{"success":true,"data":{"pressRelease":{"id":"143123","rtpr_id":"nBw3RV4Lza-20260914","ticker":"HYFT","exchange":"NASDAQ","all_tickers":["HYFT"],"title":"MindWalk Reports 21% Revenue Growth and Gross Margin Expansion to 59% in Fiscal First Quarter 2027","author":"Business Wire","published_at":"2026-09-14T20:56:00.131Z","article_body":"MindWalk Reports 21% Revenue Growth and Gross Margin Expansion to 59% in\nFiscal First Quarter 2027\n\nReefIQ™ launched commercially, and a US$30 million unsecured credit facility\ncommitment, drawn only as needed, adds balance-sheet flexibility with no\ndilution.\n\nMindWalk Holdings Corp. (\"MindWalk\") (NASDAQ: HYFT), a Bio-Native AI company,\ntoday reported financial results for its fiscal 2027 first quarter ended July\n31, 2026. The quarter marked the commercial launch of ReefIQ™, MindWalk's\ndata platform, and the start of its shift toward recurring, platform-based\nrevenue.\n\n\n * Revenue increased 21.3% year over year to $3.8 million.\n\n * Gross profit increased 47.1% to $2.2 million; gross margin expanded to 58.6%\nfrom 48.3%.\n\n * Net cash used in operating activities declined to $4.0 million from $4.2\nmillion, even as MindWalk stepped up sales and marketing investment behind the\nReefIQ™ launch and enterprise rollout.\n\n * Net loss from continuing operations was $6.1 million, or $0.13 per share,\ncompared with $4.1 million, or $0.09 per share, reflecting planned investment\nin the commercial infrastructure for ReefIQ™ enterprise adoption.\n\nBusiness Highlights\n\n\n * Commercially launched ReefIQ™, MindWalk's data platform, in June, and is in\nactive negotiations with multiple large pharmaceutical companies on enterprise\ndeployments.\n\n * Roughly 80% of the commercial funnel by value now sits in\npartnership-structured engagements rather than discrete projects, spanning\ndata management, ReefIQ, and multi-target discovery.\n\n * Validated a production deployment on AMD Instinct GPUs with engineering\npartner AMD and Vultr, giving ReefIQ™ the compute capacity to onboard\nenterprise clients and run more programs at lower cost as recurring revenue\nscales.\n\n * Subsequent to quarter-end, obtained a binding commitment for a senior\nunsecured revolving credit facility of up to US$30 million at a fixed 7.00%\nrate, with no financial maintenance covenants, no warrants or conversion\nfeature, and no pledge of assets, providing the balance sheet to scale\nReefIQ™ enterprise onboarding without dilution.\n\n\"We delivered a strong quarter, with revenue up 21% and gross margin expanding\nto 59%, while launching ReefIQ™ into a market moving toward exactly what we\nbuilt,\" said Jennifer Bath, PhD, President and Chief Executive Officer of\nMindWalk. \"Our discovery business, which pairs wet-lab biologics with in\nsilico capabilities for 19 of the top 20 pharmaceutical companies, is the\nfoundation. On top of it, ReefIQ opens the door to enterprise partnerships of\na scale well beyond our historical recurring agreements, and new partner\nengagements under discussion are increasingly structured as platform\npartnerships, where we share in the economics of the assets we help create.\nThe larger loss this quarter reflects deliberate investment in ReefIQ's\nenterprise rollout.\"\n\n“The US$30 million facility we announced today gives us the flexibility to\nfund that rollout as needed, without issuing a single share,\" continued Dr.\nBath. \"No warrants or conversion feature, and no pledge of our assets. Our\ncommercial model is shifting to recurring, compounding revenue with ReefIQ at\nits center, and this gives us the balance sheet to make that shift on our own\nterms.\"\n\nFiscal First Quarter 2027 Financial Summary\n\nQuarter ended July 31 (in thousands of Canadian dollars, except per-share\ndata)\n Metric FQ1 2027 FQ1 2026 Change \n Revenue 3,834 3,161 +21% \n Gross profit 2,246 1,527 +47% \n Gross margin 58.6% 48.3% +10.3 pts \n Total operating expenses 8,375 5,686 +47% \n Operating loss (6,129) (4,159) -47% \n Net loss from continuing operations (6,085) (4,088) -49% \n Net loss for the quarter (1) (6,085) (2,959) -106% \n Loss per share, continuing operations (0.13) (0.09) (0.04) \n Net cash used in operating activities (4,042) (4,213) +4% \n Adjusted EBITDA from continuing operations (5,091) (3,702) -38% \n\n\n(1) The prior-year period includes $1.1 million of net income from\ndiscontinued operations. There were no discontinued operations in the current\nperiod.\n\nNon-IFRS Measures. This release includes Adjusted EBITDA, a non-IFRS financial\nmeasure defined as net loss before income taxes, amortization and\ndepreciation, interest, foreign exchange gains and losses, and share-based\npayments. Management uses Adjusted EBITDA to evaluate operating performance.\nIt has no standardized meaning under IFRS and may not be comparable to similar\nmeasures presented by other companies. A reconciliation of net loss to\nAdjusted EBITDA is provided at the end of this release.\n\nFiscal First Quarter Financial Results\n\nRevenue for the three months ended July 31, 2026, was $3.8 million, up 21.3%\nfrom $3.2 million in the prior-year period. Gross profit rose 47.1% to $2.2\nmillion, and gross margin expanded to 58.6% from 48.3%, as revenue grew on a\ncost of sales that held at $1.6 million.\n\nOperating expenses were $8.4 million, compared with $5.7 million. Sales and\nmarketing expenses rose to $3.2 million from $1.3 million, reflecting planned\ninvestment in the commercial team and infrastructure to bring ReefIQ™ to\nmarket and to onboard and scale enterprise deployments as agreements are\nsigned, including non-recurring costs incurred in the quarter. General and\nadministrative expenses were $3.9 million, compared with $3.3 million, with\nthe increase primarily non-cash stock-based compensation. Research and\ndevelopment expenses were $1.3 million, compared with $1.0 million, reflecting\nadditional engineering capacity to support the commercial development of the\nplatform.