MindWalk Holdings Corp.
HYFTHealthcare|Biotechnology|US
$1.06
+0.06 (+6.00%)
Tangible Book / Share
$0.15
Cash / Share
$0.16
Financials
Financial Snapshot
Market Cap
$49.9M
Enterprise Value
$66.3M
Revenue (TTM)
$16.2M
Net Income (TTM)
-$17.1M
Cash & Investments
$7.6M
Net Cash
$4.1M
Free Cash Flow (TTM)
-$12.6M
Operating CF (TTM)
-$12.4M
Debt/Equity
0.50
Cash Runway & Burn Rate
Cash on Hand
$7.6M
Quarterly Burn
$3.1M
Monthly Burn
$1.0M
Est. Runway
~2.5 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.6M | $1.8M | $5.5M | $2.6M | $41.8M | $30.0M | $8.3M | $3.5M | $10.7M | $11.3M | $7.6M | |
| Operating Cash Flow | -$721.7K | -$3.4M | -$3.2M | -$1.4M | -$600.0K | -$9.9M | -$19.8M | -$4.2M | -$6.4M | -$12.3M | -$12.4M | |
| Free Cash Flow | -$1.3M | -$3.8M | -$3.9M | -$2.0M | -$2.0M | -$11.2M | -$21.3M | -$5.6M | -$7.2M | -$12.7M | -$12.6M | |
| Capital Expenditure | -$530.8K | -$345.5K | -$645.1K | -$575.6K | -$1.4M | -$1.3M | -$1.5M | -$1.4M | -$799.0K | -$391.9K | -$199.3K | |
| Financing Cash Flow | $3.2M | $9.8M | $9.4M | $174.7K | $43.4M | $2.9M | -$621.0K | $1.0M | $14.9M | $113.2K | $1.1M |
R&D Spending
R&D (TTM)
$5.3M
R&D Intensity
32.6%
R&D Growth vs Prior
+8.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6M | $5.4M | $10.9M | $14.7M | $17.9M | $19.4M | $20.7M | $24.5M | $24.5M | $15.3M | $16.2M | |
| R&D Expense | $660.4K | $509.2K | $485.8K | $467.3K | $2.0M | $7.7M | $14.1M | $4.0M | $4.9M | $4.9M | $5.3M | |
| R&D % of Revenue | 25.1% | 9.4% | 4.4% | 3.2% | 11.0% | 39.6% | 68.2% | 16.5% | 20.2% | 31.7% | 32.6% | |
| SG&A | $2.0M | $5.8M | $8.1M | $3.2M | $13.3M | $18.1M | $19.0M | $19.1M | $19.0M | $18.9M | $21.5M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6M | $5.4M | $10.9M | $14.7M | $17.9M | $19.4M | $20.7M | $24.5M | $24.5M | $15.3M | $16.2M | |
| Cost of Revenue | $1.2M | $3.0M | $5.6M | $15.3M | $6.4M | $8.4M | $9.1M | $12.5M | $11.0M | $6.3M | $6.3M | |
| Gross Profit | $1.4M | $2.5M | $5.3M | -$576.3K | $11.5M | $11.0M | $11.6M | $12.1M | $13.5M | $9.0M | $9.8M | |
| R&D | $660.4K | $509.2K | $485.8K | $467.3K | $2.0M | $7.7M | $14.1M | $4.0M | $4.9M | $4.9M | $5.3M | |
| SG&A | $2.0M | $5.8M | $8.1M | $3.2M | $13.3M | $18.1M | $19.0M | $19.1M | $19.0M | $18.9M | $21.5M | |
| Operating Income | -$1.4M | -$4.9M | -$6.2M | -$4.3M | -$4.2M | -$16.7M | -$25.6M | -$13.8M | -$12.2M | -$14.7M | -$16.9M | |
| Interest Expense | $16.8K | $84.2K | $858.3K | $736.3K | $602.4K | $85.0K | $30.0K | $19.0K | $9.9K | $0.00 | $0.00 | |
