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Mindforge Inc. (MF) stock

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NASDAQ: MF Nasdaq Application Software

E Fundamentals grade

Mindforge Inc. is a US-listed company in the application software industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Mindforge Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.

Mindforge Inc. 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.

  • Funds3 adding, 0 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mindforge files

Where Mindforge stands after its latest Filing

Revenue for the twelve months was $15m, down 49.9% on a year earlier, a steeper fall than the 42.5% decline a quarter earlier. That puts it 183 of 183 for growth among the application software companies we cover. Free-cash-flow margin fell to -14.5% from 0.4% a year earlier. Operating margin narrowed to -98.2% from 0.1%. The diluted share count is up 362.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 3 financial-health checks.

Our model value for Mindforge is under review, so past values are not shown until it is resolved.

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

Mindforge Inc.'s trailing-twelve-month revenue fell 49.9% year on year, with a free-cash-flow margin of -14.5%. Where it lags: revenue growth of -49.9% ranks 184 of 184 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 23.5% while net income fell 1118.0%: a 1142pp divergence.

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

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 49.9% over the last 12 months.
  • Growth slowing. The growth rate is 7.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -98.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 87.7 points on a year ago.
  • Burning cash. Free cash flow was -14.5% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 78.6% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.

Price chart

  • 1 day+37.6%
  • 1 week+9.7%
  • 1 month-18.9%
  • This year-77.0%
  • 1 year-78.3%
  • S&P 500 this year+11.2%

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)
$14.9M
Operating margin
-98.2%
Net margin
-222.9%
EPS (TTM, diluted)
$-113.49

Growth

Revenue growth
−49.9%
Change in growth rate
−7.4 pts
Share count change
+362.2%

Cash

Free cash flow (TTM)
-$2.2M
FCF margin
-14.5%
Stock pay % of revenue
78.6%

News & updates

Updated October 31, 2026

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

No recent updates are available for MF 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

Mindforge Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025
Share price$181.75$69.28
Market value$11m$20m
+ Net debt (− = net cash)−$4m−$11m
Enterprise value$7m$9m
Multiples
Price / sales 0.2x0.7x
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

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

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

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Mindforge Inc.: too few analysts cover it.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.03
at average volume
Short interest, 1 month
−73%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
0.0%
of shares

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

Return and risk by year

Calendar year 20252026 to date
Return
MF−41%−77%
Industry peers (median)−20%−14%
S&P 500+18%+11%
Months that ended higher
MF33%46%
S&P 50075%46%
Largest fall from a high during the year
MF−62%−97%
S&P 500−19%−9%

Worst fall since March 28, 2024: 100% from August 21, 2024 to May 20, 2026. Getting back needed a 29726% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.88 – $83.50
From 52-week high
−86.2%
vs 50-day average
−9.9%
vs 200-day average
−45.2%
Volatility (1 year)
225%
Beta vs S&P 500
1.81

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.

Mindforge Inc. in five measures

Fundamentals grade E
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) Mindforge Inc.
$0 $50M $100M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue (TTM), FY22 Q4: $86.7M Revenue (TTM), FY23 Q4: $94.3M Revenue (TTM), FY24 Q4: $51.6M Revenue (TTM), FY25 Q4: $29.7M Revenue (TTM), FY26 Q4: $14.9M $14.9M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY22 Q4 $86.7M
FY23 Q4 $94.3M
FY24 Q4 $51.6M
FY25 Q4 $29.7M
FY26 Q4 $14.9M
Revenue growth, TTM YoY Mindforge Inc.
-60% -40% -20% 0% 20% FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue growth, TTM YoY, FY23 Q4: 8.8% Revenue growth, TTM YoY, FY24 Q4: -45.3% Revenue growth, TTM YoY, FY25 Q4: -42.5% Revenue growth, TTM YoY, FY26 Q4: -49.9% -49.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.8%
FY24 Q4 -45.3%
FY25 Q4 -42.5%
FY26 Q4 -49.9%
Operating margin (TTM) Mindforge Inc.
-100% -50% 0% 50% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Operating margin (TTM), FY22 Q4: 0.1% Operating margin (TTM), FY23 Q4: 0.2% Operating margin (TTM), FY24 Q4: -1.7% Operating margin (TTM), FY25 Q4: -10.5% Operating margin (TTM), FY26 Q4: -98.2% -98.2%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY22 Q4 0.1%
FY23 Q4 0.2%
FY24 Q4 -1.7%
FY25 Q4 -10.5%
FY26 Q4 -98.2%
FCF margin (TTM) Mindforge Inc.
-15% -10% -5% 0% 5% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY22 Q4: 0.4% FCF margin (TTM), FY23 Q4: -0.3% FCF margin (TTM), FY24 Q4: -2.6% FCF margin (TTM), FY25 Q4: -9.5% FCF margin (TTM), FY26 Q4: -14.5% -14.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY22 Q4 0.4%
FY23 Q4 -0.3%
FY24 Q4 -2.6%
FY25 Q4 -9.5%
FY26 Q4 -14.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. 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 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 87 94 52 30 15
Gross profit 1 2 1 0 −0
EBITDA 0 0 −1 −3 −14
Operating income 0 0 −1 −3 −15
Net income −0 0 −1 −3 −33
Diluted EPS $0.00 $4.00 −$11.86 −$9.32 —
Growth (year on year)
Revenue — +8.8% −45.3% −42.5% −49.9%
Margins
Gross margin 1.7% 1.7% 1.3% 0.8% −0.5%
EBITDA margin 0.1% 0.2% −1.7% −10.4% −96.8%
Operating margin 0.1% 0.2% −1.7% −10.5% −98.2%
Net margin −0.1% 0.2% −1.5% −9.2% −222.9%
Free-cash-flow margin 0.4% −0.3% −2.6% −9.5% −14.5%
Cash flow
Cash from operations 0 −0 −1 −3 −2
Capital spending 0 0 0 0 0
Free cash flow 0 −0 −1 −3 −2
Stock-based pay — — — 2 12
Free cash flow after stock pay — — — −5 −14
Balance sheet
Cash 2 1 5 11 12
Total debt 0 0 1 0 0
Net debt (negative = net cash) −2 −1 −4 −11 −12
Diluted shares — — — — —

