HYFT

This article first appeared on GuruFocus. Revenue: $3.8 million in Q1 FY2027, up ~$673,000 or 21% from $3.2 million in Q1 FY2026; fifth consecutive quarter of year-over-year revenue growth. Gross Margin: $2.2 million, or 59%, in Q1 FY2027, up from $1.5 million, or 48%, in Q1 FY2026. R&D Expense: $1.3 million in Q1 FY2027 vs. $1 million in Q1 FY2026, driven by higher salary costs for platform commercial development. Sales & Marketing Expense: $3.2 million in Q1 FY2027 vs. $1.3 million in Q1 FY2026; increase of $1.9 million for commercial infrastructure, headcount, advertising, and promotion. G&A Expense: $3.9 million in Q1 FY2027 vs. $3.3 million in Q1 FY2026, due primarily to non-cash stock-based compensation. Net Loss: $6.1 million net loss and loss from continuing operations in Q1 FY2027 vs. $4.1 million net loss from continuing operations in Q1 FY2026; prior-year overall net loss was $3 million, including $1.1 million income from discontinued operations. Cash Balance: $7.6 million as of July 31, 2026, down from $11.3 million at April 30. Operating Cash Flow: Net cash used in operating activities of $4 million vs. $4.2 million in the prior-year quarter. Revolving Credit Facility: Binding commitment for a USD30 million senior unsecured revolving credit facility at a fixed 7% rate, drawn as needed. Commercial Funnel: Roughly 80% of current funnel by value structured as broader platform partnerships (planning data management, ReefIQ, and multi-target discovery). Client Base: Clients include 19 of the top 20 global pharmaceutical companies; two decades of biologics discovery work has contributed to several dozen molecules reaching the clinic, with 10 in active Phase 1Phase 3 trials and 4 first-in-class molecules. Warning! GuruFocus has detected 5 Warning Signs with HYFT. Is HYFT fairly valued? Test your thesis with our free DCF calculator. Release Date: September 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue grew 21% year over year to $3.8 million, marking five consecutive quarters of year-over-year growth. Gross margin expanded to 59% from 48% in the prior-year quarter, reflecting improved operational efficiency. MindWalk Holdings Corp (NASDAQ:HYFT) launched ReefIQ, a proprietary data platform with a multi-year recurring revenue model, and is engaged with multiple large pharmaceutical companies for enterprise deployments. The company secured a binding commitment for a USD 30 million unsecured revolving credit facility at a fixed 7% rate, providing financial flexibility without issuing equity. MindWalk Holdings Corp (NASDAQ:HYFT) has a strong client base, including 19 of the top 20 global pharmaceutical companies, and is shifting to platform partnerships where it shares in the economics of created assets, with roughly 80% of its current funnel by value structured this way. Net loss from continuing operations increased to $6.1 million from $4.1 million in the prior-year quarter, driven by deliberate investments in sales and marketing. Sales and marketing expenses rose significantly to $3.2 million from $1.3 million, contributing to the larger loss. Cash balance decreased to $7.6 million from $11.3 million at the end of the previous quarter, with net cash used in operating activities at $4 million. ReefIQ enterprise negotiations are subject to gating factors such as IT security reviews, legal and procurement processes, and scoping, with no specific timeline for closure provided. Revenue growth is expected to be lumpy and hard to forecast in the near term, as initial ReefIQ agreements are milestone-based and depend on adoption speed. Q: How should investors think about revenue growth over the next 12 months and next 2 years, and will revenue stay around current levels until ReefIQ subscriptions ramp?A: CFO R. Scott Areglado said the initial ReefIQ agreements will likely be "relatively lumpy" by nature, as they are milestone-based with upfront engineering efforts before converting into annual recurring revenue. He noted it is hard to forecast and depends on how quickly ReefIQ is adopted, adding that once an agreement is announced, the company will take a deeper dive into the revenue model and expected recurring revenue timing. Q: What are the current gating factors in the ReefIQ negotiations with large pharma partners, and when do you expect them to convert in fiscal year 2027?A: CEO Jennifer Bath said gating factors differ by client but fall into three buckets: (1) IT security and data governance review, since ReefIQ sits inside a client's biological data and discovery workflows like a system of record; (2) legal and procurement, because these are multi-year platform relationships with a new contract shape versus historical project-based statements of work; and (3) scoping which programs and data domains the first deployment will cover. She declined to give a specific closing timeline but said negotiations are at various stages, including one group that has been a client for many years, has a SaaS-model subscription, and has been negotiating across multinational jurisdictions for quite some time. Q: What portion of the $3.8 million in first-quarter revenue was contracted recurring platform revenue?A: CEO Jennifer Bath clarified that ReefIQ, launched in June, is not yet in place as a data management platform and is not included in current revenue; the company is still negotiating those engagements. She noted MindWalk does have recurring revenue from SaaS-model subscriptions, which it has announced historically, but said the company does not break these out by cost centers. CFO Scott Areglado was asked to confirm but no further breakdown was provided. Q: What are pharma and biotech clients focused on in discussions are they more engaged with ReefIQ or LensAI subscriptions?A: CEO Jennifer Bath said the majority of leading conversations are partnership discussions, which are now mandatory with every client rather than an optional fee-for-service arrangement, and are backloaded but always include an upfront payment plus milestone and royalty structures. The second-largest area is ReefIQ, driven mainly by larger pharmaceutical companies juggling multiple jurisdictions and siloed data, who want to reduce hallucination and improve their AI models. She added that all data is fed back within LensAI, exposing clients to the SaaS-model subscription and base-layer applications, which has brought more clients to the table. Q: When do you expect the initial draw from the $30 million revolving credit facility, over what timeframe, and how will it be allocated between the ReefIQ commercial rollout and the biological programs?A: CFO R. Scott Areglado said the company has 60 days to complete the credit agreement and cannot draw until it is finalized. Capital will be drawn as needed for liquidity, and the company still has cash runway in the bank. CEO Jennifer Bath added that the facility gives flexibility to invest behind ReefIQ, advance the internal pipeline, and pursue opportunities without issuing equity. Q: Does the $30 million credit facility replace the ring-fenced, program-level Cayman-style financing structure?A: CEO Jennifer Bath said it "absolutely does not" replace that structure. She noted there are still interested parties investing in ring-fenced assets within the Cayman structure, and the company is roughly 90% to 95% of the way through completing the legal and tax planning efforts around setting up those structures. Q: What drove the larger net loss this quarter, and how should investors view the increased spending?A: CEO Jennifer Bath said the larger loss reflects deliberate investment behind the commercial opportunity ahead, with sales and marketing expense up $1.9 million to build a larger, more durable revenue base rather than just support the existing business. CFO R. Scott Areglado reported net loss and loss from continuing operations of $6.1 million versus $4.1 million a year earlier, with the prior-year quarter including $1.1 million of income from discontinued operations, making the periods not directly comparable. Q: What were the key financial results for the first quarter of fiscal year 2027?A: CFO R. Scott Areglado reported revenue of $3.8 million, up 21% from $3.2 million a year earlier, marking five consecutive quarters of year-over-year growth. Gross margin expanded to $2.2 million, or 59%, from $1.5 million, or 48%. R&D rose to $1.3 million from $1 million on higher salary costs, sales and marketing rose to $3.2 million from $1.3 million, and G&A increased to $3.9 million from $3.3 million, mainly due to non-cash stock-based compensation. Cash was $7.6 million as of July 31, 2026, down from $11.3 million at April 30, with net cash used in operating activities of $4 million. Q: What progress has been made on ReefIQ enterprise adoption and the commercial model?A: CEO Jennifer Bath said MindWalk is engaged with multiple large pharmaceutical companies on potential enterprise deployments of ReefIQ, with discussions at varying levels of maturity, though the company is not yet ready to announce specific partners or contract values. She emphasized that ReefIQ's commercial model is built around multi-year recurring revenue