\n\nOperating loss was $6.1 million, compared with $4.2 million, as planned\ninvestment in the ReefIQ enterprise rollout and higher non-cash stock-based\ncompensation more than offset a $0.7 million increase in gross profit. Net\nloss from continuing operations was $6.1 million, or $0.13 per share, compared\nwith $4.1 million, or $0.09 per share. Total net loss was $6.1 million,\ncompared with $3.0 million in the prior-year period, which included $1.1\nmillion of income from discontinued operations.\n\nNet cash used in operating activities was $4.0 million, compared with $4.2\nmillion in the prior-year period, despite the increase in operating expenses,\nreflecting the non-cash nature of much of the G&A increase. Cash was $7.6\nmillion at July 31, 2026, compared with $11.3 million at April 30, 2026,\nbefore the US$30 million facility commitment described below.\n\nSubsequent Event\n\nOn September 14, 2026, MindWalk announced a binding commitment from Sanabil\n(Cayman) for a senior unsecured revolving credit facility of up to US$30\nmillion at a fixed 7.00% interest rate, drawn as needed. The facility carries\nno financial maintenance covenants, no warrants or conversion feature, and no\npledge of MindWalk assets. Proceeds are intended to support MindWalk's shift\nto recurring, platform-based revenue: onboarding ReefIQ™ and LensAI™\nenterprise clients as agreements are signed, and participating in the platform\npartnerships that increasingly define its commercial model, along with its\nbiologics programs, working capital, and general corporate purposes. The term\nsheet is binding on both parties, and MindWalk and Sanabil (Cayman) will\nnegotiate a definitive credit agreement with a target closing within 60 days.\n\nConference Call and Webcast Details\n\nEvent Date and Time: Monday, September 14, 2026, at 5:00 p.m. Eastern Time\n\nThe conference call will be webcast live and available for replay via a link\nprovided in the Events section of the Company’s Investor Relations pages at:\nhttps://ir.mindwalkai.com/events-and-presentations/default.aspx\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fir.mindwalkai.com%2Fevents-and-presentations%2Fdefault.aspx&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=https%3A%2F%2Fir.mindwalkai.com%2Fevents-and-presentations%2Fdefault.aspx&index=1&md5=3968e347bfac8c1cd990f47739e06b14)\n\nAnalyst registration URL:\nhttps://events.q4inc.com/analyst/231176031?pwd=m63SIFiS\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fanalyst%2F231176031%3Fpwd%3Dm63SIFiS&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fanalyst%2F231176031%3Fpwd%3Dm63SIFiS&index=2&md5=66a8d6d87528ae5e6bd8ab59643fdba0)\n\nWebcast Attendee URL: https://events.q4inc.com/attendee/231176031\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F231176031&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F231176031&index=3&md5=653ce70e343ae56db05429103f84ae9b)\n\nAnyone listening to the call is encouraged to read the Company’s periodic\nreports available on the Company’s profile at www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sedarplus.ca&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=www.sedarplus.ca&index=4&md5=32fbc77062e563e2bc28e3a6a594af66)\nand www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sec.gov&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=www.sec.gov&index=5&md5=60f0dc0ab035f74bd8e726d8f7094c37)\n, including the discussion of risk factors and historical results of\noperations and financial condition in those reports.\n\nAbout MindWalk Holdings Corp.\n\nMindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the\nBioIntelligence infrastructure that life sciences AI and agentic AI require,\nintegrating AI, data, and advanced wet lab capabilities into one connected\ndiscovery ecosystem. At its core is HYFT® Technology, a proprietary,\nfunction-aware representation of biology. Its HYFT pattern-objects span\nsequence and structural biology and, refined over 20 years of curation, form a\ncontinuously evolving biological representation of 660 million patterns and 25\nbillion relationships. This enriched biological representation is the\narchitecture behind ReefIQ™, the biological data substrate that provides\ncontext for life sciences, enriching data at ingestion and growing more\nvaluable with each program run on it, and LensAI™, the reasoning and\napplication layer for target discovery, candidate diligence, portfolio\ndecision support, and the agentic AI workflows pharmaceutical companies are\nnow deploying. By design, value compounds in this HYFT representation layer,\nnot in any individual AI model that runs on top of it.\n\nInvestor Contact\n\nLouie Toma, CPA, CFA, Managing Director, CoreIR, investors@mindwalkai.com\n(mailto:investors@mindwalkai.com)\n\nTrademarks\n\nHYFT® is a registered trademark of MindWalk Holdings Corp. ReefIQ™ and\nLensAI™ are trademarks of MindWalk Holdings Corp. or its subsidiaries;\nReefIQ™ registration is pending. All other trademarks are the property of\ntheir respective owners.