Issued on behalf of MindWalk Holdings Corp. (Nasdaq: HYFT)

USA News Group News Commentary

NEW YORK, July 23, 2026 /PRNewswire/ -- For years, the promise of artificial intelligence in drug discovery has been easy to describe and hard to monetize. Plenty of companies can talk about accelerating the search for new medicines; far fewer can point to real revenue, real clients, and a business model that compounds. One small-cap AI biotech just put a set of numbers behind its version of that story, and they show a company whose pivot is starting to appear in its financials rather than only in its slide decks.

The company reported full-year results that pair a sharp revenue increase with a dramatically narrower loss, and, for the first time, contracted recurring platform revenue. Taken together, the report is the clearest evidence yet of the shift it has been promising: from one-off project work toward a durable, recurring software business.

Key Takeaways

MindWalk Holdings Corp. (NASDAQ: HYFT) reported fiscal 2026 revenue up 46% to C$15.6 million, with gross margin expanding to roughly 59% and the net loss for the year narrowing by more than half.

The company signed its first two contracted, recurring enterprise LensAI™ agreements during the year, the first recurring platform revenue in its history, and regained Nasdaq listing compliance without a reverse split or dilutive financing.

The broader AI-platform and computational-biology field includes Schrödinger (NASDAQ: SDGR), AbCellera Biologics (NASDAQ: ABCL), Relay Therapeutics (NASDAQ: RLAY), and Certara (NASDAQ: CERT), each pursuing its own model for turning software and data into durable revenue.

The Numbers Behind the Pivot 

MindWalk Holdings Corp. (Nasdaq: HYFT), a Bio-Native AI company focused on drug discovery, reported financial results for the fiscal year ended April 30, 2026. Revenue rose 46% year over year to C$15.6 million, up from C$10.6 million a year earlier, while gross profit grew about 60% to C$9.1 million and gross margin expanded to 58.8% from 53.9%. The company reported these as preliminary results ahead of the filing of its Annual Report on Form 20-F, and all figures are in Canadian dollars.

Just as striking as the top line was the bottom line. Total operating expenses fell about 44% to C$24.1 million from C$42.6 million, a decline the company attributed primarily to the non-recurrence of roughly C$22.7 million of prior-year non-cash amortization and impairment of intangible assets and goodwill. Net loss from continuing operations narrowed to C$15.1 million from C$33.1 million, and net loss for the year narrowed to C$13.9 million from C$30.2 million, an improvement of more than half. Loss per share from continuing operations improved to C$0.33 from C$0.99. The company ended the year with C$11.5 million in cash and restricted cash.

In the fourth quarter, revenue rose 50% to C$4.1 million from C$2.7 million a year earlier, with gross margin of roughly 60.6%, capping four consecutive quarters of year-over-year revenue growth. The pattern is the story the company wants investors to see: growth that is not only accelerating but improving in quality as higher-margin platform work enters the mix.

From Project Work to Recurring Revenue

The single most important disclosure for the investment thesis was not a headline financial figure but a structural one. During the fiscal year, MindWalk signed its first two contracted, recurring enterprise LensAI agreements, one in the second half and one in the fourth quarter, which it described as the first recurring platform revenue in the company's history. That is the shift the company has been arguing it could make: away from one-time, fee-for-service engagements and toward the kind of durable, contracted revenue the market tends to value more highly.

"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."

The company also cleaned up its structure during the year. It completed its transformation into MindWalk Holdings Corp. from ImmunoPrecise Antibodies Ltd. in September 2025, and divested its Netherlands subsidiary, ImmunoPrecise Antibodies (Europe) B.V., to AVS Bio, a portfolio company of Arlington Capital Partners, in a transaction that generated proceeds on disposal of approximately C$14.3 million and was supported by a 12-month transition services agreement. Management framed the divestiture as sharpening focus on the core business and strengthening the balance sheet, and separately noted it had regained Nasdaq listing compliance organically, without a reverse split or dilutive financing.

The Platform Underneath the Story

MindWalk positions itself as a Bio-Native AI company, meaning it aims to reason over biology itself rather than over language the way general-purpose AI models do. Its technology is built in layers. HYFT® Technology provides a representation foundation, a function-aware map of biology built over 20 years of curation and spanning 660 million biological patterns connected by 25 billion relationships. ReefIQ™, launched commercially in June 2026 and built on that foundation, is the biological context layer that organizes and governs a client's data. LensAI is the reasoning layer that applies analytical workflows on top. In the company's framing, the durable, compounding asset is the context layer rather than any individual model that runs on it, because every program a customer runs enriches the layer for the next one.

The company pointed to several recent milestones beyond the financials: the June 2026 commercial launch of ReefIQ, the filing of a European patent application in June 2026 covering the high-dimensional biological data structure underpinning HYFT Technology, and inclusion in the Russell 3000E and Russell Microcap Indexes effective after the U.S. market close on June 26, 2026, which broadens institutional visibility. MindWalk also noted that its discovery platform has contributed to more than 20 molecules reaching the clinic, supported by over 400 peer-reviewed publications and issued patents, though it characterized those as client-owned assets rather than its own pipeline.