relationships that deepen as clients expand usage, and warned investors not to use prior LensAI contracts as a benchmark because ReefIQ enterprise relationships are substantially larger in size and scope. Q: What is the significance of the AMD and Vultr infrastructure milestone, and how does it fit the strategy?A: CEO Jennifer Bath said MindWalk validated a production deployment of OpenFold3 on AMD Instinct MI325X GPUs with engineering partners AMD and Vultr, with the first results published that week. She explained that OpenFold3 is open source and available to any drug discovery team by design, because models commoditize while the layer they run on compounds every model run on ReefIQ enriches biological context for other programs. LensAI remains deliberately model neutral, so clients can bring their own or third-party models and still reason over the same context layer. Q: How is MindWalk reshaping its commercial relationships with pharmaceutical partners For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Launched ReefIQ in June as a proprietary substrate layer designed to convert unstructured biological data into structured representations for pharmaceutical AI models. Transitioned the commercial strategy from discrete fee-for-service projects to broader platform partnerships where MindWalk participates in the long-term economics of created assets. Achieved a significant infrastructure milestone by validating OpenFold3 on AMD Instinct MI325X GPUs, enhancing discovery scale and ReefIQ's biological context layer. Leveraged a deep wet-lab discovery franchise, including relationships with 19 of the top 20 global pharma companies, as a primary distribution channel for new AI platform adoption. Reported that 80% of the current commercial funnel by value is now structured as partnership-based rather than transactional service agreements. Attributed the 21% year-over-year revenue growth to sustained execution across five consecutive quarters of expansion, despite deliberate investments in commercial infrastructure. Maintained a model-neutral approach for LensAI, allowing clients to integrate proprietary or third-party models while utilizing MindWalk's reasoning and context layers. Engaged in active negotiations with multiple large pharmaceutical companies for ReefIQ enterprise deployments, which are expected to be significantly larger than historical LensAI contracts. Anticipates that initial ReefIQ revenue will be 'lumpy' due to milestone-based engineering efforts before transitioning into recurring annual revenue streams. Prioritizing internal pipeline resources based on data strength, with new leadership added to accelerate IND-enabling work for the most promising programs. Utilizing a new $30 million unsecured revolving credit facility to provide financial flexibility for ReefIQ scaling and pipeline advancement without equity dilution. Continuing to finalize legal and tax structures for ring-fenced asset financing in the Cayman Islands to support specific therapeutic programs. Secured a binding commitment for a $30 million senior unsecured revolving credit facility at a fixed 7% rate to fund growth initiatives. Increased sales and marketing expenses by CAD 1.9 million to build a durable revenue base and support the commercial rollout of ReefIQ. Noted that current market capitalization does not reflect the scale of the company's AI-enabled discovery platform or internal pipeline value. Clarified that the net loss increase reflects deliberate commercial investment and the absence of income from discontinued operations present in the prior year. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Negotiations are currently focused on IT security and data governance reviews, legal/procurement terms for multi-year relationships, and scoping specific data domains. Management declined to provide a specific closing timeline but confirmed they have a 'very good line of sight' on progress with groups already using the SaaS model. Current revenue does not yet include ReefIQ enterprise deployments as the platform was only released in June; current recurring revenue stems from historical SaaS subscriptions. Management does not currently break out revenue by specific cost centers but expects ReefIQ to represent a 'whole new level of engagement' once contracts close. Client interest is shifting toward 'lab-in-the-loop' integrated discovery, where in-silico work is intertwined with wet-lab validation to provide faster, data-driven decision-making. Fee-for-service is no longer offered as a standalone entry point; all new discovery discussions are now structured as partnership negotiations to align long-term incentives. The facility will be drawn as needed for liquidity once the credit agreement is finalized within 60 days, supplementing existing cash runway. This facility is separate from and does not replace the planned ring-fenced program-level financing structures for specific therapeutic assets.

Image source: The Motley Fool. Monday, Sept. 14, 2026, at 5 p.m. ET President and Chief Executive Officer-Jennifer Bath Operator: Hello everyone, thank you for joining us, and welcome to MindWalk Reports Financial Results and recent business highlights for First Quarter Fiscal Year 2027. After today's prepared remarks, we will host a question-and-answer session. I will now hand the call -- the conference over to Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk Holdings Corp. Dr. Bath, please go ahead. Before we begin, I would like to remind listeners that today's discussion contains forward-looking statements. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated, including the company's history of net losses and the ability to convert platform adoptions into contracted recurring arrangements, market acceptance of ReefIQ and LensAI, intellectual property risks, competition, and capital market conditions. A fuller description of these risks appears in the company's annual report, on Form 20-F, and other filings are available on SEDAR+ and EDGAR. All financial figures discussed during this call are Canadian dollars. Financial statements and MD&A are available on the company's website at mindwalkai.com, as well as sec.gov and SEDAR+. A replay of this call will be available following its conclusion today. I will now turn the call over to Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk Holdings Corp. Please go ahead, Dr. Bath. Jennifer Bath: Thank you very much. Good afternoon. In this first quarter of fiscal year 2027, MindWalk advanced toward our goal of becoming the leading bio-native AI drug discovery and development company. In June, we launched ReefIQ, our proprietary data platform, and our focus is now on enterprise adoption. For those newer to the MindWalk story, ReefIQ is the substrate layer between complex, unstructured biological data and AI models. It turns that data into structured, biologically meaningful representations, so AI models deliver deeper, more actionable insights for our pharmaceutical partners. ReefIQ's commercial model is built around multi-year recurring revenue relationships that can scale as clients expand their use of the platform. Because ReefIQ is integrated directly into a client's biological data and the discovery workflows, these relationships are designed to deepen over time. As a trusted partner to many of the world's largest pharmaceutical companies, we know how drug discovery works inside these organizations and what they need from a platform like ReefIQ. Those relationships give us a real advantage as we drive adoption. We have made good progress. We are engaged with multiple large pharmaceutical companies around potential enterprise deployments of ReefIQ. These discussions vary in maturity, and we are encouraged by how the platform is resonating with our clients. We are not yet in a position to announce specific partners or discuss contract values, but the level of engagement reinforces our conviction of the commercial opportunity. We look forward to providing additional updates as these discussions progressed. These opportunities are substantially larger than our historical LensAI recurring revenue agreements. Investors should not use prior LensAI contracts as a benchmark for the size or the scope of ReefIQ enterprise relationships. We have built a leading wet lab discovery franchise. Our clients include 19 of the top 20 global pharmaceutical companies. And every one of those relationships is a potential opening for ReefIQ. Two decades of biologics discovery work for our clients across multiple platforms and capabilities has already contributed to several dozen molecules reaching the clinic. 