MindForge

Software - Application · Technology

Price

$16.38

-1.73 (-9.55%)

Market Cap

$29.8M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+678.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 38K (2021) → 292K (2025)

Winston Score History

The full picture

MindForge Inc is a software company that builds communication and safety tools for the construction industry. Its main product is a mobile platform that connects workers in the field with supervisors and project managers, helping teams share safety information, training videos, and job-site updates in real time. The company targets construction contractors and their frontline workers, a workforce that has historically been hard to reach with digital tools.

MindForge earns revenue primarily through software subscriptions sold to construction companies. It is a small company with a market cap near zero, meaning it is still in an early stage of growth and has not yet reached profitability, as shown by its deeply negative operating margin. The construction industry is large but slow to adopt new technology, which creates both an opportunity and a risk — the company must convince traditionally low-tech customers to pay for software while burning through cash to grow.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-32.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-300.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

67.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$10M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$10M cash & investments at current burn rate

Revenue declining

MindForge's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

0.3%

Thin — 0.3% gross margin

Profit after running costs

Operating Margin

-87.6%

Losing money on operations — -87.6%

Return on the money invested

ROCE

-35.0%

Weak — -35.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-39.3%

Shrinking sales (-39.3% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-14.3%

Burning cash (-14.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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