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    HYFT
    Earnings call· Apr 2026(Q4 FY26)

    MindWalk Holdings Corp. HYFT

    Jul 22, 2026 Source

    Executive summary

    MindWalk Holdings Corp. Q4 FY26 — AI Platform Drives Revenue Growth and Margin Expansion

    MindWalk Holdings Corp. reported a transformative Q4 FY26, with significant revenue growth and margin expansion driven by its bio-native AI platform. The company secured its first recurring platform revenue agreements and regained NASDAQ compliance, validating its data-centric AI thesis. Management is now focused on scaling these advantages and advancing its internal asset pipeline, leveraging deep enterprise partnerships to compound value.

    Highlights

    5

    • Revenue grew by 46% to $15.6 million CAD in FY26.

    • Gross margin expanded to 59% in FY26.

    • Net loss narrowed by more than half, from $30.2 million CAD to $14 million CAD in FY26.

    • Signed first 2 contracted recurring platform agreements, marking the first recurring platform revenue.

    • Regained NASDAQ compliance and inclusion in Russell 3000E and Russell Microcap Indexes.

    Concerns

    2

    • Operating expenses are expected to increase in FY27 due to continued investment in pipeline assets and ReefIQ.

    • Recurring revenue from new platform agreements was not significant to overall FY26 revenue.

    Operational metrics

    26
    Revenue growth
    46%YoY
    FY26

    Revenue grew from $10.6 million to $15.6 million CAD.

    Revenue growth
    50%YoY
    Q4 FY26

    Revenue for Q4 2026 was $4.1 million CAD as compared to $2.7 million CAD for Q4 2025.

    Gross margin
    59%up from 54%
    FY26

    Gross margin expanded from $5.7 million or 54% of revenue to $9.1 million or 59% of revenue.

    Gross margin
    61%up from 58%
    Q4 FY26

    Gross margin for Q4 2026 was $2.5 million or 61% compared to $1.6 million or 58%.

    Net loss
    $14Mvs $30.2M in prior year
    FY26

    Narrowed by more than half. Net loss from continuing operations was $15.1 million in 2026 versus $33.1 million in the prior year.

    Net loss
    $3.9Mvs $2.2M in prior year
    Q4 FY26

    Net loss for the fourth quarter of 2026 was $3.9 million as compared to $2.2 million in the prior year.

    Cash balance
    $11.5Mvs $10.8M as of April 30, 2025
    as of April 30, 2026

    Ended the year with a cash balance of $11.5 million as of April 30, 2026, as compared to $10.8 million as of April 30, 2025.

    Total operating expenses
    $24.1Mvs $42.6M in prior year
    FY26

    Total operating expenses were $24.1 million as compared to $42.6 million in the prior year.

    Comparable operating expenses increase
    $4.2MYoY
    FY26

    On a comparable basis, operating expenses increased by approximately $4.2 million, which reflects deliberate investments in the commercial infrastructure.

    R&D expense
    $4.9Mup slightly from $4.2M
    FY26

    Research and development expense for fiscal year 2026 was $4.9 million, up slightly from $4.2 million.

    R&D expense
    $1.6Mvs $0.8M in Q4 FY25
    Q4 FY26

    Research and development expense for Q4 2026 was $1.6 million as compared to $0.8 million in Q4 2025.

    Sales and marketing expenses
    $5.9Mup from $3.6M
    FY26

    Sales and marketing expenses were $5.9 million in fiscal year 2026, up from $3.6 million for the same period in 2025.

    Sales and marketing expenses
    $1.5Mvs $0.9M in Q4 FY25
    Q4 FY26

    Sales and marketing expenses for Q4 2026 were $1.5 million versus $0.9 million in Q4 2025.

    AI citations
    more than doubledabove legacy brand
    FY26

    AI citations of our content have more than doubled above the legacy brand.

    Referring domains
    up materially
    FY26

    The number of referring domains to our digital presence are up materially.

    Organic keyword coverage
    expanded
    FY26

    Organic keyword coverage has expanded.

    Sustained daily dollar volume
    multiplevs pre-branded median
    FY26

    Sustained daily dollar volume is a multiple of the pre-branded median.

    Analyst coverage
    expanded
    FY26

    Analyst coverage has expanded.

    Antibody pair screening time
    4.5 hoursvs 145 days previously
    current

    Screened roughly 170,000 antibody pairs in about 4.5 hours, work that had taken 145 days previously.

    Cost per million samples (literature mining)
    39%fell
    current

    Cost per million samples in literature mining fell about 39%.

    Embedding throughput
    70%rose
    current

    Embedding throughput rose about 70%.

    Molecules into clinic (client programs)
    more than 20
    cumulative

    Our discovery work for clients has now put more than 20 molecules into the clinic. This figure reflects only the clients that we are free to name; counting confidential programs, the true number is much more meaningfully higher.

    Active client programs in clinical trials
    10
    current

    10 are in active Phase I through Phase III trials.

    First-in-class client programs
    4
    current

    4 are first-in-class.

    Peer-reviewed publications and patents
    more than 400
    cumulative

    Backed by more than 400 peer-reviewed publications and issued patents.

    Enterprise business development hires
    4
    FY26

    Added 2 more senior professionals in both Boston and San Francisco to drive platform adoption.