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\napplicable United States and Canadian securities laws. Forward-looking\nstatements are based on management’s current expectations and assumptions\nand are subject to known and unknown risks, uncertainties, and other factors\nthat may cause actual results to differ materially, including: risks relating\nto MindWalk’s history of net losses and its ability to achieve or sustain\nprofitability; the level and trend of operating cash usage and MindWalk’s\nability to fund operations; the risk that MindWalk and the lender do not\nnegotiate and execute a definitive credit agreement, or do not do so by the\ntarget closing date, and MindWalk’s ability to satisfy the conditions to\nclosing and to drawing under the facility; the market acceptance and\ncommercial outcomes of ReefIQ™ and LensAI™, including the ability to\nconvert engagements into contracted, recurring arrangements; the build-out and\ncertification of compliance capabilities for regulated workloads; the\ntechnical performance of AI-based discovery methods and of the underlying\ncompute infrastructure; the outcomes and financial effects of the divestiture\nof non-core operations; intellectual property risks, including the status and\nscope of pending patent applications; the ability to enter into\npharmaceutical, infrastructure, or other partnership arrangements;\ncompetition; regulatory determinations; and capital markets conditions.\nAdditional information is available in MindWalk’s Annual Report on Form 20-F\nand other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). Except\nas required by law, MindWalk undertakes no obligation to update any\nforward-looking statement. [Legal to review tailored risk factors before\nissuance.]\n\nThe reconciliation of Net Loss to Adjusted EBITDA from continuing operations\nis presented in the table below:\n     Three months ended \n \nJuly 31, \n (in thousands)   2026   2025 \n \n$ \n$ \n Net loss   (6,085)   (4,088) \n Income taxes   158   (91) \n Amortization and depreciation   266   201 \n Foreign exchange realized loss   (23)   136 \n Interest expense   55   59 \n Interest, accretion and other income   (18)   (5) \n Unrealized foreign exchange loss   (184)   31 \n Share-based payments   740   55 \n Adjusted EBITDA   (5,091)   (3,702) \n\n\n*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.\n   \n MINDWALK HOLDINGS CORP. \n CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS \n (Unaudited - Expressed in Canadian dollars) \n   \n     Three months ended July 31, \n (in thousands, except share data)   2026   2025 \n \n$ \n$ \n REVENUE   3,834   3,161 \n COST OF SALES   1,588   1,634 \n GROSS PROFIT   2,246   1,527 \n EXPENSES         \n Research and development   1,285   1,049 \n Sales and marketing   3,196   1,343 \n General and administrative   3,894   3,294 \n     8,375   5,686 \n Loss before other income (expenses) and income taxes   (6,129)   (4,159) \n OTHER INCOME (EXPENSES)         \n Grant income   —   6 \n Interest, accretion and other income   18   5 \n Unrealized foreign exchange loss   184   (31) \n     202   (20) \n Loss before income taxes and discontinued operations   (5,927)   (4,179) \n Income taxes   (158)   91 \n NET LOSS FROM CONTINUING OPERATIONS   (6,085)   (4,088) \n NET INCOME FROM DISCONTINUED OPERATIONS   —   1,129 \n NET LOSS FOR THE PERIOD   (6,085)   (2,959) \n OTHER COMPREHENSIVE INCOME (LOSS)         \n Items that will be reclassified subsequently to loss \n Exchange difference on translating foreign operations (18)   70 \n COMPREHENSIVE LOSS FOR THE PERIOD   (6,103)   (2,889) \n LOSS PER SHARE FROM CONTINUING OPERATIONS– BASIC AND DILUTED   (0.13)   (0.09) \n INCOME PER SHARE FROM DISCONTINUED OPERATIONS– BASIC AND DILUTED   —   0.02 \n WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 46,807,089   46,154,118 \n\n   \n MINDWALK HOLDINGS CORP. \n CONSOLIDATED STATEMENTS OF FINANCIAL POSITION \n (Unaudited - Expressed in Canadian dollars) \n   \n (in thousands)   July 31,   April 30, \n \n2026 \n2026 \n \n$ \n$ \n ASSETS         \n Current assets         \n Cash   7,623   11,348 \n Amounts receivable, net   2,020   2,529 \n Taxes receivable   347   472 \n Inventory   611   492 \n Unbilled revenue   851   581 \n Prepaid expenses   762   798 \n     12,214   16,220 \n Restricted cash   128   126 \n Deposit on equipment   26   25 \n Property and equipment   3,997   4,047 \n Deferred tax asset   958   958 \n Total assets   17,323   21,376 \n LIABILITIES         \n Current liabilities         \n Accounts payable and accrued liabilities   5,442   4,178 \n Deferred revenue   529   1,073 \n Income taxes payable   188   81 \n Leases   483   457 \n     6,642   5,789 \n Leases   3,001   3,069 \n Deferred income tax liability   769   769 \n Total liabilities   10,412   9,627 \n SHAREHOLDERS' EQUITY         \n Share capital   137,788   137,263 \n Contributed surplus   14,848   14,108 \n Accumulated other comprehensive income   3,103   3,121 \n Accumulated deficit   (148,828)   (142,743) \n     6,911   11,749 \n Total liabilities and shareholders’ equity   17,323   21,376 \n\n   \n MINDWALK HOLDINGS CORP. \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n For the three months ended July 31, 2026 and 2025 \n (Unaudited - Expressed in Canadian dollars) \n   \n Three months ended July 31, \n (in thousands)   2026   2025 \n \n$ \n$ \n Operating activities:         \n Net loss for the period (6,085) (2,959) \n Items not affecting cash:         \n Amortization and depreciation 266 942 \n Foreign exchange   (142)   41 \n Share-based expense   740   55 \n     (5,221)   (1,921) \n Changes in non-cash working capital related to operations: \n Amounts receivable   581   (850) \n Inventory (119) (84) \n Unbilled revenue   (237)   (627) \n Prepaid expenses 39 (329) \n Accounts payable and accrued liabilities   1,216   (986) \n Sales and income taxes payable and receivable 214 279 \n Deferred revenue   (515)   305 \n Net cash used in operating activities   (4,042)   (4,213) \n