MindWalk Holdings Corp. Reports Fiscal 2026 Results: Revenue Up 46% as the Company Completes Its Pivot to Bio-Native AI Infrastructure

Full-year revenue rose 46% to $15.6 million with gross margin expanding to 59%; net loss narrowed by more than half as MindWalk sharpened its focus on the BioIntelligence infrastructure powering AI drug discovery.AUSTIN, Texas--(BUSINESS WIRE)--$HYFT #ai--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. 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 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: 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.comTrademarks: 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 statementsRead the full story here

MindWalk Holdings Corp. Reports Fiscal 2026 Results: Revenue Up 46% as the Company Completes Its Pivot to Bio-Native AI Infrastructure

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