MindWalk Holdings Corp.™ (formerly ImmunoPrecise Antibodies™) Reports Record $7.6 Million Quarterly Revenue, 45% Growth, Margin Expansion, Narrowed Losses, and Strengthened Balance Sheet

About this update from Mindwalk Holdings Corp.

Company to hold conference call on September 15, 2025 , at 10:30 ET to review corporate highlights AUSTIN, Texas --(BUSINESS WIRE)-- MindWalk Holdings Corp.™ (“MindWalk™”, “Company”, “we” or “us”) (NASDAQ: HYFT), a Bio-Native AI company operating at the intersection of TechBio and next-generation drug discovery, today announced financial results for its first fiscal quarter of 2026, ended July 31, 2025 . All numbers are expressed in Canadian dollars unless otherwise noted. First Quarter Highlights: Record revenue of $7.6 million , up 45% year-over-year; continued operations revenue of $3.2 million , up 28% Gross margin expanded to 53%; gross profit $4.0 million vs. $2.4 million last year Operating loss and adjusted EBITDA loss both reduced by nearly half Net loss improved to $3.0 million vs. $4.0 million last year Cash balance of $5.0 million at quarter-end, plus $16.1 million in net proceeds from Netherlands divestiture Soft launch of MindWalk rebrand; progress on dengue vaccine program and LensAI validation Financial Results (Total Operations) Revenue: $7.6 million (including $3.2 million from continuing operations and $4.4 million from discontinued operations), compared to $5.3 million in Q1 FY2025 (+46%). Gross Profit: $4.0 million (53% margin), up from $2.4 million (45% margin). Continued ops contributed $1.5 million at 48% margin; discontinued ops contributed $2.5 million at 56% margin. Operating Loss: $2.7 million total, versus $4.7 million last year. Includes $4.1 million loss from continuing ops and $1.1 million income from discontinued ops. Net Loss: $3.0 million total, versus $4.0 million last year. Includes $4.1 million loss from continuing ops and $1.1 million income from discontinued ops. Adjusted EBITDA: Loss of $1.4 million , versus $2.8 million last year. Includes $2.1 million loss from continuing ops and $0.7 million income from discontinued ops. Cash & Equivalents: $5.0 million at July 31, 2025 , excluding $16.1 million in net proceeds from the Netherlands divestiture received in early Q2. Results from the Netherlands operations, divested six days into Q2, will be classified as discontinued operations beginning this quarter. Recent Corporate Highlights : Rebranding – Introduced MindWalk, uniting ImmunoPrecise Antibodies , BioStrand, and Talem under one cohesive identity. New Nasdaq ticker: HYFT, reflecting HYFT® technology. Strategic Divestiture – Completed sale of Netherlands operations, generating $16.1 million net proceeds to strengthen the balance sheet and sharpen focus on high-growth, AI-driven initiatives. Advanced Dengue Vaccine Program – Progressed into preclinical manufacturing and in vivo studies, demonstrating LensAI’s translational potential across infectious diseases. De-Risking Biologics Development – Expanded validation of LensAI, showing predictive ability for Anti-Drug-Antibody risk, helping partners accelerate programs and reduce costly late-stage failures. CEO Commentary “Our strong first quarter reflects robust project growth and improved operating efficiency, underscoring our competitive position,” said Dr. Jennifer Bath , CEO of MindWalk. “The divestiture of our Netherlands operations generated $16.1 million in proceeds, further strengthening our balance sheet and enabling us to sharpen focus on AI-driven initiatives. With our rebranding complete, we are advancing our transformation into a fully integrated BioIntelligence company.” “During the quarter, we also advanced our dengue vaccine into preclinical manufacturing and further validated our LensAI platform to de-risk biologics development for partners. Supported by a stronger capital structure, a sharp focus on scalable opportunities, and a proven ability to execute, we believe MindWalk is well positioned to deliver sustainable growth and long-term value,” Dr. Bath concluded. About MindWalk Holdings Corp. MindWalk (NASDAQ: HYFT) is a Bio-Native AI company pioneering the integration of artificial intelligence, multi-omics data, and advanced laboratory research to accelerate the discovery and development of biologics. Through