Investing activities:         \n Purchase of property and equipment (78) (282) \n Deferred acquisition payments   —   (312) \n Net cash used in investing activities   (78)   (594) \n Financing activities:         \n Proceeds on share issuance, net of transaction costs 525 (48) \n Repayment of leases   (179)   (323) \n Net cash used in financing activities   346   (371) \n Increase (decrease) in cash during the period   (3,774)   (5,178) \n Cash included in asset held for sale — (646) \n Foreign exchange   51   57 \n Cash – beginning of the period 11,474 10,791 \n Cash – end of the period   7,751   5,024 \n Cash is comprised of: \n Cash   7,623   4,897 \n Restricted cash 128 127 \n     7,751   5,024 \n Cash paid for interest — — \n Cash paid for income tax   —   — \n Cash from discontinued operations: \n Net cash used in operating activities   —   754 \n Net cash used in investing activities — (100) \n Net cash used in financing activities   —   (359) \n\n\n*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.\n\nSource: MindWalk Holdings Corp.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260914977811/en/\n(https://www.businesswire.com/news/home/20260914977811/en/)\n\nInvestor Relations Contact\n\nLouie Toma, CPA, CFA\n\nManaging Director, CoreIR\n\ninvestors@mindwalkai.com (mailto:investors@mindwalkai.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw3RV4Lza-20260914","title":"MindWalk Reports 21% Revenue Growth and Gross Margin Expansion to 59% in Fiscal First Quarter 2027","author":"Business Wire","ticker":"HYFT","created":"2026-09-14T20:56:00.131Z","tickers":["HYFT"],"exchange":"NASDAQ","article_body":"MindWalk Reports 21% Revenue Growth and Gross Margin Expansion to 59% in\nFiscal First Quarter 2027\n\nReefIQ™ launched commercially, and a US$30 million unsecured credit facility\ncommitment, drawn only as needed, adds balance-sheet flexibility with no\ndilution.\n\nMindWalk Holdings Corp. (\"MindWalk\") (NASDAQ: HYFT), a Bio-Native AI company,\ntoday reported financial results for its fiscal 2027 first quarter ended July\n31, 2026. The quarter marked the commercial launch of ReefIQ™, MindWalk's\ndata platform, and the start of its shift toward recurring, platform-based\nrevenue.\n\n\n * Revenue increased 21.3% year over year to $3.8 million.\n\n * Gross profit increased 47.1% to $2.2 million; gross margin expanded to 58.6%\nfrom 48.3%.\n\n * Net cash used in operating activities declined to $4.0 million from $4.2\nmillion, even as MindWalk stepped up sales and marketing investment behind the\nReefIQ™ launch and enterprise rollout.\n\n * Net loss from continuing operations was $6.1 million, or $0.13 per share,\ncompared with $4.1 million, or $0.09 per share, reflecting planned investment\nin the commercial infrastructure for ReefIQ™ enterprise adoption.\n\nBusiness Highlights\n\n\n * Commercially launched ReefIQ™, MindWalk's data platform, in June, and is in\nactive negotiations with multiple large pharmaceutical companies on enterprise\ndeployments.\n\n * Roughly 80% of the commercial funnel by value now sits in\npartnership-structured engagements rather than discrete projects, spanning\ndata management, ReefIQ, and multi-target discovery.\n\n * Validated a production deployment on AMD Instinct GPUs with engineering\npartner AMD and Vultr, giving ReefIQ™ the compute capacity to onboard\nenterprise clients and run more programs at lower cost as recurring revenue\nscales.\n\n * Subsequent to quarter-end, obtained a binding commitment for a senior\nunsecured revolving credit facility of up to US$30 million at a fixed 7.00%\nrate, with no financial maintenance covenants, no warrants or conversion\nfeature, and no pledge of assets, providing the balance sheet to scale\nReefIQ™ enterprise onboarding without dilution.\n\n\"We delivered a strong quarter, with revenue up 21% and gross margin expanding\nto 59%, while launching ReefIQ™ into a market moving toward exactly what we\nbuilt,\" said Jennifer Bath, PhD, President and Chief Executive Officer of\nMindWalk. \"Our discovery business, which pairs wet-lab biologics with in\nsilico capabilities for 19 of the top 20 pharmaceutical companies, is the\nfoundation. On top of it, ReefIQ opens the door to enterprise partnerships of\na scale well beyond our historical recurring agreements, and new partner\nengagements under discussion are increasingly structured as platform\npartnerships, where we share in the economics of the assets we help create.\nThe larger loss this quarter reflects deliberate investment in ReefIQ's\nenterprise rollout.\"\n\n“The US$30 million facility we announced today gives us the flexibility to\nfund that rollout as needed, without issuing a single share,\" continued Dr.\nBath. \"No warrants or conversion feature, and no pledge of our assets. Our\ncommercial model is shifting to recurring, compounding revenue with ReefIQ at\nits center, and this gives us the balance sheet to make that shift on our own\nterms.\"\n\nFiscal First Quarter 2027 Financial Summary\n\nQuarter ended July 31 (in thousands of Canadian dollars, except per-share\ndata)\n Metric FQ1 2027 FQ1 2026 Change \n Revenue 3,834 3,161 +21% \n Gross profit 2,246 1,527 +47% \n Gross margin 58.6% 48.3% +10.3 pts \n Total operating expenses 8,375 5,686 +47% \n Operating loss (6,129) (4,159) -47% \n Net loss from continuing operations (6,085) (4,088) -49% \n Net loss for the quarter (1) (6,085) (2,959) -106% \n Loss per share, continuing operations (0.13) (0.09) (0.04) \n Net cash used in operating activities (4,042) (4,213) +4% \n Adjusted EBITDA from continuing operations (5,091) (3,702) -38% \n\n\n(1) The prior-year period includes $1.1 million of net income from\ndiscontinued operations. There were no discontinued operations in the current\nperiod.