마인드워크(HYFT) 2027 회계연도 1분기 실적 발표 콘퍼런스 콜: 매출 21% 증가, ReefIQ 협상 진전

핵심 요약

• 2027 회계연도 1분기 매출은 전년 동기 대비 21% 증가한 C$380만을 기록하며 5분기 연속 전년 동기 대비 매출 성장을 이어갔다.
• 매출총이익은 C$220만으로 증가했으며, 매출총이익률은 전년 동기 48%에서 59%로 확대되었다.
• 판매 및 마케팅, R&D, 주식 기준 보상 비용 증가를 반영하여 계속영업 순손실은 C$410만에서 C$610만으로 확대되었다.
• 마인드워크는 복수의 대형 제약사와 잠재적인 ReefIQ 엔터프라이즈 도입을 논의 중이다. 경영진은 예상 계약 체결일이나 계약 금액을 제시하지 않았다.
• 금액 기준 현재 상업적 파이프라인의 약 80%는 데이터 관리, ReefIQ 및 다중 타깃 발굴을 포함하는 플랫폼 파트너십 형태로 구성되어 있으며, 마인드워크는 자산 수익 공유에 참여한다.
• 회사는 주식 발행 없이 자금을 조달할 수 있는 7% 고정 금리의 3,000만 달러(US$) 규모 선순위 무보증 회전한도 대출에 대한 구속력 있는 약정을 발표했다.

주요 재무 실적

사업 및 운영 실적

마인드워크는 6월에 ReefIQ를 출시했으며 현재 기업 고객 도입에 집중하고 있다. 이 플랫폼은 AI 모델이 사용할 수 있도록 복잡한 생물학적 데이터를 구조화하며, 고객의 사용량 확대에 따라 성장하는 다년 단위 경상매출 관계를 지원하도록 설계되었다.

경영진은 복수의 대형 제약사와 논의가 진행 중이지만 ReefIQ 엔터프라이즈 도입 계약은 아직 발표되지 않았다고 언급했다. 기존 SaaS 구독 매출은 별도로 수량화되지 않았다. 회사는 향후 체결될 ReefIQ 계약이 기존 LensAI 경상매출 계약보다 규모가 크고 범위가 넓을 것으로 기대된다고 강조했다.

마인드워크는 글로벌 상위 20개 제약사 중 19개사를 고객사로 두고 있다고 밝혔다. 회사의 약물 발굴 작업은 임상 개발 단계에 진입한 수십 개의 물질에 기여했으며, 이 중 10개는 현재 임상 1상에서 3상 시험을 진행 중이고 4개는 퍼스트 인 클래스(혁신 신약)로 기술된다.

회사는 개별 서비스 대가(fee-for-service) 프로젝트에서 선급금, 마일스톤, 로열티를 포함하는 광범위한 플랫폼 파트너십으로 전환하고 있다. 경영진은 금액 기준 현재 파이프라인의 약 80%가 이러한 구조를 사용한다고 밝혔다.

마인드워크는 또한 AMD 및 Vultr과 협력하여 AMD Instinct MI325X GPU상에서 OpenFold 3의 상용 배포 검증을 완료했다. 내부 파이프라인은 전임상 개발 단계에 있으며, 여러 프로그램이 병행 추진되고 데이터의 강력함에 따라 자원이 배분된다.

경영진 전망

경영진은 초기 계약이 연간 경상매출로 전환되기 전에 마일스톤 기반 엔지니어링 작업을 포함할 수 있어 초기 ReefIQ 매출이 불규칙할 것으로 예상한다.

매출 성장의 시기와 규모는 ReefIQ의 기업 도입 속도에 따라 달라질 것이다. 경영진은 회사의 통제 범위를 벗어난 요인을 이유로 첫 번째 계약의 구체적인 체결 시기를 제시하지 않았으나, 기존 고객을 포함해 논의가 다양한 단계에 있다고 밝혔다.

회전한도 대출 계약 체결에는 최대 60일이 소요될 것으로 예상된다. 회사는 유동성이 필요한 경우에만 자금을 인출할 계획이다. 경영진은 해당 대출한도가 케이맨 구조에 따른 별도의 리스크 격리(ring-fenced) 프로그램 수준 자금 조달 계획을 대체하지는 않는다고 언급했다.

리스크 및 관전 포인트

• ReefIQ 도입은 플랫폼이 고객의 생물학적 데이터 및 발굴 워크플로와 통합되기 때문에 기업 IT 보안, 데이터 거주성 및 거버넌스 검토를 통과해야 한다.
• 제안된 다년 플랫폼 및 자산 수익 공유 계약이 마인드워크의 과거 프로젝트 계약과 상이하므로 법무 및 조달 프로세스에 시간이 더 걸릴 수 있다.
• 초기 도입 범위는 프로그램과 데이터 도메인 전반에 걸쳐 합의되어야 하므로 또 다른 잠재적 일정 제약 요인이 될 수 있다.
• 경영진은 회사의 순손실 이력, ReefIQ 및 LensAI의 시장 수용성, 플랫폼 도입의 경상 계약 전환, 지적재산권 리스크, 경쟁, 자본 시장 여건 등을 주요 불확실성 요소로 지목했다.
• 경영진에 따르면 내부 파이프라인의 일정 예측은 여전히 어렵다.

애널리스트 Q&A 핵심 정리

ReefIQ 계약 시기: 경영진은 주요 걸림돌로 IT 보안 및 데이터 거버넌스, 법무 및 조달 검토, 초기 도입 범위 합의 등 3가지를 지목했다. 구체적인 예상 체결 시기는 밝히지 않았다.

매출 프로필: 초기 ReefIQ 계약은 선급 엔지니어링 및 마일스톤 요소로 인해 불규칙한 매출을 기록할 것으로 예상된다. 연간 경상매출은 각 계약의 시기와 구조에 따라 뒤따를 것이다.

고객 참여: 경영진은 이제 모든 신규 발굴 프로젝트에 파트너십 논의가 수반된다고 밝혔다. ReefIQ에 대한 관심은 여러 관할 구역에 걸쳐 격리된 생물학적 데이터를 연결하려는 대형 제약사 사이에서 가장 높았다.

신용 한도 배분: 마인드워크는 ReefIQ 상용화, 내부 파이프라인 개발 및 기타 기회를 지원하기 위해 필요에 따라 대출한도를 인출할 계획이다. 이 대출한도는 리스크 격리 자산에 대해 구상된 자금 조달을 대체하지 않는다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello everyone, thank you for joining us and welcome to MindWalk Reports Financial Results and Recent Business Highlights for First Quarter Fiscal Year 2027. After today's prepared remarks, we will host a question and answer session. I will now hand the call over to Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk Holdings Corp. Dr. Bath, please go ahead. Before we begin, I would like to remind listeners that today's discussion contains forward-looking statements. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in, including the company's history of net losses and the ability to convert platform adoptions into contracted recurring arrangements, market acceptance of ReefIQ and LensAI, intellectual property risks, competition, and capital market conditions. A fuller description of these risks appears in the company's annual report, report on Form 20F, and other filings are available on SEDAR Plus and sec.gov. All financial figures discussed during this call are Canadian dollars. Financial statements and MD&A are available on the company's website at mindwalkai.com, as well as sec.gov and SEDAR Plus. A replay of this call will be available following its conclusion today. I will now turn the call over to Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk Holdings Corp. Please go ahead, Dr. Bath.

Jennifer Bath

Thank you very much. Good afternoon. In this first quarter of fiscal year 2027, MindWalk advanced toward our goal of becoming the leading bio-native AI drug discovery and development company. In June, we launched ReefIQ, our proprietary data platform, and our focus is now on enterprise adoption. For those newer to the MindWalk story, ReefIQ is the substrate layer between complex, unstructured biological data and AI models. It turns that data into structured, biologically meaningful representations, so AI models deliver deeper, more actionable insights for our pharmaceutical partners. ReefIQ's commercial model is built around multi-year recurring revenue relationships that can scale as clients expand their use of the platform.

