v3.26.1
Note 12 - Segment Reporting
 3 Months Ended
Apr. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

12. Segment Reporting

 

Seamap is the Company’s sole reportable segment and contains the following product and service lines:

 

 •GunLink seismic source acquisition and control systems
 •BuoyLink relative global navigation satellite positioning systems
 •SeaLink marine sensors and solid streamer systems 

 

Our Seamap 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 segment 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 periodic 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,

 
  

2026

  

2025

 
  

Seamap

  

Corporate Expenses

  

Consolidated

  

Seamap

  

Corporate Expenses

  

Consolidated

 

Revenues

 $9,672  $—  $9,672  $7,902  $—  $7,902 

Cost of sales

  5,575   —   5,575   4,571   —   4,571 

Selling, general and administrative

  1,426   2,119   3,545   1,676   1,708   3,384 

Research and development

  222   88   310   302   78   380 

Depreciation and amortization expense

  228   —   228   221   4   225 

Operating income (loss)

  2,221   (2,207)  14   1,132   (1,790)  (658)

Capital expenditures

  48   —   48   211   26   237 

 

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,

 
  

2026

  

2025

 

Seamap

  2,221   1,132 

Corporate Expenses

  (2,207)  (1,790)

Operating income (expense)

  14   (658)
         

Other income (expense)

  51   (18)

Income (loss) before income taxes

  65   (676)

 

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

 

  

As of April 30,

 
  

2026

  

2025

 

Seamap

 $38,855  $35,574 

Corporate

  11,908   652 

Total Assets

 $50,763  $36,226 

 

Depreciation and Amortization Expense

 

Depreciation expense on property and equipment, reflected in the table above, was approximately $115,000 and $77,000 for the three months ended April 30, 2026 and April 30, 2025, respectively. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $113,000 for the three months ended April 30, 2026 and approximately $148,000 for the three months ended April 30, 2025. Essentially all depreciation and amortization expense relates to the Seamap segment.

 

Assets

 

All property and equipment is allocated to the Seamap 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.