Third Consecutive Quarter of Year-Over-Year Revenue Growth | First Annual Enterprise LensAI$(TM)$ Platform Contract | Launch of B cell Llama(TM) Nanobody Discovery Platform
AUSTIN, Texas--(BUSINESS WIRE)--March 12, 2026--
MindWalk Holdings Corp. (Nasdaq: HYFT), a Bio-Native AI company focused on biologics discovery and AI-driven drug development, today reported financial results for the third quarter of fiscal year 2026, ended January 31, 2026. MindWalk will host its Q3 Fiscal 2026 Earnings Call today at 10:30 AM Eastern Time.
Revenue for Q3 was $4.2 million, a 52 percent increase from $2.7 million in Q3 fiscal 2025, marking MindWalk's third consecutive quarter of year-over-year revenue growth. US revenue doubled year over year to $2.6 million. The Company's largest enterprise AI client signed a one-year LensAI platform contract, the first contracted, recurring platform revenue agreement in the Company's history, shifting a part of MindWalk's revenue from project-based to contracted and recurring.
"This quarter, MindWalk reported its third consecutive year-over-year revenue increase and advanced three pipeline programs toward data readouts. US revenue doubled year over year, reflecting our deliberate, strategic focus on North America, including the establishment of biologics services operations in the Boston and Cambridge area and ongoing commercial investment in that market. Recently, our largest enterprise AI client signed a one-year LensAI platform contract, the first of its kind for us. LensAI is actively being rolled out across our broader client base, and this is a contract structure we are scaling."
-- Dr. Jennifer Bath, CEO & President, MindWalk Holdings Corp.
Q3 Fiscal 2026 Financial Highlights
Metric Q3 FY2026 Commentary
----------------------------- -------------- -------------------------------
Q3 FY2026 Revenue $4.2 million vs. $2.7 million in Q3 FY2025
(+52%)
----------------------------- -------------- -------------------------------
US Revenue $2.6 million vs. $1.3 million in Q3 FY2025
(doubled YoY)
----------------------------- -------------- -------------------------------
YTD Revenue (9 months) $11.4 million vs. $7.9 million in prior year
period (+45%)
----------------------------- -------------- -------------------------------
YTD Gross Margin 58% vs. 53% in prior year period
(+5 pp)
----------------------------- -------------- -------------------------------
Q3 Gross Margin 59% vs. 65% in prior year period
----------------------------- -------------- -------------------------------
Net Loss from Cont. Ops (Q3) $3.9 million vs. $22.0 million Q3 FY2025
(incl. $21.2M impairment)
----------------------------- -------------- -------------------------------
Cash & Equivalents $14.2 million as of January 31, 2026
----------------------------- -------------- -------------------------------
All figures in Canadian dollars. Relate to continuing operations unless
otherwise stated. Prepared in accordance with IFRS.
Operational and Platform Highlights
Platform & Commercial
-- First enterprise one-year LensAI platform contract signed with
MindWalk's largest enterprise AI client; revenue recognized monthly
-- LensAI platform services are delivered directly to clients across all
MindWalk operations
-- US revenue doubled year over year, reflecting the Company's deliberate
strategic focus on North America; where AI-driven biologics demand is
concentrated and the regulatory environment is increasingly favorable to
domestic partners. This strategic direction included the establishment of
biologics services operations in the Boston and Cambridge area and guided
the Company's decision to divest its European operations in favor of
North American growth.
B cell Llama(TM) Platform Launch
-- MindWalk announces the launch of B cell Llama(TM), a nanobody discovery
platform built on single B cell isolation from immunized llamas. VHH
nanobodies carry no light chain, eliminating the chain-pairing problem
that has historically limited bispecific and multispecific antibody
development -- a recognized bottleneck in a market projected to exceed
$50 billion by 2030.
-- MindWalk has deep VHH nanobody expertise built over years of biologics
discovery work. A peer-reviewed and grant-funded study published in
Biomacromolecules (American Chemical Society), conducted in collaboration
with Eindhoven University of Technology and Radboud University Medical
Center, demonstrates new findings:
-- Demonstrated neutralization of a viral variant against which no
clinically approved antibody therapies showed activity
-- The molecule with the strongest binding affinity in assays
delivered zero functional activity -- underscoring why
function-based candidate selection, not affinity alone, is
critical earlier in the discovery process.
-- MindWalk holds first right to commercialize the jointly developed
intellectual property from the collaboration
Dengue Vaccine Program
-- Dengue infects 390 million people annually and is considered a top ten
global health threat by the WHO. There is no FDA-approved dengue vaccine
available in the United States. Two vaccines have reached market, with
both failing to generate balanced immunity across all four serotypes, the
central unsolved problem in dengue vaccinology. MindWalk's approach
identifies a single conserved epitope shared across all four serotypes,
designed to address that failure at the design level.
