MIND Technology, Inc.

Greetings. Welcome to Mind Technology Fiscal Fourth Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Zach Vaughan. Thank you, Zach. You may begin.

Thank you, Operator. Good morning, and welcome to the MIND Technology Fiscal 2026 Fourth Quarter Earnings Conference Call. We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer. Before I turn the call over to Rob, I have a few items to cover. If you would like to listen to a replay of today's call, it will be available for 90 days via webcast by going to the Investor Relations section of the company's website at mind-technology.com or via recorded instant replay until April 23rd. Information on how to access the replay was provided in yesterday's earnings release. Information reported on this call speaks only as of today, Thursday, April 16th, 2026, and therefore you are advised that any time sensitive information may no longer be accurate as of the time of any replay listening or transcript reading. Before we begin, let me remind you that certain statements made by management during this call may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties, and other factors, many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including in its annual report on Form 10-K for the year ended January 31st, 2026. Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in our press release issued yesterday. And please note that the contents of our conference call this morning are covered by these statements. Now, I'd like to turn the call over to Rob Capps. Rob Capps, Board Member, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting, Board of Trustees Meeting

and discuss the current market environment. Mark will then provide a more detailed update on our financials, and I'll return to wrap things up with some remarks about our outlook. A lot has transpired since our last earnings call. As you all know, we're a global company, and our customers work all around the world. We have not experienced any material impact to our operations or prospects due to the current conflict in the Middle East. However, this is a situation that we are following closely. Overall, our performance in fiscal 2026 reflects our ability to deliver resilient results despite the evolving and highly turbulent macro environment. All things considered, I'm pleased to report another year of meaningful cash flow from operations and positive earnings and adjusted EBITDA. We are capitalizing on pockets of demand, maintaining our consistent execution and benefiting from production efficiencies. There's been a good bit of uncertainty in the market for some time now, but our CMAP revenues remain elevated compared to historical levels and were essentially flat in the fourth quarter compared to the third quarter. As we discussed last quarter, overall interest and engagement remains positive, but we've seen some customers defer new order commitments given commodity price volatility and the current state of geopolitical affairs. This is not uncommon in periods of broad economic uncertainty. However, as the past would indicate, we continue to view this as a short-term disruption and expect that customers will resume normal activities once conditions stabilize. Our long-term growth trajectory and operational momentum are still intact, and our large pipeline of opportunities supports our optimism for the future. Our backlog of firm orders as of January 31, 2026, was approximately $13.9 million. compared to $7.2 million as of October 31st, 2025, and approximately $16.2 million as of January 31st, 2025. As a reminder, during the fourth quarter, we received long-anticipated orders totaling about $9.5 million. We were able to deliver roughly half of these orders during the fourth quarter and expect to make the remaining deliveries early in fiscal 2027. While backlog is only down slightly year over year, We are finding that many customers, regardless of industry or end use, are taking a wait-and-see approach to larger system orders, given the current climate. For the reasons I mentioned, this is not unexpected. However, there are signs of recovery, and the long-term outlook for exploration and survey work is trending in the right direction. We believe this bodes well for additional orders in future periods, as the geopolitical instability in the Middle East may well drive exploration activity in other parts of the world. We've yet to see any immediate impacts from the dramatic increase in oil prices, but it's something our customers are monitoring closely and has the potential to drive incremental activity. As a reminder, aside from the protracted customer decision-making process stemming from macro uncertainty and geopolitical turmoil, it's also not uncommon to see pauses in order activity throughout the year in a normal environment. We continue to monitor various external factors that might impact our business, but we maintain our belief that the long-term outlook in the marine exploration and survey industry is very positive and an uptick in activity is inevitable. Outside of our backlog, which is defined as orders for which we have a purchase order or a signed contract in hand, the pipeline of potential orders remains solid and is several times greater than our firm backlog. We are pursuing certain significant projects. Some of these opportunities involve new vessels for governmental organizations. These projects are often relatively large, $10 million or more to us, and require that successful bidders provide security bonds. You may have noted that we recently entered into a trade finance facility with HSBC. This facility provides flexibility to help pursue these more significant projects. We remain cautiously optimistic in our ability to convert opportunities into firm orders in coming periods. Our backlog and pipeline of potential orders consists primarily of our three main product lines. Benlink Source Controllers, BuoyLink Positioning Systems, C-Link Stream Assistants. However, our backlog also contains some aftermarket orders. Together, these serve as the foundation for our business. As a whole, our CMAP business continues to enjoy strong market We've worked hard to carve out a niche within the marine technology industry and have established strong relationships with our customers. We also pride ourselves in finding innovative ways to capture demand. Growing contributions from our aftermarket activities are also providing a stable and recurring revenue stream that is supporting our overall results. This component of our business has become increasingly important. This aftermarket activity consists of spare parts, repairs, service, and other support activities. While this business is influenced to some degree by the general activity level within the industry, it is more recurring in nature than orders for new systems. Customers might be slow to purchase new systems, but their existing equipment will need maintenance to keep operating. This benefits mind. We've established ourselves as a company that can do this kind of service and repair work quickly, efficiently, and reliably. Additionally, expenditures for aftermarket activity are generally operating costs as opposed to capital expenditures. Therefore, customers will allocate funds for these activities differently than they might for a new system. Contribution of this activity as a percentage of revenue fluctuates from quarter to quarter based on product mix and the timing of larger system deliveries. However, in fiscal 2026, aftermarket business accounted for about 60% of our total revenues. Margins for this business also tend to be better than large assistance sales that might attract discounts. Our installed base of CMAP products continues to expand. With it comes the prospect for increased aftermarket activity. Additionally, We continue to ramp up activity at our newly expanded Hatsville facility. Additional floor space at this facility enables us to efficiently take on larger manufacturing and product repair projects. This increased capacity will be used to further support our existing CMAP products, newly developed products, and services to third parties. Returning to our results. Marine technology product revenues for the fourth quarter and full year of 2026 were $9.8 million and $40.9 million, respectively. Quarterly revenue was flat sequentially and slightly lower than our internal expectations due to the delivery of a few orders being pushed into fiscal 2027. But we continue to find ways to generate resilient results. I'm pleased with our ability to navigate uncertainty within the market. We believe MIND remains well positioned to capitalize on opportunities in future periods to stimulate order flow and generate sustainable results. We have a differentiated approach, best-in-class suite of products, and a unique aftermarket business that will continue to give us a competitive advantage and support our financial results for years to come. Now, I'll let Mark walk you through our fourth quarter of full-year financial results in a bit more detail.