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 3 checks passed · June 30, 2026
What it owns · $39m
Short-term assets $20mLonger-term assets $19m
What it owes, and who funded it · $39m
Short-term liabilities $18mLonger-term liabilities $1mShareholders' equity $21m
  • Short-term assets cover short-term liabilities $20m of assets due within a year against $18m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $20m short-term assets against $517,186 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 Operating income of −$15m against $697 of interest.

From Mindforge Inc.'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
+362.2%
year over year
R&D spending
5.5%
of revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated MF BLIN AWRE INLX SMSI AIXI Median
Revenue, last 12 months $15m $16m $16m $16m $17m $12m $482m
Revenue growth, last 12 months −49.9% 1.6% −9.8% −5.5% −9.5% >999% 12.0%
Revenue growth, 3-year average — −1.4% −4.3% −0.3% −27.5% — 11.1%
Revenue growth, latest quarter — 2.0% −13.9% −1.6% −1.8% — 11.9%
Gross margin −0.5% 65.2% 88.8% 65.2% 77.5% 44.4% 69.2%
Operating margin −98.2% −9.9% −55.8% −17.7% −86.4% −783.6% 1.1%
Operating margin, 3-year average — −29.8% −48.0% −7.6% −135.0% — −0.8%
Net margin −222.9% −8.6% −52.6% −17.6% −92.6% −821.1% 2.1%
Cash from operations / revenue −14.5% −1.7% −37.1% 3.9% −53.1% −29.9% 18.2%
Free-cash-flow margin −14.5% −2.0% −37.8% 2.9% −53.8% −30.3% 15.0%
Free-cash-flow margin, 3-year average — −4.2% −39.5% 9.2% −52.0% — 16.2%
Stock pay / revenue 78.6% 2.7% 7.0% 7.7% 12.9% 47.7% 9.3%
Change in share count 362.2% 11.7% 1.0% 6.4% 34.9% 61.1% 2.2%

Median of all 185 companies we cover in application software. 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

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -49.9% 12.0% 184 of 184
Change in growth rate Growth -7.4pp +0.2pp 161 of 184
Gross margin Profitability -0.5% 69.8% 158 of 160
Operating margin Profitability -98.2% 1.1% 155 of 181
Net margin Profitability -222.9% 2.1% 166 of 185
Free-cash-flow margin Cash generation -14.5% 15.2% 141 of 180
Stock pay as % of revenue Cash generation 78.6% 9.3% 166 of 177
Change in share count Balance sheet 362.2% 1.7% 161 of 163

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

Who owns it

Funds buying and selling
Reported value
$322,179
Institutions reporting
3
Positions opened / closed
3 / 0

Top buyers and sellers, Q2 2026: 3 institutions bought and 0 sold ; the biggest buyer was HRT Financial LP (+52K shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
HRT Financial LP $322,000 52K 99.9% —
UBS Group AG $99 0K 0.0% —
Caitong International Asset Management Co., Ltd $80 0K 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 Mindforge Inc.'s complete shareholder register. Values are as reported by the filers .

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

Data status

When each part of this page on Mindforge Inc. 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.

Mindforge Inc. in brief

What does Mindforge Inc. do?
Mindforge Inc. is a US-listed company in the application software industry. Its financial year ends in June.
What is Mindforge Inc.'s stock ticker?
Mindforge Inc. trades under the ticker MF on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mindforge Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mindforge Inc. reported revenue of $14.9M, 49.9% lower than a year earlier, according to its SEC filings.
What is Mindforge Inc.'s free cash flow?
Mindforge Inc.'s free-cash-flow margin is -14.5% of revenue over the trailing twelve months, ranking 141 of the 180 application software companies we cover.
Who are Mindforge Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are HRT Financial LP, UBS Group AG and Caitong International Asset Management Co., Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Mindforge Inc.'s market cap?
On June 30, 2025, Mindforge Inc.'s market capitalisation was about $20.2M and net debt of -$10.8M. Market figures come from third-party market data and may be delayed.
Who are Mindforge Inc.'s competitors?
In our Application Software peer group, the companies closest to Mindforge Inc. are Bridgeline Digital, Inc., Aware Inc, Intellinetics, Inc., Smith Micro Software, Inc. and Xiao-i Corp. The side-by-side comparison below sets their revenue, margins and growth against Mindforge Inc.'s.