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Mindwalk Holdings Corp. (HYFT) stock

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NASDAQ: HYFT Nasdaq Biotechnology Next results ~December 15, 2026

C Fundamentals grade

Mindwalk Holdings Corp. is a US-listed company in the biotechnology industry. Its financial year ends in April.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.3

Price-to-sales vs peers

Base case. Range ~$0.3–$2.3. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Mindwalk Holdings Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds11 adding, 10 cuttingOf 4 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mindwalk Holdings files

Where Mindwalk stands after its latest Filing

Revenue for the twelve months was $11m, up 47.8% on a year earlier, faster than the 0.2% growth a quarter earlier. Free-cash-flow margin fell to -82.7% from -56.7% a year earlier. The diluted share count is up 38.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our price-to-sales vs peers value is $0.58 a share, against a share price of $1.13.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 15, 2026 (estimated)

Mindwalk Holdings Corp.'s trailing-twelve-month revenue grew 47.8% year on year, with a free-cash-flow margin of -82.7%. Where it stands out: change in growth rate of +47.7pp ranks 27 of 172 biotechnology companies we cover. Where it lags: change in share count of 38.9% ranks 139 of 156 biotechnology companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 47.8% (+47.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 47.8% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 47.7 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Burning cash. Free cash flow was -82.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 38.9% in a year.
  • Below peers: gross margin. Gross margin of 58.8% ranks 64 of 75 biotechnology companies we cover (median 82.4%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.

Latest results

Earnings per share
-$0.09 against an average estimate of -$0.05: missed by 70.9%
Next report
December 15, 2026

Mindwalk Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%
  • 1 week-4.3%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.3M
Net margin
-89.7%
EPS (TTM, diluted)
$-0.22

Growth

Revenue growth
+47.8%
Change in growth rate
+47.7 pts
Share count change
+38.9%

Cash

Free cash flow (TTM)
-$9.3M
FCF margin
-82.7%
Stock pay % of revenue
8.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for HYFT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mindwalk Holdings Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Mindwalk Holdings Corp. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.3 ~$0.7–$2.3 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.3 ~$0.3–$2.3 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mindwalk Holdings Corp. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 15, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Mindwalk Holdings Corp.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 −$0.05 −$0.09 −70.9%
Apr 2026 −$0.05 −$0.06 −6.5%
Jan 2026 −$0.04 −$0.06 −63.4%
Oct 2025 −$0.01 −$0.05 −238.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Nov 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202633
  2. Oct 202633

Counts of recommendations published by analysts covering Mindwalk Holdings Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.2%
of tradable shares
Days to cover
2.88
at average volume
Short interest, 1 month
+39%
to October 15, 2026
Held by institutions
9%
of shares
Held by insiders
9.2%
of shares
Employees
74
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Mindwalk Holdings Corp. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mindwalk Holdings Corp.
$6M $8M $10M $12M $14M $16M FY20 Q4 FY22 Q4 FY24 Q4 FY26 Q4 Revenue (TTM), FY20 Q4: $10.5M Revenue (TTM), FY21 Q4: $13.7M Revenue (TTM), FY22 Q4: $15.4M Revenue (TTM), FY23 Q4: $15.5M Revenue (TTM), FY24 Q4: $7.6M Revenue (TTM), FY25 Q4: $7.6M Revenue (TTM), FY26 Q4: $11.3M $11.3M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $10.5M
FY21 Q4 $13.7M
FY22 Q4 $15.4M
FY23 Q4 $15.5M
FY24 Q4 $7.6M
FY25 Q4 $7.6M
FY26 Q4 $11.3M
Revenue growth, TTM YoY Mindwalk Holdings Corp.
-100% -50% 0% 50% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue growth, TTM YoY, FY21 Q4: 30.2% Revenue growth, TTM YoY, FY22 Q4: 12.7% Revenue growth, TTM YoY, FY23 Q4: 0.7% Revenue growth, TTM YoY, FY24 Q4: -51.0% Revenue growth, TTM YoY, FY25 Q4: 0.2% Revenue growth, TTM YoY, FY26 Q4: 47.8% 47.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 30.2%
FY22 Q4 12.7%
FY23 Q4 0.7%
FY24 Q4 -51.0%
FY25 Q4 0.2%
FY26 Q4 47.8%
FCF margin (TTM) Mindwalk Holdings Corp.
-150% -100% -50% 0% FY20 Q4 FY22 Q4 FY24 Q4 FY26 Q4 FCF margin (TTM), FY20 Q4: -12.6% FCF margin (TTM), FY21 Q4: -11.0% FCF margin (TTM), FY22 Q4: -56.7% FCF margin (TTM), FY23 Q4: -103.2% FCF margin (TTM), FY24 Q4: -44.6% FCF margin (TTM), FY25 Q4: -67.8% FCF margin (TTM), FY26 Q4: -82.7% -82.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 -12.6%
FY21 Q4 -11.0%
FY22 Q4 -56.7%
FY23 Q4 -103.2%
FY24 Q4 -44.6%
FY25 Q4 -67.8%
FY26 Q4 -82.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 40-F, 40-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Apr 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 Apr 2025 2026 Apr 2026
Income
Revenue 11 14 15 16 8 8 11
Gross profit 6 9 9 9 3 4 7
Net income −4 −6 −13 −20 −19 −22 −10
Diluted EPS — — −$0.68 −$0.81 −$0.76 −$0.65 —
Growth (year on year)
Revenue — +30.2% +12.7% +0.7% −51.0% +0.2% +47.8%
Margins
Gross margin 57.1% 64.4% 56.7% 56.0% 39.8% 53.9% 58.8%
Net margin −35.2% −41.0% −86.3% −128.5% −254.1% −284.5% −89.7%
Free-cash-flow margin −12.6% −11.0% −56.7% −103.2% −44.6% −67.8% −82.7%
Cash flow
Cash from operations −1 −0 −8 −15 −2 −5 −9
Capital spending 0 1 1 1 1 1 0
Free cash flow −1 −2 −9 −16 −3 −5 −9
Stock-based pay 1 2 2 1 1 0 1
Free cash flow after stock pay −2 −4 −11 −18 −5 −5 −10
Balance sheet
Cash 2 34 23 6 3 8 8
Total debt 0 — 0 0 0 0 0
Net debt (negative = net cash) −2 −34 −23 −6 −3 −8 −8
Diluted shares 14m 16m 20m 25m 26m 33m 46m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · April 30, 2026
What it owns · $16m
Short-term assets $12mLonger-term assets $4m
What it owes, and who funded it · $16m
Short-term liabilities $4mLonger-term liabilities $3mShareholders' equity $9m
  • Short-term assets cover short-term liabilities $12m of assets due within a year against $4m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $12m short-term assets against $3m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Mindwalk Holdings Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+38.9%
year over year
R&D spending
31.7%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated HYFT SRZN RLAY CRBU IRD LCTX Median
Revenue, last 12 months $11m $12m $10m $10m $10m $13m $56m
Revenue growth, last 12 months 47.8% −8.8% 23.9% 10.0% −36.1% 19.9% 12.6%
Revenue growth, 3-year average — — 122.3% −11.0% −39.8% 7.5% 13.7%
Revenue growth, latest quarter — 408.6% −48.3% −43.8% −73.8% −61.3% 10.2%
Gross margin 58.8% — — — — 97.2% 82.9%
Operating margin — −385.3% <−999% <−999% −513.5% −205.2% −189.4%
Operating margin, 3-year average — — <−999% <−999% −341.9% −313.9% −363.5%
Net margin −89.7% <−999% <−999% <−999% <−999% −246.6% −169.8%
Cash from operations / revenue −80.1% −302.0% <−999% −954.5% −412.6% −182.0% −168.0%
Free-cash-flow margin −82.7% −303.9% <−999% −954.2% −413.1% −186.4% −162.4%
Free-cash-flow margin, 3-year average — — <−999% −946.0% −229.8% −253.2% −310.0%
Stock pay / revenue 8.2% 60.9% 466.8% 104.7% 45.3% 38.8% 20.0%
Change in share count 38.9% — 12.4% 4.7% 127.5% 11.9% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 47.8% 12.6% 56 of 172
Change in growth rate Growth +47.7pp -0.1pp 27 of 172
Gross margin Profitability 58.8% 82.4% 64 of 75
Net margin Profitability -89.7% -157.3% 81 of 180
Free-cash-flow margin Cash generation -82.7% -145.4% 79 of 176
Stock pay as % of revenue Cash generation 8.2% 19.2% 52 of 179
Change in share count Balance sheet 38.9% 7.9% 139 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$6.9M
Institutions reporting
26
Shares held vs prior quarter
▼ 3.5%
Positions opened / closed
5 / 4

