MindWalk Holdings (HYFT) AI Stock Analysis

• Market Cap: $58.83M
• Dividend Yield: N/A
• Average Volume (3M): 428.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.86
• Revenue Growth: -17.94%
• EPS Growth: 21.43%
• Country: US
• Employees: 102
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 46,691,280
• 10 Day Avg. Volume: 337,553
• 30 Day Avg. Volume: 428,208
• PEG Ratio: 0.05
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 0.83
• P/FCF Ratio: -2.80
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 2.95
• Enterprise Value/Gross Profit: 5.38
• Enterprise Value/Ebitda: -1.93
• 1Y Price Target: $5.00
• Price Target Upside: 320.17% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.25
• Revenue Forecast (FY): $16.98M

• Rating: 48 Neutral
• Price Target: $1.00 ▼(-15.97% Downside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is held down primarily by weak financial performance (ongoing losses and negative cash flow) and bearish technicals (below key moving averages with negative MACD). The latest earnings call adds support via strong revenue growth, improved gross margin, and a stronger cash position, but valuation remains constrained by negative earnings.

Positive Factors

Robust revenue growth and margin expansion

Sustained 54% YoY revenue growth and a 65% gross margin point to improving demand and scalable unit economics. Durable top-line momentum combined with higher gross profitability supports reinvestment in R&D and commercialization, reducing near-term reliance on external capital if maintained.

Proprietary AI platform and IP moat

BioNative AI, patented HYFT patterns and the LensAI platform create a defensible technology moat for biologics discovery. A software-led IP base can scale with lower marginal cost, enable licensing and partnerships, and materially improve long-term margins and competitive positioning across programs like GLP‑1 and dengue.

Strengthened liquidity from strategic divestiture

The ~$14.3M divestiture proceeds and $16.5M cash balance materially improve liquidity and runway. This balance sheet boost provides durable flexibility to fund AI development, pursue strategic partnerships or bridge to profitability without immediate dilution, enhancing execution optionality over the medium term.

Negative Factors

Persistent net losses

Net losses remain material and widened year-over-year, signaling that operating improvements have not yet produced profitability. Continued quarterly losses erode equity, pressure ROE, and increase dependence on successful commercial execution or further capital raises to sustain long-term operations.

Negative operating and free cash flow

Negative operating and free cash flows reflect ongoing cash burn despite margin gains. Weak operating cash conversion limits the company’s ability to self‑fund R&D and commercialization, heightening the likelihood of future financings, asset sales, or partnership dependency to support growth.

Weak profitability and return metrics

Although leverage is moderate, negative ROE and persistent negative net/EBITDA margins indicate structural profitability issues. Until operational efficiency and returns improve, the company faces constrained strategic options, potential higher financing costs, and dilution risk for shareholders.

MindWalk Holdings Business Overview & Revenue Model

Company Description

MindWalk 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 Money

MindWalk Holdings generates revenue through multiple streams, primarily by offering subscription-based services for its mobile applications and online platforms. Users can subscribe to premium features that provide enhanced functionality, personalized insights, and access to exclusive content. Additionally, the company may partner with healthcare providers and organizations to integrate its technology into wellness programs, generating revenue through licensing fees and shared service agreements. Furthermore, MindWalk Holdings could explore partnerships with corporate clients to provide mental health solutions for employee wellness programs, contributing to its earnings through bulk sales and contract agreements.

MindWalk Holdings Financial Statement Overview

Summary

Revenue is growing, but profitability remains weak with negative net profit/EBIT/EBITDA margins. Balance sheet leverage appears moderate (debt-to-equity 0.57), yet negative ROE and negative operating/free cash flow indicate ongoing financial strain.

Income Statement

MindWalk Holdings shows a positive revenue growth rate of 7.62% TTM, indicating some top-line expansion. However, the company is struggling with profitability, as evidenced by negative net profit, EBIT, and EBITDA margins. The gross profit margin remains relatively stable, but the high negative net profit margin suggests significant challenges in cost management and operational efficiency.

