Executive Summary

Q4 FY2025 delivered strong top-line and profitability: Revenue $15.04M (+12% YoY, +24% QoQ), operating income $2.78M, net income $2.03M; Adjusted EBITDA $3.02M .
Clear consensus beats: Revenue beat by ~$2.84M (+23%), EPS $0.25 vs $0.18, EBITDA ~$3.00M vs ~$2.22M; only one estimate existed for each metric, underscoring limited coverage (values retrieved from S&P Global)*.
Backlog fell to $16.2M at quarter-end (from $26.2M in Q3), but firm orders of ~$15.9M booked post quarter-end strengthen near-term pipeline .
Management reiterated confidence in continued profitability and positive Adjusted EBITDA into FY2026, while preparing optionality (shelf registration; exploring scale via M&A/combination/sale) .

What Went Well and What Went Wrong

What Went Well

Strong execution and profitability momentum: “We are very pleased to report another solid quarter and continue our trend of profitability” ; fifth consecutive profitable quarter (“a trend we expect to continue”) .
Robust aftermarket contribution as strategic annuity: “Roughly 40% of our revenue comes from aftermarket activity” (spares, repairs, services) driving resilience and margins .
Demand visibility and product leadership: Confidence supported by GunLink source controllers, BuoyLink positioning, and SeaLink streamer systems where MIND holds strong or dominant positions .

What Went Wrong

Backlog down at quarter-end: Seamap backlog $16.2M vs $26.2M in Q3; though ~$15.9M firm orders booked after quarter-end help offset, the reported backlog decline is a watch point .
Margin sensitivity to volume: Management highlighted EBITDA margin sensitivity to revenue levels; expects to sustain margins but acknowledged potential quarter-to-quarter pressure .
EPS comparability noise in prior quarter: Q3 FY2025 EPS was distorted by preferred conversion mechanics (reported $2.87), complicating sequential EPS comparisons .

Financial Results

Metric	Q4 2024	Q3 2025	Q4 2025
Revenue ($USD Millions)	$13.38	$12.11	$15.04
Gross Profit ($USD Millions)	$6.24	$5.42	$6.55
Operating Income ($USD Millions)	$2.32	$1.88	$2.78
EBITDA ($USD Millions)	$2.57	$1.91	$2.92
Adjusted EBITDA ($USD Millions)	$2.62	$1.96	$3.02
Net Income ($USD Millions)	$1.44	$1.29	$2.03
Diluted EPS – Continuing Ops ($USD)	$0.39	$2.87 (conversion noise)	$0.25
Cash and Equivalents ($USD Millions)	$5.29	$3.51	$5.34
Working Capital ($USD Millions)	N/A	~$21.2	~$23.5

Notes: Management narrative states Q4 FY2024 EPS was $0.35 vs the statement table showing $0.39, a minor discrepancy likely due to presentation and conversion impacts .

Segment breakdown (primary business is Marine Technology Products/Seamap):

Segment/Category	Q4 2024	Q3 2025	Q4 2025
Sales of Marine Technology Products ($USD Millions)	$13.38	$12.11	$15.04

KPIs and pipeline:

KPI	Q4 2024	Q3 2025	Q4 2025
Seamap Backlog ($USD Millions)	$38.4 (Jan 31, 2024)	$26.2 (Oct 31, 2024)	$16.2 (Jan 31, 2025)
Subsequent Firm Orders ($USD Millions)	—	—	~$15.9 booked post quarter-end
Aftermarket Revenue Mix	—	~40% (FY2025 Q3 commentary)	~40% (Q4 commentary)

Consensus vs Actuals (Q4 FY2025) — values retrieved from S&P Global*:

Metric	Consensus	Actual
Revenue ($USD Millions)	$12.2	$15.04
EPS ($USD)	$0.18	$0.25
EBITDA ($USD Millions)	$2.22	$3.02 (Adj.)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue trajectory	Q1 FY2026	N/A	“Expect first quarter results to return to a more normalized level” (lower vs record Q4)	Indicated lower sequentially
Profitability	FY2026	N/A	“Expect positive adjusted EBITDA and continued profitability as we progress through fiscal 2026”	Maintained positive stance
Capital markets	N/A	N/A	Intend to file shelf registration to preserve flexibility; no near-term capital need	Added optionality
Strategic alternatives	N/A	N/A	Exploring scale via organic growth, M&A, combinations, or outright sale; retained Lucid Capital Markets	New strategic path