| Pretax Income | -$5.5M | -$5.1M | -$7.6M | -$5.5M | -$6.0M | -$15.8M | -$27.8M | -$28.7M | -$34.3M | -$15.3M | -$17.3M | |
| Net Income | -$5.4M | -$5.2M | -$7.6M | -$5.2M | -$7.3M | -$16.7M | -$26.6M | -$26.1M | -$30.2M | -$13.7M | -$17.1M | |
| EPS (Diluted) | -1.36 | -0.57 | -0.61 | -0.36 | -0.45 | -0.87 | -1.07 | -1.03 | -0.90 | -0.30 | -0.37 | |
| EBITDA | -$5.4M | -$4.3M | -$4.0M | -$1.4M | -$1.4M | -$12.0M | -$21.0M | -$22.9M | -$28.9M | -$13.1M | -$16.7M | |
| Shares Out. (M) | 3.96 | 9.11 | 12.54 | 13.63 | 16.47 | 19.69 | 24.90 | 25.64 | 33.38 | 46.38 | 46.81 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.6M | $1.8M | $5.5M | $2.6M | $41.8M | $30.0M | $8.3M | $3.5M | $10.7M | $11.3M | $7.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $3.3M | $4.8M | $9.9M | $7.7M | $48.9M | $37.5M | $16.8M | $11.5M | $18.8M | $16.2M | $12.2M | |
| Total Assets | $3.9M | $24.6M | $28.3M | $27.3M | $67.0M | $93.5M | $77.8M | $60.0M | $44.4M | $21.3M | $17.3M | |
| Total Current Liabilities | $836.9K | $4.3M | $7.2M | $7.9M | $6.1M | $9.3M | $5.9M | $8.1M | $9.0M | $5.8M | $6.6M | |
| Long-Term Debt | $0.00 | $3.6M | $28.7K | $503.0K | $1.5M | $0.00 | $6.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $836.9K | $11.9M | $10.3M | $12.2M | $10.0M | $18.4M | $20.0M | $26.1M | $20.8M | $9.6M | $10.4M | |
| Stockholders' Equity | $3.1M | $12.7M | $18.1M | $15.1M | $56.9M | $75.3M | $57.8M | $33.9M | $23.6M | $11.7M | $6.9M | |
| Retained Earnings | -$4.6M | -$9.7M | -$17.5M | -$22.5M | -$29.8M | -$46.5M | -$73.1M | -$100.3M | -$128.8M | -$142.5M | -$148.9M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$721.7K | -$3.4M | -$3.2M | -$1.4M | -$600.0K | -$9.9M | -$19.8M | -$4.2M | -$6.4M | -$12.3M | -$12.4M | |
| Capital Expenditure | -$530.8K | -$345.5K | -$645.1K | -$575.6K | -$1.4M | -$1.3M | -$1.5M | -$1.4M | -$799.0K | -$391.9K | -$199.3K | |
| Free Cash Flow | -$1.3M | -$3.8M | -$3.9M | -$2.0M | -$2.0M | -$11.2M | -$21.3M | -$5.6M | -$7.2M | -$12.7M | -$12.6M | |
| Investing Cash Flow | -$174.6K | -$7.2M | -$2.2M | -$1.6M | -$2.5M | -$5.2M | -$2.0M | -$1.6M | -$799.0K | $13.3M | $14.0M | |
| Financing Cash Flow | $3.2M | $9.8M | $9.4M | $174.7K | $43.4M | $2.9M | -$621.0K | $1.0M | $14.9M | $113.2K | $1.1M | |
| Issuance of Stock | $4.3M | $5.6M | $9.8M | $493.0K | $44.2M | $3.9M | $716.0K | $1.7M | $12.2M | $883.2K | $1.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$77.0K | |
| Net Debt Issuance | $97.5K | $4.2M | -$202.7K | -$319.0K | -$772.0K | -$962.0K | -$1.3M | -$1.3M | $2.7M | -$782.0K | -$638.0K | |
