included in these costs was short-term lease expense of approximately$7,000 and $1,000 for the three months ended April 30, 2025, and  April 30, 2024, respectively. 

 

Supplemental balance sheet information related to leases as of April 30, 2025 and January 31, 2025 was as follows:

 

Lease		April 30, 2025				January 31, 2025
Assets		(in thousands)
Operating lease assets		$	1,221			$	1,320
Liabilities
Operating lease liabilities		$	1,221			$	1,320
Classification of lease liabilities
Current liabilities		$	570			$	577
Non-current liabilities			651				743
Total Operating lease liabilities		$	1,221			$	1,320

 

Lease-term and discount rate details as of April 30, 2025 and January 31, 2025 were as follows:

 

Lease term and discount rate		April 30, 2025				January 31, 2025
Weighted average remaining lease term (years)
Operating leases			1.90				1.39
Weighted average discount rate:
Operating leases			14	%			14	%

 

The weighted average discount rate was calculated using the Company's weighted average cost of capital.

 

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Supplemental cash flow information related to leases was as follows:

 

		For the Three Months Ended April 30,
Lease		2025				2024
Cash paid for amounts included in the measurement of lease liabilities:		(in thousands)
Operating cash flows from operating leases		$	(232	)		$	(207	)
Changes in lease balances resulting from new and modified leases:
Operating leases		$	112			$	612

 

Maturities of lease liabilities as of  April 30, 2025 were as follows:

 

		April 30, 2025
		(in thousands)
2026		$	585
2027			522
2028			285
2029			35
2030			—
Thereafter			—
Total payments under lease agreements		$	1,427
Less: imputed interest			(206	)
Total lease liabilities		$	1,221

 

7. Intangible Assets

 

						April 30, 2025												January 31, 2025
		Weighted
		Average Life at				Gross Carrying				Accumulated				Net Carrying				Gross Carrying				Accumulated				Net Carrying
		April 30, 2025				Amount				Amortization				Amount				Amount				Amortization				Amount
						(in thousands)												(in thousands)
Proprietary rights			3.6				7,472				(5,606	)			1,866				7,472				(5,501	)			1,971
Customer relationships			—				4,884				(4,884	)			—				4,884				(4,884	)			—
Patents			0.9				2,540				(2,292	)			248				2,540				(2,269	)			271
Trade name			1.1				134				(121	)			13				134				(121	)			13
Other			0.1				483				(448	)			35				481				(428	)			53
Intangible assets						$	15,513			$	(13,351	)		$	2,162			$	15,511			$	(13,203	)		$	2,308

 

On January 31, 2025, the Company completed an annual review of amortizable intangible assets. Based on a review of qualitative factors, it was determined that there were no events or changes in circumstances indicating that the carrying value of amortizable intangible assets was not recoverable. During the three months ended April 30, 2025, there have been no substantive indicators of impairment.

 

Aggregate amortization expense was approximately $148,000 and $185,000 for the three months ended April 30, 2025, and  April 30, 2024, respectively. As of April 30, 2025, future estimated amortization expense related to amortizable intangible assets was estimated to be:

 

For fiscal years ending January 31,			(in thousands)
2026		$	419
2027			382
2028			315
2029			213
2030			213
Thereafter			620
Total		$	2,162

 

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8. Income Taxes

 

For the three-month period ended April 30, 2025, the income tax expense was approximately $294,000 on pre-tax loss of approximately $676,000. For the three-month period ended April 30, 2024, the income tax expense was approximately $245,000, on pre-tax income of approximately $1.2 million. The variance between our actual provision and the expected provision when applying the U.S. statutory rate of 21% is due primarily to the impact of income taxes accrued in certain foreign jurisdictions, mainly Singapore, which do not have net operating losses available to offset taxable income, and because valuation allowances have been recorded against increases in our deferred tax assets. Valuation allowances have been provided against all deferred tax assets in the United States and certain foreign jurisdictions, including Malaysia and the United Kingdom.

 

The Company files U.S. federal and state income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company's U.S. federal tax returns are subject to examination by the Internal Revenue Service for fiscal years ended January 31, 2019 through 2024. The Company’s tax returns may also be subject to examination by state and local tax authorities for fiscal years ending  January 31, 2017 through 2024. The Company's Singapore income tax returns are subject to examination by the Singapore tax authorities for the fiscal years ended January 31, 2017, through 2024. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2018 through 2024.

 

The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of April 30, 2025. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of April 30, 2025.

 

For the three-month period ended April 30, 2025 and 2024, the Company did not recognize any tax expense or benefit related to uncertain tax positions.

 

9. Earnings per Share

 

Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. For the three months ended April 30, 2025 and April 30, 2024, dilutive potential common shares outstanding had no effect on the calculation of earnings per share because shares were anti-dilutive. The total basic weighted average common shares outstanding for the three months ended April 30, 2025, and  April 30, 2024, was approximately 8.0 and 1.4 million shares, respectively.

 

On September 4, 2024, all outstanding shares of our 9.00% Series A Cumulative preferred stock (the “preferred stock”) were converted into common stock and retired.  The Company issued approximately 6,600,000 shares of common stock in connection with the conversion (see Note 11- "Equity and Stock Based Compensation" for additional details).

 

10. Related Party Transaction

 

In February 2025, the Company retained Lucid Capital Markets, LLC. (“Lucid”) to provide advisor and arrangement services for investigation and analysis of opportunities for growth and additional scale. Lucid received $100,000 in retainer fees for such potential services. The Vice Chairman of Lucid is the Non-Executive Chairman of the Company's board of directors (the "Board"). Our Non-Executive Chairman of the Board received no portion of the above-mentioned compensation.

  

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11. Equity and Stock-Based Compensation

 

 At the virtual Special Meeting of Preferred Stockholders held on August 29, 2024, our preferred stockholders approved an amendment (the “Amendment”) to our Certificate of Designations, Preferences and Rights of 9.00% Series A Cumulative Preferred Stock, to provide that, at the discretion of the Board deciding to file the Amendment with the Secretary of State of the State of Delaware at any time prior to October 31, 2024, each share of 9.00% Series A Cumulative preferred stock, $1.00 par value per share (the “preferred stock”) would be converted (the “Conversion”) into 3.9 shares of common stock upon the effective time of the Amendment. On August 30, 2024, the Board elected to proceed with the Conversion by filing the Amendment with the Delaware Secretary of State. Effective on September 4, 2024, all outstanding shares of preferred stock were converted into common stock and retired.  The Company issued approximately 6,600,000 shares of common stock in connection with the Conversion. Accordingly, the Company no longer has obligations regarding preferred stock dividends, including undeclared dividends from previous periods. The common stock issued was recorded at its market value at the date of issuance less transaction costs related to the conversion. The excess of the carrying value of the preferred stock over the market value of the common stock issued, which amounted to approximately $14.8 million, was credited directly to accumulated deficit and is reflected in the calculation of earnings per share attributable to common stockholders.

 

Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three-month periods ended April 30, 2025 and  April 30, 2024, was approximately $272,000 and $48,000, respectively.

 

12. Segment Reporting

 

As of April 30, 2025, Seamap Marine Products is the Company’s sole reporting segment.

 

Our Seamap Marine Products 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 Marine Products 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 chief operating decision maker ("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 considers revenue and operating income in the annual budgeting and forecasting process and analyzes 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):

 

		Three Months Ended April 30,
		2025												2024
		Seamap Marine Products				Corporate Expenses				Consolidated				Seamap Marine Products				Corporate Expenses				Consolidated
Revenues		$	7,902			$	—			$	7,902			$	9,678			$	—			$	9,678
Cost of sales			4,571				—				4,571				5,460				—				5,460
Selling, general and administrative			1,676				1,708				3,384				1,496				1,263				2,759
Research and development			302				78				380				383				79				462
Depreciation and amortization expense			221				4				225				263				4				267
Operating income (loss)			1,132				(1,790	)			(658	)			2,076				(1,346	)			730
Capital expenditures			211				26				237				64				2				66

 

Corporate selling, general and administrative expense primarily includes salary and benefit costs of corporate personnel, directors’ fees, professional services, office rent, and insurance premiums.

 

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

 

		Three Months Ended April 30,
		2025				2024
Seamap Marine Products			1,132				2,076
Corporate Expenses			(1,790	)			(1,346	)
Operating (loss) income			(658	)			730
Other income			(18	)			469
Income before income taxes			(676	)			1,199

 

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

 

		As of April 30,
		2025				2024
Seamap Marine Products		$	35,574			$	34,065
Corporate			652				798
Total Assets		$	36,226			$	34,863

 

Depreciation and Amortization Expense

 

Depreciation expense on property and equipment, reflected in the table above, was approximately $77,000 and $81,000 for the three months ended April 30, 2025 and April 30, 2024, respectively. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $148,000 for the three months ended April 30, 2025 and approximately $185,000 for the three months ended April 30, 2024. Essentially all depreciation and amortization expense relates to the Seamap Marine Products segment. Amortization in Corporate expenses relates to enterprise resource planning software.