10 are in active Phase I through Phase III trials today, and 4 of those are first-in-class molecules. We are also reshaping how we structure our commercial relationships with our pharmaceutical partners. Increasingly, new engagements are being structured as broader platform partnerships where MindWalk participates in the economics of the assets we help create, rather than simply being paid for discrete projects. This structure aligns our incentives with our partners, has been well received by our clients, and is contributing to increased activity across our commercial funnel. Today, roughly 80% of our current funnel by value is now structured this way, spanning data management, ReefIQ, and multi-target discovery. We also reached a clear infrastructure milestone with our engineering partner, AMD and Vultr. We validated a production deployment of OpenFold3 on AMD Instinct MI325X GPUs. The first of those results are being published this week. OpenFold3 is open source and any drug discovery team can use it, which is exactly the point. Models commoditize. The layer they run on compounds. Every model run on ReefIQ enriches the biological context for every other program. And LensAI, our reasoning layer, is deliberately model-neutral. So a client can bring their own model, any open source one, or any third party, and still reason over that same context layer. The compute win simply gives us more room to run discovery and scale ReefIQ. This is a marquee week for that partnership with much more to come. Our internal pipeline continues to advance through preclinical development and we remain excited about the opportunity to drive value in this part of our business. Timelines there are hard to forecast, so we advance multiple programs in parallel and prioritize resources based on the strength of the data. This quarter, we added experienced leaders to accelerate our IND enabling work and move our best programs toward IND filings and the clinic. We will update the market as they hit scientific, regulatory, and development milestones. Finally, our capital position. This morning we announced a binding commitment for a USD 30 million in unsecured revolving credit facility at a fixed 7% rate drawn as needed. It gives us financial flexibility without issuing equity, which matters given where our stock trades, set against how AI enabled discovery platforms are valued in public and private markets. We do not believe our market capitalization reflects what we have built or the scale of what we are pursuing. This informs how we think about financing the business and makes this facility particularly attractive to us. This is not a response to a step change in our cash needs. Our model is not capital-intensive. The facility gives us the flexibility to invest behind ReefIQ, advance our internal pipeline, and pursue opportunities as they develop on terms that we believe are very favorable to MindWalk and its shareholders. Our focus is on execution, and we believe sustained delivery will be reflected in the stock over time. Turning to the quarter, revenue grew 21% year over year, and gross margin expanded to 59% from 48%. The larger loss this quarter reflects deliberate investment behind the commercial opportunity we see ahead of us. Sales and marketing expense increased by $1.9 million. We are investing to build a larger and more durable revenue base, not simply support the business we have today. On the bottom line, this quarter is not directly comparable to the same quarter last year, which included income from discontinued operations. With that, I will turn it over to Scott to take you through the numbers. Richard Areglado: Thank you, Jennifer, and good afternoon, everyone. I will take you through our first quarter fiscal year 2027 financial results. As a reminder, all figures are in Canadian dollars. Revenue for the first quarter of fiscal year 2027 was $3.8 million versus $3.2 million in the first quarter of fiscal year 2026. This is an improvement of approximately $673,000 or 21%. That represents 5 quarters of consecutive year-over-year revenue growth. Gross margin was $2.2 million, or 59%, for the first quarter of fiscal year 2027, as compared to $1.5 million, or 48%, for the same quarter last year. Looking at operating expenses. For the quarter ended July 31, 2026, R&D was $1.3 million compared to $1 million in the same period last year. This increase is due primarily to increased salary costs to support the commercial development of our platform. Sales and marketing expenses were $3.2 million for the first quarter of 2027, as compared to $1.3 million in the first quarter of 2026, which included non-recurring costs incurred in the quarter. As I mentioned in our prior call, these are planned investments in our commercial infrastructure and represent increased headcount to support our commercial initiatives, as well as investments in advertising and promotion. G&A increased to $3.9 million for the quarter ended July 31, 2026, as compared to $3.3 million for the same quarter last year. The increase is due primarily to non-cash stock-based compensation. Net loss and loss from continuing operations was $6.1 million for the first quarter of fiscal year 2027, as compared to net loss from continuing operations of $4.1 million in the first quarter of 2026. Overall net loss in the prior year was $3 million, which included $1.1 million of income from discontinued operations. Turning to the balance sheet. The company ended the quarter with cash balance of $7.6 million as of July 31, 2026. Net cash used in operating activities was $4 million compared to $4.2 million in the prior year quarter, due in part to non-cash expenses related to share-based payments. Cash was $11.3 million at April 30. I am also pleased with our announcement earlier today of a binding commitment for a USD 30 million senior unsecured revolving credit facility. This facility demonstrates confidence in our long-term strategy around our emerging pipeline and anticipated adoption of ReefIQ and provides the capital necessary to execute on that strategy. With that, I will turn the call back to Jennifer. Jennifer? Jennifer Bath: Thank you, Scott. As we've mentioned this morning, we announced the binding commitment for USD 30 million of unsecured capital without issuing a single share. And this gives us the runway to execute. The strategy is showing up in the business with revenue up 21% and gross margin at 59%. ReefIQ is a recurring revenue business and it compounds as clients adopt and expand. We are in active negotiations with multiple large pharma companies on ReefIQ enterprise deployments. You will hear from us as those conclude. As mentioned, do not measure them against our historical LensAI agreements. These are a different scale. On the discovery side, we are moving from discrete projects to platform partnerships where we share in the economics of the assets we help create. Both of these are happening with clients we already have a distribution advantage that no new entrants can buy. On top of that, our internal pipeline adds upside with catalysts ahead. The higher loss this quarter is an investment behind a larger opportunity. The market is moving toward exactly what we built and our job now is to lead it. Operator, we are ready for questions. Operator: Thank you. We will now begin the question and answer session. [Operator Instructions] And our first question comes from the line of Charles Wallace with H.C. Wainwright. Charles Wallace: So I guess for my first question, could you maybe help us understand what portion of the $3.8 million in the first quarter revenue was contracted reoccurring platform revenue? And I guess -- yes, I'll start there. Jennifer Bath: Scott, if you have those numbers before you, I don't know if we do have those broken out. I can say that if we're if by platform recurring revenue, we're referring to ReefIQ. ReefIQ is not a data management program or platform that is currently in place. These are the ones that we've just discussed negotiating, that is like a whole new level of engagement from clients that you'll definitely hear about as we proceed through that. And this was the platform that we just released in June, quite recently. Now, if it's recurring revenue or annual recurring revenue off of the SaaS model subscriptions, we do have that. We have announced that historically. I'm not sure that we have that broken out since we don't break these out by cost centers, but I can have Scott confirm. Charles Wallace: Okay, so I guess for my next question. So for the active negotiations that you mentioned with the multiple large pharma partners for the ReefIQ, which as you mentioned, just launched in June, what are the current gating factors in these negotiations? And when do you expect to see these convert in fiscal year 2027? Jennifer Bath: Fair question. So the gating factors between each group actually differ significantly. In terms of, sorry, we're getting a lot of feedback on our side. In terms of negotiations with clients on our side for gating factors, what we are seeking are primarily people who are already engaged with MindWalk, are running different programs already with MindWalk and primarily starting off with people who are also engaged through the SaaS model subscription. We do look at -- for large pharmaceutical companies, when they're moving into a vendor bringing a vendor into their core infrastructure. None of them are really about whether or not the platform works. They kind of fall in three buckets for us. The first big one is really about IT security and data governance review, which is something you've probably heard us talk a lot about over the last 6 months. ReefIQ is