Good day, and welcome to Q3 Investor Summit Virtual. We appreciate your participation in today's virtual event. Up next, we are pleased to introduce MIND Technology Incorporated. If you would like to ask a question during the webcast, you may drop them in the chat box button on the left side of your screen. Please type your question into the box and click "Send" to submit it. At this time, it is my pleasure to hand over the session to Rob Capps, CEO at MIND Technology Incorporated, who will lead the presentation. Sir, the floor is yours.
Thank you very much. Once again, I am Rob Capps, the President and CEO of MIND Technology. I'd like to thank everyone for joining us today. I have a few slides that we'll go over this afternoon and tell you a bit about the company, and then perhaps we'll have some time for some questions after that. We'll forego going through the perfunctory forward-looking statement, of course. MIND Technology, what do we do? Very simply put, we design, manufacture, and sell equipment used to gather data in offshore exploration survey. Simply put, we don't conduct the surveys, we don't process the data. We simply provide the kit that enables the data gathering. We serve three primary market areas: exploration, survey, and maritime security. We'll talk more about those in a bit. We also have four primary revenue streams that you see here.
I'm going to talk quite a bit more about those here in just a minute, so I won't spend any time on those right now. That just gives you a thumbnail as to what it is we do. We think that MIND is a very compelling and a unique investment opportunity. We're profitable. We have a strong ongoing business with growth opportunities. We have a pristine capital structure. We have only common stock and limited employee options outstanding. We have no debt. I think this is something not often seen with micro-cap stocks. We think it's something very unique and very compelling. We think we have a favorable macro environment in which to operate. There is some cyclicality in our business, no doubt about that, but we believe the long-term outlook for marine exploration and survey activity is bullish.
We're seeing new applications arise for surveys, for offshore installations, such as wind farms, carbon capture, any sort of offshore construction activity. We're seeing this technology used in those applications, and also for non-oil and gas mineral exploration. Certainly, oil and gas and energy exploration has been a big part of the activity in the offshore exploration space, but we are seeing activity in other areas as well. Overall, we think the environment is quite bullish for us on a long-term basis. Let's talk a bit about MIND specifically, things we've been through. The company's been through a great deal of transformation over the past two years, just over two years. First off, about just over two years ago, we sold our Klein sonar unit.
That is a company that we had bought some years before from L3, and decided to sell that and refocus our operations on our CMAP business that we'll talk more about. That really enabled us to do a couple of things. First, it enabled us to go back to profitability because CMAP actually was operating quite well at the time. It enabled us to streamline arrangement and corporate focus, therefore cut some costs, frankly. We were able to eliminate all of our debt at that point in time, so it became debt-free through that transaction. Probably most importantly, it allowed us to take some working capital from the transaction, redeploy it into the CMAP business, which again was doing well operationally, and really take advantage of some of those opportunities. That was a real inflection point for us.
Next thing that we've done, and did this just about a year ago, we converted all of our preferred stock, including accumulated dividends, into common stock. Again, simply, greatly simplified our capital structure and eliminated what we thought was an overhang on the performance of the company and the performance of the stock, frankly. We are very focused now on enhancing stockholder value. We are looking to evaluate all sorts of strategic alternatives in order to increase our scale, grow the business, and increase value to the stockholders. I think this growth can take lots of forms, and we're open to all sorts of different forms. We can add products internally through internal development. We can buy products. We can buy product lines. We could buy small companies. We could partner with others.
There are lots of ways for us to approach that, and we're open to all of those things, and we're trying to be very open with that. We have established, as you may have seen recently, an ATM facility that will enable us to raise capital quickly and efficiently should the need arise in order to exploit growth opportunities. It is if and when it's needed. We are very disciplined in our approach to evaluation of opportunities and tend to stay that way. We are always weighing the estimated return versus the cost of capital. Essentially, the price of the stock at the time the capital is raised. We're very cognizant of that. At the same time, we recognize that at some point, our own stock may be the best use of our capital, and we're willing to do that as well.
In furtherance of that, we have established a buyback program, which will enable us to act very quickly and efficiently, should conditions warrant and indicate that our stock is our best use of capital. We're certainly not opposed to that. We'll talk a bit about some of our financial metrics. As we've made this transformation over the past two years, we definitely have seen some strong growth in our, and some stability, frankly, in our financial metrics. That's both from a revenue standpoint, gross profit, operating income, and what we call adjusted EBITDA, which for our purposes, adjusted EBITDA is EBITDA plus stock-based compensation. That's the only additional add-back we have to our EBITDA calculation. I should point out that we are January 31 year-end. The FY25 that you see here ended last January 31. FY26 estimated will end January 2026.
