MindWalk Holdings Corp. (HYFT)

Nasdaq: HYFT · Pharmaceutical Preparations · Victoria · filing with the SEC since 2017

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Grade4.8

◀ Past 6.4● Present 4.6▶ Future 3.9

2 est.

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The grade of MindWalk Holdings Corp.

Nine metrics read from its own filings, by tense

Headline grade

4.8/10

◀ Past6.425% of the headline

● Present4.635% of the headline

▶ Future3.940% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.4/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

8.2/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 22% of this tense · 82nd percentile among 497 sector filers · read for itself

From the record

MindWalk Holdings Corp.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

6.5/10

What has it actually done, year after year?

+11.8% a year over 6 filed years; profitable in 0 of 6.

weight 45% of this tense · 65th percentile among 323 sector filers · read for its customers

From the record

MindWalk Holdings Corp.'s 6 filed years say what it did: revenue went from CAD 14 million in fiscal 2020 to CAD 25 million in fiscal 2025, up 11.8% a year; it rose in 5 of 5 years; it never fell from a peak; net income was positive in 0 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span11.8%bottom 49% of its family
the share of years revenue rosetop 8% of its family
the share of filed years with a profitbottom 27% of its family
the deepest fall from a revenue peak0.0%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

5.1/10

How has it treated the people who own it?

SI estimate 5.1/10, confidence 35 of 100 (one part).

weight 33% of this tense · 51st percentile among 464 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the top 49% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 464 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: MindWalk Holdings Corp.'s shareholder treatment is put at 5.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 49% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.6/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

4.0/10

Is it financially healthy right now?

ROE -128%: lost 128¢ per shareholder dollar. Leverage 47%: owes 47¢ per asset dollar.

weight 45% of this tense · 40th percentile among 473 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-04-30, MindWalk Holdings Corp. lost about 128 cents for every dollar of shareholders' money, and gross profitability: its products earned about 30 cents per dollar of everything the company owns. Leverage: it owed about 47 cents per dollar of assets, and net share issuance: its share count grew 30.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 36% of its family
return on equitybottom 26% of its family
gross profit against assetstop 42% of its family
the share count against the year beforebottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.1/10

How strong is its position in its industry?

top 49% of 315 in its family; net margin -123.3%.

weight 22% of this tense · 51st percentile among 315 sector filers · read for its customers

From the record

MindWalk Holdings Corp.'s standing among 315 graded names in its industry family: revenue of CAD 25 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -123.3% ranks in the top 48%; revenue growth of 8.2% a year over the last 3 filed years ranks in the bottom 50% (its annual reports).

What it rests on

net margin-123.3%top 48% of its family
three-year revenue growth8.2%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 371 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 371 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 371 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: MindWalk Holdings Corp.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 371 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

3.9/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.0/10

How much room does it have to grow?

bottom 40% of 273 in its family for room to expand.

weight 33% of this tense · 40th percentile among 273 sector filers · read for itself

From the record

MindWalk Holdings Corp.'s room to grow, from the newest filed statements (fiscal 2025): cash of CAD 11 million against no long-term debt tagged leaves 24.3% of its assets as net cash, bottom 46% of its family; cash from operations less capital spending is -29.4% of revenue (top 40%); a gross margin of 55.3% (bottom 31%); research spending of 20.2% of revenue (bottom 25%) (its annual report).

What it rests on

cash less debt against assets24.3%bottom 46% of its family
cash from operations less capital spending against revenue-29.4%top 40% of its family
gross margin55.3%bottom 31% of its family
research spending against revenue20.2%bottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.1/10

What could actually drive growth from here?

bottom 41% of 306 in its family for growth drivers.

weight 45% of this tense · 41st percentile among 306 sector filers · read for its customers

From the record

MindWalk Holdings Corp.'s growth drivers, from the filed years to fiscal 2025: revenue grew 8.2% a year over the last three filed years against 11.8% over all 6, slowing (bottom 46% of its family); the newest year grew 0% (bottom 40%); research spending grew -13.6% a year (bottom 25%); capital spending grew -9.2% a year (top 47%) (its annual reports). MindWalk Holdings Corp. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-3.6 points a yearbottom 46% of its family
the newest year's revenue growth0.0%bottom 40% of its family
three-year growth of research spending-13.6%bottom 25% of its family
three-year growth of capital spending-9.2%top 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.2/10

Did its newest year beat what its own record pointed to?

bottom 32% of 233 in its family for expectations against reality.

weight 22% of this tense · 32nd percentile among 233 sector filers · read for its shareholders

From the record

MindWalk Holdings Corp.'s newest year against its own record: revenue of CAD 25 million in fiscal 2025 came in 11.1% below the CAD 28 million its prior three years' pace pointed to (bottom 38% of its family); net income of CAD 30 million against a prior three-year average of CAD 23 million (bottom 30%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 27%) (its annual reports).

What it rests on

revenue against the prior three years' pace-11.1%bottom 38% of its family
net income against the prior three years' average-31%bottom 30% of its family
net margin against its prior average-16.2 pointsbottom 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton HYFT · research, not advice