MH

MindWalk Holdings Corp.

HYFT·NASDAQ

$1.82

+6.1%
HealthcareBiotechnology

MindWalk Holdings Corp. operates as a bio-native AI company. It focuses on the integration of artificial intelligence, multi-omics data, and advanced laboratory research to accelerate the discovery and development of biologics. The company, through its LensAI platform and HYFT technology, it partners with pharmaceutical and biotechnology companies to drive de-risk drug development and unlock therapeutic possibilities. The company was formerly known as ImmunoPrecise Antibodies Ltd. and changed its name to MindWalk Holdings Corp. in September 2025. The company was incorporated in 1983 and is headquartered in Austin, Texas.

At a Glance

Live Snapshot
Market Cap$84.87M
EPS-0.9100
P/E Ratio-2.00
Earnings Date03/26/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

Medium confidence

Valuation multiple is compressed (P/E -2.0).

Valuation inputs: P/E -2.0, earnings yield N/A, momentum +6.1%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE -1.3%, ROIC -27.9%).

Profitability stack: net margin -1.2%, ROE -1.3%, ROIC -27.9%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +46.8%, momentum +6.1%, net margin -1.2%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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MindWalk Holdings Corp. Market vs Earnings Trajectory

HYFT · NASDAQ

Loading price and EPS data...

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MindWalk Holdings Corp. Fair Value Envelope

HYFT · NASDAQ

Our analysis suggests that HYFT has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $1.82, this represents a potential HIDDEN relative to our calculated worth for MindWalk Holdings Corp..

Intrinsic Value
Current Price: $1.82
3Y+7.0%
5Y+153.0%
10Y-1010.0%
3Y+27.0%
5Y+74.0%
10Y+1193.0%
3Y+81.0%
5Y+511.0%
10Y-20118.0%
3Y-35.0%
5Y+361.0%
10Y-2356.0%
3Y-36.0%
5Y+267.0%
10Y-2804.0%
3Y-52.0%
5Y+63.0%
10Y+3119.0%
MH

MindWalk Holdings Corp. Profit Bridge

HYFT · NASDAQ
Revenue24.52M
Cost of Goods Sold (10.97M)
Gross Profit13.55M
Operating Expenses (25.74M)
Operating Income-12.20M
Interest Expense (293.00K)
Other Income/Expense-22.07M
Pretax Income-34.27M
Income Tax (-4.03M)
Net Income-30.23M
Net Income
-30.23M

Profitability Analysis

Gross Margin

55.3%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

-49.7%

Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.

Net Profit Margin

-123.3%

Net losses indicate the company is burning cash. Sustainability depends on path to profitability.

Profitability Insight

Margin squeeze alert: Healthy gross margins but weak operating margins suggest excessive operating expenses. Cost optimization could unlock significant value.

55.25%
Gross Profit Margin
12%
3Y-3.0%
5Y-3.0%
10Y-34.0%
-49.74%
Operating Profit Margin
-11%
3Y-42.0%
5Y+71.0%
10Y-489.0%
-123.30%
Net Profit Margin
16%
3Y+43.0%
5Y+250.0%
10Y-1648.0%
-127.97%
Return on Equity
66%
3Y+477.0%
5Y+290.0%
10Y-870.0%
-68.03%
Return on Assets
56%
3Y+281.0%
5Y+275.0%
10Y-722.0%
-27.86%
Return on Invested Capital
21%
3Y+37.0%
5Y+62.0%
10Y-284.0%
H

MindWalk Holdings Corp. Cash Conversion Engine

HYFT · NASDAQ
Net Income-30.23M
Depreciation & Amortization5.12M
Stock-Based Compensation445.00K
Change in Working Capital276.99K
Others21.92M
Capital Expenditures-799.00K
Free Cash Flow-7.21M

Cash Flow Quality Analysis

FCF Conversion Rate

23.8%

Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.

CapEx Intensity

-12.5%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-27.8%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

+$276.99K

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.

h

MindWalk Holdings Corp. Funding & Solvency Profile

HYFT · NASDAQ
Cash & Cash Equivalents16.51M
Net Receivables4.20M
Inventory531.00K
Other Current Assets0.00
Total Current Assets22 M
Property, Plant & Equipment4.24M
Goodwill & Intangible Assets0.00
Long-Term Investments91.35K
Other Non-Current Assets36.65K
Total Non-Current Assets4 M
Total Assets
26.10M

Financial Health Analysis

Current Ratio

4.19x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.47x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

17 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

83% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

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MindWalk Holdings Corp. Street Expectations Map

HYFT · NASDAQ

No Target Data

No analyst price targets available for hyft.

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MindWalk Holdings Corp. Insider Positioning

HYFT · NASDAQ

During the last 12 months, there has been no insider trading activity reported for HYFT.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

No buying activity

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Neutral

No insider trading activity reported. This could indicate blackout periods, lack of conviction, or regulatory restrictions.

Insider Participation

No Activity

No insider trading activity reported from any insiders in the past year.

0.00%
Dividend Yield
3Y-
5Y-
10Y-100.0%
 

hyft Dividend History

HYFT
10Y CAGR +0%
Latest $0
Annual $0
Stable dividend payments
Last Period: +0%