\n\nNon-IFRS Measures. This release includes Adjusted EBITDA, a non-IFRS financial\nmeasure defined as net loss before income taxes, amortization and\ndepreciation, interest, foreign exchange gains and losses, and share-based\npayments. Management uses Adjusted EBITDA to evaluate operating performance.\nIt has no standardized meaning under IFRS and may not be comparable to similar\nmeasures presented by other companies. A reconciliation of net loss to\nAdjusted EBITDA is provided at the end of this release.\n\nFiscal First Quarter Financial Results\n\nRevenue for the three months ended July 31, 2026, was $3.8 million, up 21.3%\nfrom $3.2 million in the prior-year period. Gross profit rose 47.1% to $2.2\nmillion, and gross margin expanded to 58.6% from 48.3%, as revenue grew on a\ncost of sales that held at $1.6 million.\n\nOperating expenses were $8.4 million, compared with $5.7 million. Sales and\nmarketing expenses rose to $3.2 million from $1.3 million, reflecting planned\ninvestment in the commercial team and infrastructure to bring ReefIQ™ to\nmarket and to onboard and scale enterprise deployments as agreements are\nsigned, including non-recurring costs incurred in the quarter. General and\nadministrative expenses were $3.9 million, compared with $3.3 million, with\nthe increase primarily non-cash stock-based compensation. Research and\ndevelopment expenses were $1.3 million, compared with $1.0 million, reflecting\nadditional engineering capacity to support the commercial development of the\nplatform.\n\nOperating loss was $6.1 million, compared with $4.2 million, as planned\ninvestment in the ReefIQ enterprise rollout and higher non-cash stock-based\ncompensation more than offset a $0.7 million increase in gross profit. Net\nloss from continuing operations was $6.1 million, or $0.13 per share, compared\nwith $4.1 million, or $0.09 per share. Total net loss was $6.1 million,\ncompared with $3.0 million in the prior-year period, which included $1.1\nmillion of income from discontinued operations.\n\nNet cash used in operating activities was $4.0 million, compared with $4.2\nmillion in the prior-year period, despite the increase in operating expenses,\nreflecting the non-cash nature of much of the G&A increase. Cash was $7.6\nmillion at July 31, 2026, compared with $11.3 million at April 30, 2026,\nbefore the US$30 million facility commitment described below.\n\nSubsequent Event\n\nOn September 14, 2026, MindWalk announced a binding commitment from Sanabil\n(Cayman) for a senior unsecured revolving credit facility of up to US$30\nmillion at a fixed 7.00% interest rate, drawn as needed. The facility carries\nno financial maintenance covenants, no warrants or conversion feature, and no\npledge of MindWalk assets. Proceeds are intended to support MindWalk's shift\nto recurring, platform-based revenue: onboarding ReefIQ™ and LensAI™\nenterprise clients as agreements are signed, and participating in the platform\npartnerships that increasingly define its commercial model, along with its\nbiologics programs, working capital, and general corporate purposes. The term\nsheet is binding on both parties, and MindWalk and Sanabil (Cayman) will\nnegotiate a definitive credit agreement with a target closing within 60 days.\n\nConference Call and Webcast Details\n\nEvent Date and Time: Monday, September 14, 2026, at 5:00 p.m. Eastern Time\n\nThe conference call will be webcast live and available for replay via a link\nprovided in the Events section of the Company’s Investor Relations pages at:\nhttps://ir.mindwalkai.com/events-and-presentations/default.aspx\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fir.mindwalkai.com%2Fevents-and-presentations%2Fdefault.aspx&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=https%3A%2F%2Fir.mindwalkai.com%2Fevents-and-presentations%2Fdefault.aspx&index=1&md5=3968e347bfac8c1cd990f47739e06b14)\n\nAnalyst registration URL:\nhttps://events.q4inc.com/analyst/231176031?pwd=m63SIFiS\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fanalyst%2F231176031%3Fpwd%3Dm63SIFiS&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fanalyst%2F231176031%3Fpwd%3Dm63SIFiS&index=2&md5=66a8d6d87528ae5e6bd8ab59643fdba0)\n\nWebcast Attendee URL: https://events.q4inc.com/attendee/231176031\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F231176031&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F231176031&index=3&md5=653ce70e343ae56db05429103f84ae9b)\n\nAnyone listening to the call is encouraged to read the Company’s periodic\nreports available on the Company’s profile at www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sedarplus.ca&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=www.sedarplus.ca&index=4&md5=32fbc77062e563e2bc28e3a6a594af66)\nand www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sec.gov&esheet=54604158&newsitemid=20260914977811&lan=en-US&anchor=www.sec.gov&index=5&md5=60f0dc0ab035f74bd8e726d8f7094c37)\n, including the discussion of risk factors and historical results of\noperations and financial condition in those reports.\n\nAbout MindWalk Holdings Corp.