different in the sense that it sits inside of a client's biological data and its discovery workflows. And so it goes through the same enterprise security, data residency, and governance processes as really any system of record. The second one is legal and procurement. And these are multi-year platform relationships. So instead of like project statements of works that we've done historically with our large pharmaceutical client, and then also when we're sharing in the economics of different assets during co-development and partnership relationships. So the contract itself is a very new shape. It's very different than the historical contracts we've had. And so it's different for their procurement terms as well. And then I would say, Charles, probably the third component of that is the scoping and just agreeing which programs and which data domains that the first deployment are going to cover, so that it lands cleanly and then it's expanding from there. And so I would say those are kind of the three core areas as companies are by and large taking a relatively new and fairly big step in bringing us fully into the data landscape of what exists throughout their company, oftentimes in a multinational setting. As far as when we plan to close our first agreement or when we plan to see these start closing. I'm going to leave that question alone for now. I don't want to, I don't want to create that specific of an expectation. But what I am comfortable saying at this point on the call is that we have these negotiations occurring at various different stages, and that includes groups that have worked with us for many years. That also includes one group that's been with us for many years and also has a SaaS model subscription and has been in negotiations, in this particular component across multinational jurisdictions for their company for quite some time. So we have a very good line of sight on where and how this is going and when we anticipate it closing. But of course, not everything's under our control. So I'll hold off on giving an exact more specific timeline. Charles Wallace: No, yes, that's very helpful. And then maybe one final question, maybe on the $30 million revolving credit facility. So when do you expect the initial draw from this facility and kind of over what timeframe and how will it be allocated between the ReefIQ commercial rollout and the biological programs -- biologics programs? Richard Areglado: So we have 60 days to get the credit agreement drawn up. So we won't be able to do anything until the credit agreement is completed. As far as the investments, we'll draw capital as we need it and as we need liquidity, but we still have cash runway in our bank account as well. Charles Wallace: Great. And maybe one final follow up to that question. Does this credit facility replace kind of the ring-fenced program level financing structure that you have in the Cayman asset in a style of financing? Richard Areglado: That does not. Jennifer Bath: Sure, we hear you. Correct, exactly. It absolutely does not replace that. So we still have interested parties that are investing in ring-fenced assets within the Cayman structure and are probably 90%, 95% of the way in terms of completing the legal and the tax planning efforts that go around setting up those structures. Operator: Your next question comes from the line of Dania Ben-Hail with Jones. Please go ahead. Danya Ben-Hail: How should investors think about the revenue growth over the next 12 months and next 2 years? Richard Areglado: Yes, I mean, these initial ReefIQ agreements are probably going to be relatively lumpy. It's just the nature of the structure. They're going to be milestone based, there's engineering efforts at the at the outset, and then they become annual recurring revenue. So I do think revenue is going to be a little lumpy. It's hard to forecast. It really just depends on how quickly we get adoption of ReefIQ. Danya Ben-Hail: Okay, and so we expect it to be around these numbers during the next few quarters until things settle down and you get more subscriptions and annually and things like that? Richard Areglado: Yes, I think once we're in a position to announce an agreement, I think we'll take a deeper dive into what the revenue model looks like and what we expect recurring revenue to occur based on the timing of the contract. Danya Ben-Hail: Yes, OK, thank you. And just another question about the discussions with the pharmaceutical and biotech companies. What are they focused on? Are they getting more engaged with ReefIQ? Is it more the subscriptions right now for the Deep AI? What parts of it are more? Jennifer Bath: Yes, that's actually a great question, Danya. No, I really appreciate that. So one of the things we've talked about in the past is we definitely went about this from a different direction from others. You will see that there are companies that have a technology and some discovery capabilities that prepared those offerings for others as a partnership model. And really a little bit more on the premise of it's extremely low risk, so we'll backload it, but without really having the proof point or the evidence to support the quality of the work. And that low risk was given in exchange for not having not having that type of a relationship with those clients. We've really done the exact opposite. We've spent the last 5 years demonstrating our ability to send really good molecules to the clinic that are quite successful in the clinic, and then also demonstrated our ability to do that with an understanding of the function of a molecule and its mechanism of action, providing a greater probability of success in later stages of a clinic. And that's been a really different approach that we've made. So as we enter into these conversations, we've mentioned before, we're working with hundreds of different clients in building these therapeutic drugs. And one of the biggest changes we've had in the last 2 quarters is that every one of those programs coming in is an integrated lab in the loop with our in silico work intertwined very directly with our wet lab work, providing clients with data sooner, larger amounts of data for more data driven decision making. But there's two components of that really tie in, actually technically three, Danya, that I think specifically address your question. One of them is that all of that data is turned back within LensAI. Clients are directly exposed to the SaaS model subscription. They have the opportunity to use base layer applications within our LensAI. And that has brought more clients to the table with those inquiries around SaaS model subscriptions. So it expands their ability to work with the data within the platform in which it's being received. The conversations around the partnerships, which are back-loaded but always include some sort of upfront payment, the structure of those being ones that are milestone and royalty based, that is now a conversation happening with every single client. So that fee for service option that we have provided in the past where we use that opportunity to build a relationship with these clients to be one of their preferred vendors, which is no easy task, and to demonstrate the competencies that we have, I would say superiority that we have in our AI and wet lab drug discovery is what we're building on in those discussions. So every single one of those discussions is now a partnership discussion. There's no longer the opportunity to just walk in the door and put down money for fee for service. So it is a longer negotiation period for us. So even given the fact that we're still up in revenue with these double digits over last year where we were up significantly in revenue as well, while backloading approximately 80% of the discussions now in the pipeline as partnership discussions to us is bringing us additional confidence. These clients are not walking away from that discussion. They're not -- they're not turning away from it because we've become the trusted provider that we've shown we can execute. And so that's enabled this discussion with going back to your question. Actually, every single one of our clients. And then the third component of that is ReefIQ. And I would say the majority of the earlier adoption interest and communications we're having from that is from the larger pharmaceutical companies, which I guess makes sense. These are companies that are oftentimes juggling multiple jurisdictions, a lot more siloed data. And are also oftentimes being asked from the top down to find a solution to help their data make sense and to connect their data. And so, we're really seeing it across the board in all three areas. I would say the majority of those conversations, if we had to pick the one that was leading the way, would be partnership discussions, because again, that's not an option to have that discussion with us any longer. And then the second most would be ReefIQ, where people are looking for an advantage to find meaning in their data, an advantage to get away from hallucination and make their AI models better than their competition. And we're able to bring that to the table with something we've been building for 20 years and something that no one else is able to offer. Operator: There are no further questions at this time, and this will conclude today's call. Thank you for attending. You may now disconnect. Before you buy stock in MindWalk, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MindWalk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $433,160!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,296,254!* Now, it’s worth noting Stock Advisor’s total average return is 949% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of September 15, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MindWalk (HYFT) Q1 2027 Earnings Call Transcript was originally published by The Motley Fool