It's a bit confusing, but just to give you some frame of reference there. I'm very proud of this growth we've seen. Obviously, it's very significant growth from the revenue from the top side between fiscal 2023, 2024, and 2025. As we've said publicly, we don't anticipate that level of growth in 2026. We think we're off to a good start with 2026. We think it's going to be comparable to fiscal 2025 with some nominal growth, perhaps, but not the 20-30% that we've seen the last couple of years. A good solid foundation, a good solid business, and profitable on an ongoing basis, which is, I think, very key for us. We have good visibility, we think, for our ongoing business. We have a good backlog with an even much larger pipeline of pending orders and prospects. We often deal in large discrete orders.
Fluctuations in backlog levels are not unusual, especially in summer months when some of our customers in Europe and elsewhere aren't as active in the order front. For an order to be included in backlog for our purposes, for our definition, we must have a purchase order or contract in hand as of the end of the quarter. We often have many other high-confidence orders that just don't have the paperwork in hand just yet. That was the case at the end of this last quarter, as a matter of fact. I think you'll see in the following slide, our annual revenue consistently exceeds the beginning-of-year backlog and often quite significantly. Backlog is important. It's better to have it than not have it, but it doesn't always tell the whole story. This slide demonstrates that we consistently produce revenue in excess of the beginning-of-the-year backlog.
There's one aspect of our business that continues to have a bigger impact on our revenue, and that's our aftermarket business, what we call aftermarket, which really consists of selling spare parts, repairs, and other support services. I'll talk some more about that here in just a moment. In the first six months of this current fiscal year, this aftermarket business accounted for about 68% of our revenue for that six-month period. That's a bit higher than historically. Historically, it's been about 40%, but I think that's an indication that that proportion is growing as our installed base has grown. We'll talk some more about that in a moment. Due to the relatively quick turn of some of these orders, these aftermarket orders, they're not always included in a quarter in backlog. Sometimes they are, but not always.
It's important to understand it can have an impact on revenue, but not be reflected in the backlog. Let's talk a bit about our operations, our CMAP business. We operate through our CMAP subsidiary, which is domiciled in Singapore. CMAP is very well known within the marine exploration and survey industries. It's definitely a known quantity. You see here we have four primary revenue streams, products and revenue streams, first being what we call GUNLINK, which is an energy source controller used in seismic exploration. We have a dominant market position with source controllers. Essentially, we're the only game in town there. CLINK is a reconfigurable towed streamer system, again used in the sensors, if you will, in a seismic survey. BUOYLINK is a GNSS or GPS positioning system used in conjunction with these other devices.
The fourth revenue stream is, again, our aftermarket business, the repair service and support capabilities. As we'll talk more in a moment, these products are used in very harsh environments, being dragged through the ocean in a very, very difficult operating environment. Spare parts and repairs are a big part of anyone's operation, so it's good for our business. Our customers generally are the people who own and operate the vessels that conduct these surveys, either exploration or marine survey companies or seismic exploration companies. We also, from time to time, will sell to governmental research organizations that also operate vessels that conduct surveys such as this. It's not a huge customer base. There aren't thousands. There aren't hundreds. There are dozens around the world. We have, again, a very dominant position with many of these. The majority of these customers are outside of the United States.
Most of our shipments go from Singapore or Malaysia. Therefore, we really have not been materially impacted by any tariffs imposed on or by the United States. As I alluded to earlier, we have seen the business expand in recent periods, the last 24 months or so. That's due partially to new applications of this technology, such as ultra-high-resolution marine surveys related to offshore exploration, or offshore installations, I should say, such as wind farms or carbon capture facilities. This technology is used to survey the ocean bottom before construction activity. Again, an important aspect of the process. Also, a contributor to our increase in business, as I alluded to earlier, is our increased repair activity for aftermarket business. Once again, this stuff is used in very harsh environments, so it breaks.
We see a lot of activity for spare parts and repairs, support, things of that nature, training, things like that. As our installed base continues to increase, we think we'll see that continued increase as well. Here's the next slide that I won't spend much time on. It's something you might want to look at at your leisure. It's trying to depict how these different devices are deployed and how they work with one another in an offshore environment. It's trying to show the streamers, the source controllers in the middle section of the picture, and then the BUOYLINK or the GPS positioning systems on either side. Trying to give you a sense as to what's going on here, but won't spend much time on it right here. How do we grow this? What are our opportunities for growth? We do see opportunities for organic growth.
We've seen growth in traditional marine exploration recently, and we think that will continue. We think the long-term aspects or prospects are very good there. We're seeing new applications for the technology, such as the 3D ultra-high-resolution applications for survey work. We see opportunities for expanded streamer projects. I'm going to talk more about that in just a moment. We can add other products, similar products to our offerings, things we can develop internally, things we might be able to buy from others, maybe buy a product line, buy a small company, as I talked about earlier. I think there are various ways for us to grow the business organically with some, perhaps, nominal M&A activity as well. As I mentioned earlier, as the installed base increases, that means more aftermarket business, more repairs, more spare parts. That's an important part of our business.