\n\nMindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the\nBioIntelligence infrastructure that life sciences AI and agentic AI require,\nintegrating AI, data, and advanced wet lab capabilities into one connected\ndiscovery ecosystem. At its core is HYFT® Technology, a proprietary,\nfunction-aware representation of biology. Its HYFT pattern-objects span\nsequence and structural biology and, refined over 20 years of curation, form a\ncontinuously evolving biological representation of 660 million patterns and 25\nbillion relationships. This enriched biological representation is the\narchitecture behind ReefIQ™, the biological data substrate that provides\ncontext for life sciences, enriching data at ingestion and growing more\nvaluable with each program run on it, and LensAI™, the reasoning and\napplication layer for target discovery, candidate diligence, portfolio\ndecision support, and the agentic AI workflows pharmaceutical companies are\nnow deploying. By design, value compounds in this HYFT representation layer,\nnot in any individual AI model that runs on top of it.\n\nInvestor Contact\n\nLouie Toma, CPA, CFA, Managing Director, CoreIR, investors@mindwalkai.com\n(mailto:investors@mindwalkai.com)\n\nTrademarks\n\nHYFT® is a registered trademark of MindWalk Holdings Corp. ReefIQ™ and\nLensAI™ are trademarks of MindWalk Holdings Corp. or its subsidiaries;\nReefIQ™ registration is pending. All other trademarks are the property of\ntheir respective owners.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\napplicable United States and Canadian securities laws. Forward-looking\nstatements are based on management’s current expectations and assumptions\nand are subject to known and unknown risks, uncertainties, and other factors\nthat may cause actual results to differ materially, including: risks relating\nto MindWalk’s history of net losses and its ability to achieve or sustain\nprofitability; the level and trend of operating cash usage and MindWalk’s\nability to fund operations; the risk that MindWalk and the lender do not\nnegotiate and execute a definitive credit agreement, or do not do so by the\ntarget closing date, and MindWalk’s ability to satisfy the conditions to\nclosing and to drawing under the facility; the market acceptance and\ncommercial outcomes of ReefIQ™ and LensAI™, including the ability to\nconvert engagements into contracted, recurring arrangements; the build-out and\ncertification of compliance capabilities for regulated workloads; the\ntechnical performance of AI-based discovery methods and of the underlying\ncompute infrastructure; the outcomes and financial effects of the divestiture\nof non-core operations; intellectual property risks, including the status and\nscope of pending patent applications; the ability to enter into\npharmaceutical, infrastructure, or other partnership arrangements;\ncompetition; regulatory determinations; and capital markets conditions.\nAdditional information is available in MindWalk’s Annual Report on Form 20-F\nand other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). Except\nas required by law, MindWalk undertakes no obligation to update any\nforward-looking statement. [Legal to review tailored risk factors before\nissuance.]\n\nThe reconciliation of Net Loss to Adjusted EBITDA from continuing operations\nis presented in the table below:\n     Three months ended \n \nJuly 31, \n (in thousands)   2026   2025 \n \n$ \n$ \n Net loss   (6,085)   (4,088) \n Income taxes   158   (91) \n Amortization and depreciation   266   201 \n Foreign exchange realized loss   (23)   136 \n Interest expense   55   59 \n Interest, accretion and other income   (18)   (5) \n Unrealized foreign exchange loss   (184)   31 \n Share-based payments   740   55 \n Adjusted EBITDA   (5,091)   (3,702) \n\n\n*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.\n   \n MINDWALK HOLDINGS CORP. \n CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS \n (Unaudited - Expressed in Canadian dollars) \n   \n     Three months ended July 31, \n (in thousands, except share data)   2026   2025 \n \n$ \n$ \n REVENUE   3,834   3,161 \n COST OF SALES   1,588   1,634 \n GROSS PROFIT   2,246   1,527 \n EXPENSES         \n Research and development   1,285   1,049 \n Sales and marketing   3,196   1,343 \n General and administrative   3,894   3,294 \n     8,375   5,686 \n Loss before other income (expenses) and income taxes   (6,129)   (4,159) \n OTHER INCOME (EXPENSES)         \n Grant income   —   6 \n Interest, accretion and other income   18   5 \n Unrealized foreign exchange loss   184   (31) \n     202   (20) \n Loss before income taxes and discontinued operations   (5,927)   (4,179) \n Income taxes   (158)   91 \n NET LOSS FROM CONTINUING OPERATIONS   (6,085)   (4,088) \n NET INCOME FROM DISCONTINUED OPERATIONS   —   1,129 \n NET LOSS FOR THE PERIOD   (6,085)   (2,959) \n OTHER COMPREHENSIVE INCOME (LOSS)         \n Items that will be reclassified subsequently to loss \n Exchange difference on translating foreign operations (18)   70 \n COMPREHENSIVE LOSS FOR THE PERIOD   (6,103)   (2,889) \n LOSS PER SHARE FROM CONTINUING OPERATIONS– BASIC AND DILUTED   (0.13)   (0.09) \n INCOME PER SHARE FROM DISCONTINUED OPERATIONS– BASIC AND DILUTED   —   0.02 \n WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 46,807,089   46,154,118 \n\n   \n MINDWALK HOLDINGS CORP. \n CONSOLIDATED STATEMENTS OF FINANCIAL POSITION \n (Unaudited - Expressed in Canadian dollars) \n   \n (in thousands)   July 31,   April 30, \n \n2026 \n2026 \n \n$ \n$ \n ASSETS         \n Current assets         \n Cash   7,623   11,348 \n Amounts receivable, net   2,020   2,529 \n Taxes receivable   347   472 \n Inventory   611   492 \n Unbilled revenue   851   581 \n Prepaid expenses   762   798 \n     12,214   16,220 \n Restricted cash   128   126 \n Deposit on equipment   26   25 \n Property and equipment   3,997   4,047 \n Deferred tax asset   958   958 \n Total assets   17,323   21,376 \n LIABILITIES         \n Current liabilities         \n Accounts payable and accrued liabilities   5,442   4,178 \n Deferred revenue   529   1,073 \n Income taxes payable   188   81 \n Leases   483   457 \n     6,642   5,789 \n Leases   