Interested in MindWalk Holdings Corp.? Here are five stocks we like better. First-quarter revenue rose 21% year over year to CAD 3.8 million, while gross margin improved to 59%. However, the net loss widened to CAD 6.1 million as sales, marketing, R&D and administrative expenses increased. MindWalk is pursuing larger, multi-year ReefIQ enterprise agreements with major pharmaceutical companies, but negotiations may take time due to security, data governance, legal and procurement reviews. Initial contracts could produce uneven, milestone-driven revenue before transitioning to recurring revenue. The company is shifting toward platform partnerships that may include upfront payments, milestones and royalties; about 80% of its commercial funnel by value uses this model. MindWalk also secured a commitment for a US$30 million revolving credit facility at a fixed 7% rate, subject to final documentation. MindWalk (NASDAQ:HYFT) reported first-quarter fiscal 2027 revenue of CAD 3.8 million, up 21% from CAD 3.2 million a year earlier, as the company continued investing in commercialization of its ReefIQ biological-data platform and expanded its drug discovery partnership model. Gross margin increased to 59% from 48% in the prior-year quarter. However, the company’s net loss from continuing operations widened to CAD 6.1 million from CAD 4.1 million, reflecting higher spending on sales, marketing, research and development, and general and administrative activities. → Why Bitcoin ETFs May Be Worth Another Look as Inflows Rebound President and Chief Executive Officer Jennifer Bath said the company is pursuing enterprise adoption of ReefIQ, which launched in June. She described the platform as a layer that converts complex, unstructured biological data into structured representations intended to help artificial intelligence models produce more actionable insights for pharmaceutical customers. Bath said MindWalk is engaged with multiple large pharmaceutical companies regarding potential enterprise deployments of ReefIQ, though she did not identify partners, contract values, or expected closing dates. → Nasdaq’s $100 Million Kraken Bet Prepares It for a Market That Never Closes “These opportunities are substantially larger than our historical LensAI recurring revenue agreements,” Bath said, adding that investors should not use prior LensAI contracts as a benchmark for the potential size or scope of ReefIQ arrangements. According to Bath, ReefIQ is designed to generate multi-year recurring revenue as customers expand their use of the platform within biological data systems and discovery workflows. The company’s existing client base includes 19 of the top 20 global pharmaceutical companies, she said. → 3 Small-Cap Biotechs With Binary Catalysts on the Calendar During the question-and-answer session, Bath outlined several factors affecting the pace of enterprise negotiations. These include information technology security, data governance and data residency reviews; legal and procurement negotiations for multi-year platform agreements; and defining the programs and data domains included in an initial deployment. “None of them are really about whether or not the platform works,” Bath said of the review processes. She noted that enterprise customers are bringing MindWalk into their core data infrastructure, often across multiple jurisdictions. Chief Financial Officer Scott Areglado said initial ReefIQ arrangements could create uneven revenue patterns because they may include upfront engineering work and milestone-based payments before transitioning to annual recurring revenue. “These initial ReefIQ agreements are probably going to be relatively lumpy,” Areglado said. “It really just depends on how quickly we get adoption of ReefIQ.” MindWalk is also restructuring commercial relationships with pharmaceutical customers, increasingly pursuing broader platform partnerships rather than discrete fee-for-service projects. Under those arrangements, the company expects to participate in the economics of assets it helps create through upfront payments, milestones and royalty-based components. Bath said roughly 80% of the company’s current commercial funnel by value is structured as such partnerships, spanning data management, ReefIQ and multi-target discovery work. She said the change means every new client discussion now includes a partnership structure, rather than solely a fee-for-service option. Bath acknowledged that the approach can lengthen negotiations but said customers have continued engaging with the company. The company has spent years demonstrating its ability to advance biologic drug candidates, Bath said. MindWalk stated that its work has contributed to several dozen molecules reaching clinical testing, with 10 currently in Phase 1 through Phase 3 trials and four characterized as first-in-class molecules. Bath also said MindWalk has increasingly integrated its wet-lab capabilities with in silico work, generating data sooner for client decision-making and exposing customers to LensAI subscriptions and applications. Revenue rose approximately CAD 673,000 year over year to CAD 3.8 million. Gross profit was CAD 2.2 million, compared with CAD 1.5 million a year earlier. Research and development expense increased to CAD 1.3 million from CAD 1 million, primarily due to higher salary costs supporting commercial platform development. Sales and marketing expense rose to CAD 3.2 million from CAD 1.3 million, driven by increased commercial headcount, advertising and promotion investments. General and administrative expense increased to CAD 3.9 million from CAD 3.3 million, primarily due to non-cash stock-based compensation. Areglado said the first quarter represented MindWalk’s fifth consecutive quarter of year-over-year revenue growth. He also noted that the prior-year period included CAD 1.1 million of income from discontinued operations, resulting in an overall net loss of CAD 3 million in that period. MindWalk ended the July 31 quarter with CAD 7.6 million in cash, down from CAD 11.3 million on April 30. Net cash used in operating activities was CAD 4 million, compared with CAD 4.2 million in the prior-year quarter. The company also announced a binding commitment for a US$30 million senior unsecured revolving credit facility with a fixed 7% interest rate. Bath said the facility can be drawn as needed and is intended to provide financial flexibility without issuing equity. Areglado said MindWalk has 60 days to finalize the credit agreement and cannot draw on the facility until the agreement is complete. He added that the company expects to access the capital as liquidity needs arise and that it retains cash on hand. Management said the revolving facility does not replace the company’s planned ring-fenced financing structure for certain assets in its Cayman structure. Bath said the company remains in discussions with interested parties and is approximately 90% to 95% through the associated legal and tax planning work. Separately, MindWalk said it validated a production deployment of OpenFold3 using AMD Instinct MI325X graphics processing units with engineering partner AMD and Vultr. Bath said the results were being published during the week of the call and that the deployment expands the company’s ability to run discovery workloads and scale ReefIQ. ImmunoPrecise Antibodies Ltd., together with its subsidiaries, engages in antibody production and related services in the United States, Canada, Europe, and internationally. The company offers a range of antibodies, enzymes, enzyme activity assays, arthritis animal products, proteins, deiminated proteins, organoid growth factors, and hybridoma products for research purposes. Its services include custom antigen modeling, design, and manufacturing; B cell sorting, screening, and sequencing; custom, immune, and naive phage display production and screening; transgenic animals and multi-species antibody discovery; bi-specific, tri-specific, VHH, and VNAR (shark) antibody manufacturing; DNA cloning, protein and antibody downstream processing; antibody characterization on label-free biosensors and antibody engineering; transient and stable cell line generation; antibody optimization and humanization; hybridoma production with multiplexed, high-throughput screening, and clone-picking; and cryopreservation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MindWalk Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for September 2026.

