Mindwalk Holdings . Stock Earnings Reports

MindWalk (formerly ImmunoPrecise Antibodies) reported a strong Q1 FY2026 driven by continued operations and a strategic divestiture. Total revenue was a record $7.6M, up 45% year-over-year, with gross profit of $4.0M (53% margin). Adjusted EBITDA loss narrowed to $1.4M (half of prior year) and operating loss improved to $2.7M. Continued operations contributed $3.2M in revenue (up 28% YoY). Six days into Q2 the company completed the divestiture of its Netherlands operations, generating $16.1M in net proceeds; going forward those results will be classified as discontinued operations. Cash at quarter-end was $5M, plus the $16.1M received post-quarter, strengthening the balance sheet. Strategically, the company completed a soft rebrand to MindWalk with a new Nasdaq ticker (HYFT) and is shifting its business model from primarily wet-lab services toward a bio-native AI platform offering SaaS, DaaS, asset generation and large-scale partnerships. Operational highlights include progress on a dengue vaccine program now in preclinical manufacturing with plans to advance to Phase I through partners (MindWalk does not plan to self-sponsor Phase I) and continued validation of its LensAI/HYFT technology. Management emphasized cost discipline, margin expansion (noting particularly high margins from BioStrand and Canadian operations), integrated in silico/wet-lab workflows, and a dual path of building internal assets while partnering with pharma and tech companies.