MindWalk Holdings (HYFT) AI Stock Analysis

• Market Cap: $81.70M
• Dividend Yield: N/A
• Average Volume (3M): 298.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.00
• Revenue Growth: -9.61%
• EPS Growth: 20.36%
• Country: US
• Employees: 81
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 46,157,310
• 10 Day Avg. Volume: 249,370
• 30 Day Avg. Volume: 298,270
• 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: 0.93
• Enterprise Value/Revenue: 3.38
• Enterprise Value/Gross Profit: 5.96
• Enterprise Value/Ebitda: -2.64
• 1Y Price Target: $5.00
• Price Target Upside: 179.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.16
• Revenue Forecast (FY): $12.94M

• Rating: 47 Neutral
• Price Target: $1.50 ▼(-16.20% Downside)

MindWalk Holdings faces significant financial challenges, with declining revenues and substantial losses weighing heavily on its score. However, the earnings call highlights some positive developments, including strong revenue growth and strategic initiatives, which provide a more optimistic outlook. The technical analysis and valuation indicate mixed signals, with no clear trend or compelling valuation metrics. Overall, while there are promising aspects, the financial difficulties remain a significant concern.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful market strategies and product adoption, enhancing long-term business sustainability.

Strategic Divestiture

The divestiture strengthens the balance sheet and allows focus on core AI initiatives, improving operational efficiency and strategic focus.

AI-Driven Strategy

AI-driven strategy enhances innovation and efficiency in drug discovery, positioning the company as a leader in the biotechnology sector.

Negative Factors

Declining Revenue

Declining revenue indicates potential challenges in market demand or competition, which can affect long-term financial health.

Negative Cash Flow

Negative cash flow suggests difficulties in sustaining operations and funding growth, potentially limiting strategic flexibility.

Net Loss from Continuing Operations

Rising net losses highlight ongoing financial challenges, impacting profitability and necessitating strategic adjustments for recovery.

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

MindWalk Holdings is facing significant financial challenges, with declining revenues, substantial losses, and negative cash flows. While leverage is moderate, the company struggles with profitability and cash flow generation. The biotechnology industry often involves high R&D costs, which may contribute to these financial pressures. Strategic adjustments may be necessary to improve financial health and operational efficiency.

Income Statement

MindWalk Holdings shows declining revenue with a negative growth rate of -8.57% TTM, indicating potential challenges in market demand or competition. The gross profit margin remains relatively stable at 55.25% TTM, but the net profit margin is significantly negative at -123.30%, reflecting substantial losses. EBIT and EBITDA margins are also deeply negative, suggesting operational inefficiencies or high fixed costs.

Balance Sheet

The company's debt-to-equity ratio is moderate at 0.57 TTM, indicating a balanced leverage position. However, the return on equity is negative at -105.82% TTM, highlighting poor profitability relative to shareholder equity. The equity ratio stands at 50.89%, suggesting a reasonable level of equity financing but with concerns over asset utilization.

Cash Flow

Operating cash flow and free cash flow are both negative, with a slight improvement in free cash flow growth at 33.40% TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is positive at 1.12, suggesting some ability to cover net losses with free cash flow.

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	2.77M	3.46M
Total Liabilities	20.00M	20.82M	26.07M	20.01M	18.36M	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	11.93M	14.89M	1.02M	-621.00K	2.88M	43.38M

MindWalk Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.79
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 1.79 is below the 20-day moving average (MA) of 1.85, above the 50-day MA of 1.77, and above the 200-day MA of 1.32, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 43.13 is Neutral, neither overbought nor oversold. The STOCH value of 10.41 is Positive, 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HYFT	47 Neutral	$81.70M	-2.95	-110.94%	―	-9.61%	20.36%
RLMD	41 Neutral	$297.73M	-2.43	-196.79%	―	―	37.37%
PMVP	40 Underperform	$65.45M	-0.76	-51.87%	―	―	-58.47%
HOWL	38 Underperform	$53.39M	-0.64	-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.

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.

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.