    Product announcements

    1
    ProductTypeDetails
    ReefIQlaunch

    Deals & partnerships

    2
    AVS BioSale of Netherlands wet lab operationsUSD 10.3 million

    Net proceeds of USD 10.3 million from the divestiture of Netherlands wet lab operations.

    AMDEngineering partnership to optimize AI platform infrastructure

    Joint build to migrate libraries off CUDA lock stack onto AMD's open ROCm stack. Resulted in significant performance improvements, including screening 170,000 antibody pairs in 4.5 hours (vs 145 days previously), 39% reduction in cost per million samples in literature mining, and 70% increase in embedding throughput.

    Risks & headwinds

    3
    Operating expenses expected to increasenext few quarters

    increased by approximately $4.2 million CAD (comparable basis) in FY26, expected to increase further

    Mitigation: deliberate investments in the commercial infrastructure, mindful of capital allocation and expenses

    Publications on internal pipeline products could jeopardize IP protectionongoing

    unquantified

    Mitigation: avoiding publications on internal products until IP is fully secured

    AI models hallucinating when encountering new data, leading to costly errors in drug discoveryongoing risk

    can cost hundreds of millions of dollars, can waste years

    Mitigation: ReefIQ platform provides context to prevent hallucination, elevating other AI models

    What to watch in Q1 FY27

    5

    ReefIQ adoption and recurring revenue growth

    Next quarter / FY27
    CurrentFirst 2 contracted recurring platform agreements signed; modest contribution to FY26 revenue.
    TargetBroader data management adoption and recurring SaaS licensing, increased contribution to total revenue.

    Why it matters

    This is a core strategic pillar for FY27 and a key indicator of the company's shift to a higher-margin, scalable revenue model.

    That deepening is the leading indicator of the recurring revenue engine that we're building. The market is telling us engagement by engagement that this is the layer it needs.

    Q&A highlights

    6

    What percentage of the $15.5 million FY26 revenue came from the new recurring platform licenses?

    CFO Scott Areglado stated that recurring revenue was a modest amount and not significant to overall FY26 revenue, as the company's revenue is still primarily fee-for-service. CEO Jennifer Bath added that while not material to the total, it was a "pretty decent" amount, being recognized monthly, and represents a key strategic shift.

    “our revenue is almost primarily still fee-for-service work. We signed this agreement early in the middle of this fiscal year. It was a modest amount. And obviously, I don't disclose individual revenue amounts, but it wasn't significant to our overall revenue for fiscal year 2026.”

    asked by Swayampakula Ramakanth · answered by Richard Areglado

    2 min read6 chapters

    Detailed Narrative

    01

    AI Platform Thesis and Market Validation

    MindWalk's core thesis, that durable value in AI for biology lies in data and context rather than models, gained market recognition in FY26. The company's HYFT platform, built on 20 years of curated biology, provides this context, with ReefIQ organizing client data and LensAI enabling reasoning and workflows. This approach is seen as a significant moat, as models are replicable but proprietary, context-rich data is not.

    02

    Strategic Pillars for FY27

    The company's strategy for FY27 is built on three pillars: building intelligence-driven recurring revenue, advancing and protecting the internal asset portfolio, and deepening enterprise partnerships. The first pillar is evidenced by the initial LensAI platform agreements and increasing client engagement, which serves as a leading indicator for broader data management adoption and recurring SaaS licensing.

    03

    Internal Asset Portfolio and R&D

    MindWalk is actively developing a proprietary biologics and vaccine pipeline, including programs for dengue, influenza, GLP-1, Ebola, and Hantavirus. The company's AI platform and wet lab operate as an integrated system, enabling the discovery of targets and design of molecules that conventional approaches cannot. Early preclinical results for the NK program and GLP-1 receptor agonist show promising activity comparable to semaglutide.

    04

    AMD Engineering Partnership

    MindWalk has established a significant engineering partnership with AMD, co-designing infrastructure to optimize its AI platform. This collaboration resulted in substantial performance improvements, including screening 170,000 antibody pairs in 4.5 hours (down from 145 days) on Instinct MI300X hardware, a 39% reduction in cost per million samples in literature mining, and a 70% increase in embedding throughput. AMD publicly validated MindWalk's capabilities, highlighting the strategic importance of this partnership.

    05

    Financial Performance and Balance Sheet Strengthening

    Fiscal year 2026 saw significant financial improvements, including a 46% revenue increase to $15.6 million CAD, gross margin expansion to 59%, and a more than 50% reduction in net loss to $14 million CAD. The balance sheet was strengthened through the divestiture of Netherlands wet lab operations for USD 10.3 million, contributing to a cash balance of $11.5 million CAD as of April 30, 2026.

    06

    Intellectual Property and Market Positioning

    MindWalk filed a patent application on July 1, 2026, extending its foundational HYFT patent to protect its architecture for organizing biological context. This IP strategy reinforces the company's leadership in the context layer of biological AI, which management believes is where long-term value accrues. The company also regained NASDAQ compliance and was added to the Russell 3000E and Russell Microcap Indexes, enhancing institutional visibility.

    AI-generated summary of the company’s earnings call. Not investment advice.