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MIND Technology, Inc. iAccess Alpha Virtual Best Ideas Summer Investment Conference 2025 June 24-25, 2025 (NASDAQ: MIND)
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Certain statement and information in this presentation may constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward- looking statements, which are generally 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 for our existing operations and do not include the potential impact of 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. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You 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 statements after the date they are made, whether as a result of new information, future events or otherwise. Forward Looking Statement
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A Leading Provider of Marine Technology MIND provides technology to the marine industry addressing three broad markets • Exploration • Survey • Maritime Security Our Seamap unit is a leading supplier to the seismic exploration and survey industries • Seismic source controllers • GNSS positioning systems • Solid towed seismic arrays • Repair services 3
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Compelling Investment Considerations Profitable growth & momentum in new order flow No debt & clean capital structure Strong backlog and pipeline of prospects Expanded global opportunities include higher margin parts & service New applications for our IP & technology Recognized market leader 4
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Favorable Macro Environment & Industry Tailwinds Industry Analysis 1) Wood Mackenzie’s August 2023 Energy Exploration Market Analysis 2) Offshore Magazine & Rystad Research – Total Offshore Investments to Reach Almost $250 Billion in 2025 5 The ongoing energy transition is expected to create alternative revenue streams for seismic players that have diversified their businesses by venturing into the carbon storage, geothermal, offshore wind and deep-sea mining sectors. – Offshore Magazine Global capital expenditure on subsea facilities is set for a 10% compound annual growth rate from 2024 to 2027. – Rystad Research Global spending on exploration, excluding appraisal, should average $22 billion per year in real terms over the next five years. – Wood Mackenzie Marine Energy Exploration
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A New Focus: Driving Profitability Sold Klein Sonar Unit in August 2023 Streamlined Management and Corporate Operations Enhanced Balance Sheet ▪ Eliminated outstanding debt, currently debt free ▪ Recapitalized by converting all preferred stock to common stock ✓ Eliminated liquidation preference and all accumulated dividends ▪ Improved Working Capital Launched Strategic Initiatives to Add Scale ▪ Retained Lucid Capital Markets LLC ✓ Assist with identifying, investigating and analyzing potential growth opportunities ▪ Filed Shelf Registration Statement with the SEC ✓ Provides access to capital to finance near-term internal growth or acquisitions ✓ Allows for quick and efficient action should circumstances dictate Aggressive Actions to Focus on Near-Term Opportunities 6
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FY23 FY24 FY25FY23 FY24 FY25 FY23 FY24 FY25FY23 FY24 FY25 Transformed MIND For Profitable Growth (Y/Y) ($ in thousands) ($ in thousands) ($ in thousands) Revenue Gross Profit Operating Income Adjusted EBITDA(1) $25,012 $36,510 $46,863 $9,950 $15,971 $20,967 ($5,650) $518 $6,818 $8,237 $2,311 ($3,392) ($ in thousands) 7 1) Adjusted EBITDA is a non-GAAP financial measure. See the “Supplemental Information” at the back of this presentation for reconciliations to the most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”). FY2025 Results 2/1/2024 - 1/31/2025
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$- $5 $10 $15 $20 $25 $30 $35 $40 $45 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 $- $5 $10 $15 $20 $25 $30 $35 $40 $45 1/31/2021 1/31/2022 1/31/2023 1/31/2024 1/31/2025 Sustainably Higher Backlog • Order visibility gives confidence for future financial performance • Firm backlog of $21.1 million as of April 30, 2025 • Pipeline of pending and highly confident orders is well in excess of received orders • FY revenue consistently exceeds reported backlog from prior year-end 1) Backlog excludes Klein contributions for periods prior to sale in August 2023 $ in Millions (USD) 8 $ in Millions (USD) Fiscal Year-End Reported Backlog(1) Trailing Twelve-Month Quarterly Backlog $12.1 $9.3 $15.7 $38.4 $31.0 $26.2 $26.2 $16.9 $16.9 $21.1
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$9.3 $15.7 $38.4 $25.0 $36.5 $46.9 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 FY23 FY24 FY25 FY26 Backlog Prior Year-End Actual Revenue $16.9 Revenue Trend Relative to Backlog(1) 1) MIND has not disclosed FY2026 Revenue Outlook 2) Backlog and reported revenue do not include the contributions of Klein (2) 9
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Seamap Overview Seamap is a recognized brand in the seismic industry • GunLink – Dominant market position with source controllers • SeaLink – Reconfigurable towed streamer systems • BuoyLink – GNSS positioning systems • Broad repair, service and support capabilities Customers include: • Seismic exploration contractors • Marine survey companies • Governmental research organizations New markets • Ultra high-resolution marine surveys – alternative energy projects • Expanded repair services Good order visibility • Strong and sustainable backlog 10
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Seamap Applications 11
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Seamap: A Strategy for the Future Addressing Opportunities Revitalized Marine Energy Exploration • Seismic contractors reporting improved results and prospects Alternative Energy Projects • Wind Farms and Carbon Capture Facilities Expanding Opportunities Apply Technology to New Markets • Ultra high-resolution seismic surveys – alternative energy projects • Expanded repair services • Expanded streamer opportunities • Additional products Expanding installed base = increased after-market business • Significant revenue from recurring after-market (spares, etc.) • Approximately 71% of revenue in FY1Q26 (Historically ~40%) • Revenue contribution from Huntsville facility is expected to increase following expansion • Margin expansion opportunity 12
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Other Expansion Expanded SeaLink streamer opportunities • Enhance ability to provide larger systems • Some design modifications • New production processes Sea Serpent passive seismic array • Re-using commercial streamer technology for military and maritime security markets • Opens a new market • Commercial off the shelf (COTS) system suitable for unmanned surface vessels and fixed ocean bottom applications
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Global Markets Require Global Presence The Woodlands, Texas Headquarters Huntsville, Texas Manufacturing / Repairs United Kingdom Engineering / Field Service Malaysia Manufacturing / Repairs Singapore Manufacturing / Field Service / Engineering 14
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Compelling Investment Considerations Profitable growth & momentum in new order flow No debt & clean capital structure Strong backlog and pipeline of prospects Expanded global opportunities include higher margin parts & service New applications for our IP & technology Recognized market leader 15