MindWalk (HYFT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 FY26 revenue growth of up to $4.5M CAD, a 54% year-over-year increase, and gross margin expansion to 65% for continuing operations.

• Completed divestiture of non-core Netherlands operations, generating $14.3M CAD in net proceeds and strengthening the balance sheet.

• Rebranded under a unified identity, integrating operations and expanding leadership with a new CFO and Chief Business Officer.

• Advanced AI-driven GLP-1 receptor agonist, longevity, and dengue vaccine programs using proprietary LensAI and HYFT technology.

• Established a Cayman Islands segregated portfolio structure to house and finance each AI-generated asset, enabling direct investment and protecting shareholders from dilution.

Financial highlights

• Q2 FY26 revenue reached up to $4.5M CAD, up 54% year-over-year and 30% sequentially, with record gross profit of $2.7M and gross margin at 65%.

• Operating loss (excluding amortization and nonrecurring items) improved to $2.8M from $4.1M last year; adjusted EBITDA loss improved to $2.4M from $2.6M.

• Cash and cash equivalents at quarter end were $16.5M CAD, including $14.3M from the Netherlands divestiture.

• Net loss for the quarter was $3.2M, compared to $2.6M in the prior year quarter.

• Weighted average shares outstanding increased to 46.2M from 28.1M year-over-year.

Outlook and guidance

• Expects to maintain or improve gross profit margin as scalable programs expand and will invest divestiture proceeds in commercial initiatives, R&D, and platform development.

• Will provide formal updates on asset portfolio structure and lead programs at the J.P. Morgan Healthcare Conference.

• Positioned for next-phase growth with a focus on AI-enabled biologics and therapeutics.