MindWalk (HYFT) Q3 2026 earnings summary

Executive summary

• Achieved third consecutive quarter of year-over-year revenue growth, with Q3 FY2026 revenue up 52% to $4.2 million/CAD 4.2 million compared to Q3 FY2025.

• Signed first annual enterprise LensAI platform contract, shifting revenue model toward recurring SaaS agreements and establishing recurring monthly revenue.

• Advanced three pipeline programs (Dengue, GLP-1, Influenza) toward key data readouts.

• U.S. revenue doubled year-over-year to $2.6 million, reflecting strategic focus and commercial expansion in North America.

• Launched B cell Llama nanobody discovery platform, targeting the bispecific and multispecific antibody market, with peer-reviewed validation.

Financial highlights

• Q3 FY2026 revenue was $4.2 million/CAD 4.2 million, up 52% from Q3 FY2025; nine-month revenue totaled $11.4 million, a 45% increase.

• U.S. revenue reached $2.6 million, doubling year-over-year.

• Gross margin for Q3 was 59% (down from 65% YoY); nine-month gross margin improved to 58% from 53% YoY.

• Q3 net loss from continuing operations: $3.9 million (improved from $21.9 million prior year, which included a $21.2 million impairment).

• Ended Q3 with $14.2 million in cash; cash used in operations was $10.1 million YTD.

Outlook and guidance

• Management anticipates continued revenue growth and further commercialization of the LensAI platform.

• Expectation for margin expansion as LensAI platform adoption increases.

• G&A expenses projected to remain flat or grow modestly, with infrastructure in place to support future growth.

• Pipeline programs advancing independently, with sufficient capital to progress preclinical and early clinical stages.

• Proceeds from Netherlands/European divestiture are being reinvested into growth, R&D, and expansion.