Note 17 - Segment Reporting

12 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

17. Segment Reporting

Prior to August 22, 2023, the Company operated in two segments, Seamap and Klein. On August 21, 2023, the Company completed the Sale of Klein. (see Note 2-"Sale of a Subsidiary and Discontinued Operations" for additional details). As a result, at January 31, 2025, Seamap is the Company’s sole reporting segment.

Seamap Marine Products - Our Seamap Marine Products segment provides the following:

• GunLink seismic source acquisition and control systems

• BuoyLink relative global navigation satellite positioning systems

• SeaLink marine sensors and solid streamer systems 

Our Seamap Marine Products 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 CODM is our chief executive officer. Our CODM analyzes each segment's performance using revenue and operating income. Inter-company revenue and expenses have been eliminated in the reported revenue and operating income. Our CODM uses revenue and operating income in the annual budgeting and forecasting process and considers these on a monthly basis when making determinations on the allocation of resources. 

Financial information by business segment is set forth below net of any allocations (in thousands):

	Year Ended January 31,
	2025							2024
	Seamap Marine Products		Corporate Expenses			Consolidated		Seamap Marine Products		Corporate Expenses			Consolidated
Revenues	$	46,863	$	-		$	46,863	$	36,510	$	-		$	36,510
Cost of sales		25,896		-			25,896		20,539		-			20,539
Selling, general and administrative		6,293		4,998			11,291		5,807		6,335			12,142
Research and development		1,610		304			1,914		1,595		538			2,133
Depreciation and amortization expense		926		18			944		1,160		18			1,178
Operating income (loss)		12,138		(5,320	)		6,818		7,409		(6,891	)		518
Capital expenditures		416		21			437		287		3			290

Corporate selling, general and administrative expense primarily includes payroll of corporate personnel, directors fees, professional services, rental expense, and certain insurance expense.

The following table presents a reconciliation of operating income (loss) to income from continuing operations before income taxes (in thousands):

	As of January 31,
	2025			2024
Seamap Marine Products		12,138			7,409
Corporate Expenses		(5,320	)		(6,891	)
Operating income		6,818			518
Interest income (expense)		4			(634	)
Other income		236			354
Income from continuing operations before income taxes		7,058			238

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

	Year Ended January 31,
Assets	2025		2024
Seamap Marine Products	$	35,740	$	32,526
Corporate		980		965
Total Assets	$	36,720	$	33,491

Revenue

During the fiscal year ended January 31, 2025, two Seamap Marine Products customers individually exceeded 10% of total revenue in the amounts of approximately $16.9 million and $10.1 million. During the fiscal year ended  January 31, 2024, three Seamap Marine Products customers individually exceeded 10% of total revenue, in the amounts of approximately $7.6 million, $7.1 million and $5.1 million. 

Depreciation and Amortization Expense

Depreciation expense on property, plant and equipment, reflected in the table above, was approximately $306,000 for fiscal 2025 and approximately $383,000 for fiscal 2024. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $638,000 in fiscal 2025 and approximately $795,000 in fiscal 2024. Essentially all depreciation and amortization relate to the Seamap Marine Products segment. Amortization in Corporate Expenses relate to software for the corporate ERP.

Assets

All property, plant and equipment are allocated to the Seamap Marine Products segment. Corporate assets primarily consist of cash, right of use assets for an operating lease, and some prepaid corporate expenses. 

Geographic Operating Areas

For fiscal 2025 and fiscal 2024, $1.3 million of right-of-use operating lease assets are included in the following table which summarizes Property and Equipment, Net and Right-of-Use Operating Lease Assets by geographic area:

	Year Ended January 31,
	2025		2024
Property and Equipment, Net and Right-of-Use Operating Lease Assets
Foreign:
The United Kingdom	$	245	$	260
Singapore		711		338
Malaysia		391		735
Total Foreign		1,347		1,333
United States		863		809
Total PP&E net and ROU Assets	$	2,210	$	2,142

Revenue is based on the location of our customers. See Note 4-"Revenue from Contracts with Customers" for disclosure of revenue by geographic area.