MindWalk (HYFT) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of $7.6 million, up 45% year over year, with gross profit of $4 million and a 53% margin.

• Operating loss narrowed to $2.7 million, adjusted EBITDA loss halved to $1.4 million, and net loss improved to $3 million.

• Completed divestiture of Netherlands operations for $16.1 million, strengthening the balance sheet and focusing on high-margin, strategic initiatives.

• Rebranded as MindWalk Inc., unifying legacy companies and introducing new Nasdaq ticker HYFT, emphasizing a bio-native AI platform model.

• Cash balance at quarter-end was $5 million, with an additional $16.1 million from the divestiture.

Financial highlights

• Q1 revenue reached $7.6 million, a 45% year-over-year increase, including $3.2 million from continuing and $4.4 million from discontinued operations.

• Gross profit rose to $4 million (53% margin), with continued operations at $1.5 million (48% margin) and discontinued at $2.5 million (56% margin).

• Operating loss (excluding amortization and non-recurring charges) improved to $2.7 million from $4.2 million.

• Adjusted EBITDA loss improved to $1.4 million from $2.8 million year over year.

• Net loss improved to $3 million from $4 million last year.

Outlook and guidance

• Focused on expanding SaaS, data as a service, and translational programs, including the dengue vaccine initiative.

• Anticipates stronger gross margin contributions from BioStrand and continued growth in core AI-driven operations.

• Rebranding and platform integration expected to drive new partnerships and scalable growth.

• Management expects sustainable growth and long-term value, supported by a stronger capital structure and focus on scalable AI-driven opportunities.

• Ongoing transformation into a fully integrated BioIntelligence company, with continued investment in AI and biologics platforms.