Note 4 - Revenue From Contracts With Customers

9 Months Ended

Oct. 31, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

4. Revenue from Contracts with Customers

The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition:

	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Revenue recognized at a point in time:	(in thousands)
Total revenue recognized at a point in time	$	9,421	$	11,405	$	30,192	$	30,443
Revenue recognized over time:
Total revenue recognized over time		267		700		959		1,376
Total revenue from contracts with customers	$	9,688	$	12,105	$	31,151	$	31,819

The following table presents revenue from contracts with customers disaggregated by geography, based on the location of our customers' headquarters:

	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
	(in thousands)
United States	$	529	$	460	$	1,815	$	1,231
China		1,623		4,439	$	2,500	$	11,669
Norway		6,337		5,769	$	18,518	$	14,744
Turkey		580		474	$	1,789	$	712
Singapore		238		238	$	2,678	$	709
Canada		66		—		735		—
Japan		89		74		1,039		298
Other		226		651		2,077		2,456
Total revenue from contracts with customers	$	9,688	$	12,105	$	31,151	$	31,819

Performance Obligations

The revenue from products manufactured and sold by our Seamap business is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. However, revenue is recognized over time when our Seamap business provides repair and maintenance services, or performs upgrades, on customer-owned equipment, which occurs periodically. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMAs”) to customers who have an active license for software embedded in Seamap products. The revenue from SMAs is recognized over time, with the total value of the SMAs amortized in equal monthly amounts over the life of the contract. The duration of SMAs is typically one year or less. We do not have elements of variable consideration within these contracts.

As of October 31, 2025 and January 31, 2025, due to the nature of our contracts and the services and products we provide, there were no significant outstanding liability balances for refunds or returns. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. For the nine months ended October 31, 2025 and October 31, 2024, we did not recognize revenue from performance obligations satisfied in a prior period.

Contract Balances

Prepayments and deferred revenue on SMAs have a significant impact on our contract liabilities. Considering the products manufactured and sold by our Seamap business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three to six-month period. We do not have any long-term service contracts or related long-term contract assets or liabilities. Costs to obtain and fulfill contracts are considered immaterial and are expensed during the period when incurred. Contract liabilities decreased by approximately $1.2 million during the nine months ended October 31, 2025 due primarily to recognition of revenue during the current fiscal year.

As of October 31, 2025, and October 31, 2024, contract assets and liabilities consisted of the following:

	October 31, 2025			October 31, 2024
Contract Assets:	(in thousands)
Contract Assets, beginning balance	$	20		$	26
Revenue accrued	$	—		$	191
Amounts billed	$	(20	)	$	(26	)
Total unbilled revenue	$	—		$	191
Contract Liabilities:
Contract liabilities, beginning balance	$	1,792		$	3,649
Deferred revenue and customer deposits	$	431		$	2,702
Revenue recognized	$	(1,663	)	$	(2,991	)
Total deferred revenue & customer deposits	$	560		$	3,360

With respect to the presentation of contract assets and liabilities above, sales and transaction-based taxes are excluded from revenue. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses.