MindWalk Holdings reported first‑quarter fiscal 2027 revenue of CAD 3.8 million, up 21% from CAD 3.2 million in the same period last year, but net loss from continuing operations widened to CAD 6.1 million from CAD 4.1 million.
Gross profit rose to CAD 2.2 million on a 59% margin, compared with CAD 1.5 million at a 48% margin a year earlier. Research and development expenses increased 30% to CAD 1.3 million, sales and marketing costs jumped 146% to CAD 3.2 million, and general and administrative expenses grew 18% to CAD 3.9 million.
Cash balance at July 31, 2026 fell to CAD 7.6 million from CAD 11.3 million at the prior quarter end. Net cash used in operating activities was CAD 4.0 million, versus CAD 4.2 million a year earlier.
The company also announced a binding commitment for a US$30 million senior unsecured revolving credit facility at a fixed 7% rate, drawable after a 60‑day documentation period. Management said the facility provides flexibility to invest behind its ReefIQ data platform, advance internal pipelines, and pursue opportunities on favorable terms.
ReefIQ, launched in June 2026, positions itself as a substrate layer that structures complex biological data for AI models. Approximately 80% of MindWalk’s current commercial funnel by value is structured as platform partnerships rather than fee‑for‑service work. The firm counts 19 of the top 20 global pharmaceutical companies among its clients, with 10 molecules now in Phase I through Phase III clinical trials, four of them first‑in‑class.
CEO Dr. Jennifer Bath said the opportunities with ReefIQ are “substantially larger than our historical LensAI recurring revenue agreements,” cautioning investors not to use prior LensAI contracts as a benchmark for the size or scope of ReefIQ enterprise relationships.
MindWalk’s market capitalization stands at approximately US$120 million. Its stock slipped 0.78% to close at $12,700, trading about 5.1% above its 52‑week low of $12,087 and roughly 37% below its 52‑week high of $20,174. A Financial Health Score from InvestingPro rated the company “FAIR” at 2.32 out of 5, with a current ratio of 3.05.