ReefIQ™ launched commercially, and a US$30 million unsecured credit facility commitment, drawn only as needed, adds balance-sheet flexibility with no dilution. AUSTIN, Texas, September 14, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. ("MindWalk") (NASDAQ: HYFT), a Bio-Native AI company, today reported financial results for its fiscal 2027 first quarter ended July 31, 2026. The quarter marked the commercial launch of ReefIQ™, MindWalk's data platform, and the start of its shift toward recurring, platform-based revenue. Revenue increased 21.3% year over year to $3.8 million. Gross profit increased 47.1% to $2.2 million; gross margin expanded to 58.6% from 48.3%. Net cash used in operating activities declined to $4.0 million from $4.2 million, even as MindWalk stepped up sales and marketing investment behind the ReefIQ™ launch and enterprise rollout. Net loss from continuing operations was $6.1 million, or $0.13 per share, compared with $4.1 million, or $0.09 per share, reflecting planned investment in the commercial infrastructure for ReefIQ™ enterprise adoption. Business Highlights Commercially launched ReefIQ™, MindWalk's data platform, in June, and is in active negotiations with multiple large pharmaceutical companies on enterprise deployments. Roughly 80% of the commercial funnel by value now sits in partnership-structured engagements rather than discrete projects, spanning data management, ReefIQ, and multi-target discovery. Validated a production deployment on AMD Instinct GPUs with engineering partner AMD and Vultr, giving ReefIQ™ the compute capacity to onboard enterprise clients and run more programs at lower cost as recurring revenue scales. Subsequent to quarter-end, obtained a binding commitment for a senior unsecured revolving credit facility of up to US$30 million at a fixed 7.00% rate, with no financial maintenance covenants, no warrants or conversion feature, and no pledge of assets, providing the balance sheet to scale ReefIQ™ enterprise onboarding without dilution. "We delivered a strong quarter, with revenue up 21% and gross margin expanding to 59%, while launching ReefIQ™ into a market moving toward exactly what we built," said Jennifer Bath, PhD, President and Chief Executive Officer of MindWalk. "Our discovery business, which pairs wet-lab biologics with in silico capabilities for 19 of the top 20 pharmaceutical companies, is the foundation. On top of it, ReefIQ opens the door to enterprise partnerships of a scale well beyond our historical recurring agreements, and new partner engagements under discussion are increasingly structured as platform partnerships, where we share in the economics of the assets we help create. The larger loss this quarter reflects deliberate investment in ReefIQ's enterprise rollout." "The US$30 million facility we announced today gives us the flexibility to fund that rollout as needed, without issuing a single share," continued Dr. Bath. "No warrants or conversion feature, and no pledge of our assets. Our commercial model is shifting to recurring, compounding revenue with ReefIQ at its center, and this gives us the balance sheet to make that shift on our own terms." Fiscal First Quarter 2027 Financial Summary Quarter ended July 31 (in thousands of Canadian dollars, except per-share data) (1) The prior-year period includes $1.1 million of net income from discontinued operations. There were no discontinued operations in the current period. Non-IFRS Measures. This release includes Adjusted EBITDA, a non-IFRS financial measure defined as net loss before income taxes, amortization and depreciation, interest, foreign exchange gains and losses, and share-based payments. Management uses Adjusted EBITDA to evaluate operating performance. It has no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. A reconciliation of net loss to Adjusted EBITDA is provided at the end of this release. Fiscal First Quarter Financial Results Revenue for the three months ended July 31, 2026, was $3.8 million, up 21.3% from $3.2 million in the prior-year period. Gross profit rose 47.1% to $2.2 million, and gross margin expanded to 58.6% from 48.3%, as revenue grew on a cost of sales that held at $1.6 million. Operating expenses were $8.4 million, compared with $5.7 million. Sales and marketing expenses rose to $3.2 million from $1.3 million, reflecting planned investment in the commercial team and infrastructure to bring ReefIQ™ to market and to onboard and scale enterprise deployments as agreements are signed, including non-recurring costs incurred in the quarter. General and administrative expenses were $3.9 million, compared with $3.3 million, with the increase primarily non-cash stock-based compensation. Research and development expenses were $1.3 million, compared with $1.0 million, reflecting additional engineering capacity to support the commercial development of the platform. Operating loss was $6.1 million, compared with $4.2 million, as planned investment in the ReefIQ enterprise rollout and higher non-cash stock-based compensation more than offset a $0.7 million increase in gross profit. Net loss from continuing operations was $6.1 million, or $0.13 per share, compared with $4.1 million, or $0.09 per share. Total net loss was $6.1 million, compared with $3.0 million in the prior-year period, which included $1.1 million of income from discontinued operations. Net cash used in operating activities was $4.0 million, compared with $4.2 million in the prior-year period, despite the increase in operating expenses, reflecting the non-cash nature of much of the G&A increase. Cash was $7.6 million at July 31, 2026, compared with $11.3 million at April 30, 2026, before the US$30 million facility commitment described below. Subsequent Event On September 14, 2026, MindWalk announced a binding commitment from Sanabil (Cayman) for a senior unsecured revolving credit facility of up to US$30 million at a fixed 7.00% interest rate, drawn as needed. The facility carries no financial maintenance covenants, no warrants or conversion feature, and no pledge of MindWalk assets. Proceeds are intended to support MindWalk's shift to recurring, platform-based revenue: onboarding ReefIQ™ and LensAI™ enterprise clients as agreements are signed, and participating in the platform partnerships that increasingly define its commercial model, along with its biologics programs, working capital, and general corporate purposes. The term sheet is binding on both parties, and MindWalk and Sanabil (Cayman) will negotiate a definitive credit agreement with a target closing within 60 days. Conference Call and Webcast Details Event Date and Time: Monday, September 14, 2026, at 5:00 p.m. Eastern Time The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s Investor Relations pages at: https://ir.mindwalkai.com/events-and-presentations/default.aspx Analyst registration URL: https://events.q4inc.com/analyst/231176031?pwd=m63SIFiS Webcast Attendee URL: https://events.q4inc.com/attendee/231176031 Anyone listening to the call is encouraged to read the Company’s periodic reports available on the Company’s profile at www.sedarplus.ca and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk Holdings Corp. MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require, integrating AI, data, and advanced wet lab capabilities into one connected discovery ecosystem. At its core is HYFT® Technology, a proprietary, function-aware representation of biology. Its HYFT pattern-objects span sequence and structural biology and, refined over 20 years of curation, form a continuously evolving biological representation of 660 million patterns and 25 billion relationships. This enriched biological representation is the architecture behind ReefIQ™, the biological data substrate that provides context for life sciences, enriching data at ingestion and growing more valuable with each program run on it, and LensAI™, the reasoning and application layer for target discovery, candidate diligence, portfolio decision support, and the agentic AI workflows pharmaceutical companies are now deploying. By design, value compounds in this HYFT representation layer, not in any individual AI model that runs on top of it. Investor Contact Louie Toma, CPA, CFA, Managing Director, CoreIR, [email protected] Trademarks HYFT® is a registered trademark of MindWalk Holdings Corp. ReefIQ™ and LensAI™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: risks relating to MindWalk’s history of net losses and its ability to achieve or sustain profitability; the level and trend of operating cash usage and MindWalk’s ability to fund operations; the risk that MindWalk and the lender do not negotiate and execute a definitive credit agreement, or do not do so by the target closing date, and MindWalk’s ability to satisfy the conditions to closing and to drawing under the facility; the market acceptance and commercial outcomes of ReefIQ™ and LensAI™, including the ability to convert engagements into contracted, recurring arrangements; the build-out and certification of compliance capabilities for regulated workloads; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the outcomes and financial effects of the divestiture of non-core operations; intellectual property risks, including the status and scope of pending patent applications; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk’s Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). Except as required by law, MindWalk undertakes no obligation to update any forward-looking statement. [Legal to review tailored risk factors before issuance.] The reconciliation of Net Loss to Adjusted EBITDA from continuing operations is presented in the table below: *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Source: MindWalk Holdings Corp. View source version on businesswire.com: https://www.businesswire.com/news/home/20260914977811/en/ Contacts Investor Relations ContactLouie Toma, CPA, CFAManaging Director, [email protected]

