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MindWalk Holdings (HYFT)
NASDAQ:HYFT
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MindWalk Holdings
(NASDAQ:HYFT)
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Rating:49Neutral
Price Target:
$1.50
▼(-7.98% Downside)
The overall stock score is primarily influenced by financial performance challenges, including persistent net losses and cash flow issues. Technical analysis provides mixed signals, while valuation concerns arise from a negative P/E ratio. The earnings call offers some optimism with record revenue growth and strategic initiatives, but the ongoing net loss tempers enthusiasm.
Positive Factors
Revenue Growth
The significant year-over-year revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion.
Strategic Divestiture
This divestiture strengthens the balance sheet, allowing the company to focus on high-margin initiatives, enhancing long-term financial health.
Leadership Changes
The appointment of an experienced CFO can improve financial management and strategic planning, positively impacting long-term business performance.
Negative Factors
Net Loss
Ongoing net losses indicate challenges in achieving profitability, which can hinder long-term financial stability and growth.
Cash Flow Challenges
Persistent negative cash flows suggest reliance on external financing, which may limit operational flexibility and increase financial risk.
Increased Leverage
Increased leverage can strain financial resources and limit the company's ability to invest in growth opportunities, affecting long-term sustainability.
MindWalk Holdings (HYFT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$75.24M
Dividend YieldN/A
Average Volume (3M)821.92K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-9.61%
EPS Growth20.36%
CountryUS
Employees81
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.07
Shares Outstanding46,157,310
10 Day Avg. Volume572,956
30 Day Avg. Volume821,916
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.85
Price to Sales (P/S)0.82
P/FCF Ratio-2.80
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue3.09
Enterprise Value/Gross Profit5.59
Enterprise Value/Ebitda-2.63
Forecast
1Y Price Target
$4.00Price Target Upside145.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
MindWalk Holdings Business Overview & Revenue Model
Company DescriptionMindWalk Holdings Corp. operates as a bio-native AI company. It focuses on the integration of artificial intelligence, multi-omics data, and advanced laboratory research to accelerate the discovery and development of biologics. The company, through its LensAI platform and HYFT technology, it partners with pharmaceutical and biotechnology companies to drive de-risk drug development and unlock therapeutic possibilities. The company was formerly known as ImmunoPrecise Antibodies Ltd. and changed its name to MindWalk Holdings Corp. in September 2025. The company was incorporated in 1983 and is headquartered in Austin, Texas.
How the Company Makes MoneyImmunoPrecise Antibodies generates revenue through multiple key streams. The primary revenue source comes from custom antibody development services, where clients pay for the design and production of specific antibodies tailored to their research needs. Additionally, IPA earns income from its proprietary technologies and platforms, which are licensed to pharmaceutical and biotechnology companies for drug development purposes. The company also engages in collaborative research agreements and partnerships with academic institutions and industry players, resulting in funding and shared revenue opportunities. Furthermore, IPA's focus on therapeutic antibody candidates allows it to potentially benefit from royalties and milestone payments if these candidates progress through clinical trials and reach commercialization.
MindWalk Holdings Earnings Call Summary
Earnings Call Date:Sep 15, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Dec 11, 2025
Earnings Call Sentiment Positive
The earnings call reflects a generally positive outlook for MindWalk, driven by record revenue growth, improved financial health, and strategic advancements, including a successful rebranding and strengthening of their balance sheet. However, the presence of a net loss and ongoing restructuring challenges indicate areas for further improvement.Q1-2026 Updates
Positive Updates
Record Revenue Growth
MindWalk reported record revenue of $7.6 million for Q1 Fiscal 2026, up 45% year-over-year. Continued operations contributed $3.2 million in revenue, growing 28% year-over-year.
Improved Financial Metrics
Gross profit increased to $4 million with a margin of 53%, and adjusted EBITDA loss was halved to $1.4 million. Operating loss narrowed to $2.7 million, and net loss improved to $3 million.
Strategic Divestiture
The divestiture of Netherlands operations generated $16.1 million in net proceeds, strengthening the balance sheet and allowing concentration on high-margin initiatives.
Successful Rebranding
Transitioned to a unified brand identity under MindWalk, shifting from services to a bio-native AI platform model, and introduced new NASDAQ ticker HYFT.
BioIntelligence Ecosystem
Advanced BioIntelligence ecosystem integrating bio-native AI with over 15 molecules accepted into clinical trials and a 98% success rate in B-cell technology.
Negative Updates
Net Loss Still Present
Despite improvements, the company still reported a net loss of $3 million for the quarter.
Product and Service Restructuring
Some services will not be carried forward post-divestiture, although these were not major cash generators.