As ReefIQ is integrated directly into a client's biological data and the discovery workflows, these relationships are designed to deepen over time. As a trusted partner to many of the world's largest pharmaceutical companies, we know how drug discovery works inside these organizations and what they need from a platform like ReefIQ. Those relationships give us a real advantage as we drive adoption. We have made good progress. We are engaged with multiple large pharmaceutical companies around potential enterprise deployments of ReefIQ. These discussions vary in maturity, and we are encouraged by how the platform is resonating with our clients. We are not yet in a position to announce specific partners or discuss contract values, but the level of engagement reinforces our conviction of the commercial opportunity. We look forward to providing additional updates as these discussions progressed.

These opportunities are substantially larger than our historical LensAI recurring revenue agreements. Investors should not use prior LensAI contracts as a benchmark for the size or the scope of ReefIQ enterprise relationships. We have built a leading wet lab discovery franchise. Our clients include 19 of the top 20 global pharmaceutical companies. And every one of those relationships is a potential opening for ReefIQ. Two decades of biologics discovery work for our clients across multiple platforms and capabilities has already contributed to several dozen molecules reaching the clinic. 10 are in active phase 1 through phase 3 trials today, and 4 of those are first-in-class molecules. We are also reshaping how we structure our commercial relationships with our pharmaceutical partners.

Increasingly, new engagements are being structured as broader platform partnerships where MindWalk participates in the economics of the assets we help create, rather than simply being paid for discrete projects. This structure aligns our incentives with our partners, has been well received by our clients, and is contributing to increased activity across our commercial funnel. Today, roughly 80% of our current funnel by value is now structured this way, planning data management, ReefIQ, and multi-target discovery. We also reached a clear infrastructure milestone with our engineering partner, AMD and Vultr. We validated a production deployment of OpenFold 3 on AMD Instinct MI325X GPUs. The first of those results are being published this week. OpenFold 3 is open source and any drug discovery team can use it, which is exactly the point. Models commoditize. The layer they run on compounds.

Every model run on ReefIQ enriches the biological context for every other program. And LensAI, our reasoning layer, is deliberately model neutral. So a client can bring their own model, any open source one, or any third party, and still reason over that same context layer. The compute win simply gives us more room to run discovery and scale ReefIQ. This is a marquee week for that partnership with much more to come. Our internal pipeline continues to advance through preclinical development and we remain excited about the opportunity to drive value in this part of our business. Timelines there are hard to forecast, so we advance multiple programs in parallel and prioritize resources based on the strength of the data.

This quarter, we added experienced leaders to accelerate our IND enabling work and move our best programs toward IND filings and the clinic. We will update the market as they hit scientific, regulatory, and development milestones. Finally, our capital position. This morning we announced a binding commitment for a $30 million in unsecured revolving credit facility at a fixed 7% rate drawn as needed. It gives us financial flexibility without issuing equity, which matters given where our stock trades, set against how AI enabled discovery platforms are valued in public and private markets. We do not believe our market capitalization reflects what we have built or the scale of what we are pursuing. This informs how we think about financing the business and makes this facility particularly attractive to us. This is not a response to a step change in our cash needs. Our model is not capital intensive.

The facility gives us the flexibility to invest behind ReefIQ, advance our internal pipeline, and pursue opportunities as they develop on terms that we believe are very favorable to MindWalk and its shareholders. Our focus is on execution, and we believe sustained delivery will be reflected in the stock over time. Turning to the quarter, revenue grew 21% year over year, and gross margin expanded to 59% from 48%. The larger loss this quarter reflects deliberate investment behind the commercial opportunity we see ahead of us. Sales and marketing expense increased by $1.9 million. We are investing to build a larger and more durable revenue base, not simply support the business we have today. On the bottom line, this quarter is not directly comparable to the same quarter last year, which included income from discontinued operations.

