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MindWalk Holdings

HYFT
27
Biotechnology · Healthcare
Price
$1.41
+0.04 (+2.92%)
Market Cap
$66.3M
Exchange
NASDAQ
Winston Score
27
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Apr 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Share count rising — dilution

+135.6% over 4y

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

Diluted shares outstanding: 19.7M (2022) → 46.4M (2026)

Winston Score History

The full picture

MindWalk Holdings Corp. (HYFT) appears to be a small biotechnology company operating in the healthcare sector. Based on the ticker and available financial data, this is a clinical-stage or early-commercial biotech firm likely focused on developing therapeutic treatments or medical technologies. Like many small biotechs, it serves patients and healthcare providers as its end customers.

The company generates limited revenue, as reflected by its deeply negative operating margin of nearly -96%, which is typical for early-stage biotech firms that spend heavily on research and development before products reach the market. With a market cap of roughly $100 million, MindWalk is a micro-cap company, likely operating primarily in the United States. The 58.8% gross margin suggests some commercial activity or licensing revenue, but the company is burning cash at a significant rate. The central risk is whether MindWalk can secure enough funding or achieve regulatory milestones before exhausting its capital runway.

Growth Profile

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

Revenue Growth

-41.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-29.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$5M/ year

Flat (-2% vs prior year)

31.7% of revenue

1.8x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

8.6%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~14 months

C$11M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

MindWalk Holdings'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
60.6%
Premium pricing power — 60.6% gross margin
Profit after running costs
Operating Margin
-105.2%
Losing money on operations — -105.2%
Return on the money invested
ROCE
-121.6%
Weak — -121.6% 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
-15.5%
Shrinking sales (-15.5% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-83.6%
Burning cash (-83.6%)

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
0.04
Conservative — low debt load (0.04)
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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