Top buyers and sellers, Q2 2026: 11 institutions bought and 10 sold ; the biggest buyer was Blackrock, Inc (+154K shares) and the biggest seller Xtx Topco Ltd (−160K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Ingalls & Snyder LLC $4.8M 3.0M 69.6% ▲ 4.4%
Susquehanna International Group, LLP $822,815 521K 11.9% ▼ 2.5%
Renaissance Technologies LLC $337,140 213K 4.9% ▼ 8.2%
Blackrock, Inc. $243,969 154K 3.5% New
Marshall Wace, LLP $214,827 136K 3.1% ▲ 438.6%
Bank Of Montreal $123,156 78K 1.8% ▲ 11.4%
Allianz Asset Management Gmbh $55,300 35K 0.8% 0.0%
Gsa Capital Partners LLP $55,000 35K 0.8% New
Gradient Capital Advisors, LLC $41,951 27K 0.6% 0.0%
Geode Capital Management, LLC $40,274 25K 0.6% ▲ 58.0%
Federation Des Caisses Desjardins Du Quebec $36,756 23K 0.5% 0.0%
Tradition Wealth Management, LLC $20,820 13K 0.3% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mindwalk Holdings Corp.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Mindwalk Holdings Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mindwalk Holdings Corp. in brief

What does Mindwalk Holdings Corp. do?
Mindwalk Holdings Corp. is a US-listed company in the biotechnology industry. Its financial year ends in April.
What is Mindwalk Holdings Corp.'s stock ticker?
Mindwalk Holdings Corp. trades under the ticker HYFT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mindwalk Holdings Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mindwalk Holdings Corp. reported revenue of $11.3M, 47.8% higher than a year earlier, according to its SEC filings.
What is Mindwalk Holdings Corp.'s free cash flow?
Mindwalk Holdings Corp.'s free-cash-flow margin is -82.7% of revenue over the trailing twelve months, ranking 79 of the 176 biotechnology companies we cover.
Who are Mindwalk Holdings Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Ingalls & Snyder LLC, Susquehanna International Group, LLP and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Mindwalk Holdings Corp.'s competitors?
In our Biotechnology peer group, the companies closest to Mindwalk Holdings Corp. are Surrozen, Inc., Relay Therapeutics, Inc., Caribou Biosciences, Inc., Opus Genetics, Inc. and Lineage Cell Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mindwalk Holdings Corp.'s.
When is Mindwalk Holdings Corp.'s next earnings date?
Around December 15, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mindwalk Holdings Corp. announces its own schedule.