With that, I will turn it over to Scott to take you through the numbers. Thank you, Jennifer, and good afternoon, everyone.

Unknown Speaker

I will take you through our first quarter fiscal year 2027 financial results. As a reminder, all figures are in Canadian dollars. Revenue for the first quarter of fiscal year 2027 was $3.8 million versus $3.2 million in the first quarter of fiscal year 2026. This is an improvement of approximately $673,000 or 21%. That represents 5 quarters of consecutive year-over-year revenue growth. Gross margin was $2.2 million, or 59%, for the first quarter of fiscal year 2027, as compared to $1.5 million, or 48%, for the same quarter last year. Looking at operating expenses. For the quarter ended July 31, 2026, R&D was $1.3 million compared to $1 million in the same period last year.

This increase is due primarily to increased salary costs to support the commercial development of our platform. Sales and marketing expenses were $3.2 million for the first quarter of 2027, as compared to $1.3 million in the first quarter of 2026, which included non-recurring costs incurred in the quarter. As I mentioned in our prior call, these are planned investments in our commercial infrastructure and represent increased headcount to support our commercial initiatives, as well as investments in advertising and promotion. G&A increased to $3.9 million for the quarter ended July 31, 2026, as compared to $3.3 million for the same quarter last year. The increase is due primarily to non-cash stock-based compensation. Net loss and loss from continuing operations was $6.1 million for the first quarter of fiscal year 2027, as compared to net loss from continuing operations of $4.1 million in the first quarter of 2026. Overall net loss in the prior year was $3 million, which included $1.1 million of income from discontinued operations.

Turning to the balance sheet. The company ended the quarter with cash balance of $7.6 million as of July 31, 2026. Net cash used in operating activities was $4 million compared to $4.2 million in the prior year quarter, due in part to non-cash expenses related to share-based payments. Cash was $11.3 million at April 30. I am also pleased with our announcement earlier today of a binding commitment for a $30 million U.S. senior unsecured revolving credit facility. This facility demonstrates confidence in our long-term strategy around our emerging pipeline and anticipated adoption of ReefIQ and provides the capital necessary to execute on that strategy. With that, I will turn the call back to Jennifer. Thank you, Scott.

Jennifer Bath

As we've mentioned this morning, we announced the binding commitment for $30 million of unsecured capital without issuing a single share. And this gives us the runway to execute. The strategy is showing up in the business with revenue of 21% and gross margin at 59%. ReefIQ is a recurring revenue business and it compounds as clients adopt and expand. We are in active negotiations with multiple large pharma companies on ReefIQ enterprise deployments. You will hear from us as those conclude. As mentioned, do not measure them against our historical LensAI agreements.

These are a different scale. On the discovery side, we are moving from discrete projects to platform partnerships where we share in the economics of the assets we help create. Both of these are happening with clients we already have a distribution advantage that no new entrants can buy. On top of that, our internal pipeline adds upside with catalysts ahead. The higher losses quarter is an investment behind a larger opportunity. The market is moving toward exactly what we built and our job now is to lead it. Operator, we are ready for questions.

Operator

Thank you. We will now begin the question and answer session. [Operator Instructions] And our first question comes from the line of Charles Wallace with H.C. Wainwright.

Unknown Speaker

Could you maybe help us understand what portion of the $3.8 million in the first quarter revenue was contracted reoccurring platform revenue?

Jennifer Bath

I guess, yes, let's start there. Thank you. Scott, if you have those numbers before you, I don't know if we do have those broken out. I can say that if we're if by platform recurring revenue, we're referring to ReefIQ. ReefIQ is not a data management program or platform that is currently in place. These are the ones that we've just discussed negotiating, that is like a whole new level of engagement from clients that you'll definitely hear about as we proceed through that. And this was the platform that we just released in June, quite recently. Now, if it's recurring revenue or annual recurring revenue off of the SaaS model subscriptions, we do have that. We have announced that historically. I'm not sure that we have that broken out since we don't break these out by cost centers, but I can have Scott confirm.