 

Assets

 

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

 

Geographic Operating Areas

 

Revenue is based on the location of our customers. See Note 4-"Revenue from Contracts with Customers" for disclosure of revenue by geographic area.

 

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CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

 

Certain statements contained in this Quarterly Report on Form 10-Q (this “Form 10-Q”) may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “expect,” “may,” “will,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

 

	•	risks associated with our manufacturing operations including availability and reliability of materials and components as well the reliability of the products that we manufacture and sell;
	•	loss of significant customers;

	•	the impact of disruptions in global supply chains due to various factors, including certain components and materials becoming unavailable, increased lead times for components and materials, as well as increased costs for such items;
	•	demands from suppliers for advance payments could increase our need for working capital; inability to access such working capital could impede our ability to complete orders;

•

increased competition;

•

loss of key suppliers;

•

intellectual property claims by third parties;

•

the effect of uncertainty in financial markets on our customers’ and our ability to obtain financing;

•

our ability to successfully execute strategic initiatives to grow our business;

•

uncertainties regarding our foreign operations, including political, economic, currency, environmental regulation and export compliance risks;

•

fluctuations due to circumstances beyond our control or that of our customers;

•

defaults by customers on amounts due to us;

•

possible further impairment of our long-lived assets due to technological obsolescence or changes in anticipated cash flow generated from those assets;

•

inability to obtain funding or to obtain funding under acceptable terms;

	•	fluctuations in demand for seismic data, which is dependent on the level of spending by oil and gas companies for exploration, production and development activities, and may potentially negatively impact the value of our assets held for sale;
	•	inflation and price volatility in the global economy that could negatively impact our business and results of operations;
	•	the consequences of future geopolitical events, which we cannot predict but which may adversely affect the markets in which we operate, our operations, or our results of operations; and
	•	negative impacts to our business from security threats, including cybersecurity threats, and other disruptions.

 

For additional information regarding known material factors that could cause our actual results to differ materially from our projected results, please see (1) Part II, “Item 1A. Risk Factors” of this Form 10-Q, (2) Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, and (3) the Company’s other filings filed with the SEC from time to time.

 

There may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement after the date they are made, whether as the result of new information, future events or otherwise, except as required by law. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Overview

 

Management believes that the performance of our Seamap business is indicated by revenues from sales of products and by gross profit from those sales. Management monitors EBITDA and Adjusted EBITDA, both as defined and reconciled to the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles (“GAAP”), in the following table, as key indicators of our overall performance and liquidity.

 

		For the Three Months Ended April 30,
		2025				2024
Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA		(in thousands)
Net income (loss)		$	(970	)		$	954
Depreciation and amortization			225				267
Provision for income taxes			294				245
EBITDA (1)			(451	)			1,466
Stock-based compensation			272				48
Adjusted EBITDA (1)		$	(179	)		$	1,514
Reconciliation of Net Cash Provided by (Used in) Operating Activities to EBITDA
Net cash provided by (used in) operating activities		$	4,068			$	(4,753	)
Stock-based compensation			(272	)			(48	)
Provision for inventory obsolescence			(15	)			(23	)
Changes in accounts receivable (current and long-term)			(3,985	)			2,847
Taxes paid, net of refunds			80				430
Gross profit from sale of other equipment			—				457
Changes in inventory			(282	)			2,812
Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue			(143	)			(157	)
Changes in prepaid expenses and other current and long-term assets			92				(100	)
Other			6				1
EBITDA (1)		$	(451	)		$	1,466

 

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(1)

EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, stock-based compensation, impairment of intangible assets and other non-cash tax related items. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. We have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures, service debt and finance working capital requirements and we believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities. We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes. Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies.

 

 

We design, manufacture and sell a variety of products used primarily in seismic and marine survey industries. Seamap’s primary products include (i) the GunLink seismic source acquisition and control systems; (ii) the BuoyLink RGPS tracking system used to provide precise positioning of seismic sources and streamers (marine recording channels that are towed behind a vessel) and (iii) SeaLink marine sensors and solid streamer systems (collectively, the “SeaLink” product line or “towed streamer products”). These towed streamer products are primarily designed for three-dimensional, high-resolution marine surveys in marine survey applications.

 

Our results of operations can experience fluctuations in activity levels due to a number of factors outside of our control. These factors include budgetary or financial concerns, supply chain issues, labor or political issues, inclement weather, and global pandemics. See Part II, Item 1A- “Risk Factors.”

 

Business Outlook

 

Our financial performance has improved significantly in recent periods, despite a decline in revenues in the quarter ended April 30, 2025 as compared to the previous quarter and the comparable period in the prior fiscal year. Although we had a history of generating operating losses prior to fiscal 2024, we generated operating income in fiscal 2024 and fiscal 2025.  This was due to increased demand within our primary markets and efforts to reduce costs and improve product margins.

 

The decline in revenue in the current period was, we believe, due to certain expected and unexpected factors.  Delivery and recognition of a significant order of approximately $4.5 million was delayed, even though the manufacturing and assembly had been completed, because of the delay of certain third-party components.  We expect this order to be delivered in the second quarter of fiscal 2026. Additionally, a significant number of miscellaneous orders, totaling almost $1.0 million, were completed and awaiting shipment as of the end of the period.  However, for various reasons, the customers were unable to arrange for shipment and acceptance of the orders. Also, during the period our facility in Huntsville, Texas was undergoing expansion in order to handle an expected increase in activity and, as a result, repair and production activities were suspended for the majority of the period.  We expect the expansion of the facility to be completed in the second quarter of fiscal 2026 and for repair and production operation to recommence, with a corresponding increase in revenue from this facility.

 

As of April 30, 2025, our backlog of firm orders was approximately $21.1 million, which increased from our backlog of approximately $16.9 million as of January 31, 2025. We believe a significant portion of our current backlog will be completed and shipped by the end of fiscal 2026. Additionally, we have a significant pipeline of pending and potential orders tin addition to our backlog of firm orders. We believe these orders provide good visibility for the balance in fiscal 2026 and into the next year. We have seen at least one expected order delayed; however, based on information from the related customer, we expect the delayed order to be received later this fiscal year. In addition, we have recently identified new opportunities for later this fiscal year and subsequent periods. The level of backlog at a particular point in time may not necessarily be indicative of results in subsequent periods as the size and delivery period of individual orders can vary significantly.

 

On September 4, 2024, all outstanding shares of preferred stock were converted into common stock and retired.  The Company issued approximately 6.6 million shares of common stock in connection with the conversion.  Accordingly, the Company no longer has obligations regarding preferred stock dividends, including undeclared dividends from previous periods (see Note 11- “Equity and Stock-Based Compensation” for additional details).

 

Our revenues tend to fluctuate from quarter to quarter due to delivery schedules and other factors. We currently expect revenue in fiscal 2026 to be consistent with the revenue reported in fiscal 2025, despite the decline in the first quarter of fiscal 2026. However, no assurances of such results can be made, and there are a number of risks which could cause results to be less than anticipated. Those risks include the following:

 

•

Inability of our customers to accept delivery of orders as scheduled;

 

•

Cancellation of orders;

 

•

Production difficulties, including supply chain disruptions, which could delay the completion of orders as scheduled;

 

•

Anticipated orders not being received as expected; and

 

•

Other unanticipated delays beyond our control.

 

 

 

 

In our Seamap business, we address the marine survey and exploration markets. We see a number of opportunities to add to our technology and to apply existing technology and products to new applications. We also continue to pursue initiatives to further expand our product offerings. These initiatives include new internally developed technology, introduction of new products based on our existing technology, technology obtained through partnering arrangements with others and a combination of all of these. There can be no assurance that any of these initiatives will ultimately have a material impact on our financial position or results of operations.

 

We believe there are certain developments within the marine technology industry that can have a significant impact on our business. These developments include the following:

 

•

Increased activity within the marine exploration space, including applications for alternative energy projects such as offshore windfarms and carbon capture projects; and

 

•

Demand for economical, commercially developed, technology for maritime security applications.

 

In response to these, and other, developments we have prioritized certain strategic initiatives to exploit the opportunities that we perceive. These initiatives include adaption of our SeaLink solid streamer technology to:

 

•

Alternative applications, such as hydrographic surveys for windfarm and carbon capture projects; and

 

•

Maritime security applications.

 

We believe that the above applications expand our addressable markets and provide opportunities for further growth in our revenues.

 

General inflation levels have increased in recent years due in part to supply chain issues, increased energy costs and geopolitical uncertainty. In addition, shortages of certain components, such as electronic components, have caused prices for available components to increase in some cases. Although these factors have had a negative impact on our costs, our revenues and results of operations have not been materially impacted by inflation or changing prices in the past two fiscal years.