3,001   3,069 \n Deferred income tax liability   769   769 \n Total liabilities   10,412   9,627 \n SHAREHOLDERS' EQUITY         \n Share capital   137,788   137,263 \n Contributed surplus   14,848   14,108 \n Accumulated other comprehensive income   3,103   3,121 \n Accumulated deficit   (148,828)   (142,743) \n     6,911   11,749 \n Total liabilities and shareholders’ equity   17,323   21,376 \n\n   \n MINDWALK HOLDINGS CORP. \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n For the three months ended July 31, 2026 and 2025 \n (Unaudited - Expressed in Canadian dollars) \n   \n Three months ended July 31, \n (in thousands)   2026   2025 \n \n$ \n$ \n Operating activities:         \n Net loss for the period (6,085) (2,959) \n Items not affecting cash:         \n Amortization and depreciation 266 942 \n Foreign exchange   (142)   41 \n Share-based expense   740   55 \n     (5,221)   (1,921) \n Changes in non-cash working capital related to operations: \n Amounts receivable   581   (850) \n Inventory (119) (84) \n Unbilled revenue   (237)   (627) \n Prepaid expenses 39 (329) \n Accounts payable and accrued liabilities   1,216   (986) \n Sales and income taxes payable and receivable 214 279 \n Deferred revenue   (515)   305 \n Net cash used in operating activities   (4,042)   (4,213) \n Investing activities:         \n Purchase of property and equipment (78) (282) \n Deferred acquisition payments   —   (312) \n Net cash used in investing activities   (78)   (594) \n Financing activities:         \n Proceeds on share issuance, net of transaction costs 525 (48) \n Repayment of leases   (179)   (323) \n Net cash used in financing activities   346   (371) \n Increase (decrease) in cash during the period   (3,774)   (5,178) \n Cash included in asset held for sale — (646) \n Foreign exchange   51   57 \n Cash – beginning of the period 11,474 10,791 \n Cash – end of the period   7,751   5,024 \n Cash is comprised of: \n Cash   7,623   4,897 \n Restricted cash 128 127 \n     7,751   5,024 \n Cash paid for interest — — \n Cash paid for income tax   —   — \n Cash from discontinued operations: \n Net cash used in operating activities   —   754 \n Net cash used in investing activities — (100) \n Net cash used in financing activities   —   (359) \n\n\n*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.\n\nSource: MindWalk Holdings Corp.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260914977811/en/\n(https://www.businesswire.com/news/home/20260914977811/en/)\n\nInvestor Relations Contact\n\nLouie Toma, CPA, CFA\n\nManaging Director, CoreIR\n\ninvestors@mindwalkai.com (mailto:investors@mindwalkai.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-14T20:56:00.190246192Z","server_sent_at_ms":1789419360190},"received_at":"2026-09-14T20:56:00.362Z","source_url":"https://www.businesswire.com/news/home/20260914977811/en/"},"analysis":{"id":"131955","press_release_id":"143123","analysis_json":{"industry":{"label":"Life Sciences Tools & Services","sector":"Health Care"},"redFlags":["Cash of $7.6M CAD covers under two quarters of operating burn at the current $4.0M/quarter pace without the new facility","US$30M facility is a binding term-sheet commitment only — definitive credit agreement still to be negotiated with a 60-day target closing","Net loss widened ~49% YoY and Adjusted EBITDA loss widened 38%; opex ($8.4M) runs at more than 2x quarterly revenue ($3.8M)","Enterprise pharma deployments remain in negotiation — ReefIQ funnel growth is not yet contracted recurring revenue","Drafting artifact left in release: internal note '[Legal to review tailored risk factors before issuance.]' appears in the forward-looking statements section"],"eventType":"earnings","narrative":"MindWalk Holdings (NASDAQ: HYFT) posted fiscal Q1 2027 revenue of $3.8 million CAD, up 21.3% year over year, with gross profit up 47% to $2.2 million and gross margin expanding to 58.6% from 48.3%.\n\nThe quarter marked the commercial launch of the ReefIQ data platform in June; roughly 80% of the commercial funnel by value is now partnership-structured, and enterprise negotiations are underway with multiple large pharmaceutical companies, with a ReefIQ production deployment validated on AMD Instinct GPUs alongside AMD and Vultr.\n\nNet loss from continuing operations widened to $6.1 million CAD, or $0.13 per share, from $4.1 million, or $0.09 per share, on planned ReefIQ rollout spend that lifted operating expenses to $8.4 million, while cash fell to $7.6 million from $11.3 million at April 30.\n\nSubsequent to quarter-end, MindWalk obtained a binding commitment from Sanabil (Cayman) for a senior unsecured revolving credit facility of up to US$30 million at a fixed 7.00% rate — no financial maintenance covenants, warrants, conversion feature, or asset pledge — with a definitive agreement targeted within 60 days, funding the shift to recurring platform revenue without dilution.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Non-dilutive US$30M facility underwrites the ReefIQ enterprise pivot, but widening losses and a thin $7.6M cash balance make execution and definitive-agreement closing the story."