Balance Sheet

The company's debt-to-equity ratio is moderate at 0.57, indicating a balanced approach to leveraging. However, the return on equity is negative, reflecting ongoing losses and inefficiencies in generating returns for shareholders. The equity ratio is not explicitly calculated, but the balance sheet suggests a cautious approach to debt, which is a positive aspect.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, with a slight improvement in free cash flow growth TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and accounting profits, but overall cash flow health remains weak.

Breakdown	TTM	Apr 2025	Apr 2024	Apr 2023	Apr 2022	Apr 2021
Income Statement
Total Revenue	20.50M	24.31M	24.81M	21.17M	19.80M	17.91M
Gross Profit	11.22M	11.50M	9.19M	7.32M	9.17M	11.40M
EBITDA	-31.22M	-28.89M	-23.22M	-21.55M	-12.27M	-4.60M
Net Income	-27.66M	-29.97M	-26.43M	-27.21M	-17.09M	-7.34M
Balance Sheet
Total Assets	26.10M	44.44M	59.99M	77.81M	93.49M	66.96M
Cash, Cash Equivalents and Short-Term Investments	16.51M	10.66M	3.46M	8.28M	29.96M	41.76M
Total Debt	3.63M	13.40M	13.68M	7.27M	2.77M	3.46M
Total Liabilities	8.40M	20.82M	26.07M	20.01M	18.36M	10.04M
Stockholders Equity	17.70M	23.63M	33.92M	57.80M	75.28M	56.92M
Cash Flow
Free Cash Flow	-10.25M	-7.21M	-5.64M	-21.33M	-11.18M	-2.03M
Operating Cash Flow	-9.43M	-6.41M	-4.25M	-19.83M	-9.92M	-600.00K
Investing Cash Flow	-1.14M	-799.00K	-1.56M	-1.97M	-5.21M	-2.46M
Financing Cash Flow	23.83M	14.89M	1.02M	-621.00K	2.88M	43.38M

MindWalk Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 1.19 is below the 20-day moving average (MA) of 1.45, below the 50-day MA of 1.81, and below the 200-day MA of 1.66, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 32.05 is Neutral, neither overbought nor oversold. The STOCH value of 23.24 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RLMD	57 Neutral	$312.40M	-2.53	-196.79%	―	―	37.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HYFT	48 Neutral	$58.83M	-2.12	-121.76%	―	-17.94%	21.43%
PMVP	46 Neutral	$56.40M	-0.71	-51.87%	―	―	-58.47%
HOWL	44 Neutral	$32.11M	-0.40	-122.43%	―	-100.00%	-8.30%

MindWalk Holdings Corporate Events

MindWalk Holdings Reports Record Growth and Strategic Advances

On December 15, 2025, MindWalk Holdings reported record financial growth for the second quarter of fiscal 2026, with a 54% increase in revenue and a 94% rise in gross profit year-over-year. The company also announced strategic advancements in its AI asset pipeline, including progress in its GLP1 receptor agonist program and a universal dengue vaccine initiative. MindWalk completed a corporate rebranding, expanded its leadership team, and divested its Netherlands operations to focus on its core BioNative AI initiatives. Additionally, the company is forming a Cayman Islands corporation to house segregated portfolios for its AI-driven programs, allowing direct investor participation. These developments are expected to enhance MindWalk’s industry positioning and operational capabilities.

The most recent analyst rating on (HYFT) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MindWalk Holdings stock, see the HYFT Stock Forecast page.

MindWalk Holdings Emphasizes AI-Driven Strategy in Latest Financial Release

On December 15, 2025, MindWalk Holdings released its Management Discussion and Analysis for the three and six months ending October 31, 2025. The company is focusing on a software-led model centered on its LensAI platform, which integrates AI and data services for biologics discovery. This strategic shift aims to enhance revenue growth and operational efficiency. The release highlights the company’s efforts in research and development, particularly in dengue and GLP-1 programs, and emphasizes the importance of intellectual property protection. The announcement underscores MindWalk’s commitment to advancing its AI-driven solutions in the drug discovery industry, which may impact its market positioning and stakeholder interests.

The most recent analyst rating on (HYFT) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MindWalk Holdings stock, see the HYFT Stock Forecast page.