Note 12 - Segment Reporting

3 Months Ended

Apr. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12. Segment Reporting

As of April 30, 2025, Seamap Marine Products is the Company’s sole reporting segment.

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 chief operating decision maker ("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 considers revenue and operating income in the annual budgeting and forecasting process and analyzes 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):

	Three Months Ended April 30,
	2025								2024
	Seamap Marine Products		Corporate Expenses			Consolidated			Seamap Marine Products		Corporate Expenses			Consolidated
Revenues	$	7,902	$	—		$	7,902		$	9,678	$	—		$	9,678
Cost of sales		4,571		—			4,571			5,460		—			5,460
Selling, general and administrative		1,676		1,708			3,384			1,496		1,263			2,759
Research and development		302		78			380			383		79			462
Depreciation and amortization expense		221		4			225			263		4			267
Operating income (loss)		1,132		(1,790	)		(658	)		2,076		(1,346	)		730
Capital expenditures		211		26			237			64		2			66

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,
	2025			2024
Seamap Marine Products		1,132			2,076
Corporate Expenses		(1,790	)		(1,346	)
Operating (loss) income		(658	)		730
Other income		(18	)		469
Income before income taxes		(676	)		1,199

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

	As of April 30,
	2025		2024
Seamap Marine Products	$	35,574	$	34,065
Corporate		652		798
Total Assets	$	36,226	$	34,863

Depreciation and Amortization Expense

Depreciation expense on property and equipment, reflected in the table above, was approximately $77,000 and $81,000 for the three months ended April 30, 2025 and April 30, 2024, respectively. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $148,000 for the three months ended April 30, 2025 and approximately $185,000 for the three months ended April 30, 2024. Essentially all depreciation and amortization expense relates to the Seamap Marine Products segment. Amortization in Corporate expenses relates to enterprise resource planning software.

Assets

All property and equipment is allocated to the Seamap Marine Products 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.