MindForge (MF) Financials
Ticker history: UBXG became MF (MindForge Inc.) on . Earlier news and filings retain their original names and dates. View UBXG history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2026, filed Oct 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MF SEC filings page.
MindForge Inc. (MF) reported $14.9M in revenue for fiscal year 2026, down 49.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
FY2026 revenue fell below direct costs while overhead expanded, turning a thin-margin operation into a deeply unprofitable business.
FY2026 revenue fell-49.9% while SG&A rose77.1% , so the cost base became much larger relative to shrinking activity. Gross margin turned negative, and operating margin reached-98.2% , showing the damage extended far beyond direct costs.
Liabilities increased
Net loss widened from
Financial Health Signals
Scored against emerging companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of MindForge Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
MindForge Inc. held $12.3M in cash, cash equivalents and investments at the end of fiscal year 2026, and its operations used $2.2M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and MindForge Inc. scores 74/100 among other emerging companies.
Not available for MindForge Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
MindForge Inc. spent $813K on research and development in fiscal year 2026, which was 2.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and MindForge Inc. scores 18/100 among other emerging companies.
MindForge Inc. reported revenue of $14.9M in fiscal year 2026, against $29.7M in fiscal year 2025. Revenue Progress ranks emerging companies on the three-year path of that line, and MindForge Inc. scores 7/100 among other emerging companies.
MindForge Inc.'s operations used $2.2M of cash in fiscal year 2026, against $2.8M used in fiscal year 2025. Burn Trend ranks emerging companies on which way that figure has moved over three years, and MindForge Inc. scores 28/100 among other emerging companies.
MindForge Inc.'s cash, cash equivalents and investments came to $12.3M at the end of fiscal year 2026, against $18.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and MindForge Inc. scores 51/100 among other emerging companies.
MindForge Inc. scores 0.12, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $36.8M against total assets of $38.8M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
MindForge Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
MindForge Inc. reported a net loss of $33.1M while operations used $2.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
MindForge Inc. reported an operating loss of $14.6M against $697 in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
MindForge Inc. generated $14.9M in revenue in fiscal year 2026. This represents a decrease of 49.9% from the prior year.
MindForge Inc.'s EBITDA was -$14.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
MindForge Inc. reported a net loss of $33.1M in fiscal year 2026. The change from the prior year is not meaningful, because that figure was zero or negative.
Not reported for fiscal year 2026.
Cash & Balance Sheet
MindForge Inc. held $12.3M in cash as of fiscal year 2026; no long-term debt figure is on record for that period.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
Margins & Returns
MindForge Inc.'s gross margin was -0.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the prior year.
MindForge Inc.'s operating margin was -98.2% in fiscal year 2026, reflecting core business profitability. This is down 87.7 percentage points from the prior year.
MindForge Inc.'s ROE was -160.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 146.5 percentage points from the prior year.
Not shown for fiscal year 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
MindForge Inc. invested $813K in research and development in fiscal year 2026.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
MF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Revenue | $14.9M-49.9% | $29.7M-42.5% | $51.6M | N/A | $86.7M |
| Cost of Revenue | $14.9M-49.2% | $29.4M-42.2% | $50.9M | N/A | $85.2M |
| Gross Profit | -$81K-132.1% | $252K-63.8% | $694K-57.0% | $1.6M+9.7% | $1.5M |
| R&D Expenses | $813K | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.0M+77.1% | $1.1M-27.0% | $1.6M+7.3% | $1.5M+8.6% | $1.3M |
| Operating Income | -$14.6Mn/m | -$3.1Mn/m | -$873K-667.2% | $154K+21.5% | $127K |
