MindWalk reports 21% revenue growth, gross margin expands to 58.6% in fiscal Q1 2027

MindWalk Holdings Corp. (NASDAQ: HYFT) reported financial results on September 14, 2026 for its fiscal 2027 first quarter ended July 31, 2026. Revenue increased 21.3% year over year to $3.8 million, while gross profit increased 47.1% to $2.2 million, with gross margin expanding to 58.6% from 48.3%.¹

Net loss from continuing operations was $6.1 million, or $0.13 per share, compared with $4.1 million, or $0.09 per share, which the company attributed to planned investment in commercial infrastructure for ReefIQ enterprise adoption.¹ Net cash used in operating activities declined to $4.0 million from $4.2 million, even as MindWalk stepped up sales and marketing investment behind the ReefIQ launch and enterprise rollout.¹

The company commercially launched ReefIQ, its data platform, in June, and said it is in active negotiations with multiple large pharmaceutical companies on enterprise deployments.¹ It also validated a production deployment on AMD Instinct GPUs with engineering partner AMD and Vultr, intended to give ReefIQ capacity to onboard enterprise clients and run more programs at lower cost as recurring revenue scales.¹

Subsequent to quarter-end, MindWalk announced on September 14, 2026 a binding commitment from Sanabil (Cayman) for a senior unsecured revolving credit facility of up to US$30 million at a fixed 7.00% interest rate, drawn as needed, carrying no financial maintenance covenants, no warrants or conversion feature, and no pledge of MindWalk assets.¹ The term sheet is binding on both parties, with a target closing for a definitive credit agreement within 60 days.¹

Cash stood at $7.6 million at July 31, 2026, compared with $11.3 million at April 30, 2026, before the credit facility commitment.¹