MindWalk Holdings Corp. Q3 FY2026 earnings call

• Third consecutive year-over-year revenue increase. • Recently signed first one-year enterprise Lens AI platform contract, shifting revenue from project-based to contracted and recurring. • Pipeline programs for dengue, GLP-1, and influenza with data anticipated in near term. • US revenue doubled due to strategic focus on North America, with investments in US commercial presence and biologics services operations. • Lens AI, powered by HIFT technology, advanced functional adjacency capability and screened over 2,000 influenza sequences. • Dengue program has rabbit immunization studies complete, moving to neutralization testing. • GLP-1 in vitro activation confirmed, dual pathway regimen identified. • Influenza program moving toward manufacturing of lead in silico candidates. • Launched B-Cell Llama platform, nanobody discovery platform with function-based selection. • Working with legal and financial advisors on structured asset level financing vehicles.

Mindwalk reported its third consecutive quarter of year-over-year revenue growth. Revenue was $4.2 million this quarter, a 52% increase from $2.7 million in the same quarter last year. Mindwalk's US revenue doubled year-over-year. Gross margin for the three months ending January 31st, 2026 was 59% as compared to 65% in the prior year period. For the nine-month period ended January 2026, gross margin was 58% as compared to 53%, a five percentage point improvement over the same period last year.

• Revenue has grown year-over-year and is expected to continue driving shareholder value. • Investments in commercial infrastructure, pipeline programs, and platform capabilities are expected to yield returns. • Cash runway for operations and capital structures to support ongoing development of proprietary pipeline assets.

Q: In terms of the enterprise agreement signed, what drove the client to sign and how many project-based clients may convert to recurring model?

A: The client initially came with problems others couldn't solve, Mindwalk was successful with fee-for-service work, earning their respect and trust, leading to the platform license. Not providing specific numbers on conversions but Lens AI is being rolled out across broader client base.

Q: On asset level financing, how are the projects independent and what's the status?

A: The projects are independent. Program costs are lower due to in silico and in-house work. Capital currently enough to drive forward. Asset level financing is for when programs become more advanced, with professional team in place, and enough runway to bring in additional capital by that time