MindForge Inc. (MF)

Nasdaq: MF · Services-Computer Programming, Data Processing, Etc. · Beijing · filing with the SEC since 2021

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Grade3.0

◀ Past 4.2● Present 2.2▶ Future 2.9

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of MindForge Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.0/10

◀ Past4.225% of the headline

● Present2.235% of the headline

▶ Future2.940% 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?

4.2/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

7.0/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 22% of this tense · 70th percentile among 79 sector filers · read for itself

From the record

MindForge Inc.'s filings since 2021 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

1.1/10

What has it actually done, year after year?

-35.7% a year over 5 filed years; profitable in 1 of 5.

weight 45% of this tense · 11th percentile among 70 sector filers · read for its customers

From the record

MindForge Inc.'s 5 filed years say what it did: revenue went from $87 million in fiscal 2022 to $15 million in fiscal 2026, down 35.7% a year; it rose in 1 of 4 years; the deepest fall was 84% from fiscal 2023 to fiscal 2026; net income was positive in 1 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span-35.7%bottom 1% of its family
the share of years revenue rosebottom 3% of its family
the share of filed years with a profitbottom 36% of its family
the deepest fall from a revenue peak84.2%bottom 6% of its family

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

Shareholder treatment

SI estimate

6.4/10

How has it treated the people who own it?

SI estimate 6.4/10, confidence 20 of 100 (family median).

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

SI estimate Inferred, not read as filed

Why it is an estimate: 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, so the desk assumes the typical reading of its industry family, the median of 50 members with one.
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: family median, 50 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: MindForge Inc.'s shareholder treatment is put at 6.4 of 10 with a confidence of 20 of 100, because 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, so the desk assumes the typical reading of its industry family, the median of 50 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.2/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

1.9/10

Is it financially healthy right now?

ROE -161%: lost 161¢ per shareholder dollar. Leverage 47%: owes 47¢ per asset dollar.

weight 45% of this tense · 19th percentile among 74 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2026-06-30, MindForge Inc. lost about 161 cents for every dollar of shareholders' money, and gross profitability: its products earned less than nothing, about minus 0 cents per dollar of everything the company owns. Leverage: it owed about 47 cents per dollar of assets (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 49% of its family
return on equitybottom 5% of its family
gross profit against assetsbottom 2% of its family

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

Industry position

as filed

0.8/10

How strong is its position in its industry?

bottom 8% of 73 in its family; net margin -222.9%.

weight 33% of this tense · 8th percentile among 73 sector filers · read for its customers

From the record

MindForge Inc.'s standing among 73 graded names in its industry family: revenue of $15 million in fiscal 2026 ranks in the bottom 17% by size; a net margin of -222.9% ranks in the bottom 6%; revenue growth of -46% a year over the last 3 filed years ranks in the bottom 1% (its annual reports).

What it rests on

revenue against the family$14.9Mbottom 17% of its family
net margin-222.9%bottom 6% of its family
three-year revenue growth-46.0%bottom 1% 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 22% of this tense · 50th percentile among 42 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 42 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, 42 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: MindForge Inc.'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 42 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?

2.9/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.1/10

How much room does it have to grow?

bottom 31% of 71 in its family for room to expand.

weight 22% of this tense · 31st percentile among 71 sector filers · read for itself

From the record

MindForge Inc.'s room to grow, from the newest filed statements (fiscal 2026): cash of $12 million against no long-term debt tagged leaves 31.8% of its assets as net cash, top 15% of its family; cash from operations less capital spending is -14.5% of revenue (bottom 22%); a gross margin of -0.5% (bottom 2%); research spending of 5.5% of revenue (bottom 17%) (its annual report).

What it rests on

cash less debt against assets31.8%top 15% of its family
cash from operations less capital spending against revenue-14.5%bottom 22% of its family
gross margin-0.5%bottom 2% of its family
research spending against revenue5.5%bottom 17% of its family

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

Growth drivers

as filed

4.5/10

What could actually drive growth from here?

bottom 45% of 70 in its family for growth drivers.

weight 45% of this tense · 45th percentile among 70 sector filers · read for its customers

From the record

MindForge Inc.'s growth drivers, from the filed years to fiscal 2026: revenue grew -46% a year over the last three filed years against -35.7% over all 5, slowing (bottom 38% of its family); the newest year grew -50% (bottom 2%); capital spending grew 108.5% a year (top 5%) (its annual reports). MindForge Inc. reported 3 product lines in fiscal 2025: Digital Promotion Services at $26 million (87%), Risk Assessment Services at $3 million (12%), Value Added Bundled Benefits at $367 thousand (1%); 0 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-10.3 points a yearbottom 38% of its family
the newest year's revenue growth-50.0%bottom 2% of its family
three-year growth of capital spending108.5%top 5% 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

0.7/10

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

bottom 7% of 65 in its family for expectations against reality.

weight 33% of this tense · 7th percentile among 65 sector filers · read for its shareholders

From the record

MindForge Inc.'s newest year against its own record: revenue of $15 million in fiscal 2026 came in 10.8% below the $17 million its prior three years' pace pointed to (bottom 16% of its family); net income of $33 million against a prior three-year average of $1 million (bottom 2%); a net margin of a loss larger than its revenue against -3.5% before (bottom 4%) (its annual reports).

What it rests on

revenue against the prior three years' pace-10.8%bottom 16% of its family
net income against the prior three years' averagefive times below its prior average or morebottom 2% of its family
net margin against its prior averagedown more than 100 pointsbottom 4% 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 MF · research, not advice