Company Guidance
During the earnings call for the first quarter of fiscal year 2026, MindWalk, formerly known as ImmunoPrecise Antibodies, reported robust financial performance metrics. The company achieved record revenue of $7.6 million, a 45% increase year-over-year, alongside gross profit of $4 million with an expanded margin of 53%. The operating loss narrowed to $2.7 million, while adjusted EBITDA loss improved significantly to $1.4 million from $2.8 million the previous year. Net loss also improved to $3 million. The company ended the quarter with $5 million in cash and received an additional $16.1 million in net proceeds from the divestiture of its Netherlands operations, which will now be classified as discontinued operations. Continued operations contributed $3.2 million in revenue, marking a 28% increase compared to the previous year. This financial backdrop supports MindWalk's strategic focus on its bio-native AI platform and rebranding efforts, with new initiatives like the dengue vaccine development and enhanced technology partnerships as key growth drivers moving forward.MindWalk Holdings Financial Statement Overview
Summary
The company shows consistent revenue growth but struggles with profitability and cash flow management. Persistent net losses and negative cash flows present challenges for sustainable growth without external funding. The balance sheet indicates increased leverage, posing potential risks.Income Statement
The company has shown consistent revenue growth, increasing from $14.06M in 2020 to $24.52M in 2025. However, profitability remains a challenge, with increasing net losses, which grew from $4.95M in 2020 to $30.23M in 2025. Gross profit margins have remained relatively stable, but negative EBIT and EBITDA margins indicate significant operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet reflects mixed results. Total assets have decreased over recent years, and stockholders' equity has also declined. The debt-to-equity ratio remains manageable, but there is a notable decrease in cash and short-term investments, impacting liquidity. The equity ratio has been decreasing, indicating increased leverage.50
Neutral
Cash Flow
The company faces challenges in cash flow management, with negative operating cash flows and free cash flows over several years. The cash flow from operations has not been sufficient to cover capital expenditures, leading to a reliance on financing activities to support liquidity needs.40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.52M | 24.52M | 24.52M | 20.66M | 19.36M | 17.91M |
| Gross Profit | 13.55M | 13.55M | 12.05M | 11.56M | 10.98M | 11.54M |
| EBITDA | -28.86M | -28.86M | -22.95M | -21.04M | -11.99M | -1.42M |
| Net Income | -30.23M | -30.23M | -27.18M | -26.56M | -16.71M | -7.34M |
Balance Sheet | ||||||
| Total Assets | 44.44M | 44.44M | 59.99M | 77.81M | 93.49M | 66.96M |
| Cash, Cash Equivalents and Short-Term Investments | 10.66M | 10.66M | 3.46M | 8.28M | 29.96M | 41.76M |
| Total Debt | 13.40M | 13.40M | 13.68M | 7.27M | 2.55M | 3.46M |
| Total Liabilities | 20.82M | 20.82M | 26.07M | 20.01M | 18.21M | 10.04M |
| Stockholders Equity | 23.63M | 23.63M | 33.92M | 57.80M | 75.28M | 56.92M |
Cash Flow | ||||||
| Free Cash Flow | -7.21M | -7.21M | -5.64M | -21.33M | -11.18M | -2.03M |
| Operating Cash Flow | -6.41M | -6.41M | -4.25M | -19.83M | -9.92M | -600.00K |
| Investing Cash Flow | -799.00K | -799.00K | -1.56M | -1.97M | -5.21M | -2.46M |
| Financing Cash Flow | 14.89M | 14.89M | 1.02M | -621.00K | 2.88M | 43.38M |
MindWalk Holdings Technical Analysis
Negative
1.63
Price Trends
1.96
Negative
1.74
Negative
1.09
Positive
Market Momentum
-0.08
Negative
45.70
Neutral
63.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HYFT, the sentiment is Negative. The current price of 1.63 is below the 20-day moving average (MA) of 1.72, below the 50-day MA of 1.96, and above the 200-day MA of 1.09, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 63.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HYFT.
MindWalk Holdings Peers Comparison
UnderperformOutperform
Sector (51)
HYFT
MindWalk Holdings
1.63
1.14
232.65%
XBIT
XBiotech
2.37
-5.02
-67.93%
RLMD
Relmada Therapeutics
2.45
-1.05
-30.00%
PMVP
PMV Pharmaceuticals
1.42
-0.17
-10.69%
HOWL
Werewolf Therapeutics
1.56
-1.13
-42.01%
ESLA
Estrella Immunopharma
2.47
1.66
204.94%
MindWalk Holdings Corporate Events
MindWalk Holdings Reports Q3 2025 Financial Results and Strategic Growth
Sep 15, 2025
MindWalk Holdings Corp. announced its financial results for the three months ended July 31, 2025, highlighting its strategic expansion and organic revenue growth in the biologics and Contract Research Organizations (CRO) space. The company has achieved growth through market penetration, service diversification, and strategic expansion in Europe, supported by investments in research and development. MindWalk’s unique integration of in silico and wet lab technologies positions it as a leader in the industry, offering innovative solutions and a comprehensive suite of services to its partners.
MindWalk Holdings Reports Record Revenue and Strategic Divestiture
Sep 15, 2025
On September 15, 2025, MindWalk Holdings Corp. reported record quarterly revenue of $7.6 million, marking a 45% year-over-year growth, with significant margin expansion and reduced losses. The company completed the divestiture of its Netherlands operations, generating $16.1 million in proceeds, which strengthened its balance sheet and allowed a sharper focus on AI-driven initiatives. The rebranding to MindWalk, uniting various entities under one identity, and advancements in their dengue vaccine program and LensAI validation, underscore their strategic shift towards becoming a fully integrated BioIntelligence company.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.