No numeric guidance was provided for revenue/margins/OpEx/OI&E/tax rate; commentary is directional.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 FY2025)	Previous Mentions (Q3 FY2025)	Current Period (Q4 FY2025)	Trend
Aftermarket/services mix	Noted as growing annuity; strong repair/services pipeline	~40% aftermarket contribution	“Roughly 40%” aftermarket revenue; key margin driver	Sustained, supportive
Supply chain & inventory	Built inventory to meet orders; improving supply chain	Drawing down inventory; better component visibility	Further optimization; controlled lead times; continued focus	Improving execution
Pricing & margins	Price increases supporting margins	Operating leverage + pricing discussed	Margin sensitivity acknowledged; aim to sustain/improve	Balanced; vigilant
Product leadership (GunLink, BuoyLink, SeaLink)	Core backlog drivers	Strength and pending orders across lines	Dominant positions; continued demand	Durable
AI/technology initiatives (Spectral AI)	Positive early customer feedback; de minimis revenue	Traction remains de minimis; exploring expansion	Early-stage; sublicensed; niche upside	Incremental
Tariffs/macro exposure	—	U.S. policy seen as modestly positive	~95% revenue ex-U.S.; limited U.S. trade exposure	Low direct tariff risk
Strategic/scale options	Preferred conversion for cleaner capital structure	Clean capital structure supports flexibility	Evaluating M&A/combination/sale; shelf prep	Expanding optionality

Management Commentary

“We are very pleased to report another solid quarter and continue our trend of profitability… our backlog and pipeline of business and the general market tailwinds give us belief that this trend will continue into fiscal 2026” .
“Roughly 40% of our revenue comes from aftermarket activity… spare parts, repairs and support services… this is good for MIND” .
“We currently do not anticipate a material direct impact… from the imposition of additional trade tariffs… almost 95% of our revenue was derived from customers outside the United States” .
“We believe that to maximize stockholder value, MIND needs additional scale… including acquiring assets or businesses, combining with other organizations, or even an outright sale of the Company… retained Lucid Capital Markets LLC” .
“We intend to file a shelf registration statement… This will allow us to move quickly and efficiently should circumstances dictate” .

Q&A Highlights

Backlog and “unofficial backlog”: Management has high confidence in pending orders not yet in reported backlog; sometimes begins builds ahead of POs for known customers .
Shelf registration: Framed as prudent, routine; returning to historical practice post-preferred conversion; no immediate capital raise planned .
Margin sensitivity: EBITDA margin lifts with volume, but productivity enhancements targeted to sustain margins despite revenue variability .
Market expansion: SeaLink ultra-high resolution streamers expanding into ocean bottom mapping, pipeline monitoring, undersea cables; defense re-engagement potential .
EPS/share count: Q3 FY2025 diluted share ~7.97M post conversion; recognize prior quarter EPS distortion due to accounting treatment .

Estimates Context

Revenue beat: Actual $15.04M vs consensus $12.2M (+23%) *.
EPS beat: $0.25 vs $0.18 (+39%)* .
EBITDA (Adj.) beat: ~$3.02M vs ~$2.22M (+36%)* .
Coverage thin: Only one estimate for revenue and EPS, so revisions/credibility will depend on future reporting cadence*.

Values retrieved from S&P Global.*

Key Takeaways for Investors

Momentum intact: Q4 FY2025 showed broad-based strength and beat light consensus; management expects continued profitability and positive Adjusted EBITDA into FY2026 .
Watch backlog cadence vs pipeline conversion: Reported backlog fell at year-end but was bolstered by ~$15.9M in firm orders thereafter; aftermarket support is a durable annuity .
Margin discipline: Volume-sensitive EBITDA margin should normalize with steady deliveries; pricing/efficiency initiatives provide cushion .
Strategic optionality is a catalyst: Shelf-registration readiness and evaluation of scale options (including M&A/combination/sale) could re-rate the equity if credible paths emerge .
Geographic/tariff risk limited: ~95% revenue ex-U.S.; manufacturing/shipments largely out of Singapore/Malaysia; limited direct tariff exposure .
Near-term trading: Expect Q1 FY2026 revenue to step down from record Q4 (normalization), with supportive updates as backlog/pipeline orders convert; beat/miss risk tied to delivery timing .
Medium-term thesis: Product leadership and aftermarket base underpin resilience; scale strategy could accelerate growth and valuation, but execution and order timing remain critical .

Footnote: All consensus values marked with * are retrieved from S&P Global.

MIND TECHNOLOGY, INC (MIND)·Q4 2025 Earnings Summary