Unknown Speaker

Okay, so I guess for my next question. So for the active negotiations that you mentioned with the multiple large pharma partners for the ReefIQ, which, you know, as you mentioned, just launched in June, what are the current gating factors in these negotiations? And when do you expect to see these convert in fiscal year 2027? Yes.

Jennifer Bath

Fair question. So the gating factors between each group actually differ significantly. In terms of, sorry, we're getting a lot of feedback on our side. In terms of negotiations with clients on our side for gating factors, what we are seeking are primarily people who are already engaged with MindWalk, are running different programs already with MindWalk and primarily starting off with people who are also engaged through the SaaS model subscription. We do look at, uh, for large pharmaceutical companies, when they're moving, you know, into a vendor bringing a vendor into their core infrastructure. None of them are really about whether or not the platform works. They kind of fall in 3 buckets for us. The first big one is really about IT security and data governance review, which is something you've probably heard us talk a lot about over the last 6 months. ReefIQ is different in the sense that it sits inside of a client's biological data and its discovery workflows. And so it goes through the same enterprise security, data residency, and governance processes as really any system of record.

The second one is legal and procurement. And, you know, these are multi-year platform relationships. So instead of like project statements of works that we've done historically with our large pharmaceutical client, and then also when we're sharing in the economics of different assets during COVID, development and partnership relationships. So the contract itself is a very new shape. It's very different than the historical contracts we've had. And so it's different for their procurement terms as well. And then I would say, Charles, probably the third component of that is the scoping and just agreeing which programs and which data domains that the first deployment are going to cover, so that it lands cleanly and then it's expanding from there. And so I would say those are kind of the 3 core areas as companies are by and large taking a relatively new and fairly big step in bringing us fully into the data landscape of what exists throughout their company, oftentimes in a multinational setting. As far as when we plan to, um, this is close our first agreement or when we plan to see these start closing. I'm going to leave that question alone for now. I don't want to, I don't want to create that specific of an expectation. But what I am comfortable saying at this point on the call is that we have these negotiations occurring at various different stages, and, um, that includes groups that have worked with us for many years. Um, that also includes 1 group that's been with us as many years and also has a SaaS model subscription and has been in negotiations, in this particular component across multinational jurisdictions for their company for quite some time. So we have a very good line of sight on where and how this is going and when we anticipate it closing. But of course, not everything's under our control. So I'll hold off on giving an exact more specific timeline.

Unknown Speaker

No, yeah, that's very helpful. And then maybe 1 final question, maybe on the $30 million revolving credit facility. So when do you expect the initial draw from this facility and kind of over what timeframe and how will it be allocated between the ReefIQ commercial rollout and the biological programs? Biological programs. Thank you.

Unknown Speaker

So we have 60 days to get the credit agreement drawn up. So we won't be able to do anything until the credit agreement is completed. As far as the investments, you know, we'll draw capital as we needed and as we need liquidity, but, you know, we still have cash runway in our bank account as well.

Unknown Speaker

Great. And maybe 1 final follow up to that question. Does this credit facility replace kind of the ring-fenced program level financing structure that you have in the Cayman asset in a style of financing? That does not. Sure, we hear you.

Jennifer Bath

Exactly. It absolutely does not replace that. So we still have interested parties and investing in ring-fenced assets within the Cayman structure and are probably 90, 95% of the way in in terms of completing the legal and the tax planning efforts that go around the estate setting up those structures.

Unknown Speaker

Thank you.

Operator

Your next question comes from the line of Dania Ben-Hale with Jones. Please go ahead.

Unknown Speaker

How should investors think about their revenue growth over the next 12 months and next 2?

Unknown Speaker

Yes, I mean, these initial ReefIQ agreements are probably going to be relatively lumpy. It's just the nature of the structure. They're they're going to be milestone based, there's their engineering efforts at the at the outset, and then they become annual recurring revenue. So I do think revenue is going to be a little lumpy. It's hard to forecast. It really just depends on how quickly we get adoption of ReefIQ.