its proprietary LensAI™ platform and HYFT® technology, MindWalk partners with global pharmaceutical and biotechnology companies to drive innovation, de-risk drug development, and unlock new therapeutic possibilities. The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below: Three months ended July 31 , (in thousands) 2025 $ 2024 $ Net loss (2,959 ) (3,999 ) Income taxes (91 ) (666 ) Amortization and depreciation 740 691 Foreign exchange realized loss 2 8 Interest expense 59 56 Interest, accretion and other income (5 ) 2 Unrealized foreign exchange loss 31 140 Share-based payments 55 165 Adjusted EBITDA (2,168 ) (3,603 ) *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Conference Call and Webcast Details The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Monday, September 15, 2025 , at 10:30AM ET . The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s IR pages at https://ir.ipatherapeutics.com/events-and-presentations/default.aspx ***Participant Dial-In Details*** Joining by Phone USA / International Toll +1 (646) 307-1963 USA - Toll-Free (800) 715-9871 Canada - Toronto (647) 932-3411 Canada - Toll-Free (800) 715-9871 Participants call one of the allocated dial-in numbers and advise the Operator of either the Conference ID 3224490 or Conference Name. ***Webcast Details*** Webcast Attendee URL https://events.q4inc.com/attendee/796370968 Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. Anyone listening to the call is encouraged to read the company's periodic reports available on the company’s profile at www.sedarplus.com and www.sec.gov , including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk Holdings Corp. MindWalk is a Bio-Native AI company transforming drug discovery and development. Powered by patented HYFT® technology and the L ensAI ™ platform, MindWalk unifies sequence, structure, function, and literature into a single computational language and closes the loop with an integrated, full-stack wet lab. The platform supports rapid epitope mapping, de novo molecular design, in silico vaccine exploration, and population-scale biologics analytics that help turn insights into validated candidates at speed. For more information, visit www.MindWalkAI.com Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. These statements reflect the Company’s expectations, plans, projections, and beliefs regarding future events or performance. Words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “potential,” “will,” “may,” “continue,” and variations thereof are intended to identify forward-looking statements. Forward-looking statements in this release include, but are not limited to, statements related to the Company’s operational and financial outlook, the potential impact and continuity of strategic partnerships, including the recently announced commercial agreement and collaborations with cloud infrastructure providers, our projected growth in AI-driven revenues and margins, our ability to commercialize new technologies such as de novo antibody design and AI-designed GLP-1 therapeutics, future demand for our platform capabilities, ongoing strategic initiatives including business realignment and divestitures, and our ability to drive sustainable profitability. The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company’s internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management’s evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss. These statements are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These include, but are not limited to: execution risks related to strategic partnerships, delays or failures in technology development or commercialization, market adoption of AI-based drug discovery tools, fluctuations in financial markets, general economic conditions, and risks related to funding requirements and liquidity. The Company cautions readers not to place undue reliance on these forward-looking statements. All such statements are made as of the date of this release and, unless required by law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. For a complete discussion of risk factors, investors should refer to IPA’s filings with Canadian and U.S. securities regulators, including the most recent Annual Report on Form 20-F available at www.sedarplus.ca and www.sec.gov . MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian dollars) Three months ended July 31 , (in thousands, except share data) Note 2025 $ (Note 2) 2024 $ REVENUE 3,161 2,473 COST OF SALES 1,634 1,463 GROSS PROFIT 1,527 1,010 EXPENSES Research and development 1,049 1,489 Sales and marketing 1,343 539 General and administrative 3,294 3,354 Amortization of intangible assets 6 — 502 5,686 5,884 Loss before other income (expenses) and income taxes (4,159 ) (4,874 ) OTHER INCOME (EXPENSES) Grant income 13 6 138 Interest, accretion and other income 5 (2 ) Unrealized foreign exchange loss (31 ) (140 ) (20 ) (4 ) Loss before income taxes and discontinued operations (4,179 ) (4,878 ) Income taxes 2 91 666 NET LOSS FROM CONTINUING OPERATIONS (4,088 ) (4,212 ) NET INCOME FROM DISCONTINUED OPERATIONS 2 1,129 213 NET LOSS FOR THE PERIOD (2,959 ) (3,999 ) OTHER COMPREHENSIVE INCOME (LOSS) Items that will be reclassified subsequently to loss Exchange difference on translating foreign operations 70 519 COMPREHENSIVE LOSS FOR THE PERIOD (2,889 ) (3,480 ) LOSS PER SHARE FROM CONTINUING OPERATIONS– BASIC AND DILUTED (0.09 ) (0.16 ) INCOME PER SHARE FROM DISCONTINUED OPERATIONS– BASIC AND DILUTED 0.02 0.01 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 46,154,118 27,132,355 MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian dollars) (in thousands) Note July 31 , 2025 $ April 30 , 2025 $ ASSETS Current assets Cash 4,897 10,665 Amounts receivable, net 1,815 4,115 Taxes receivable 253 143 Inventory 524 2,095 Unbilled revenue 532 548 Assets held for sale 2 27,538 — Prepaid expenses 699 1,188 36,258 18,754 Restricted cash 127 126 Deposit on equipment 25 502 Property and equipment 5, 8 4,338 15,762 Intangible assets 6 — 1,067 Goodwill — 8,230 Total assets 40,748 44,441 LIABILITIES Current liabilities Accounts payable and accrued liabilities 12 3,275 5,283 Liabilities held for sale 2 12,229 — Deferred revenue 777 1,090 Income taxes payable 2 — 475 Leases 8 413 1,850 Deferred acquisition payments — 314 16,694 9,012 Leases 8 3,311 11,553 Deferred income tax liability 2 — 250 Total liabilities 20,005 20,815 SHAREHOLDERS' EQUITY Share capital 9 136,322 136,371 Contributed surplus 9 12,888 12,833 Accumulated other comprehensive income 3,286 3,216 Accumulated deficit (131,753 ) (128,794 ) 20,743 23,626 Total liabilities and shareholders’ equity 40,748 44,441 MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS For the quarter ended July 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) Three months ended July 31 , (in thousands) Note 2025 $ 2024 $ Operating activities: (Note 2) Net loss for the period (2,959 ) (3,999 ) Items not affecting cash: Amortization and depreciation 5, 6 942 1,396 Deferred income taxes — (645 ) Accretion — 3 Foreign exchange 41 155 Share-based expense 9, 10 55 165 (1,921 ) (2,925 ) Changes in non-cash working capital related to operations: Amounts receivable (850 ) 1,274 Inventory (84 ) 299 Unbilled revenue (627 ) (400 ) Prepaid expenses (329 ) (293 ) Accounts payable and accrued liabilities 10 (986 ) 530 Sales and income taxes payable and receivable 279 (249 ) Deferred revenue 305 (59 ) Net cash used in operating activities (4,213 ) (1,823 ) Investing activities: Purchase of property and equipment 5 (282 ) (263 ) Deferred acquisition payments (312 ) — Net cash used in investing activities (594 ) (263 ) Financing activities: Proceeds on share issuance, net of transaction costs 9 (48 ) 491 Repayment of leases 8 (323 ) (394 ) Debenture — 2,599 Net cash used in financing activities (371 ) 2,696 Increase (decrease) in cash during the period (5,178 ) 610 Cash included in asset held for sale (646 ) — Foreign exchange 57 (155 ) Cash – beginning of the period 10,791 3,545 Cash – end of the period 5,024 4,000 Cash is comprised of: Cash 4,897 3,913 Restricted cash 127 87 5,024 4,000 Cash paid for interest — — Cash paid for income tax — — Cash from discontinued operations: Net cash used in operating activities 754 990 Net cash used in investing activities (100 ) (189 ) Net cash used in financing activities (359 ) (314 ) View source version on businesswire.com : https://www.businesswire.com/news/home/20250915475297/en/ Investor Relations Contact [email protected] Source: MindWalk Holdings Corp.

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