 

Our revenues and results of operations have not been materially impacted by inflation or changing prices in the past two fiscal years, except as described above.

 

Results of Operations

 

Revenues for the three months ended April 30, 2025 were approximately $7.9 million, compared to approximately $9.7 million for the three months ended April 30, 2024. The revenue decrease was primarily due to the delayed delivery of a significant order and other factors discussed above. For the three months ended April 30, 2025, we generated an operating loss of approximately $658,000, compared to operating income of approximately $730,000 for the three months ended April 30, 2024. The decrease in operating income in the current year was attributable to decreased revenues, and increased selling, general and administrative costs during the three months ended April 30, 2025. A more detailed explanation of these variations follows.

 

 

Revenues and Cost of Sales

 

Revenues and cost of sales for our Seamap business were as follows:

 

		Three Months Ended
		April 30,
		2025				2024
		(in thousands)
Revenues:
Seamap		$	7,902			$	9,678
Cost of sales:
Seamap			4,571				5,460
Gross profit		$	3,331			$	4,218
Gross profit margin			42	%			44	%

 

A significant portion of Seamap’s sales consist of large discrete orders, the timing of which is dictated by our customers. This timing generally relates to the availability of a vessel so that our products can be installed. Accordingly, sales can significantly vary from one period to another. During the three month period ended April 30, 2025, approximately 29% of our revenues related to the sale of new systems with the remaining 71% related to “after market” activity such as the sale of spare parts, repairs and services. The gross profit and gross profit margins for Seamap were approximately $3.3 million and 42%, respectively, and $4.2 million and 44%, respectively, for the three month periods ended April 30, 2025, and April 30, 2024, respectively. The gross profit margin in first quarter of fiscal 2026 decreased from the prior year comparable period primarily due to lower absorption of fixed costs from lower revenues. 

 

Operating Expenses

 

General and administrative expenses for the three months ended April 30, 2025, were approximately $3.4 million, compared to approximately $2.8 million for the three months ended April 30, 2024. The current period included certain items we consider to be non-recurring, including costs related to a restructuring our Seamap operations in the United Kingdom and tax planning and analysis arising from the preferred stock conversion in fiscal 2025. Also contributing to the increase was higher stock-based compensation and franchise tax expense.

 

Research and development costs were approximately $380,000, in the three month period ended April 30, 2025, compared to approximately $462,000, in the three month period ended April 30, 2024. Costs in each of the periods are related primarily to development of our next generation towed streamer system.

 

Depreciation and amortization expense, which includes depreciation of equipment, furniture and fixtures and the amortization of intangible assets, decreased primarily attributable to assets becoming fully depreciated and amortized over the year. These costs were approximately $225,000 and $267,000 in the three month periods ended April 30, 2025, and April 30, 2024, respectively.

 

Other Income

 

Other income primarily relates to gains on the sale of certain ancillary equipment, scrap sales and other income.

 

Provision for Income Taxes

 

For the three months ended April 30, 2025, our income tax expense was approximately $294,000 on a pre-tax loss of approximately $676,000. For the three month period ended April 30, 2024, our income tax expense was approximately $245,000 on pre-tax income of approximately $1.2 million. These amounts differed from the result expected when applying the U.S. statutory rate of 21% to our income or loss before income taxes for the respective periods due primarily to the impact of income taxes accrued in certain foreign jurisdictions, primarily Singapore, which do not have net operating losses available to offset taxable income, and because valuation allowances have been recorded against increases in our deferred tax assets. Valuation allowances have been provided against all deferred tax assets in the United States and certain foreign jurisdictions, including Malaysia and the United Kingdom.

 

 

Liquidity and Capital Resources

 

Until recently, the Company had a history of generating operating losses and negative cash from operating activities and relied on cash from the sale of lease pool equipment and the sale of preferred stock and common stock. However, the Company generated net income from operations and positive Adjusted EBITDA for fiscal 2025 and fiscal 2024.  Although the Company generated a net loss from operations for the three months ended April 30, 2025, cash provided by operating activities was approximately $4.1 million.  We anticipate generating net income for fiscal 2026.

 

As of April 30, 2025, the Company had working capital of approximately $22.8 million, including cash and cash equivalents of approximately $9.2 million, compared to working capital of approximately $23.5 million, including cash and cash equivalents of approximately $5.3 million, as of January 31, 2025. The Company does not have a credit facility in place and depends on cash on hand and cash flows from operations to satisfy its liquidity needs.

 

The Company believes it will have adequate liquidity to meet its future operating requirements through a combination of cash on hand, cash expected to be generated from operations, potential financing secured by company-owned real property, disciplined working capital commitments, and potentially securing a credit facility or some other form of financing. During the twelve month period ended April 30, 2025, the Company generated positive cash from operating activities in the amount of approximately $9.5 million.

 

In addition, management believes there are a number of other factors and actions available to the Company to address any liquidity needs, including the following:

 

•

The Company has no obligations or agreements containing “maintenance type” financial covenants.

 

•

The Company had working capital of approximately $22.8 million as of April 30, 2025, including cash of approximately $9.2 million.

 

•

Should revenues be less than projected, the Company believes it is able, and has plans, to reduce costs proportionately in order to maintain positive cash flow.

 

•

The majority of the Company’s costs are variable in nature, such as raw materials and personnel related costs. In fiscal 2024, the Company eliminated two executive level positions and made additional headcount reductions in fiscal 2025. Furthermore, additional reductions in operations, sales, and general and administrative headcount could be made, if deemed necessary by management.

 

•

The Company had a backlog of orders related to the Seamap segment of approximately $21.1 million as of April 30, 2025, as well as a substantial pipeline of other prospects. Production for certain of these orders was in process and included in inventory as of April 30, 2025, thereby reducing the liquidity needed to complete the orders.

 

•

On September 4, 2024, all outstanding shares of preferred stock were converted into common stock and retired.  The Company issued approximately 6.6 million shares of common stock in connection with the conversion.  Accordingly, the Company no longer has obligations regarding preferred stock dividends, including undeclared dividends from previous periods.  The conversion of preferred stock into common stock was effected pursuant to an amendment to the Certificate of Designations, Preferences and Rights of the preferred stock.  The amendment was approved by preferred stockholders at a virtual special meeting held on August 29, 2024 (see Note 11- “Equity and Stock-Based Compensation” for additional details).

 

	•	In recent years, the Company has raised capital through the sale of common stock and preferred stock pursuant to the at-the-market program (the "ATM Offering Program") and underwritten offerings on Form S-1. In April 2025 the Company filed a registration statement on Form S-3, which was declared effective on May 1, 2025. The Company believes it could sell debt or equity securities pursuant to this registration statement via a new ATM Offering Program, or other means. Management expects to be able to raise further capital through these available means should the need arise.
	•	The Company owns unencumbered real estate near Huntsville, Texas which could be used to generate capital if needed through a mortgage or sale lease transaction. The appraised value of this property is approximately $5.0 million.

 

In order to fund future growth, we may explore sources of additional capital, which could include secured debt financing, the sale of assets or investment from strategic industry participants.

 

 

The following table sets forth selected historical information regarding cash flows from our Consolidated Statements of Cash Flows:

 

		For the Three Months Ended
		April 30,
		2025				2024
		(in thousands)
Net cash provided by (used in) operating activities		$	4,068			$	(4,753	)
Net cash (used in) provided by investing activities			(237	)			391
Net cash from financing activities			—				—
Effect of changes in foreign exchange rates on cash and cash equivalents			5				(3	)
Net increase (decrease) in cash and cash equivalents		$	3,836			$	(4,365	)

 

As of April 30, 2025, we had working capital of approximately $22.8 million, including cash and cash equivalents of approximately $9.2 million, as compared to working capital of approximately $23.5 million, including cash and cash equivalents of approximately $5.3 million, at January 31, 2025. 

 

Cash Flows from Operating Activities. Net cash provided by operating activities was approximately $4.1 million in the first three months of fiscal 2026 as compared to cash used in operating activities of approximately $4.8 million in the first three months of fiscal 2025. The increase in net cash provided by operating activities was due mainly to collections on accounts receivable.

 

Cash Flows from Investing Activities. Net cash used in investing activities during the first three months of fiscal 2026 relates primarily to the purchase of assets and investment related to the expansion of our facility in Huntsville, Texas as discussed above, compared to cash provided by investing activities in the prior year period, which related primarily to proceeds from the sale of other assets.

 

Cash Flows from Financing Activities. For the three months ended April 30, 2025, and April 30, 2024, there were no activities related to financing.

 

We have determined that the undistributed earnings of foreign subsidiaries are not deemed indefinitely reinvested outside of the United States as of April 30, 2025. Furthermore, we have concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial.