We've expanded our capabilities in that arena recently, which I'll touch on here in just a moment. Let's talk just for a moment about some other expansion opportunities I alluded to. We do think there's a way to enhance our streamer system and the production processes that will allow us to address larger projects, which have frankly been outside our comfort zone to date. Occasionally, there are larger systems that are required. We haven't been able to address those effectively, but we think there are some modifications we can make to our product and our processes that will enable us to do that. That's something we're in the process of doing right now. That's something that's pretty exciting for us. Secondly, we think the streamer technology has an application within maritime security and defense.
We think, and others think, there is a demand for a reasonably costed, commercially developed solution in this area. Actually, we tried to address this a few years ago, but frankly, we got ahead of ourselves. The company wasn't making money. When we started to reposition ourselves and reconfigure ourselves, we suspended this pursuit and tried to address things that would make money right away and return this to profitability, which we've done. We think this demand is still there. We think now is the time to readdress that. This is something we're going to, and we're starting to readdress and reinvestigate to see if there's not a good way for us to take this technology, perhaps partnering with others to apply this to some other applications, which could be a larger market area for us or a new market area for us. Watch this space.
We're a global company, which requires a global presence. We're headquartered in The Woodlands, Texas, which is a northern suburb of Houston, as you may know. As I mentioned earlier, our primary sales and production activities are conducted from our Singapore and Malaysia facilities. These facilities are in close proximity to one another. Malaysia essentially acts as an extension of the Singapore operation. In Huntsville, Texas, which is north of Houston, north of the Woodlands, actually, we have a facility where we conduct repair and other manufacturing operations. This is a facility that we have just recently expanded in anticipation of some significant increase in activity there. I'll show you a picture of it here in just a moment. In our UK facility, we conduct engineering and some field service activities, a little bit of sales support as well.
I'll show you a picture of these here in just a moment. Here is our Singapore facility. This is the primary location for our CMAP operation. We do all sorts of manufacturing, assembly, and testing of electronic modules. There is some engineering activity that's conducted here. Some field service is conducted out of this facility as well, as well as administration. Once again, most of our invoicing and billing and production activities are from this facility. A few years ago, we initially established the Malaysia facility to handle our streamer manufacturing and repair operations, which is a much bigger facility. Singapore is around 24,000 square feet. The Malaysia facility is about 100,000 square feet, so much larger, as you can tell from this picture. Subsequently, we've moved more of our ongoing manufacturing processes from Singapore into this lower-cost facility. Labor is a bit more readily available here. It's less expensive.
Plus, we have the space to do more, so we can be a little more efficient. We are going to try to do more and more within the Malaysia facility. Still, primary operations out of Singapore for import-export reasons, things of that nature. From a pure production standpoint, this is a really nice facility for us. We think there's more opportunities to do more here and thereby lower cost, frankly. Picking our UK facility, which is west of London in the Somerset area. This is primarily an engineering operation, both sustaining the new development as well as some sales support from an engineering standpoint. We do have field service personnel who operate out of this facility. We also do some training and some sales support in the UK operation facility as well. As I mentioned a moment ago, the Huntsville facility operates under what we call our MIND Maritime Acoustics.
That's a U.S. subsidiary. This is a facility we just recently expanded to enable us to handle larger pieces of kit, if you will. We're doing streamer repair. We do some ancillary manufacturing, both for our CMAP operation as well as for some others, as well as our sleeve gun, which is an energy source product that we handle out of this facility. It's probably important to note that a lot of the intellectual property for hydrophone and other CLINK products is domiciled in this entity for export control purposes. Just to summarize one more time, MIND Technology is a profitable business with good growth opportunities. The CMAP unit is a recognized leader in the market. We're a market leader in the markets we deal in. It's a very clean company with no debt. Our capital structure is pristine. It's only common stock.
Again, something I don't think you'll see very often in a micro-cap such as this. For all of these reasons, we think that MIND Technology is a very unique investment opportunity. I appreciate your time today. I think we do have a few minutes to take some questions if you have any. Not seeing any questions so far, but let's see if you get a chance to submit some.
All right. If anyone has questions, please feel free to type your question into the Q&A box, and Rob will address them right away. Thank you so much.
Okay. I guess we have no questions today. Again, thanks everyone for joining us.
Thank you, Rob, for your time. We will now close this session.
Thank you.
That concludes MIND Technology Incorporated's presentation. You may now disconnect. For details on upcoming presentations, please refer to the conference agenda. Thank you for your participation, and we look forward to welcoming you to the next session.