-- In vivo immunization studies complete; binding confirmation --
confirming that immunized animals generated antibodies
specifically targeting the conserved cross-serotype epitope --
results anticipated this week
-- Upon binding confirmation, the program advances to pan
neutralization testing with an independent third-party
collaborator to assess the ability of the vaccine to neutralize
across dengue serotypes
-- LensAI identified a single discontinuous epitope conserved
across all four dengue serotypes -- a target not detected by
conventional sequence-alignment tools
GLP-1 Program
-- In vitro GLP-1 receptor activation confirmed by independent third-party
assay; results demonstrate activity relative to semaglutide, the
market-leading GLP-1 therapy with approximately $29 billion in combined
global sales in 2024.
-- Dual-pathway regimen identified, linking GLP-1 biology to a second,
non-overlapping longevity pathway
-- Program advancing with guidance from a large pharma collaborator with
recognized expertise in this area, with next steps confirming expanded in
vitro data including stability testing followed by in vivo validation of
safety profiles.
Influenza Program
-- LensAI has now screened over two thousand highly diverse influenza
sequences spanning influenza A and B types, including avian and
swine-origin sequences, identifying a single conserved biological feature
present across all sequences analyzed
-- Program advancing into manufacturing of the lead in silico candidate
for use in neutralization studies -- to assess the ability of the vaccine
to prevent infection.
Asset Financing
-- Legal and financial advisors engaged to design structured, asset-level
financing vehicles across MindWalk's proprietary portfolio - including
GLP-1, dengue, and influenza - enabling targeted program-level investment
while preserving parent company equity
Conference Call and Webcast Details
The live webcast will take place on Thursday, March 12, 2026, at 10:30AM ET.
The conference call will be webcast live and available for replay via a link provided in the Events section of the Company's IR pages at:
https://ir.mindwalkai.com/events-and-presentations/default.aspx
* Webcast Details *
Event Title: MindWalk Holdings Corp. -- Third Quarter Fiscal Year 2026 Financial Results
Event Date: March 12, 2026, 10:30 AM (GMT-04:00) Eastern Time (US and Canada)
Attendee URL: https://events.q4inc.com/attendee/486881652
Participant Dial-in:
USA / International Toll +1 (646) 307-1963
USA - Toll-Free (800) 715-9871
Canada - Toronto (647) 932-3411
Canada - Toll-Free (800) 715-9871
Conference ID: 3224490
Anyone listening to the call is encouraged to read the company's periodic reports available on the company's profile at www.sedarplus.ca and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports.
About MindWalk Holdings Corp.
MindWalk Holdings Corp. (Nasdaq: HYFT) is a Bio-Native AI company focused on biologics discovery and AI-driven drug development. The Company's proprietary HYFT$(R)$ biological pattern system and LensAI(TM) platform operate on the invariant functional layer of biological sequence space -- the conserved subsequences essential to biological function -- enabling the discovery of targets, candidates, and insights that conventional sequence-based approaches cannot access. MindWalk operates through subsidiaries including MindWalk Biologics (Victoria, BC), BioStrand (Belgium), and Talem Therapeutics (North Dakota).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are often identified by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "targets," "seeks," "potential," or similar expressions, or by statements that certain actions, events, or results are expected to occur or be achieved.
Forward-looking statements in this press release include, without limitation, statements regarding: the interpretation and significance of observations derived from the application of the Company's HYFT(R) technology; the identification, characterization, and relevance of conserved functional patterns and functional adjacency; the hypothesis that such patterns may support rational design toward broadly protective immunogens, including in the Company's dengue and influenza programs; the relevance of functional adjacency to competitive intelligence, intellectual property strategy, business development, and portfolio decision-making; the intended role of HYFT-based analysis in evaluating functional competition, IP exposure, or portfolio risk; the integration of HYFT within the Company's broader data management and biological reasoning platform; the scope, timing, and outcome of potential future validation activities; anticipated revenue growth, platform commercialization, gross margin trends, and the scalability of LensAI(TM) platform engagements; the expected transition from project-based to contracted and recurring revenue; the timing, design, and outcome of preclinical and clinical development activities across the Company's pipeline programs, including the anticipated binding confirmation and multi-serotype neutralization testing results for the dengue vaccine program and the potential significance of the GLP-1 receptor agonist in vitro results relative to semaglutide; the anticipated scope and utility of the B cell Llama(TM) nanobody discovery platform and its relevance to the bispecific, multispecific, and CAR-T therapeutics market; the design, structure, and completion of asset-level financing vehicles for the Company's proprietary programs, including GLP-1, dengue, influenza, and B cell Llama(TM); and the Company's ability to pursue, structure, or complete strategic investments, collaborations, commercial arrangements, partnering transactions, or licensing opportunities related to HYFT-based technologies or programs.