| Stock Based Comp. | $198.0K | $1.2M | $1.1M | $739.0K | $2.7M | $3.1M | $1.9M | $1.5M | $445.0K | $0.00 | $152.0K | |
| Net Change in Cash | $2.2M | -$772.3K | $3.7M | -$2.8M | $39.1M | -$11.8M | -$21.7M | -$4.8M | $7.2M | $837.5K | $2.8M |
Dilution Tracker
Shares outstanding grew 181.5% over 5 years — significant dilution
Shares Outstanding
47M
5-Year Share Growth
+181.5%
Stock Issuance (TTM)
$1.4M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.96 | 9.11 | 12.54 | 13.63 | 16.47 | 19.69 | 24.90 | 25.64 | 33.38 | 46.38 | 46.81 | |
| Change vs Prior % | — | 129.9% | 37.7% | 8.7% | 20.9% | 19.5% | 26.5% | 3.0% | 30.2% | 38.9% | 0.9% | |
| Stock Issuance | $4.3M | $5.6M | $9.8M | $493.0K | $44.2M | $3.9M | $716.0K | $1.7M | $12.2M | $883.2K | $1.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$77.0K | |
| Stock Based Comp. | $198.0K | $1.2M | $1.1M | $739.0K | $2.7M | $3.1M | $1.9M | $1.5M | $445.0K | $0.00 | $152.0K |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 54.0% | 45.0% | 48.5% | -3.9% | 64.4% | 56.7% | 56.0% | 49.2% | 55.3% | 58.8% | 60.8% | |
| Operating Margin % | -52.7% | -90.6% | -57.0% | -29.1% | -23.3% | -86.1% | -123.9% | -56.1% | -49.7% | -96.0% | -104.4% | |
| Net Margin % | -204.7% | -95.0% | -69.7% | -35.2% | -41.0% | -86.3% | -128.5% | -106.5% | -123.3% | -89.7% | -105.5% | |
| EBITDA Margin % | -205.3% | -79.9% | -36.9% | -9.5% | -7.9% | -61.9% | -101.8% | -93.6% | -117.7% | -85.7% | -103.0% | |
| FCF Margin % | -47.6% | -69.1% | -35.3% | -13.4% | -11.3% | -57.7% | -103.2% | -23.0% | -29.4% | -82.7% | -77.9% | |
| ROE % | -174.1% | -40.7% | -42.2% | -34.3% | -12.9% | -22.2% | -45.9% | -77.0% | -128.0% | -117.1% | -144.3% | |
| ROA % | -137.0% | -21.0% | -26.9% | -19.0% | -11.0% | -17.9% | -34.1% | -43.5% | -68.0% | -64.4% | -98.5% | |
| ROIC % | -44.2% | -24.1% | -26.0% | -18.0% | -6.7% | -19.3% | -33.2% | -23.4% | -28.9% | -89.2% | -149.5% | |
| R&D / Revenue % | 25.1% | 9.4% | 4.4% | 3.2% | 11.0% | 39.6% | 68.2% | 16.5% | 20.2% | 31.7% | 32.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 38.7% | 106.9% | 100.8% | 34.7% | 21.7% | 8.1% | 6.7% | 18.6% | 0.0% | -37.5% | |
| Gross Profit | 0.0% | 72.5% | 116.0% | -110.9% | 2102.1% | -4.8% | 5.3% | 4.2% | 12.4% | -33.5% | |
| Operating Income | -671.4% | -255.5% | -26.3% | 31.1% | 2.6% | -299.3% | -53.6% | 46.3% | 11.4% | -20.6% | |
| Net Income | -3664.6% | 4.0% | -47.3% | 32.0% | -41.7% | -127.6% | -59.0% | 1.7% | -15.8% | 54.6% | |
| EPS (Diluted) | -1460.0% | 58.1% | -7.0% | 41.0% | -25.0% | -93.3% | -23.0% | 3.7% | 12.6% | 66.7% | |
