MindWalk Holdings Corp. Reports Fiscal 2026 Results: Revenue Up 46% as the Company Completes Its Pivot to Bio-Native AI Infrastructure
AUSTIN, Texas--( 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.
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
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.
Metric
FY2026
FY2025
Change
Revenue
15,558
10,626
+46%
Gross profit
9,148
5,731
+60%
Gross margin
58.8%
53.9%
+4.9 pts
Total operating expenses
24,085
42,639
-44%
Net loss, continuing operations
(15,102)
(33,147)
+54%
Net loss for the year
(13,949)
(30,234)
+54%
Loss per share, continuing
(0.33)
(0.99)
+67%
Cash and restricted cash
11,474
10,791
+6%
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
Subsequent events
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:
Three months ended
April 30,
(in thousands)
2026
$
2025
$
Net loss
(3,865
)
(3,436
)
Income taxes
(367
)
(76
)
Amortization and depreciation
238
198
Accretion
—
5
Asset impairment
—
—
Foreign exchange realized gain (loss)
36
(9
)
Interest expense
54
(114
)
Interest and other income (expense)
(17
)
(6
)
Loss on disposal of Europe B.V.
—
—
Unrealized foreign exchange gain (loss)
(81
)
391
Share-based expense
810
53
Adjusted EBITDA
(3,192
)
(2,994
)
*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, CFA
Managing Director, CoreIR
investors@mindwalkAI.com
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). ]
MINDWALK HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian dollars)
3 months ended
April 30,
Year ended
April 30,
(in thousands, except share data)
2026
$
2025
$
2026
$
2025
$
REVENUE
4,115
2,747
15,558
10,626
COST OF SALES
1,620
1,155
6,410
4,895
GROSS PROFIT
2,495
1,592
9,148
5,731
EXPENSES
Research and development
1,571
825
4,933
4,210
Sales and marketing
1,530
884
5,939
3,638
General and administrative
3,723
3,005
13,213
12,077
Impairment of Intangible assets
—
—
—
21,184
Amortization of Intangible assets
—
—
—
1,530
6,824
4,714
24,085
42,639
Loss before other income (expenses) and income taxes
(4,329
)
(3,122
)
(14,937
)
(36,908
)
OTHER INCOME (EXPENSES)
Accretion
(5
)
—
(10
)
Grant and subsidy income
(1
)
—
33
138
Interest and other (expense) income
17
6
87
(296
)
Loss on disposal of discontinued operations
—
(511
)
—
Unrealized foreign exchange (loss) gain
81
(391
)
(224
)
(555
)
97
(390
)
(615
)
(723
)
Loss before income taxes
(4,232
)
(3,512
)
(15,552
)
(37,631
)
Income taxes
367
76
450
4,484
NET LOSS FROM CONTINUING OPERATIONS
(3,865
)
(3,436
)
(15,102
)
(33,147
)
NET INCOME FROM DISCONTINUED OPERATIONS
—
1,275
1,153
2,913
NET LOSS FOR THE YEAR
(3,865
)
(2,161
)
(13,949
)
(30,234
)
OTHER COMPREHENSIVE INCOME (LOSS)
Items that will be subsequently reclassified to statements of loss
Exchange difference on foreign operations
(12
)
763
40
1,139
COMPREHENSIVE LOSS FOR THE YEAR
(3,877
)
(1,398
)
(13,909
)
(29,095
)
LOSS PER SHARE FROM CONTINUING OPERATIONS– BASIC AND DILUTED
(0.08
)
(0.08
)
(0.33
)
(0.99
)
INCOME PER SHARE FROM DISCONTINUED OPERATIONS– BASIC AND DILUTED
—
0.03
0.02
0.09
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
46,711,866
45,800,481
46,381,559
33,385,499
MINDWALK HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian dollars)
(in thousands)
April 30,
2026
$
April 30,
2025
$
ASSETS
Current assets
Cash
11,348
10,665
Amounts receivable, net
2,529
4,115
Tax receivable
472
143
Inventory
492
2,095
Unbilled revenue
581
548
Prepaid expenses
798
1,188
16,220
18,754
Restricted cash
126
126
Deposit on equipment
25
502
Property and equipment
4,047
15,762
Deferred tax asset
958
—
Intangible assets
—
1,067
Goodwill
—
8,230
Total assets
21,376
44,441
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities
4,178
5,283
Deferred revenue
1,073
1,090
Tax payable
81
475
Leases
457
1,850
Deferred acquisition payments
—
314
5,789
9,012
Leases
3,069
11,553
Deferred income tax liability
769
250
Total liabilities
9,627
20,815
SHAREHOLDERS' EQUITY
Share capital
137,263
136,371
Contributed surplus
14,108
12,833
Accumulated other comprehensive income
3,121
3,216
Accumulated deficit
(142,743
)
(128,794
)
11,749
23,626
Total liabilities and shareholders’ equity
21,376
44,441
MINDWALK HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended April 30, 2026 and 2025
(Expressed in Canadian Dollars)
(in thousands)
2026
$
2025
$
Operating activities:
Net loss for the year including discontinued operations
(13,949
)
(30,234
)
Adjustments not affecting cash:
Accretion
—
10
Amortization and depreciation
1,604
5,119
Asset impairment
—
21,184
Deferred income taxes
(177
)
(3,935
)
Foreign exchange
331
622
Gain on investment
—
(7
)
Loss on disposal of subsidiary
511
—
Share-based expense
1,275
445
(10,405
)
(6,796
)
Changes in non-cash working capital related to operations:
Amounts receivable
(1,592
)
(298
)
Inventory
(53
)
138
Unbilled revenue
(690
)
(248
)
Prepaid expenses
(397
)
261
Accounts payable and accrued liabilities
(216
)
827
Sales and income taxes payable and receivable
236
8
Deferred revenue
654
(302
)
Net cash used in operating activities
(12,463
)
(6,410
)
Investing activities:
Purchase of equipment
(398
)
(799
)
Security deposit on leases
—
—
Deferred acquisition payments
(312
)
—
Proceeds on disposal of subsidiary
14,255
—
Net cash provided by (used in) investing activities
13,545
(799
)
Financing activities:
Proceeds from share issuance, net of transaction costs
897
12,228
Proceeds from debenture
—
4,242
Repayment of principal on leases
(782
)
(1,577
)
Net cash provided by financing activities
115
14,893
Increase (decrease) in cash during the year
1,197
7,684
Foreign exchange
(514
)
(438
)
Cash – beginning of the year
10,791
3,545
Cash – end of the year
11,474
10,791
Cash is comprised of:
Cash
11,348
10,665
Restricted cash
126
126
11,474
10,791
Cash paid for interest
—
—
Cash paid for income tax
—
2
Cash from discontinued operations:
Net cash used in operating activities
777
2,063
Net cash used in investing activities
(100
)
(311
)
Net cash used in financing activities
(359
)
(1,299
)
Source: MindWalk Holdings Corp.