Forward-looking statements are based on management's current expectations, assumptions, and projections about future events and Company performance. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that cause actual results, performance, or achievements to differ materially from those expressed or implied. These factors include, among others: the preliminary and exploratory nature of computational analyses and in silico observations; limitations in available data, inputs, or analytical assumptions; the risk that subsequent laboratory, experimental, or validation studies do not replicate or support the reported observations; uncertainty regarding the biological relevance, robustness, or generalizability of identified functional patterns; the risk that in vitro results, including observations regarding GLP-1 receptor activation relative to semaglutide, do not translate to in vivo or clinical outcomes; the risk that dengue program neutralization results, including the ability to achieve balanced cross-serotype immunity, are not achieved or are subject to antibody-dependent enhancement or other adverse immunological outcomes; risks inherent in therapeutic research and development, including challenges related to translation, validation, manufacturability, safety, immunogenicity, breadth, durability, or efficacy; the risk that future development decisions are delayed, modified, or discontinued; regulatory requirements and uncertainties; dependence on third-party collaborators, laboratories, service providers, and data sources; intellectual property risks, including the ability to obtain, maintain, defend, and enforce patent and other proprietary rights; competitive developments; the availability, timing, and terms of asset-level financing vehicles or other financing alternatives, including the risk that such structures cannot be completed on acceptable terms or at all; the ability to enter into, maintain, or enforce collaborations, partnering arrangements, or commercial agreements on acceptable terms; and broader economic, market, geopolitical, or regulatory conditions.
Additional information about these and other risks and uncertainties is set out in the Company's Annual Report on Form 20-F, as amended, for the fiscal year ended April 30, 2025, available on the Company's SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov/edgar.
Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
All financial figures are reported in Canadian dollars and relate to continuing operations unless otherwise stated. MindWalk prepares its financial statements in accordance with International Financial Reporting Standards (IFRS).
The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below:
Three months ended
January 31,
2026 2025
(in thousands) $ $
---------------------------------------- -------- ---------
Net loss (3,930) (21,521)
Income taxes (18) (3,013)
Amortization and depreciation 218 705
Accretion -- 3
Asset impairment -- 21,184
Foreign exchange realized gain (loss) 64 48
Interest expense 56 227
Interest and other income (expense) (30) 183
Loss on disposal of Europe B.V. 53 --
Unrealized foreign exchange gain (loss) 266 (80)
Share-based expense 257 70
----------------------------------------- -------- ---------
Adjusted EBITDA (3,064) (2,194)
========================================= ======== =========
*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
MINDWALK HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited - Expressed in Canadian dollars)
Three months ended Nine months ended
January 31, January 31,
------------------ ------------------------ -----------------------
(in thousands,
except share 2026 2025 2026 2025
data) $ $ $ $
------------------ ----------- ---------- ---------- ----------
REVENUE 4,158 2,728 11,443 7,879
COST OF SALES 1,694 967 4,790 3,740
-------------------- ---------- ---------- ---------- ----------
GROSS PROFIT 2,464 1,761 6,653 4,139
-------------------- ---------- ---------- ---------- ----------
EXPENSES
Research and
development 1,214 914 3,362 3,385
Sales and
marketing 1,800 1,138 4,409 2,754
General and
administrative 3,124 2,864 9,490 9,072
Amortization of
intangible
assets -- 520 -- 1,530
Asset Impairment -- 21,184 -- 21,184
-------------------- ---------- ---------- ---------- ----------
6,138 26,620 17,261 37,925
------------------ ---------- ---------- ---------- ----------
Loss before other
income (expenses)
and income taxes (3,674) (24,859) (10,608) (33,786)
-------------------- ---------- ---------- ---------- ----------
OTHER INCOME
(EXPENSES)
Accretion -- (3) -- (5)
Grant income 15 -- 34 138
Interest and
other income
(expense) 30 (183) 70 (302)
Loss on disposal
of Europe B.V. (53) -- (511) --
Unrealized
foreign exchange
loss (266) 80 (305) (164)
-------------------- ---------- ---------- ---------- ----------
(274) (106) (712) (333)
------------------ ---------- ---------- ---------- ----------
Loss before income
taxes (3,948) (24,965) (11,320) (34,119)
Income taxes 18 3,013 83 4,408
-------------------- ---------- ---------- ---------- ----------
NET LOSS FROM
CONTINUING
OPERATIONS (3,930) (21,952) (11,237) (29,711)
-------------------- ---------- ---------- ---------- ----------
NET INCOME FROM
DISCONTINUED
OPERATIONS -- 431 1,153 1,638
-------------------- ---------- ---------- ---------- ----------
NET LOSS FOR THE
(MORE TO FOLLOW) Dow Jones Newswires
March 12, 2026 08:31 ET (12:31 GMT)