MIND TECHNOLOGY INC

MIND Technology Inc. develops and sells proprietary sonar and seismic imaging technology primarily for oceanographic and hydrographic markets. The company's products are dual-use, with applications in both commercial seabed mapping and military underwater surveillance and mine countermeasures. A material portion of its business is directed toward defense customers. In its fiscal 2021 Form 10-K, the company disclosed entering into a joint development agreement with a major European defense contractor for sonar technology. Its product listings are subject to U.S. export controls under the EAR99 classification, indicating their potential for military application. While the exact percentage of defense revenue is not publicly broken out, the company's strategic focus on co-development with defense contractors and the specialized nature of its underwater imaging systems meet the threshold for military contracting exclusion, as the military application is material and not incidental to its business model.