| Operating Cash Flow | -354.0% | -373.4% | 6.1% | 56.6% | 56.9% | -1553.5% | -99.9% | 78.6% | -51.0% | -91.4% | |
| Free Cash Flow | -569.8% | -200.4% | -2.4% | 48.9% | -3.1% | -451.5% | -90.8% | 73.5% | -27.8% | -75.7% | |
| R&D Expense | 118.1% | -22.9% | -4.6% | -3.8% | 322.4% | 288.2% | 84.0% | -71.3% | 22.3% | -1.7% | |
| SG&A Expense | 94.1% | 193.4% | 40.5% | -60.2% | 308.9% | 36.1% | 5.2% | 0.8% | -0.5% | -0.9% | |
| Total Assets | 184.6% | 525.5% | 15.3% | -3.8% | 145.6% | 39.6% | -16.8% | -22.9% | -25.9% | -52.0% | |
| Book Value / Share | 71.8% | 78.7% | 3.3% | -23.2% | 212.2% | 10.4% | -39.2% | -43.0% | -46.5% | -64.3% | |
| Debt | 0.0% | 0.0% | -23.4% | 54.1% | -5.6% | -35.0% | 415.7% | -4.1% | -2.0% | -73.7% | |
| Diluted Shares | 98.2% | 129.9% | 37.7% | 8.7% | 20.9% | 19.5% | 26.5% | 3.0% | 30.2% | 38.9% |
Valuation
P/E (TTM)At Loss
P/S4.35
10Y Low / Med / High0.82 / 4.89 / 11.02
P/B10.13
10Y Low / Med / High0.85 / 3.44 / 7.38
EV/EBITDAAt Loss
EV/Revenue4.10
10Y Low / Med / High0.93 / 4.49 / 8.93
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.15
Net Current Assets / Share
$0.04
Cash / Share
$0.16
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.23 | -8.43 | -6.52 | -10.77 | -26.63 | -8.22 | -3.26 | -1.71 | -0.67 | -5.39 | -4.10 | |
| P/S Ratio | 8.67 | 8.04 | 4.56 | 3.59 | 11.02 | 7.27 | 4.20 | 1.84 | 0.82 | 4.89 | 4.35 | |
| P/B Ratio | 7.38 | 3.44 | 2.76 | 3.50 | 3.47 | 1.87 | 1.50 | 1.33 | 0.85 | 6.39 | 10.13 | |
| EV/EBITDA | -3.75 | -10.52 | -11.74 | -39.12 | -112.70 | -9.47 | -4.41 | -2.42 | -0.79 | -5.11 | -3.98 | |
| EV/Revenue | 7.69 | 8.41 | 4.33 | 3.72 | 8.93 | 5.86 | 4.49 | 2.26 | 0.93 | 4.38 | 4.10 |
Analyst Estimates & Quality
Altman Z-Score
-9.99
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $17.5M | $21.5M | $27.3M |
| Net Income | -$13.6M | -$11.7M | -$9.6M |
| EPS | $-0.29 | $-0.25 | $-0.21 |
| # Analysts (EPS) | 2 | 1 | 2 |
Revenue Segments
By Product
| Segment | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Product Sales | $1.7M | $1.7M | $2.0M | $2.1M | $1.0K |
| Project Revenue | $17.4M | $18.7M | $22.2M | $22.2M | $15.4M |
By Geography
| Segment | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| AUSTRALIA | $1.5M | $630.0K | $482.0K | $896.0K | $1.1M |
| All Other Countries | $1.0M | $602.0K | $224.0K | $598.0K | $1.1M |
| CANADA | $572.0K | $618.0K | $389.0K | $234.0K | $322.0K |
| Europe | $9.4M | $9.4M | $10.9M | $10.2M | $2.8M |
| UNITED STATES | $6.8M | $9.4M | $12.6M | $12.6M | $10.3M |