MindWalk to host an earnings conference call and webcast AUSTIN, Texas, September 08, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. ("MindWalk" or the "Company") (NASDAQ: HYFT), a Bio-Native AI company, today announced that it will report financial results for the first quarter of fiscal year 2027 and host a conference call on Monday, September 14, 2026, at 5:00 p.m. Eastern Time. Financial results will be issued in a press release prior to the call, which will include a management presentation followed by a question-and-answer session. Conference Call and Webcast Details Event Date and Time: Monday, September 14, 2026, at 5:00 p.m. Eastern Time The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s Investor Relations pages at: https://ir.mindwalkai.com/events-and-presentations/default.aspx Analyst registration URL: https://events.q4inc.com/analyst/231176031?pwd=m63SIFiS Webcast Attendee URL: https://events.q4inc.com/attendee/231176031 Anyone listening to the call is encouraged to read the Company’s periodic reports available on the Company’s profile at www.sedarplus.ca and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk Holdings Corp. MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require. Its proprietary HYFT® Technology powers ReefIQ™, the biological context layer for life sciences, organized around function-aware HYFT pattern-objects that span sequence and structural biology and refined over 20 years of curation across a continuously evolving biological representation of 660 million biological patterns and 25 billion relationships, that enriches data at ingestion and compounds in analytical value with every program run on the platform. The LensAI platform operates on this infrastructure to enable target discovery, candidate diligence, and portfolio decision support, and to host the agentic AI workflows pharma is racing to deploy. MindWalk’s architecture is designed so that the HYFT representation layer, not any individual AI model, is the durable, compounding competitive asset. Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: the timing, content, and completion of the Company’s fourth-quarter and full fiscal year 2026 financial results and the related conference call and webcast; the Company’s financial condition and results of operations; the market acceptance and commercial outcomes of the Company’s technology and platform; the ability to convert engagement into contracted, recurring arrangements; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; intellectual property risks; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk’s Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). Except as required by law, MindWalk undertakes no obligation to update any forward-looking statement. Nothing in this press release constitutes investment advice. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Trademarks HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. View source version on businesswire.com: https://www.businesswire.com/news/home/20260908328983/en/ Contacts Investor Contact Louie Toma, CPA, CFAManaging Director, [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a 46% revenue increase and narrowed net losses by over half, demonstrating simultaneous growth and operational discipline. Successfully transitioned from a project-based service model to a recurring platform model with the first two enterprise LensAI agreements in company history. Leveraged a 20-year foundation of curated, function-annotated biology (HYFT) to differentiate from competitors who rely solely on replicable AI models. Regained NASDAQ compliance organically and earned inclusion in the Russell 3000E and Microcap Indexes, restoring institutional credibility. Divested non-core Netherlands wet lab operations to sharpen focus on the integrated computational and laboratory discovery system. Validated the platform's real-world impact through the FDA approval and commercial launch of a client therapeutic supported by MindWalk's bioanalytical tools. Established a strategic engineering partnership with AMD to optimize AI infrastructure, reducing antibody screening times from 145 days to 4.5 hours. Pillar 1 focuses on scaling intelligence-driven recurring revenue by converting existing fee-for-service clients into long-term SaaS and data management partners. Pillar 2 involves advancing a proprietary internal pipeline, including GLP-1, influenza, and dengue programs, utilizing the integrated AI-wet lab engine. Pillar 3 aims to deepen enterprise partnerships, specifically targeting the orchestration layer where ReefIQ organizes client data for computable context. Management expects operating expenses to increase as the company continues to invest in pipeline assets and the commercial rollout of ReefIQ. Future revenue growth is expected to shift toward higher-margin software layer engagements compared to legacy project-based services. Completed the sale of European operations for net proceeds of USD 10.3 million, strengthening the balance sheet without sacrificing revenue growth. Filed a foundational patent application in July 2026 to protect the architecture behind how biological context is organized and made computable. Management highlighted the risk of 'AI hallucinations' in drug discovery, positioning ReefIQ as a necessary governance layer to prevent costly errors. The transition from ImmunoPrecise Antibodies to MindWalk Holdings Corp. resulted in a doubling of AI-related citations and expanded analyst coverage. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while the first two SaaS agreements were not yet material to the total $15.6 million revenue, they represent a critical proof-of-concept. The company is now using these initial successes as a template to target dozens of other clients for deeper data management engagements. Management expects the SaaS model to generate high margins, though exact figures are pending a better understanding of long-term compute costs. The shift toward platform revenue and higher-margin service work already contributed to a gross margin expansion to 59% in fiscal 2026. ReefIQ is designed to be 'model agnostic,' allowing it to snap onto any existing AI model to provide biological context and prevent hallucinations. MindWalk has ceased offering piecemeal fee-for-service work to introduce the platform, now requiring either a partnership model or a SaaS license. The company is actively seeking non-dilutive funding for its internal assets (Dengue, Influenza, GLP-1) through ring-fenced investment structures. Management will prioritize reporting only 'material' milestones, such as in vivo readouts or IND applications, to maintain professionality and protect IP.

This article first appeared on GuruFocus. Revenue Growth: Increased by 46% from $10.6 million to $15.6 million in fiscal year 2026. Q4 Revenue: $4.1 million, a 50% increase compared to $2.7 million in Q4 2025. Gross Margin: Expanded from 54% to 59% of revenue. Q4 Gross Margin: 61% compared to 58% in Q4 2025. Operating Expenses: $24.1 million, down from $42.6 million in the prior year. Net Loss: Reduced to $14 million from $30.2 million in the prior year. Cash Balance: $11.5 million as of April 30, 2026, up from $10.8 million as of April 30, 2025. Recurring Platform Revenue: First contracted recurring platform revenue through two enterprise LensAI agreements. NASDAQ Compliance: Regained organically without a reverse split or dilution. Russell Index Inclusion: Added to the Russell 3000E and Russell Microcap Indexes. Warning! GuruFocus has detected 5 Warning Signs with HYFT. Is HYFT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MindWalk Holdings Corp (NASDAQ:HYFT) achieved a 46% revenue growth, increasing from $10.6 million to $15.6 million in fiscal year 2026. The company expanded its gross margin from 54% to 59%, indicating improved operational efficiency. MindWalk Holdings Corp (NASDAQ:HYFT) signed its first two contracted recurring platform agreements, marking the first recurring platform revenue in the company's history. The company regained NASDAQ compliance organically, without a reverse split or dilution, and was included in the Russell 3000E and Russell Microcap Indexes. MindWalk Holdings Corp (NASDAQ:HYFT) strengthened its balance sheet by divesting a non-core business, resulting in net proceeds of USD10.3 million. Despite revenue growth, the company still reported a net loss of $14 million for fiscal year 2026. Operating expenses increased by approximately $4.2 million, reflecting deliberate investments in commercial infrastructure. The company's revenue is still primarily fee-for-service, with the new SaaS agreements not yet significantly impacting overall revenue. MindWalk Holdings Corp (NASDAQ:HYFT) faces risks related to market acceptance of its products, competition, and capital markets conditions. The company has not yet provided specific guidance on the trajectory of operating expenses or the timeline for advancing its pipeline assets. Q: Of the $15.5 million recorded as revenue for fiscal year 2026, what percentage comes from the recurring revenue licenses? A: Our revenue is primarily from fee-for-service work. The recurring revenue from the SaaS model was modest and not significant to the overall revenue for fiscal year 2026. However, it is a decent amount and is being recognized over the agreed timeframe. The focus is now on targeting similar profiles for ReefIQ data management engagement. - Scott Areglado, CFO Q: How do you plan to package the new IP and ReefIQ together for new customers? A: ReefIQ can be packaged and is accessible to everyone, regardless of the AI model they use. It provides context and meaning, solving problems that others couldn't. We are no longer offering piecemeal fee-for-service work; instead, clients can take a SaaS license or engage in a partnership model. ReefIQ elevates other AI models and can be used securely without jeopardizing data security. - Jennifer Bath, CEO Q: Which of the three assets (dengue virus, influenza, GLP-1) do you think could advance enough over the next year to attract further development or funding? A: It's difficult to predict which asset will advance the furthest as we continue to build context around these molecules. Some assets have prospective partners lined up, and others are in various stages of validation. We are focused on these assets daily and are working on securing non-dilutive funding to support their development. - Jennifer Bath, CEO Q: What should we expect for the operating expenses trajectory over the next few quarters? A: Operating