MindWalk Holdings (HYFT) AI Stock Analysis

• Market Cap: $83.54M
• Dividend Yield: N/A
• Average Volume (3M): 469.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.83
• Revenue Growth: -9.61%
• EPS Growth: 20.36%
• Country: US
• Employees: 81
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.06
• Shares Outstanding: 46,157,310
• 10 Day Avg. Volume: 262,187
• 30 Day Avg. Volume: 469,169
• PEG Ratio: 0.05
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 0.82
• P/FCF Ratio: -2.80
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 3.38
• Enterprise Value/Gross Profit: 5.96
• Enterprise Value/Ebitda: -2.64
• 1Y Price Target: $5.00
• Price Target Upside: 182.49% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.50 ▼(-15.25% Downside)

MindWalk Holdings' overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues and significant losses. Technical analysis indicates a bearish trend, further weighing on the score. While the earnings call provided some positive insights with record revenue growth and strategic advancements, these are not sufficient to offset the financial and valuation challenges. The absence of corporate events means no additional factors influenced the score.

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 Business Overview & Revenue Model

Company Description

ImmunoPrecise Antibodies (IPA) is a biotechnology company specializing in the development and production of high-quality monoclonal antibodies and other related biopharmaceutical products. Based in Canada, IPA operates primarily in the life sciences sector, focusing on therapeutic and diagnostic applications in various fields including oncology, autoimmune diseases, and infectious diseases. The company's core services include custom antibody development, antibody discovery, and characterization, along with offering a suite of proprietary technologies aimed at accelerating drug development processes.

How the Company Makes Money

ImmunoPrecise 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 Financial Statement Overview

Summary

The company has shown consistent revenue growth but struggles with profitability and cash flow management. Persistent net losses and negative cash flows present challenges in achieving sustainable growth without external funding. The balance sheet indicates increased leverage, posing risks if operational challenges persist.

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.

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.

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.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.42M	24.52M	24.52M	20.66M	19.36M	17.91M
Gross Profit	12.72M	13.55M	12.05M	11.56M	10.98M	11.54M
EBITDA	-28.70M	-28.86M	-22.95M	-21.04M	-11.99M	-1.42M
Net Income	-29.19M	-30.23M	-27.18M	-26.56M	-16.71M	-7.34M
Balance Sheet
Total Assets	40.75M	44.44M	59.99M	77.81M	93.49M	66.96M
Cash, Cash Equivalents and Short-Term Investments	32.44M	10.66M	3.46M	8.28M	29.96M	41.76M
Total Debt	3.72M	13.40M	13.68M	7.27M	2.55M	3.46M
Total Liabilities	20.00M	20.82M	26.07M	20.01M	18.21M	10.04M
Stockholders Equity	20.74M	23.63M	33.92M	57.80M	75.28M	56.92M
Cash Flow
Free Cash Flow	-9.62M	-7.21M	-5.64M	-21.33M	-11.18M	-2.03M
Operating Cash Flow	-8.80M	-6.41M	-4.25M	-19.83M	-9.92M	-600.00K
Investing Cash Flow	-1.13M	-799.00K	-1.56M	-1.97M	-5.21M	-2.46M
Financing Cash Flow	11.83M	14.89M	1.02M	-621.00K	2.88M	43.38M

MindWalk Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.77
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HYFT, the sentiment is Positive. The current price of 1.77 is above the 20-day moving average (MA) of 1.73, above the 50-day MA of 1.75, and above the 200-day MA of 1.20, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 51.54 is Neutral, neither overbought nor oversold. The STOCH value of 66.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HYFT.

MindWalk Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HYFT	45 Neutral	$83.54M	―	-110.94%	―	-9.61%	20.36%
RLMD	41 Neutral	$289.67M	―	-196.79%	―	―	37.37%
PMVP	40 Underperform	$71.01M	-0.86	-51.87%	―	―	-58.47%
HOWL	38 Underperform	$55.33M	-0.74	-122.43%	―	-100.00%	-8.30%

MindWalk Holdings Corporate Events

MindWalk Holdings Enters Sales Agreement with JonesTrading

On November 7, 2025, MindWalk Holdings Corp. entered into a Sales Agreement with JonesTrading Institutional Services LLC, allowing the company to offer and sell up to $30 million of its common shares through an ‘at the market offering.’ This strategic move could potentially enhance the company’s financial flexibility and market presence, although there is no obligation to sell shares, and the timing and amount of sales remain uncertain.

MindWalk Holdings Revises Executive Compensation Strategy

MindWalk Holdings Corp. announced a revised executive compensation statement for the fiscal year ending April 30, 2025, reflecting adjustments made to align with competitive benchmarks. The company’s compensation strategy includes base salaries, short-term cash incentives, and stock options to attract and retain high-quality executives. The adjustments were informed by a benchmarking study conducted by Arnosti Consulting, comparing MindWalk’s compensation with 30 peer companies. The revised compensation plan aims to align executive incentives with long-term company success, focusing on strategic goals such as market engagement and technological integration.

MindWalk Holdings Reports Q3 2025 Financial Results and Strategic Growth

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

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.