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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
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Full year 2026 Financial Results
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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.
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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
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Research and development expense increased by $0.7 million from $4.2 million in 2025 to $4.9 million in 2026.
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Sales and marketing expenses increased by $2.3 million from $3.6 million in 2025 to 5.9 million in 2026.
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General and administrative expenses increased by $1.1 million from $12.1 million in 2025 to $13.2 million in 2026
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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.
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Total cash, cash equivalents, and marketable securities, including restricted cash, were $11.5 million as of April 30, 2026.
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The reconciliation of Net Loss of continuing operations to Adjusted EBITDA is presented in the table below:
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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 | ) | ||||
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*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
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About MindWalk
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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.
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Contacts and trademarks
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Investor Contact:
Louie Toma, CPA, CFA
Managing Director, CoreIR
[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.
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Forward-looking statements
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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). ]
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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 | ||||||||||||
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MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars) | |||||||
(in thousands) | April 30, | April 30, | |||||
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 | |||||
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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 | ) | |||
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Source: MindWalk Holdings Corp.
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