expenses are expected to increase due to investments in pipeline assets, continued R&D in ReefIQ, and commercial investments. We aim to run efficiently and allocate capital wisely to generate returns. - Scott Areglado, CFO Q: Can you provide any updates on clinical data or publications for the pipeline programs? A: We do not have clinical data updates as we currently do not have pipeline products. We are focused on establishing cross-reactive immunity for the dengue platform and are working with third-party partners for further analysis. Material updates will be released as they occur, but we aim to avoid non-material updates to preserve energy and professionalism. - Jennifer Bath, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Full-year revenue rose 46% to $15.6 million with gross margin expanding to 59%; net loss narrowed by more than half as MindWalk sharpened its focus on the BioIntelligence infrastructure powering AI drug discovery. AUSTIN, Texas, July 22, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. ("MindWalk") (NASDAQ: HYFT), a Bio-Native AI company, today reported financial results for the fiscal year ended April 30, 2026. All figures are in Canadian dollars unless otherwise noted. Fiscal 2026 was the year MindWalk completed its transition from building its technology to deploying it. Revenue grew 46% year over year, gross margin expanded, the net loss narrowed by more than half, and the Company divested a non-core business to concentrate on the BioIntelligence infrastructure that life sciences AI and agentic AI require. "We are not an AI company that discovered biology. We are a biology company that built AI on top of more than 40 years of biology heritage, and fiscal 2026 is the year the market began to see it in our results," said Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk. "Revenue grew 46%, margins expanded, and we simplified the business around the layer where enterprise AI value accrues. HYFT Technology powers ReefIQ, the biological context layer for life sciences, and LensAI is in contracted, recurring arrangements with life sciences customers today. Value compounds in that layer, not in any individual model that runs on top of it." Fiscal 2026 financial highlights Year ended April 30 (in thousands of Canadian dollars, except per-share data). Preliminary and subject to filing of the Annual Report on Form 20-F. Operating-expense decrease primarily reflects the non-recurrence of approximately $22.7 million of prior-year non-cash amortization and impairment of intangible assets and goodwill. Fiscal 2026 and recent business highlights Completed transformation into MindWalk Holdings Corp. from ImmunoPrecise Antibodies Ltd. in September 2025, aligning the corporate identity with the Company's Bio-Native AI strategy. Delivered four consecutive quarters of year-over-year revenue growth during the year, capping full-year revenue growth of 46%, with fourth-quarter revenue up 50% to $4.1 million from $2.7 million a year earlier. Divested its Netherlands subsidiary, ImmunoPrecise Antibodies (Europe) B.V., to AVS Bio (a portfolio company of Arlington Capital Partners) in a transaction announced in August 2025, generating proceeds on disposal of approximately $14.3 million reflected in investing activities and supported by a 12-month transition services agreement, sharpening focus on the core BioIntelligence infrastructure and strengthening the balance sheet. Authorized a share repurchase program of up to 2.3 million common shares (approximately 5% of shares then outstanding) for the 12 months commencing October 15, 2025; the program is discretionary. Nasdaq compliance regained organically. Restored Nasdaq listing compliance without a reverse split or dilutive financing. First recurring platform revenue. Signed the Company's first two contracted, recurring enterprise LensAI™ agreements during the year (one in the second half, one in Q4) - the first recurring platform revenue in the Company's history. Clinical track record. The discovery platform has contributed to 20+ molecules reaching the clinic, backed by 400+ peer-reviewed publications and issued patents (credibility framing - these are client-owned assets). Subsequent events Commercial launch of ReefIQ™ in June 2026 expands MindWalk’s BioIntelligence platform, the biological context layer for life sciences, powered by HYFT® Technology, enriching biological data at ingestion and exposing governed, queryable context to LensAI and customer-selected models and agents. Filed a European patent application in June 2026 covering a high-dimensional biological data structure underpinning HYFT® Technology Russell index inclusion. Added to the Russell 3000E and Russell Microcap Indexes, effective after the U.S. market close on June 26, 2026 (subsequent event) - broadening institutional visibility. The MindWalk platform MindWalk built a biological representation over 20 years of curation, 660 million biological patterns connected by 25 billion relationships, that turns raw biological data into a form any AI model or autonomous agent can reason over reliably. HYFT® Technology powers ReefIQ™, the biological context layer for life sciences: pharma uploads their data, MindWalk enriches it at ingestion, the biological representation refines it continuously, and LensAI™, together with customer-selected models and agents, reasons over that enriched context within the customer's own workflow, governance, and human review. The competitive asset is not the models MindWalk runs; it is the layer those models run on. Every program a customer runs enriches every prior program, and failed programs become queryable intellectual property. The data layer is the durable asset. The model layer becomes disposable. Financial results Fourth quarter 2026 Financial Results Revenue for the fourth quarter of fiscal 2026 was $4.1 million, compared with $2.7 million in the year-ago period. Cost of sales was $1.6 million and gross profit of $2.5 million, resulting in a gross margin of 60.6% compared with 58.0% in the prior-year period. Operating expenses were $6.8 million, compared with $4.7 million in the year-ago period. Research and development expense increased from $0.8 million to $1.6 million in 2026, which was primarily due to increased headcount to support our development initiatives. Sales and marketing expenses increased from $0.9 million in 2025 to $1.5 million in 2026, reflecting our continued investment in our commercial operations. General and administrative expense was $3.0 million in 2025 as compared to $3.7 million in 2026. Net loss from continuing operations was $3.9 million, compared with $3.4 million. Net loss for the year was $3.9 million, compared with $2.2 million Full year 2026 Financial Results Revenue for fiscal year 2026 was $15.6 million, compared with $10.6 million in fiscal 2025. Gross profit was $9.1 million in 2026 or 59%, compared with $5.7 million or 54% a year earlier. Operating expenses were $24.1 million, compared with $42.6 million in fiscal 2025. The decrease was driven primarily by the non-recurrence of approximately $22.7 million of prior-year non-cash amortization and impairment charges Research and development expense increased by $0.7 million from $4.2 million in 2025 to $4.9 million in 2026. Sales and marketing expenses increased by $2.3 million from $3.6 million in 2025 to 5.9 million in 2026. General and administrative expenses increased by $1.1 million from $12.1 million in 2025 to $13.2 million in 2026 Net loss from continuing operations was $15.1 million, compared with $33.1 million. Net loss for the year was $13.9 million, compared with $30.2 million. Loss per share from continuing operations was $0.33, compared with $0.99. Total cash, cash equivalents, and marketable securities, including restricted cash, were $11.5 million as of April 30, 2026. The reconciliation of Net Loss of continuing operations to Adjusted EBITDA is presented in the table below: *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. About MindWalk MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require, integrating AI, data, and advanced wet lab capabilities into one connected discovery ecosystem. At its core is HYFT® Technology, a proprietary, function-aware representation of biology. Its HYFT fingerprints span sequence and structural biology and, refined over 20 years of curation, form a continuously evolving biological representation of 660 million patterns and 25 billion relationships. This enriched biological representation is the architecture behind ReefIQ™, the biological data substrate that provides context for life sciences, enriching data at ingestion and growing more valuable with each program run on it, and LensAI™, the reasoning and application layer for target discovery, candidate diligence, portfolio decision support, and the agentic AI workflows pharma is racing to deploy. By design, value compounds in this HYFT representation layer, not in any individual AI model that runs on top of it. Contacts and trademarks Investor Contact:Louie Toma, CPA, CFAManaging Director, [email protected] Trademarks: HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. Forward-looking statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management's current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: risks relating to the Company's history of net losses and its ability to achieve or sustain profitability; the level and trend of operating cash usage and the Company's ability to fund operations; the market acceptance and commercial outcomes of ReefIQ™ and LensAI™, including the ability to convert engagement into contracted, recurring arrangements; the build-out and certification of compliance capabilities for regulated workloads; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the outcomes and financial effects of the divestiture of non-core operations; intellectual property risks, including the status and scope of pending patent applications; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk's Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). ] Source: MindWalk Holdings Corp. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722945364/en/ Contacts Investor Contact:Louie Toma, CPA, CFAManaging Director, [email protected]