 

As of April 30, 2025, we had deposits in foreign banks equal to approximately $9.0 million, all of which we believe could be distributed to the United States without adverse tax consequences. However, in certain cases, the transfer of these funds may result in withholding taxes payable to foreign taxing authorities. If withholding taxes should become payable, we believe the amount of tax withheld would be immaterial.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

 

Critical Accounting Estimates

 

Information regarding our critical accounting estimates is included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended January 31, 2025. There have been no material changes to our critical accounting estimates during the three-month period ended April 30, 2025.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are exposed to market risk, which is the potential loss arising from adverse changes in market prices and rates. We have not entered, and do not intend to enter, into derivative financial instruments for hedging or speculative purposes.

 

Foreign Currency Risk

 

We operate in several foreign locations, which gives rise to risk from changes in foreign currency exchange rates. To the extent possible, we attempt to denominate our transactions in foreign locations in U.S. dollars. For those cases in which transactions are not denominated in U.S. dollars, we are exposed to risk from changes in exchange rates to the extent that non-U.S. dollar revenues exceed non-U.S. dollar expenses related to those transactions. Our non-U.S. dollar transactions are denominated primarily in British pounds, Singapore dollars and European Union euros. As a result of these transactions, we generally hold cash balances that are denominated in these foreign currencies. As of April 30, 2025, our consolidated cash and cash equivalents included foreign currency denominated amounts equivalent to approximately $1.2 million in U.S. dollars. A 10% increase in the U.S. dollar as compared to each of these currencies would result in a loss of approximately $120,000 in the U.S. dollar value of these deposits, while a 10% decrease would result in an equal amount of gain. We do not currently hold or issue foreign exchange contracts or other derivative instruments to hedge these exposures.

 

Interest Rate Risk

 

As of April 30, 2025, we had no debt.

 

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

As required by Rule 13a-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our principal executive officers and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Our principal executive officer and principal financial officer have concluded that our current disclosure controls and procedures were effective as of April 30, 2025 at the reasonable assurance level.

 

Changes in Internal Control over Financial Reporting

 

There was no change in our system of internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended April 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II

Item 1. Legal Proceedings

 

From time to time, we are a party to legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceedings, individually or collectively, that we believe could have a material adverse effect on our results of operations or financial condition or is otherwise material.

 

Item 1A. Risk Factors

 

In addition to the other information set forth elsewhere in this Form 10-Q, you should carefully consider the risks discussed in our Annual Report on Form 10-K for the year ended January 31, 2025, which risks could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those described in our Annual Report on Form 10-K for the year ended January 31, 2025. The risks described in our Annual Report on Form 10-K for the year ended January 31, 2025, are not the only risks the Company faces. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, or future results.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

(a)

Not applicable.

	(b)	Not applicable.
	(c)	Not applicable.

 

Item 3. Defaults Upon Senior Securities

 

Not applicable.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item  5. Other Information

 

Not applicable.

 

 

Item 6. Exhibits

 

Exhibits

 

The exhibits marked with the cross symbol (†) are filed (or furnished in the case of Exhibit 32.1) with this Form 10-Q.

 

Exhibit		Document Description		Form		Exhibit
Number						Reference
3.1		Amended and Restated Certificate of Incorporation of MIND Technology, Inc.		Current Report on Form 8-K, filed with the SEC on August 7, 2020.		3.3
3.2		Certificate of Amendment of Certificate of Incorporation of MIND Technology, Inc., effective as of October 12, 2023.		Current Report on Form 8-K, filed with the SEC on October 13, 2023.		3.1
3.3		Amended and Restated Bylaws of MIND Technology, Inc.		Current Report on Form 8-K, filed with the SEC on August 7, 2020.		3.4
3.4		Texas Certificate of Merger, effective as of August 3, 2020		Current Report on Form 8-K, filed with the SEC on August 7, 2020.		3.1
3.5		Delaware Certificate of Merger, effective as of August 3, 2020		Current Report on Form 8-K, filed with the SEC on August 7, 2020.		3.2
31.1†		Certification of Robert P. Capps, Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
31.2†		Certification of Mark A. Cox, Chief Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
32.1†		Certification of Robert P. Capps, Chief Executive Officer, and Mark A. Cox, Chief Financial Officer, under Section 906 of the Sarbanes Oxley Act of 2002, 18 U.S.C. § 1350
101.INS†		Inline XBRL Instance Document
101.SCH†		Inline XBRL Taxonomy Extension Schema Document
101.CAL†		Inline XBRL Taxonomy Extension Calculation of Linkbase Document
101.DEF†		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB†		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE†		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104†		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	MIND TECHNOLOGY, INC.
Date: June 11, 2025	/s/ Robert P. Capps
	Robert P. Capps
	President and Chief Executive Officer
	(Duly Authorized Officer)

 

Exhibit 31.1

 

CERTIFICATION

 

I, Robert P. Capps, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the quarterly period ended April 30, 2025 of MIND Technology, Inc. (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ Robert P. Capps                                       

Robert P. Capps

President, Chief Executive Officer and Director

(Principal Executive Officer)

June 11, 2025

 

Exhibit 31.2

 

CERTIFICATION

 

I, Mark A. Cox, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the quarterly period ended April 30, 2025 of MIND Technology, Inc. (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ Mark A. Cox                            

Mark A. Cox

Chief Financial Officer and Vice President of Finance and Accounting

(Principal Financial Officer)

June 11, 2025

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of MIND Technology, Inc. (the “Company”) on Form 10-Q for the quarterly period ended April 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Robert P. Capps, Chief Executive Officer of the Company, and Mark A. Cox, Chief Financial Officer of the Company, each hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ Robert P. Capps                                   

Robert P. Capps

President, Chief Executive Officer and Director

(Principal Executive Officer)

June 11, 2025

 

/s/ Mark A. Cox                            

Mark A. Cox

Chief Financial Officer and Vice President of Finance and Accounting

(Principal Financial Officer)

June 11, 2025

 

v3.25.1

Document And Entity Information - shares	3 Months Ended
	Apr. 30, 2025	Jun. 09, 2025
Document Information [Line Items]
Entity Central Index Key	0000926423
Entity Registrant Name	MIND TECHNOLOGY, INC
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2025
Document Transition Report	false
Entity File Number	001-13490
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0210849
Entity Address, Address Line One	2002 Timberloch Place Suite 550
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	281
Local Phone Number	353-4475
Title of 12(b) Security	Common Stock - $0.01 par value per share
Trading Symbol	MIND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,969,421

v3.25.1

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Current assets:
Cash and cash equivalents	$ 9,172	$ 5,336
Accounts receivable, net of allowance for credit losses of $332 at each of April 30, 2025 and January 31, 2025	7,779	11,817
Inventories, net	13,447	13,745
Prepaid expenses and other current assets	1,310	1,217
Total current assets	31,708	32,115
Property and equipment, net	1,048	890
Operating lease right-of-use assets	1,221	1,320
Intangible assets, net	2,162	2,308
Deferred tax asset	87	87
Total assets	36,226	36,720
Current liabilities:
Accounts payable	2,011	2,558
Deferred revenue	514	189
Customer deposits	1,807	1,603
Accrued expenses and other current liabilities	1,358	1,245
Income taxes payable	2,681	2,473
Operating lease liabilities - current	570	577
Total current liabilities	8,941	8,645
Operating lease liabilities - non-current	651	743
Total liabilities	9,592	9,388
Stockholders’ equity:
Common stock, $0.01 par value; 40,000 shares authorized; 7,969 shares issued and outstanding at April 30, 2025 and January 31, 2025	80	80
Additional paid-in capital	135,938	135,666
Accumulated deficit	(109,418)	(108,448)
Accumulated other comprehensive gain	34	34
Total stockholders’ equity	26,634	27,332
Total liabilities and stockholders’ equity	$ 36,226	$ 36,720

v3.25.1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Allowance for credit losses	$ 332	$ 332
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	40,000	40,000
Common stock, issued (in shares)	7,969	7,969
Common stock, outstanding (in shares)	7,969	7,969

v3.25.1

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Revenues:
Sales of marine technology products	$ 7,902,000	$ 9,678,000
Cost of sales:
Total cost of sales	4,571,000	5,460,000
Gross profit	3,331,000	4,218,000
Operating expenses:
Selling, general and administrative	3,384,000	2,759,000
Research and development	380,000	462,000
Depreciation and amortization	225,000	267,000
Total operating expenses	3,989,000	3,488,000
Operating income (loss)	(658,000)	730,000
Other income (expense):
Other, net	(18,000)	469,000
Total other income (expense)	(18,000)	469,000
Income (loss) before income taxes	(676,000)	1,199,000
Provision for income taxes	(294,000)	(245,000)
Net income (loss)	(970,000)	954,000
Preferred stock dividends - undeclared	0	(947,000)
Net income (loss) attributable to common stockholders	$ (970,000)	$ 7,000
Net loss per common share - Basic and diluted (in dollars per share)	$ (0.12)	$ 0
Shares used in computing net income (loss) per common share:
Basic and diluted (in shares)	7,969	1,406
Marine Technology Products [Member]
Cost of sales:
Total cost of sales	$ 4,571,000	$ 5,460,000

