MindWalk Holdings Corp. Q1 FY2026 earnings call

• Divested Netherlands operations six days into the second quarter, generating $16.1 million in net proceeds, classifying those results as discontinued operations.
• Q1 total operations had record revenue of $7.6 million, up 45% YOY; gross profit $4 million, margin 53%; operating loss narrowed to $2.7 million; adjusted EBITDA loss cut in half to $1.4 million; net loss improved to $3 million.
• General and administrative expenses declined; cash ended quarter at $5 million plus $16.1 million from divestiture.
• Rebranding to MindWalk unifies legacy companies, introduces new ticker HYFT, reflects evolution into bio-native AI platform company with BioIntelligence ecosystem.

For the first quarter, total operations reported record revenue of $7.6 million, up 45% year-over-year. Gross profit was $4 million with a 53% margin. Operating loss narrowed to $2.7 million, adjusted EBITDA loss was $1.4 million, net loss was $3 million. Continued operations contributed $3.2 million in revenue, up 28% year-over-year. The Netherlands operations, which were divested with $16.1 million net proceeds, are now classified as discontinued operations.

• Divestiture strengthened balance sheet and allowed concentration on strategic high-priority and high-margin initiatives. No specific forward-looking guidance beyond focus on strategic initiatives post-divestiture.

• Discussed risks include global, political, and economic conditions; changes in market dynamics; and other business risks, as per SEC filings reference.

Q: What portion of revenue from discontinued operations comes from products and services?

A: Very few products/services remain; off-the-shelf products were a decent proportion of revenue and profit margin last quarter, none of AI products/services go with that group.

Q: How much of gross margin contribution comes from continued operations?

A: Canada and BioStrand contribute strongly; BioStrand historically has over 90% gross profit margins, looking to increase its contribution to overall revenue.

Q: Strategy for dengue vaccine development beyond preclinical?

A: Pulling out data from preclinical trials to see if antibodies neutralize virus; working with NIH and partners; looking at safety/tolerability and T cell arm; interested in Phase I clinical trials with sponsors.

Q: Internal vs external pipeline direction?

A: Both internal platform product development and enhancing partnership work; integrating in silico applications into wet lab, working with 19 of top 20 pharma, and moving some internal platform products forward to show differentiator