Unknown Speaker

Okay, and so we expect it to be around these numbers during the next few quarters until things settle down and you get more information. subscriptions and annually and things like that.

Unknown Speaker

Yes, I think once we're in a position to announce an agreement, I think we'll take a deeper dive into what the revenue model looks like and what we expect recurring revenue to occur based on the timing of the contract.

Unknown Speaker

Yes, okay, thank you. And just another question about the discussions with the pharmaceutical and biotech companies. What are they focused on? Are they getting more engaged with ReefIQ? Is it more the subscriptions right now for um the [indiscernible?] Yes, what parts of it are there?

Jennifer Bath

Yes, that's actually a great question, Dania. No, I really appreciate that. So 1 of the things we've talked about in the past is, you know, we definitely went about this from a different direction from others. You will see that there are companies that have a technology and some discovery capabilities that prepared those offerings for others as a partnership model. Um, and, you know, really a little bit more on the premise of it's extremely low risk, so we'll backload it, but without really having the proof point or the evidence to support the quality of the work. And, um, that low risk was given in exchange for not having not having that type of a relationship with those clients. We've really done the exact opposite. We've spent the last 5 years demonstrating our ability to send really good molecules to the clinic that are quite successful in the clinic, and then also demonstrated our ability to do that with an understanding of the function of a molecule and its mechanism of action, providing a greater probability of success in later stages of a clinic.

And that's been a really different approach that we've made. So as we enter into these conversations, you know, we've mentioned before, we're working with hundreds of different clients in building these therapeutic drugs. And 1 of the biggest changes we've had in the last 2 quarters is that every 1 of those programs coming in is an integrated lab in the loop with our in silico work intertwined very directly with our wet lab work, providing clients with data sooner, larger amounts of data for more data driven decision making. But there's 2 components of that that really tie in, actually technically 3, Dania, that I think specifically address your question. 1 of them is that all of that data is turned back within LensAI. Clients are directly exposed to the SaaS model subscription. They have the opportunity to use base layer applications within our LensAI. And that has brought more clients to the table with those inquiries around SaaS model subscriptions.

So it expands their ability to work with the data within the platform in which it's being received. The conversations around the partnerships, which are back-loaded but always include some sort of upfront payment, the structure of those being ones that are milestone and royalty based, that is now a conversation happening with every single client. So that fee for service option that we have provided in the past where we use that opportunity to build a relationship with these clients to be 1 of their preferred vendors, which is no easy task, and to demonstrate the competencies that we have, I would say superiority that we have in our AI and wet lab drug discovery is what we're building on in those discussions. So every single 1 of those discussions is now a partnership discussion. There's no longer the opportunity to just walk in the door and put down money for fee for service. So it is a longer negotiation period for us. So even given the fact that we're still up in revenue with these double digits over last year where we were up significantly in revenue as well, while backloading approximately 80% of the discussions now in the pipeline as partnership discussions. To us is bringing us additional confidence.

These clients are not walking away from that discussion. They're not, you know. They're not turning away from it because we've become the trusted provider that we've shown we can execute. And so that's enabled this discussion with going back to your question. Actually, every single 1 of our And then the third component of that is ReefIQ. And I would say the majority of the earlier adoption interest and communications we're having from that is from the larger pharmaceutical companies, which I guess makes sense. These are companies that are oftentimes juggling multiple jurisdictions, a lot more siloed And are also oftentimes being asked from the top down to find a solution to help their data make sense and to connect their data. We're really seeing it across the board in all 3 areas.

I would say the majority of those conversations, if we had to pick the 1 that was leading the way, would be partnership discussions, because again, that's not an option. Have that discussion with us any longer. And then the second most would be ReefIQ, where people are looking for an advantage to find meaning in their data, an advantage to get away from hallucination and make their AI models better than their competition. And we're able to bring that to the table with something we've been building for 20 years and something that no one else has was able to offer.

Operator

Thank you. There are no further questions at this time, and this will conclude today's call. Thank you for attending. You may now disconnect.