v3.25.1

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Net income (loss)	$ (970)	$ 954
Comprehensive income (loss)	$ (970)	$ 954

v3.25.1

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ (970,000)	$ 954,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	225,000	267,000
Stock-based compensation	272,000	48,000
Provision for inventory obsolescence	15,000	23,000
Changes in:
Accounts receivable	3,969,000	(2,837,000)
Unbilled revenue	16,000	(10,000)
Inventories	282,000	(2,812,000)
Prepaid expenses and other current and long-term assets	(92,000)	100,000
Income taxes receivable and payable	208,000	(186,000)
Accounts payable, accrued expenses and other current liabilities	(386,000)	277,000
Deferred revenue and customer deposits	529,000	(120,000)
Net cash provided by (used in) operating activities	4,068,000	(4,753,000)
Cash flows from investing activities:
Purchases of property and equipment	(237,000)	(66,000)
Sale of other equipment	0	457,000
Net cash (used in) provided by investing activities	(237,000)	391,000
Cash flows from financing activities:
Net cash provided by financing activities	0	0
Effect of changes in foreign exchange rates on cash and cash equivalents	5,000	(3,000)
Net change in cash and cash equivalents	3,836,000	(4,365,000)
Cash and cash equivalents, beginning of period	5,336,000	5,289,000
Cash and cash equivalents, end of period	9,172,000	924,000
Supplemental cash flow information:
Income taxes paid	80,000	430,000
Other Machinery and Equipment [Member]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gross profit from sale of equipment	$ 0	$ (457,000)

v3.25.1

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common and Preferred [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Jan. 31, 2024	1,406	1,683
Balances at Jan. 31, 2024	$ 14	$ 37,779	$ 113,121	$ 0	$ (128,307)	$ 34	$ 22,641
Net income (loss)	0	0	0	0	954	0	954
Stock-based compensation	$ 0	$ 0	48	0	0	0	48
Balances (in shares) at Apr. 30, 2024	1,406	1,683
Balances at Apr. 30, 2024	$ 14	$ 37,779	113,169	0	(127,353)	34	23,643
Balances (in shares) at Jan. 31, 2025	7,969	0
Balances at Jan. 31, 2025	$ 80	$ 0	135,666	0	(108,448)	34	27,332
Net income (loss)	0	0	0	0	(970)	0	(970)
Stock-based compensation	$ 0	$ 0	272	0	0	0	272
Balances (in shares) at Apr. 30, 2025	7,969	0
Balances at Apr. 30, 2025	$ 80	$ 0	$ 135,938	$ 0	$ (109,418)	$ 34	$ 26,634

v3.25.1

Note 1 - Organization, Liquidity and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Organization, Liquidity and Summary of Significant Accounting Policies   Organization—MIND Technology, Inc., a Delaware corporation (the “Company”), was incorporated in 1987. The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd, collectively “Seamap”, designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the state of Texas.   Liquidity—As of April 30, 2025, the Company had working capital of approximately $22.8 million, including cash and cash equivalents of approximately $9.2 million, compared to working capital of approximately $23.5 million, including cash and cash equivalents of approximately $5.3 million as of January 31, 2025. The Company does not have a credit facility in place and depends on cash on hand and cash flows from operations to satisfy its liquidity needs.  However, the Company believes it will have adequate liquidity to meet its future operating requirements through a combination of cash on hand, cash expected to be generated from operations, disciplined working capital management, potential financing secured by company-owned real property, and potentially securing a credit facility or some other form of financing.   Summary of Significant Accounting Policies—We describe our significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. During the three months ended April 30, 2025, there were no changes to those accounting policies.

v3.25.1

Note 2 - Basis of Presentation	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Presentation   The condensed consolidated balance sheet as of January 31, 2025, for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2025 (“fiscal 2025”). In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2025, the results of operations for the three-months ended April 30, 2025 and 2024, the cash flows for the three months ended April 30, 2025 and 2024, and the statement of stockholders’ equity for the three-months ended April 30, 2025 and 2024, have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2026 (“fiscal 2026”).

v3.25.1

Note 3 - New Accounting Pronouncements	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	3. New Accounting Pronouncements   In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 seeks to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The updated guidance is effective for the Company on February 1, 2025. The adoption of this accounting standard did not have an impact on the Company's consolidated financial statements.   In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"), to enhance the disclosures public entities provide regarding specified information about certain costs and expenses at each interim and annual reporting period so that investors can better understand an entity’s overall performance, including its cost structure, and assess potential future cash flows. ASU 2024-03 is effective for the Company for annual periods beginning February 1, 2027 and interim periods within fiscal years beginning February 1, 2028. The Company is evaluating the new guidance to determine the impact it will have on the disclosures to its consolidated financial statements.

v3.25.1

Note 4 - Revenue From Contracts With Customers	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. Revenue from Contracts with Customers   The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition:       Three Months Ended April 30,       2025     2024   Revenue recognized at a point in time:   (in thousands)   Total revenue recognized at a point in time   $ 7,556     $ 9,377   Revenue recognized over time:                 Total revenue recognized over time     346       301   Total revenue from contracts with customers   $ 7,902     $ 9,678     The following table presents revenue from contracts with customers disaggregated by geography, based on the location of our customers' headquarters:       Three Months Ended April 30,       2025     2024       (in thousands)   United States   $ 550     $ 325   China     259       5,768   Norway     3,275       2,758   Turkey     227       33   Singapore     1,027       211   Canada     517       —   Japan     678       203   Other     1,369       380   Total revenue from contracts with customers   $ 7,902     $ 9,678     Performance Obligations   The revenue from products manufactured and sold by our Seamap business is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. However, revenue is recognized over time when our Seamap business provides repair and maintenance services, or performs upgrades, on customer-owned equipment, which occurs periodically. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMAs”) to customers who have an active license for software embedded in Seamap products. The revenue from SMAs is recognized over time, with the total value of the SMAs amortized in equal monthly amounts over the life of the contract. The duration of SMAs is typically one year or less. We do not have elements of variable consideration within these contracts.   As of April 30, 2025 and January 31, 2025, due to the nature of our contracts and the services and products we provide, there were no significant outstanding liability balances for refunds or returns. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. For the three months ended April 30, 2025 and April 30, 2024, we did not recognize revenue from performance obligations satisfied in a prior period.   Contract Balances   Prepayments and deferred revenue on SMAs have a significant impact our contract liabilities. Considering the products manufactured and sold by our Seamap business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three to six-month period. We do not have any long-term service contracts or related long-term contract assets or liabilities. Costs to obtain and fulfill contracts are considered immaterial and are expensed during the period when incurred. Contract liabilities increased by approximately $529,000 during the three months ended April 30, 2025 due primarily to recognition of revenue during the year.     As of April 30, 2025, and April 30, 2024, contract assets and liabilities consisted of the following:       April 30, 2025     April 30, 2024   Contract Assets:   (in thousands)   Contract Assets, beginning balance   $ 20     $ 26   Revenue accrued   $ 42     $ —   Amounts billed   $ (20 )   $ (10 ) Total unbilled revenue   $ 42     $ 16   Contract Liabilities:                 Contract liabilities, beginning balance   $ 1,792     $ 3,649   Deferred revenue and customer deposits   $ 1,574     $ 625   Revenue recognized   $ (1,045 )   $ (745 ) Total deferred revenue & customer deposits   $ 2,321     $ 3,529     With respect to the presentation of contract assets and liabilities above, sales and transaction-based taxes are excluded from revenue. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses.

v3.25.1

Note 5 - Balance Sheet	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	5. Balance Sheet       April 30, 2025     January 31, 2025       (in thousands)   Inventories:                 Raw materials   $ 8,234     $ 8,485   Finished goods     3,541       3,980   Work in progress     3,199       2,817   Cost of inventories     14,974       15,282   Less allowance for obsolescence     (1,527 )     (1,537 ) Total inventories, net   $ 13,447     $ 13,745         April 30, 2025     January 31, 2025       (in thousands)   Property and equipment:                 Furniture and fixtures   $ 9,474     $ 9,246   Autos and trucks     227       227   Land and buildings     1,003       997   Cost of property and equipment     10,704       10,470   Accumulated depreciation and amortization     (9,656 )     (9,580 ) Total property and equipment, net   $ 1,048     $ 890     As of January 31, 2025, the Company completed an annual review of property and equipment noting no indications that the recorded value of assets may not be recoverable, and no impairment was recorded for fiscal 2025. Since  January 31, 2025, there have been no changes to the market, economic or legal environment in which the Company operates or overall performance of the Company, that would, in the aggregate, indicate additional impairment analysis is necessary as of April 30, 2025. Depreciation expense on property and equipment for the three months ended April 30, 2025 and April 30, 2024 was approximately $77,000 and $81,000, respectively.