},"keyFigures":{"revenue":"$3.8 million CAD (up 21.3% YoY from $3.2 million)","revenueYoy":"21.3%","customDimensions":{"gross_margin":"58.6%","gross_profit":"$2.2 million CAD (+47.1%)","credit_facility":"up to US$30 million senior unsecured revolving at fixed 7.00%, no covenants/warrants/conversion, drawn as needed","gross_margin_prior":"48.3%","weighted_avg_shares":46807089,"net_loss_continuing_ops":"$6.1 million CAD","total_operating_expenses":"$8.4 million CAD","cash_balance_july_31_2026":"$7.6 million CAD","adjusted_ebitda_continuing":"-$5.1 million CAD","net_cash_used_in_operating_activities":"$4.0 million CAD"}},"quotedText":"No warrants or conversion feature, and no pledge of our assets.","namedEntities":{"people":[{"name":"Jennifer Bath, PhD","role":"President and Chief Executive Officer"},{"name":"Louie Toma","role":"Managing Director, CoreIR (investor relations contact)"}],"products":["ReefIQ","LensAI","HYFT Technology","AMD Instinct GPUs"],"companies":[{"name":"MindWalk Holdings Corp.","ticker":"HYFT","relationship":"filer"},{"name":"AMD","ticker":"AMD","relationship":"engineering/compute partner"},{"name":"Vultr","relationship":"cloud infrastructure partner"},{"name":"Sanabil (Cayman)","relationship":"prospective lender (credit facility)"}],"dollarAmounts":[{"amount":"$3.8 million","context":"FQ1 2027 revenue (CAD)"},{"amount":"$2.2 million","context":"FQ1 2027 gross profit (CAD)"},{"amount":"$6.1 million","context":"net loss from continuing operations (CAD)"},{"amount":"US$30 million","context":"senior unsecured revolving credit facility commitment from Sanabil (Cayman)"},{"amount":"$7.6 million","context":"cash at July 31, 2026 (CAD)"},{"amount":"$4.0 million","context":"net cash used in operating activities (CAD)"},{"amount":"$8.4 million","context":"total operating expenses (CAD)"}]},"materialImpact":{"score":3,"reasoning":"Genuinely two-sided micro-cap earnings: 21.3% revenue growth with 10.3 points of gross-margin expansion and a binding US$30M non-dilutive credit facility commitment are offset by a 49% wider net loss and cash falling to $7.6M against a $4.0M quarterly burn. No consensus comparison is stated and the filer is a small cap, so not a 4-5."},"tickerRelevance":{"others":[{"ticker":"AMD","relevance":"engineering partner (ReefIQ production deployment validated on AMD Instinct GPUs)"}],"primary":"HYFT"},"globalImportance":22,"audienceRelevance":24,"eventTypeSecondary":["debt_offering","product_launch"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"earnings with margin expansion + binding non-dilutive credit facility commitment","sectorWeight":"AI-biotech crossover niche","cashRunwayConcern":true,"consensusAvailable":false,"nonDilutiveFinancing":true}},"event_type":"earnings","event_type_secondary":["debt_offering","product_launch"],"sentiment":"mixed","material_impact_score":3,"narrative":"MindWalk Holdings (NASDAQ: HYFT) posted fiscal Q1 2027 revenue of $3.8 million CAD, up 21.3% year over year, with gross profit up 47% to $2.2 million and gross margin expanding to 58.6% from 48.3%.\n\nThe quarter marked the commercial launch of the ReefIQ data platform in June; roughly 80% of the commercial funnel by value is now partnership-structured, and enterprise negotiations are underway with multiple large pharmaceutical companies, with a ReefIQ production deployment validated on AMD Instinct GPUs alongside AMD and Vultr.\n\nNet loss from continuing operations widened to $6.1 million CAD, or $0.13 per share, from $4.1 million, or $0.09 per share, on planned ReefIQ rollout spend that lifted operating expenses to $8.4 million, while cash fell to $7.6 million from $11.3 million at April 30.\n\nSubsequent to quarter-end, MindWalk obtained a binding commitment from Sanabil (Cayman) for a senior unsecured revolving credit facility of up to US$30 million at a fixed 7.00% rate — no financial maintenance covenants, warrants, conversion feature, or asset pledge — with a definitive agreement targeted within 60 days, funding the shift to recurring platform revenue without dilution.","key_figures":{"revenue":"$3.8 million CAD (up 21.3% YoY from $3.2 million)","revenueYoy":"21.3%","customDimensions":{"gross_margin":"58.6%","gross_profit":"$2.2 million CAD (+47.1%)","credit_facility":"up to US$30 million senior unsecured revolving at fixed 7.00%, no covenants/warrants/conversion, drawn as needed","gross_margin_prior":"48.3%","weighted_avg_shares":46807089,"net_loss_continuing_ops":"$6.1 million CAD","total_operating_expenses":"$8.4 million CAD","cash_balance_july_31_2026":"$7.6 million CAD","adjusted_ebitda_continuing":"-$5.1 million CAD","net_cash_used_in_operating_activities":"$4.0 million CAD"}},"named_entities":{"people":[{"name":"Jennifer Bath, PhD","role":"President and Chief Executive Officer"},{"name":"Louie Toma","role":"Managing Director, CoreIR (investor relations contact)"}],"products":["ReefIQ","LensAI","HYFT Technology","AMD Instinct GPUs"],"companies":[{"name":"MindWalk Holdings Corp.","ticker":"HYFT","relationship":"filer"},{"name":"AMD","ticker":"AMD","relationship":"engineering/compute partner"},{"name":"Vultr","relationship":"cloud infrastructure partner"},{"name":"Sanabil (Cayman)","relationship":"prospective lender (credit facility)"}],"dollarAmounts":[{"amount":"$3.8 million","context":"FQ1 2027 revenue (CAD)"},{"amount":"$2.2 million","context":"FQ1 2027 gross profit (CAD)"},{"amount":"$6.1 million","context":"net loss from continuing operations (CAD)"},{"amount":"US$30 million","context":"senior unsecured revolving credit facility commitment from Sanabil (Cayman)"},{"amount":"$7.6 million","context":"cash at July 31, 2026 (CAD)"},{"amount":"$4.0 million","context":"net cash used in operating activities (CAD)"},{"amount":"$8.4 million","context":"total operating expenses (CAD)"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-14T20:57:16.373Z","global_importance":22,"audience_relevance":24,"importance_components":{"tickerTier":"micro-cap","eventGravity":"earnings with margin expansion + binding non-dilutive credit facility commitment","sectorWeight":"AI-biotech crossover niche","cashRunwayConcern":true,"consensusAvailable":false,"nonDilutiveFinancing":true}},"durationMs":75880,"modelName":"glm-5.3-flash"}}