MindWalk Holdings Corp. Reports Fiscal 2026 Results: Revenue Up 46% as the Company Completes Its Pivot to Bio-Native AI Infrastructure

About this update from Mindwalk Holdings Corp.

Full-year revenue rose 46% to $15.6 million with gross margin expanding to 59%; net loss narrowed by more than half as MindWalk sharpened its focus on the BioIntelligence infrastructure powering AI drug discovery. AUSTIN, Texas, July 22, 2026 --( BUSINESS WIRE )--MindWalk Holdings Corp. ("MindWalk") (NASDAQ: HYFT), a Bio-Native AI company, today reported financial results for the fiscal year ended April 30, 2026. All figures are in Canadian dollars unless otherwise noted. Fiscal 2026 was the year MindWalk completed its transition from building its technology to deploying it. Revenue grew 46% year over year, gross margin expanded, the net loss narrowed by more than half, and the Company divested a non-core business to concentrate on the BioIntelligence infrastructure that life sciences AI and agentic AI require. "We are not an AI company that discovered biology. We are a biology company that built AI on top of more than 40 years of biology heritage, and fiscal 2026 is the year the market began to see it in our results," said Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk. "Revenue grew 46%, margins expanded, and we simplified the business around the layer where enterprise AI value accrues. HYFT Technology powers ReefIQ, the biological context layer for life sciences, and LensAI is in contracted, recurring arrangements with life sciences customers today. Value compounds in that layer, not in any individual model that runs on top of it." Fiscal 2026 financial highlights Year ended April 30 (in thousands of Canadian dollars, except per-share data). Preliminary and subject to filing of the Annual Report on Form 20-F. Operating-expense decrease primarily reflects the non-recurrence of approximately $22.7 million of prior-year non-cash amortization and impairment of intangible assets and goodwill. Fiscal 2026 and recent business highlights Subsequent events The MindWalk platform MindWalk built a biological representation over 20 years of curation, 660 million biological patterns connected by 25 billion relationships, that turns raw biological data into a form any AI model or autonomous agent can reason over reliably. HYFT® Technology powers ReefIQ™, the biological context layer for life sciences: pharma uploads their data, MindWalk enriches it at ingestion, the biological representation refines it continuously, and LensAI™, together with customer-selected models and agents, reasons over that enriched context within the customer's own workflow, governance, and human review. The competitive asset is not the models MindWalk runs; it is the layer those models run on. Every program a customer runs enriches every prior program, and failed programs become queryable intellectual property. The data layer is the durable asset. The model layer becomes disposable. Financial results Fourth quarter 2026 Financial Results Revenue for the fourth quarter of fiscal 2026 was $4.1 million, compared with $2.7 million in the year-ago period. Cost of sales was $1.6 million and gross profit of $2.5 million, resulting in a gross margin of 60.6% compared with 58.0% in the prior-year period. Operating expenses were $6.8 million, compared with $4.7 million in the year-ago period. Research and development expense increased from $0.8 million to $1.6 million in 2026, which was primarily due to increased headcount to support our development initiatives. Sales and marketing expenses increased from $0.9 million in 2025 to $1.5 million in 2026, reflecting our continued investment in our commercial operations. General and administrative expense was $3.0 million in 2025 as compared to $3.7 million in 2026. Net loss from continuing operations was $3.9 million, compared with $3.4 million. Net loss for the year was $3.9 million, compared with $2.2 million Full year 2026 Financial Results Revenue for fiscal year 2026 was $15.6 million, compared with $10.6 million in fiscal 2025. Gross profit was $9.1 million in 2026 or 59%, compared with $5.7 million or 54% a year earlier. Operating expenses were $24.1 million, compared with $42.6 million in fiscal 2025. The decrease was driven primarily by the non-recurrence of approximately $22.7 million of prior-year non-cash amortization and impairment charges Research and development expense increased by $0.7 million from $4.2 million in 2025 to $4.9 million in 2026. Sales and marketing expenses increased by $2.3 million from $3.6 million in 2025 to 5.9 million in 2026. General and administrative expenses increased by $1.1 million from $12.1 million in 2025 to $13.2 million in 2026 Net loss from continuing operations was $15.1 million, compared with $33.1 million. Net loss for the year was $13.9 million, compared with $30.2 million. Loss per share from continuing operations was $0.33, compared with $0.99. Total cash, cash equivalents, and marketable securities, including restricted cash, were $11.5 million as of April 30, 2026. The reconciliation of Net Loss of continuing operations to Adjusted EBITDA is presented in the table below: *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. About MindWalk MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require, integrating AI, data, and advanced wet lab capabilities into one connected discovery ecosystem. At its core is HYFT® Technology, a proprietary, function-aware representation of biology. Its HYFT fingerprints span sequence and structural biology and, refined over 20 years of curation, form a continuously evolving biological representation of 660 million patterns and 25 billion relationships. This enriched biological representation is the architecture behind ReefIQ™, the biological data substrate that provides context for life sciences, enriching data at ingestion and growing more valuable with each program run on it, and LensAI™, the reasoning and application layer for target discovery, candidate diligence, portfolio decision support, and the agentic AI workflows pharma is racing to deploy. By design, value compounds in this HYFT representation layer, not in any individual AI model that runs on top of it. Contacts and trademarks Investor Contact: Louie Toma, CPA, CFA Managing Director, CoreIR [email protected] Trademarks: HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. Forward-looking statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management's current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: risks relating to the Company's history of net losses and its ability to achieve or sustain profitability; the level and trend of operating cash usage and the Company's ability to fund operations; the market acceptance and commercial outcomes of ReefIQ™ and LensAI™, including the ability to convert engagement into contracted, recurring arrangements; the build-out and certification of compliance capabilities for regulated workloads; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the outcomes and financial effects of the divestiture of non-core operations; intellectual property risks, including the status and scope of pending patent applications; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk's Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). ] Source: MindWalk Holdings Corp. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722945364/en/ Contacts Investor Contact: Louie Toma, CPA, CFA Managing Director, CoreIR [email protected]

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