v3.25.1

Note 6 - Leases	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	6. Leases   The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia, and the United Kingdom.    Lease expense for the three months ended April 30, 2025, and  April 30, 2024, was approximately $232,000 and $207,000, respectively, and was recorded as a component of operating income (loss). Included in these costs was short-term lease expense of approximately$7,000 and $1,000 for the three months ended April 30, 2025, and  April 30, 2024, respectively.    Supplemental balance sheet information related to leases as of April 30, 2025 and January 31, 2025 was as follows:   Lease   April 30, 2025     January 31, 2025   Assets   (in thousands) Operating lease assets   $ 1,221     $ 1,320                   Liabilities                 Operating lease liabilities   $ 1,221     $ 1,320                     Classification of lease liabilities                 Current liabilities   $ 570     $ 577   Non-current liabilities     651       743   Total Operating lease liabilities   $ 1,221     $ 1,320     Lease-term and discount rate details as of April 30, 2025 and January 31, 2025 were as follows:   Lease term and discount rate   April 30, 2025     January 31, 2025   Weighted average remaining lease term (years)                 Operating leases     1.90       1.39                     Weighted average discount rate:                 Operating leases     14 %     14 %   The weighted average discount rate was calculated using the Company's weighted average cost of capital.   Supplemental cash flow information related to leases was as follows:       For the Three Months Ended April 30,   Lease   2025     2024   Cash paid for amounts included in the measurement of lease liabilities:   (in thousands)   Operating cash flows from operating leases   $ (232 )   $ (207 )                   Changes in lease balances resulting from new and modified leases:                 Operating leases   $ 112     $ 612     Maturities of lease liabilities as of  April 30, 2025 were as follows:       April 30, 2025       (in thousands)   2026   $ 585   2027     522   2028     285   2029     35   2030     —   Thereafter     —   Total payments under lease agreements   $ 1,427             Less: imputed interest     (206 ) Total lease liabilities   $ 1,221

v3.25.1

Note 7 - Intangible Assets	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	7. Intangible Assets               April 30, 2025     January 31, 2025       Weighted                                                       Average Life at     Gross Carrying     Accumulated     Net Carrying     Gross Carrying     Accumulated     Net Carrying       April 30, 2025     Amount     Amortization     Amount     Amount     Amortization     Amount               (in thousands)     (in thousands)   Proprietary rights     3.6       7,472       (5,606 )     1,866       7,472       (5,501 )     1,971   Customer relationships     —       4,884       (4,884 )     —       4,884       (4,884 )     —   Patents     0.9       2,540       (2,292 )     248       2,540       (2,269 )     271   Trade name     1.1       134       (121 )     13       134       (121 )     13   Other     0.1       483       (448 )     35       481       (428 )     53   Intangible assets           $ 15,513     $ (13,351 )   $ 2,162     $ 15,511     $ (13,203 )   $ 2,308     On January 31, 2025, the Company completed an annual review of amortizable intangible assets. Based on a review of qualitative factors, it was determined that there were no events or changes in circumstances indicating that the carrying value of amortizable intangible assets was not recoverable. During the three months ended April 30, 2025, there have been no substantive indicators of impairment.   Aggregate amortization expense was approximately $148,000 and $185,000 for the three months ended April 30, 2025, and  April 30, 2024, respectively. As of April 30, 2025, future estimated amortization expense related to amortizable intangible assets was estimated to be:   For fiscal years ending January 31,     (in thousands)   2026   $ 419   2027     382   2028     315   2029     213   2030     213   Thereafter     620   Total   $ 2,162

v3.25.1

Note 8 - Income Taxes	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes   For the three-month period ended April 30, 2025, the income tax expense was approximately $294,000 on pre-tax loss of approximately $676,000. For the three-month period ended April 30, 2024, the income tax expense was approximately $245,000, on pre-tax income of approximately $1.2 million. The variance between our actual provision and the expected provision when applying the U.S. statutory rate of 21% is due primarily to the impact of income taxes accrued in certain foreign jurisdictions, mainly Singapore, which do not have net operating losses available to offset taxable income, and because valuation allowances have been recorded against increases in our deferred tax assets. Valuation allowances have been provided against all deferred tax assets in the United States and certain foreign jurisdictions, including Malaysia and the United Kingdom.   The Company files U.S. federal and state income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company's U.S. federal tax returns are subject to examination by the Internal Revenue Service for fiscal years ended January 31, 2019 through 2024. The Company’s tax returns may also be subject to examination by state and local tax authorities for fiscal years ending  January 31, 2017 through 2024. The Company's Singapore income tax returns are subject to examination by the Singapore tax authorities for the fiscal years ended January 31, 2017, through 2024. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2018 through 2024.   The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of April 30, 2025. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of April 30, 2025.   For the three-month period ended April 30, 2025 and 2024, the Company did not recognize any tax expense or benefit related to uncertain tax positions.

v3.25.1

Note 9 - Earnings Per Share	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Earnings per Share   Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. For the three months ended April 30, 2025 and April 30, 2024, dilutive potential common shares outstanding had no effect on the calculation of earnings per share because shares were anti-dilutive. The total basic weighted average common shares outstanding for the three months ended April 30, 2025, and  April 30, 2024, was approximately 8.0 and 1.4 million shares, respectively.   On September 4, 2024, all outstanding shares of our 9.00% Series A Cumulative preferred stock (the “preferred stock”) were converted into common stock and retired.  The Company issued approximately 6,600,000 shares of common stock in connection with the conversion (see Note 11- "Equity and Stock Based Compensation" for additional details).

v3.25.1

Note 10 - Related Party Transaction	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	10. Related Party Transaction   In February 2025, the Company retained Lucid Capital Markets, LLC. (“Lucid”) to provide advisor and arrangement services for investigation and analysis of opportunities for growth and additional scale. Lucid received $100,000 in retainer fees for such potential services. The Vice Chairman of Lucid is the Non-Executive Chairman of the Company's board of directors (the "Board"). Our Non-Executive Chairman of the Board received no portion of the above-mentioned compensation.

v3.25.1

Note 11 - Equity and Stock-Based Compensation	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Equity [Text Block]	11. Equity and Stock-Based Compensation    At the virtual Special Meeting of Preferred Stockholders held on August 29, 2024, our preferred stockholders approved an amendment (the “Amendment”) to our Certificate of Designations, Preferences and Rights of 9.00% Series A Cumulative Preferred Stock, to provide that, at the discretion of the Board deciding to file the Amendment with the Secretary of State of the State of Delaware at any time prior to October 31, 2024, each share of 9.00% Series A Cumulative preferred stock, $1.00 par value per share (the “preferred stock”) would be converted (the “Conversion”) into 3.9 shares of common stock upon the effective time of the Amendment. On August 30, 2024, the Board elected to proceed with the Conversion by filing the Amendment with the Delaware Secretary of State. Effective on September 4, 2024, all outstanding shares of preferred stock were converted into common stock and retired.  The Company issued approximately 6,600,000 shares of common stock in connection with the Conversion. Accordingly, the Company no longer has obligations regarding preferred stock dividends, including undeclared dividends from previous periods. The common stock issued was recorded at its market value at the date of issuance less transaction costs related to the conversion. The excess of the carrying value of the preferred stock over the market value of the common stock issued, which amounted to approximately $14.8 million, was credited directly to accumulated deficit and is reflected in the calculation of earnings per share attributable to common stockholders.   Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three-month periods ended April 30, 2025 and  April 30, 2024, was approximately $272,000 and $48,000, respectively.

v3.25.1

Note 12 - Segment Reporting	3 Months Ended
	Apr. 30, 2025
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. Segment Reporting   As of April 30, 2025, Seamap Marine Products is the Company’s sole reporting segment.   Our Seamap Marine Products 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 Marine Products 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 chief operating decision maker ("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 considers revenue and operating income in the annual budgeting and forecasting process and analyzes 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):       Three Months Ended April 30,       2025     2024       Seamap Marine Products     Corporate Expenses     Consolidated     Seamap Marine Products     Corporate Expenses     Consolidated   Revenues   $ 7,902     $ —     $ 7,902     $ 9,678     $ —     $ 9,678   Cost of sales     4,571       —       4,571       5,460       —       5,460   Selling, general and administrative     1,676       1,708       3,384       1,496       1,263       2,759   Research and development     302       78       380       383       79       462   Depreciation and amortization expense     221       4       225       263       4       267   Operating income (loss)     1,132       (1,790 )     (658 )     2,076       (1,346 )     730   Capital expenditures     211       26       237       64       2       66     Corporate selling, general and administrative expense primarily includes salary and benefit costs of corporate personnel, directors’ fees, professional services, office rent, and insurance premiums.   The following table presents a reconciliation of operating income (loss) to income (loss) before income taxes (in thousands):       Three Months Ended April 30,       2025     2024   Seamap Marine Products     1,132       2,076   Corporate Expenses     (1,790 )     (1,346 ) Operating (loss) income     (658 )     730                     Other income     (18 )     469   Income before income taxes     (676 )     1,199     Total assets by business segment is set forth below (in thousands):       As of April 30,       2025     2024   Seamap Marine Products   $ 35,574     $ 34,065   Corporate     652       798   Total Assets   $ 36,226     $ 34,863     Depreciation and Amortization Expense   Depreciation expense on property and equipment, reflected in the table above, was approximately $77,000 and $81,000 for the three months ended April 30, 2025 and April 30, 2024, respectively. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $148,000 for the three months ended April 30, 2025 and approximately $185,000 for the three months ended April 30, 2024. Essentially all depreciation and amortization expense relates to the Seamap Marine Products segment. Amortization in Corporate expenses relates to enterprise resource planning software.   Assets   All property and equipment is allocated to the Seamap Marine Products segment. Corporate assets primarily consist of cash, right of use assets for an operating lease, and prepaid corporate expenses.    Geographic Operating Areas   Revenue is based on the location of our customers. See Note 4-"Revenue from Contracts with Customers" for disclosure of revenue by geographic area.

