MindWalk Holdings (HYFT) AI Stock Analysis

• Market Cap: $108.32M
• Dividend Yield: N/A
• Average Volume (3M): 354.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.87
• 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: 318,077
• 30 Day Avg. Volume: 354,563
• PEG Ratio: 0.06
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 0.83
• P/FCF Ratio: -2.80
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 5.27
• Enterprise Value/Gross Profit: 9.62
• Enterprise Value/Ebitda: -3.46
• 1Y Price Target: $5.00
• Price Target Upside: 87.27% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.2
• Revenue Forecast (FY): $11.30M

• Rating: 54 Neutral
• Price Target: $2.50 ▼(-6.37% Downside)

The score is held back primarily by weak financial fundamentals (losses and negative operating/free cash flow), despite moderate leverage. Offsetting this, technicals show an improving uptrend with positive momentum, and the latest earnings call indicates meaningful revenue growth, improved margins, and a stronger cash position after the divestiture. Valuation remains pressured due to negative earnings.

Positive Factors

Revenue & Margin Improvement

Sustained double-digit revenue growth and a 65% gross margin indicate improving product-market fit and scalable unit economics. Higher gross margins provide durable leverage for investing in R&D and sales, improving the odds of reaching operating profitability as revenue scales.

Balance Sheet Strength from Divestiture

A meaningful one-time capital infusion materially extends runway and funds strategic initiatives without immediate dilution. Stronger liquidity allows the company to pursue R&D, partnerships, and commercialization steps while managing near-term cash burn and executing its software-led transition.

AI-driven IP & Software-led Model

Proprietary AI platforms and patented patterns create structural competitive advantages in biologics discovery. Shifting to a software-led model supports higher-margin recurring revenue, licensing and collaborator deals, improving scalability and long-term margin sustainability versus asset-heavy wet labs.

Negative Factors

Negative Operating & Free Cash Flow

Persistent negative operating and free cash flows reflect that core operations do not yet generate cash, forcing reliance on financing or asset sales. Over months this undermines strategic optionality and increases execution risk unless margins improve or recurring cash inflows materialize.

Ongoing Net Losses & Weak Profitability

Despite revenue gains, continued net and EBITDA losses signal structural cost or scale inefficiencies. Negative ROE and margin pressure mean the company must sustain strong top-line growth and operational improvements to achieve lasting profitability and justify capital invested in R&D and platform development.

Potential Equity Dilution Risk

An at-the-market equity program provides financing flexibility but creates dilution risk if used to fund operations. Over the medium term this can dilute existing holders and indicate dependence on equity capital rather than sustainable free cash flow generation to support growth and R&D investments.

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 (7.62% TTM), but profitability remains weak with negative net profit/EBIT/EBITDA margins. Cash flow is also pressured with negative operating and free cash flow, despite slight improvement in free cash flow growth. Balance sheet leverage is moderate (debt-to-equity 0.57), but negative ROE reflects ongoing losses.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	24.31M	24.81M	21.17M	19.80M	17.91M
Gross Profit	11.50M	9.19M	7.32M	9.17M	11.40M
EBITDA	-28.89M	-23.22M	-21.55M	-12.27M	-1.25M
Net Income	-29.97M	-26.43M	-27.21M	-17.09M	-7.34M
Balance Sheet
Total Assets	44.44M	59.99M	77.81M	93.49M	66.96M
Cash, Cash Equivalents and Short-Term Investments	10.66M	3.46M	8.28M	29.96M	41.76M
Total Debt	13.40M	13.68M	7.27M	2.77M	3.46M
Total Liabilities	20.82M	26.07M	20.01M	18.36M	10.04M
Stockholders Equity	23.63M	33.92M	57.80M	75.28M	56.92M
Cash Flow
Free Cash Flow	-7.21M	-5.64M	-21.33M	-11.18M	-2.03M
Operating Cash Flow	-6.41M	-4.25M	-19.83M	-9.92M	-600.00K
Investing Cash Flow	-799.00K	-1.56M	-1.97M	-5.21M	-2.46M
Financing Cash Flow	14.89M	1.02M	-621.00K	2.88M	43.38M

MindWalk Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.67
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 2.67 is above the 20-day moving average (MA) of 1.87, above the 50-day MA of 1.82, and above the 200-day MA of 1.43, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 77.38 is Negative, neither overbought nor oversold. The STOCH value of 89.28 is Negative, 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
RLMD	57 Neutral	$299.20M	-2.40	-196.79%	―	―	37.37%
HYFT	54 Neutral	$108.32M	-4.52	-121.76%	―	-17.94%	21.43%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PMVP	46 Neutral	$64.92M	-0.78	-51.87%	―	―	-58.47%
HOWL	45 Neutral	$31.17M	-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.

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.

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 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.

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.