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How MindWalk Sits Against the Field

MindWalk's recurring-revenue argument is easier to judge against peers that have already tried to turn software, data, or discovery platforms into durable revenue. Four public companies, at very different stages, illustrate the range of models in play.

Schrödinger (Nasdaq: SDGR)

Schrödinger is the clearest analogue to the model MindWalk is pursuing. It sells physics-based simulation software to pharmaceutical and biotech researchers as recurring, subscription-style revenue, while also building its own pipeline that can generate milestones and royalties. In other words, software revenue today, drug economics tomorrow. Schrödinger has one of the largest installed bases in computational chemistry and has guided to double-digit growth in annual contract value, and it is one of the few names in the space that has approached profitability. For MindWalk, Schrödinger is both a template and a benchmark: it shows that the recurring-software-plus-pipeline model can work, and it sets the bar for what that model looks like at scale.

AbCellera Biologics (Nasdaq: ABCL)

AbCellera Biologics runs an AI and machine-learning antibody-discovery platform, partnering with large pharmaceutical companies that bring targets while AbCellera runs the discovery and earns downstream as programs advance, alongside a growing proprietary pipeline. Its reported revenue grew sharply year over year in early 2026, and it holds a large liquidity position to fund its own programs. The parallel to MindWalk is direct on the science side, since MindWalk's own roots include B-cell and nanobody antibody work, and on the business side both are trying to balance partner-driven revenue with owned pipeline value. AbCellera's dual model, royalty-style partner economics plus proprietary assets, is a useful reference for how investors value that blend.

Relay Therapeutics (Nasdaq: RLAY)

Relay Therapeutics represents the platform-into-pipeline path taken further toward the clinic. Its Dynamo platform combines machine learning with physics-based simulation to target the motion of proteins, and the company has advanced its lead oncology candidate into late-stage development, earning an FDA Breakthrough Therapy designation along the way. Relay is a reminder that computational-discovery platforms are increasingly judged by clinical results, not just software metrics, and that raising capital to fund those trials, as Relay did in 2026, is part of the model. For MindWalk investors, Relay illustrates both the upside of a platform that produces a clinical asset and the capital intensity that comes with it.

Certara (Nasdaq: CERT)

Certara is the established, profitable end of the spectrum. It sells biosimulation and model-informed drug-development software and services to the pharmaceutical industry, generating recurring software revenue with healthy margins, and it has been reshaping its portfolio to focus on its core simulation platforms. Certara shows what a mature, recurring-revenue software business in drug development looks like once it has scaled, which is precisely the destination MindWalk is arguing it can grow toward. The contrast in size is large, but the business logic, durable software revenue anchored to the drug-development workflow, is the same one MindWalk is making to investors.

What to Watch From Here 

The fiscal 2026 report gives the recurring-revenue thesis its first real evidence: accelerating growth, expanding margins, a sharply narrower loss, and, most importantly, the first contracted recurring platform agreements. The near-term question is whether MindWalk can convert those first two LensAI contracts into a repeatable pattern, signing additional enterprise agreements that build a genuine recurring-revenue base rather than remaining one-off wins. Investors will also be watching the commercial traction of ReefIQ following its June launch, the pace of margin expansion, and any updates on the discovery programs the company has referenced.

None of this removes the risks. MindWalk is a small-cap company with a history of net losses, its results are preliminary pending the filing of its Form 20-F, and turning early recurring contracts into a durable business is far from guaranteed. But the setup is clearer than it was a year ago: a company that spent years building a platform is now, on its own numbers, beginning to sell it, and the market gets to judge that claim against real results rather than projections.

Contact:

USA News Group
info@USANewsgroup.com

Article Source:

• MindWalk Holdings Corp., "MindWalk Holdings Corp. Reports Fiscal 2026 Results," press release, July 22, 2026.

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Financial figures on this page describing MindWalk Holdings Corp.'s fiscal 2026 results are drawn from the company's own earnings release and are preliminary results reported ahead of, and subject to, the filing of the company's Annual Report on Form 20-F; final audited figures may differ, and all amounts are in Canadian dollars unless otherwise noted. References to HYFT® Technology, ReefIQ™, and LensAI™, and to the company's platform, patents, publications, molecules, and pipeline, describe early-stage products and activities that have not been independently verified and may not translate into future commercial outcomes; ReefIQ™ registration is pending. HYFT® is a registered trademark, and LensAI™ and ReefIQ™ are trademarks, of MindWalk Holdings Corp. or its subsidiaries. Forward-looking statements involve known and unknown risks and uncertainties, including the company's history of net losses and its ability to convert engagement into contracted, recurring arrangements; readers should not place undue reliance on them.

References to Schrödinger, AbCellera Biologics, Relay Therapeutics, Certara, and any of their respective products, platforms, or programs are for comparative and illustrative context only. MindWalk Holdings Corp. is not a party to, and is not affiliated with, the products, platforms, or corporate activities of those companies, and their businesses are at different and generally more advanced stages. Each company carries its own independent risks and must be evaluated on its own merits.

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