v3.25.1

Insider Trading Arrangements	3 Months Ended
	Apr. 30, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item  5. Other Information   Not applicable.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

v3.25.1

Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2025
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Organization—MIND Technology, Inc., a Delaware corporation (the “Company”), was incorporated in 1987. The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd, collectively “Seamap”, designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the state of Texas.   Liquidity—As of April 30, 2025, the Company had working capital of approximately $22.8 million, including cash and cash equivalents of approximately $9.2 million, compared to working capital of approximately $23.5 million, including cash and cash equivalents of approximately $5.3 million as of January 31, 2025. The Company does not have a credit facility in place and depends on cash on hand and cash flows from operations to satisfy its liquidity needs.  However, the Company believes it will have adequate liquidity to meet its future operating requirements through a combination of cash on hand, cash expected to be generated from operations, disciplined working capital management, potential financing secured by company-owned real property, and potentially securing a credit facility or some other form of financing.

v3.25.1

Note 4 - Revenue From Contracts With Customers (Tables)	3 Months Ended
	Apr. 30, 2025
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended April 30,       2025     2024   Revenue recognized at a point in time:   (in thousands)   Total revenue recognized at a point in time   $ 7,556     $ 9,377   Revenue recognized over time:                 Total revenue recognized over time     346       301   Total revenue from contracts with customers   $ 7,902     $ 9,678       Three Months Ended April 30,       2025     2024       (in thousands)   United States   $ 550     $ 325   China     259       5,768   Norway     3,275       2,758   Turkey     227       33   Singapore     1,027       211   Canada     517       —   Japan     678       203   Other     1,369       380   Total revenue from contracts with customers   $ 7,902     $ 9,678
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	April 30, 2025     April 30, 2024   Contract Assets:   (in thousands)   Contract Assets, beginning balance   $ 20     $ 26   Revenue accrued   $ 42     $ —   Amounts billed   $ (20 )   $ (10 ) Total unbilled revenue   $ 42     $ 16   Contract Liabilities:                 Contract liabilities, beginning balance   $ 1,792     $ 3,649   Deferred revenue and customer deposits   $ 1,574     $ 625   Revenue recognized   $ (1,045 )   $ (745 ) Total deferred revenue & customer deposits   $ 2,321     $ 3,529

v3.25.1

Note 5 - Balance Sheet (Tables)	3 Months Ended
	Apr. 30, 2025
Notes Tables
Schedule of Inventory, Current [Table Text Block]	April 30, 2025     January 31, 2025       (in thousands)   Inventories:                 Raw materials   $ 8,234     $ 8,485   Finished goods     3,541       3,980   Work in progress     3,199       2,817   Cost of inventories     14,974       15,282   Less allowance for obsolescence     (1,527 )     (1,537 ) Total inventories, net   $ 13,447     $ 13,745
Property, Plant and Equipment [Table Text Block]	April 30, 2025     January 31, 2025       (in thousands)   Property and equipment:                 Furniture and fixtures   $ 9,474     $ 9,246   Autos and trucks     227       227   Land and buildings     1,003       997   Cost of property and equipment     10,704       10,470   Accumulated depreciation and amortization     (9,656 )     (9,580 ) Total property and equipment, net   $ 1,048     $ 890

v3.25.1

Note 6 - Leases (Tables)	3 Months Ended
	Apr. 30, 2025
Notes Tables
Assets and Liabilities, Lessee [Table Text Block]	Lease   April 30, 2025     January 31, 2025   Assets   (in thousands) Operating lease assets   $ 1,221     $ 1,320                   Liabilities                 Operating lease liabilities   $ 1,221     $ 1,320                     Classification of lease liabilities                 Current liabilities   $ 570     $ 577   Non-current liabilities     651       743   Total Operating lease liabilities   $ 1,221     $ 1,320
Lease, Cost [Table Text Block]	Lease term and discount rate   April 30, 2025     January 31, 2025   Weighted average remaining lease term (years)                 Operating leases     1.90       1.39                     Weighted average discount rate:                 Operating leases     14 %     14 %     For the Three Months Ended April 30,   Lease   2025     2024   Cash paid for amounts included in the measurement of lease liabilities:   (in thousands)   Operating cash flows from operating leases   $ (232 )   $ (207 )                   Changes in lease balances resulting from new and modified leases:                 Operating leases   $ 112     $ 612
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	April 30, 2025       (in thousands)   2026   $ 585   2027     522   2028     285   2029     35   2030     —   Thereafter     —   Total payments under lease agreements   $ 1,427             Less: imputed interest     (206 ) Total lease liabilities   $ 1,221

v3.25.1

Note 7 - Intangible Assets (Tables)	3 Months Ended
	Apr. 30, 2025
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	April 30, 2025     January 31, 2025       Weighted                                                       Average Life at     Gross Carrying     Accumulated     Net Carrying     Gross Carrying     Accumulated     Net Carrying       April 30, 2025     Amount     Amortization     Amount     Amount     Amortization     Amount               (in thousands)     (in thousands)   Proprietary rights     3.6       7,472       (5,606 )     1,866       7,472       (5,501 )     1,971   Customer relationships     —       4,884       (4,884 )     —       4,884       (4,884 )     —   Patents     0.9       2,540       (2,292 )     248       2,540       (2,269 )     271   Trade name     1.1       134       (121 )     13       134       (121 )     13   Other     0.1       483       (448 )     35       481       (428 )     53   Intangible assets           $ 15,513     $ (13,351 )   $ 2,162     $ 15,511     $ (13,203 )   $ 2,308
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	For fiscal years ending January 31,     (in thousands)   2026   $ 419   2027     382   2028     315   2029     213   2030     213   Thereafter     620   Total   $ 2,162

v3.25.1

Note 12 - Segment Reporting (Tables)	3 Months Ended
	Apr. 30, 2025
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended April 30,       2025     2024       Seamap Marine Products     Corporate Expenses     Consolidated     Seamap Marine Products     Corporate Expenses     Consolidated   Revenues   $ 7,902     $ —     $ 7,902     $ 9,678     $ —     $ 9,678   Cost of sales     4,571       —       4,571       5,460       —       5,460   Selling, general and administrative     1,676       1,708       3,384       1,496       1,263       2,759   Research and development     302       78       380       383       79       462   Depreciation and amortization expense     221       4       225       263       4       267   Operating income (loss)     1,132       (1,790 )     (658 )     2,076       (1,346 )     730   Capital expenditures     211       26       237       64       2       66
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended April 30,       2025     2024   Seamap Marine Products     1,132       2,076   Corporate Expenses     (1,790 )     (1,346 ) Operating (loss) income     (658 )     730                     Other income     (18 )     469   Income before income taxes     (676 )     1,199
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of April 30,       2025     2024   Seamap Marine Products   $ 35,574     $ 34,065   Corporate     652       798   Total Assets   $ 36,226     $ 34,863

v3.25.1

Note 1 - Organization, Liquidity and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Working Capital (Deficit)	$ 22,800	$ 23,500
Cash and Cash Equivalent	$ 9,172	$ 5,336

v3.25.1

Note 4 - Revenue From Contracts With Customers (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Increase (Decrease) in Contract with Customer, Liability	$ 529,000	$ (120,000)
Minimum [Member]
Contract with Customers, Turn Over Period (Month)	3 months
Maximum [Member]
Contract with Customers, Turn Over Period (Month)	6 months

v3.25.1

Note 4 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Total revenue from contracts with customers	$ 7,902	$ 9,678
Transferred at Point in Time [Member]
Total revenue from contracts with customers	7,556	9,377
Transferred over Time [Member]
Total revenue from contracts with customers	346	301
UNITED STATES
Total revenue from contracts with customers	550	325
CHINA
Total revenue from contracts with customers	259	5,768
NORWAY
Total revenue from contracts with customers	3,275	2,758
TÜRKIYE
Total revenue from contracts with customers	227	33
SINGAPORE
Total revenue from contracts with customers	1,027	211
CANADA
Total revenue from contracts with customers	517	0
JAPAN
Total revenue from contracts with customers	678	203
Other Countries [Member]
Total revenue from contracts with customers	$ 1,369	$ 380

