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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.
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Subsequent Event
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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.
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Conference Call and Webcast Details
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Event Date and Time:
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Monday, September 14, 2026, at 5:00 p.m. Eastern Time
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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.aspxAnalyst registration URL:https://events.q4inc.com/analyst/231176031?pwd=m63SIFiSWebcast 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.
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About MindWalk Holdings Corp.
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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 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.
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Investor Contact
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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.
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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 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.]
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The reconciliation of Net Loss to Adjusted EBITDA from continuing operations is presented in the table below:
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Three months ended | ||||
(in thousands) | 2026 | 2025 | ||
Net loss | (6,085) | (4,088) | ||
Income taxes | 158 | (91) | ||
Amortization and depreciation | 266 | 201 | ||
Foreign exchange realized loss | (23) | 136 | ||
Interest expense | 55 | 59 | ||
Interest, accretion and other income | (18) | (5) | ||
Unrealized foreign exchange loss | (184) | 31 | ||
Share-based payments | 740 | 55 | ||
Adjusted EBITDA | (5,091) | (3,702) | ||
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*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
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MINDWALK HOLDINGS CORP. | ||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
(Unaudited – Expressed in Canadian dollars) | ||||
Three months ended July 31, | ||||
(in thousands, except share data) | 2026 | 2025 | ||
REVENUE | 3,834 | 3,161 | ||
COST OF SALES | 1,588 | 1,634 | ||
GROSS PROFIT | 2,246 | 1,527 | ||
EXPENSES | ||||
Research and development | 1,285 | 1,049 | ||
Sales and marketing | 3,196 | 1,343 | ||
General and administrative | 3,894 | 3,294 | ||
8,375 | 5,686 | |||
Loss before other income (expenses) and income taxes | (6,129) | (4,159) | ||
OTHER INCOME (EXPENSES) | ||||
Grant income | — | 6 | ||
Interest, accretion and other income | 18 | 5 | ||
Unrealized foreign exchange loss | 184 | (31) | ||
202 | (20) | |||
Loss before income taxes and discontinued operations | (5,927) | (4,179) | ||
Income taxes | (158) | 91 | ||
NET LOSS FROM CONTINUING OPERATIONS | (6,085) | (4,088) | ||
NET INCOME FROM DISCONTINUED OPERATIONS | — | 1,129 | ||
NET LOSS FOR THE PERIOD | (6,085) | (2,959) | ||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Items that will be reclassified subsequently to loss | ||||
Exchange difference on translating foreign operations | (18) | 70 | ||
COMPREHENSIVE LOSS FOR THE PERIOD | (6,103) | (2,889) | ||
LOSS PER SHARE FROM CONTINUING OPERATIONS– BASIC AND DILUTED | (0.13) | (0.09) | ||
INCOME PER SHARE FROM DISCONTINUED OPERATIONS– BASIC AND DILUTED | — | 0.02 | ||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,807,089 | 46,154,118 | ||
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MINDWALK HOLDINGS CORP. | ||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
(Unaudited – Expressed in Canadian dollars) | ||||
(in thousands) | July 31, | April 30, | ||
ASSETS | ||||
Current assets | ||||
Cash | 7,623 | 11,348 | ||
Amounts receivable, net | 2,020 | 2,529 | ||
Taxes receivable | 347 | 472 | ||
Inventory | 611 | 492 | ||
Unbilled revenue | 851 | 581 | ||
Prepaid expenses | 762 | 798 | ||
12,214 | 16,220 | |||
Restricted cash | 128 | 126 | ||
Deposit on equipment | 26 | 25 | ||
Property and equipment | 3,997 | 4,047 | ||
Deferred tax asset | 958 | 958 | ||
Total assets | 17,323 | 21,376 | ||
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | 5,442 | 4,178 | ||
Deferred revenue | 529 | 1,073 | ||
Income taxes payable | 188 | 81 | ||
Leases | 483 | 457 | ||
6,642 | 5,789 | |||
Leases | 3,001 | 3,069 | ||
Deferred income tax liability | 769 | 769 | ||
Total liabilities | 10,412 | 9,627 | ||
SHAREHOLDERS’ EQUITY | ||||
Share capital | 137,788 | 137,263 | ||
Contributed surplus | 14,848 | 14,108 | ||
Accumulated other comprehensive income | 3,103 | 3,121 | ||
Accumulated deficit | (148,828) | (142,743) | ||
6,911 | 11,749 | |||
Total liabilities and shareholders’ equity | 17,323 | 21,376 | ||
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MINDWALK HOLDINGS CORP. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
For the three months ended July 31, 2026 and 2025 | ||||
(Unaudited – Expressed in Canadian dollars) | ||||
Three months ended July 31, | ||||
(in thousands) | 2026 | 2025 | ||
Operating activities: | ||||
Net loss for the period | (6,085) | (2,959) | ||
Items not affecting cash: | ||||
Amortization and depreciation | 266 | 942 | ||
Foreign exchange | (142) | 41 | ||
Share-based expense | 740 | 55 | ||
(5,221) | (1,921) | |||
Changes in non-cash working capital related to operations: | ||||
Amounts receivable | 581 | (850) | ||
Inventory | (119) | (84) | ||
Unbilled revenue | (237) | (627) | ||
Prepaid expenses | 39 | (329) | ||
Accounts payable and accrued liabilities | 1,216 | (986) | ||
Sales and income taxes payable and receivable | 214 | 279 | ||
Deferred revenue | (515) | 305 | ||
Net cash used in operating activities | (4,042) | (4,213) | ||
Investing activities: | ||||
Purchase of property and equipment | (78) | (282) | ||
Deferred acquisition payments | — | (312) | ||
Net cash used in investing activities | (78) | (594) | ||
Financing activities: | ||||
Proceeds on share issuance, net of transaction costs | 525 | (48) | ||
Repayment of leases | (179) | (323) | ||
Net cash used in financing activities | 346 | (371) | ||
Increase (decrease) in cash during the period | (3,774) | (5,178) | ||
Cash included in asset held for sale | — | (646) | ||
Foreign exchange | 51 | 57 | ||
Cash – beginning of the period | 11,474 | 10,791 | ||
Cash – end of the period | 7,751 | 5,024 | ||
Cash is comprised of: | ||||
Cash | 7,623 | 4,897 | ||
Restricted cash | 128 | 127 | ||
7,751 | 5,024 | |||
Cash paid for interest | — | — | ||
Cash paid for income tax | — | — | ||
Cash from discontinued operations: | ||||
Net cash used in operating activities | — | 754 | ||
Net cash used in investing activities | — | (100) | ||
Net cash used in financing activities | — | (359) | ||
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*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
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Source: MindWalk Holdings Corp.
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View source version on businesswire.com:
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Contacts
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Investor Relations Contact
Louie Toma, CPA, CFA
Managing Director, CoreIR
[email protected]
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English (US)