v3.25.1

Note 4 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Contract assets, balance	$ 20	$ 26
Revenue accrued	42	0
Amounts billed	(20)	(10)
Contract assets, balance	42	16
Contract liabilities, balance	1,792	3,649
Deferred revenue and customer deposits	1,574	625
Revenue recognized	(1,045)	(745)
Contract liabilities, balance	$ 2,321	$ 3,529

v3.25.1

Note 5 - Balance Sheet (Details Textual) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 31, 2025	Apr. 30, 2025	Apr. 30, 2024	Jan. 31, 2025
Impairment, Long-Lived Asset, Held-for-Use	$ 0			$ 0
Depreciation		$ 77,000	$ 81,000

v3.25.1

Note 5 - Balance Sheet - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Raw materials	$ 8,234	$ 8,485
Finished goods	3,541	3,980
Work in progress	3,199	2,817
Cost of inventories	14,974	15,282
Less allowance for obsolescence	(1,527)	(1,537)
Total inventories, net	$ 13,447	$ 13,745

v3.25.1

Note 5 - Balance Sheet - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Property and equipment, gross	$ 10,704	$ 10,470
Accumulated depreciation and amortization	(9,656)	(9,580)
Total property and equipment, net	1,048	890
Furniture and Fixtures [Member]
Property and equipment, gross	9,474	9,246
Vehicles [Member]
Property and equipment, gross	227	227
Land and Building [Member]
Property and equipment, gross	$ 1,003	$ 997

v3.25.1

Note 6 - Leases (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Lease, Cost	$ 232,000	$ 207,000
Short-Term Lease, Cost	$ 7,000	$ 1,000

v3.25.1

Note 6 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025	Jan. 31, 2024
Operating lease right-of-use assets	$ 1,221	$ 1,320
Operating lease liabilities	1,221	1,320
Current liabilities	570	577
Non-current liabilities	651	743
Total Operating lease liabilities	$ 1,221	$ 1,320

v3.25.1

Note 6 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Jan. 31, 2025
Weighted average remaining lease term, Operating leases (Year)	1 year 10 months 24 days		1 year 4 months 20 days
Weighted average discount rate, Operating leases	14.00%		14.00%
Operating cash flows from operating leases	$ (232)	$ (207)
Right-of-use assets obtained in exchange for lease liabilities, Operating leases	$ 112	$ 612

v3.25.1

Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
2026	$ 585
2027	522
2028	285
2029	35
2030	0
Thereafter	0
Total payments under lease agreements	1,427
Less: imputed interest	(206)
Total lease liabilities	$ 1,221	$ 1,320

v3.25.1

Note 7 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Amortization of Intangible Assets	$ 148,000	$ 185,000

v3.25.1

Note 7 - Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Amortizable intangible assets, gross carrying amount	$ 15,513	$ 15,511
Amortizable intangible assets, accumulated amortization	(13,351)	(13,203)
Intangible assets, net	2,162	2,308
Proprietary Rights [Member]
Amortizable intangible assets, gross carrying amount	7,472	7,472
Amortizable intangible assets, accumulated amortization	(5,606)	(5,501)
Intangible assets, net	$ 1,866	1,971
Proprietary Rights [Member] | Weighted Average [Member]
Weighted average life (Year)	3 years 7 months 6 days
Customer Relationships [Member]
Amortizable intangible assets, gross carrying amount	$ 4,884	4,884
Amortizable intangible assets, accumulated amortization	(4,884)	(4,884)
Intangible assets, net	0	0
Patents [Member]
Amortizable intangible assets, gross carrying amount	2,540	2,540
Amortizable intangible assets, accumulated amortization	(2,292)	(2,269)
Intangible assets, net	$ 248	271
Patents [Member] | Weighted Average [Member]
Weighted average life (Year)	10 months 24 days
Trade Names [Member]
Amortizable intangible assets, gross carrying amount	$ 134	134
Amortizable intangible assets, accumulated amortization	(121)	(121)
Intangible assets, net	$ 13	13
Trade Names [Member] | Weighted Average [Member]
Weighted average life (Year)	1 year 1 month 6 days
Other Intangible Assets [Member]
Amortizable intangible assets, gross carrying amount	$ 483	481
Amortizable intangible assets, accumulated amortization	(448)	(428)
Intangible assets, net	$ 35	$ 53
Other Intangible Assets [Member] | Weighted Average [Member]
Weighted average life (Year)	1 month 6 days

v3.25.1

Note 7 - Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025
Total	$ 2,162	$ 2,308
Intangibles Excluding Technology Development Projects Not Yet Completed [Member]
2026	419
2027	382
2028	315
2029	213
2030	213
Thereafter	620
Total	$ 2,162

v3.25.1

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income Tax Expense (Benefit)	$ 294,000	$ 245,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (676,000)	1,199,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	$ 0
Unrecognized Tax Benefits	$ 0	$ 0
Domestic Tax Jurisdiction [Member]
Open Tax Year	2019 2020 2021 2022 2023 2024
State and Local Jurisdiction [Member]
Open Tax Year	2017 2018 2019 2020 2021 2022 2023 2024
Foreign Tax Jurisdiction [Member] | SINGAPORE
Open Tax Year	2017 2018 2019 2020 2021 2022 2023 2024
Foreign Tax Jurisdiction [Member] | Other Countries [Member]
Open Tax Year	2018 2019 2020 2021 2022 2023 2024

v3.25.1

Note 9 - Earnings Per Share (Details Textual) - shares		3 Months Ended
	Sep. 04, 2024	Apr. 30, 2025	Apr. 30, 2024
Weighted Average Number of Shares Outstanding, Basic (in shares)		7,969,000	1,406,000
Conversion of Series A Preferred Stock Into Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	6,600,000

v3.25.1

Note 10 - Related Party Transaction (Details Textual)	1 Months Ended
	Feb. 28, 2025 USD ($)
Advisory and Arrangement Services for Growth and Additional Scale Opportunities [Member] | Lucid Capital Markets, LLC [Member]
Related Party Transaction, Amounts of Transaction	$ 100,000

v3.25.1

Note 11 - Equity and Stock-Based Compensation (Details Textual)		3 Months Ended		12 Months Ended
	Sep. 04, 2024 USD ($) shares	Apr. 30, 2025 USD ($)	Apr. 30, 2024 USD ($)	Jan. 31, 2025	Aug. 29, 2024 $ / shares
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares					$ 1
Preferred Stock, Convertible, Conversion Ratio					3.9
Treasury Stock Reissued at Lower than Repurchase Price, Conversion of Convertible Securities	$ 14,800,000
Share-Based Payment Arrangement, Expense		$ 272,000	$ 48,000
Conversion of Series A Preferred Stock Into Common Stock [Member]
Conversion of Stock, Shares Issued (in shares) | shares	6,600,000
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				9.00%

v3.25.1

Note 12 - Segment Reporting (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Depreciation	$ 77,000	$ 81,000
Amortization of Intangible Assets	$ 148,000	$ 185,000

v3.25.1

Note 12 - Segment Reporting - Schedule of Segment Reporting Information, By Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Total revenue from contracts with customers	$ 7,902	$ 9,678
Cost of sales	4,571	5,460
Selling, general and administrative	3,384	2,759
Research and development	380	462
Depreciation and amortization expense	225	267
Operating income (loss)	(658)	730
Capital expenditures	237	66
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Total revenue from contracts with customers	0	0
Cost of sales	0	0
Selling, general and administrative	1,708	1,263
Research and development	78	79
Depreciation and amortization expense	4	4
Operating income (loss)	(1,790)	(1,346)
Capital expenditures	26	2
Seamap Marine Products [Member] | Operating Segments [Member]
Total revenue from contracts with customers	7,902	9,678
Cost of sales	4,571	5,460
Selling, general and administrative	1,676	1,496
Research and development	302	383
Depreciation and amortization expense	221	263
Operating income (loss)	1,132	2,076
Capital expenditures	$ 211	$ 64

v3.25.1

Note 12 - Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)	3 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Operating income (loss)	$ (658,000)	$ 730,000
Other income	(18,000)	469,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(676,000)	1,199,000
Operating Segments [Member] | Seamap Marine Products [Member]
Operating income (loss)	1,132,000	2,076,000
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Operating income (loss)	$ (1,790,000)	$ (1,346,000)

v3.25.1

Note 12 - Segment Reporting - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jan. 31, 2025	Apr. 30, 2024
Assets	$ 36,226	$ 36,720	$ 34,863
Operating Segments [Member] | Seamap Marine Products [Member]
Assets	35,574		34,065
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Assets	$ 652		$ 798

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