| EBITDA | -$14.4Mn/m | -$3.1Mn/m | -$866K-655.2% | $156K+21.4% | $128K |
| Interest Expense | $697-97.9% | $33K+160.0% | $13K+914.1% | $1K | N/A |
| Income Tax | -$51Kn/m | -$236K-265.7% | $142K+274.1% | $38K-86.0% | $273K |
| Net Income | -$33.1Mn/m | -$2.7Mn/m | -$749K-463.5% | $206Kn/m | -$49K |
| EPS (Basic) | N/A | -$9.32 | -$11.86 | $0.16 | $0.00 |
| EPS (Diluted) | N/A | -$9.32 | -$11.86 | $0.16 | $0.00 |
| Diluted Shares (Avg) | N/A | 291,781 | 63,125 | 2M | 23M |
MF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Total Assets | $38.8M+84.9% | $21.0M+24.9% | $16.8M+246.0% | $4.9M | N/A |
| Current Assets | $20.2M+33.9% | $15.1M-10.0% | $16.7M+263.6% | $4.6M | N/A |
| Cash & Equivalents | $12.3M+10.3% | $11.2M+131.3% | $4.8M+273.7% | $1.3M-14.8% | $1.5M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Inventory | $15K | N/A | N/A | N/A | N/A |
| Accounts Receivable | $485-99.8% | $227K-42.7% | $396K+49.7% | $265K | N/A |
| Long-Term Investments | $0-100.0% | $81Kn/m | $0n/m | $0n/m | $0 |
| Total Liabilities | $18.2M+828.1% | $2.0M-32.8% | $2.9M-22.8% | $3.8M | N/A |
| Current Liabilities | $17.7M+1102.6% | $1.5M-49.5% | $2.9M-23.0% | $3.8M | N/A |
| Non-Current Liabilities | $517K+5.4% | $491K+6242.9% | $8Kn/m | $0 | N/A |
| Total Equity | $20.6M+8.3% | $19.0M+37.1% | $13.9M+1195.3% | $1.1M+17.6% | $911K |
| Retained Earnings | -$36.8Mn/m | -$3.8Mn/m | -$1.2Mn/m | -$214K | N/A |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
MF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2Mn/m | -$2.8Mn/m | -$1.4Mn/m | -$283K-178.0% | $363K |
| Depreciation & Amortization | $214K+1714.9% | $12K+61.3% | $7K+264.8% | $2K+11.5% | $2K |
| Stock-Based Compensation | $11.7M+427.2% | $2.2M | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | $13K+382.5% | $3K-9.8% | $3K |
| Free Cash Flow | N/A | N/A | -$1.4Mn/m | -$286K-179.4% | $360K |
| Investing Cash Flow | -$409K-110.7% | $3.8Mn/m | -$9.5Mn/m | -$3Kn/m | -$3K |
| Financing Cash Flow | $3.7M-31.9% | $5.4M-62.4% | $14.3M+9040.4% | $157K-62.7% | $421K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Gross Margin | -0.5%-1.4pp | 0.9%-0.5pp | 1.4% | N/A | 1.7% |
| Operating Margin | -98.2%-87.7pp | -10.5%-8.8pp | -1.7% | N/A | 0.1% |
| Net Margin | -222.9% | -9.2%-7.7pp | -1.5% | N/A | -0.1% |
| Return on Equity | -160.8%-146.5pp | -14.3%-8.9pp | -5.4%-24.6pp | 19.2%+24.6pp | -5.4% |
| Return on Assets | -85.4%-72.4pp | -13.0%-8.5pp | -4.5%-8.7pp | 4.2% | N/A |
| Current Ratio | 1.14-9.1x | 10.24+4.5x | 5.75+4.5x | 1.22 | N/A |
| Liabilities-to-Equity | 0.88+0.8x | 0.10-0.1x | 0.21-3.3x | 3.53 | N/A |
| Asset Turnover | 0.38-1.0x | 1.41-1.7x | 3.07 | N/A | N/A |
| FCF Margin | N/A | N/A | -2.6% | N/A | 0.4% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| MindForge Inc. MF | FY2026 | $14.9M | -$33.1M | N/A | $67.8M | 36/100 |
| Marchex, Inc. MCHX | FY2025 | $45.4M | -$5.2M | -11.5% | $58.5M | 62/100 |
| Star Fashion Culture Holdings Limited STFS | FY2026 | $31.0M | -$4.2M | -13.7% | $85.8M | 52/100 |
| Townsquare Media, Inc. TSQ | FY2025 | $427.4M | -$11.5M | -2.7% | $33.7M | 30/100 |
| Fluent, Inc. FLNT | FY2025 | $208.8M | -$27.2M | -13.0% | $121.4M | 28/100 |
| National CineMedia, Inc. NCMI | FY2025 | $243.2M | -$10.6M | -4.4% | $148.6M | 57/100 |
Where MindForge Inc. Ranks
Frequently Asked Questions
MindForge Inc. (MF) reported $14.9M in total revenue for fiscal year 2026. This represents a -49.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
MindForge Inc. (MF) revenue declined by 49.9% year-over-year, from $29.7M to $14.9M in fiscal year 2026.
No, MindForge Inc. (MF) reported a net loss of $33.1M in fiscal year 2026.
MindForge Inc. (MF) had EBITDA of -$14.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
MindForge Inc. (MF) had a gross margin of -0.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
MindForge Inc. (MF) had an operating margin of -98.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
MindForge Inc. (MF) has a return on equity of -160.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
MindForge Inc. (MF) recorded an outflow of $2.2M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
MindForge Inc. (MF) had $38.8M in total assets as of fiscal year 2026, including both current and long-term assets.
MindForge Inc. (MF) invested $813K in research and development during fiscal year 2026.
MindForge Inc. (MF) had a current ratio of 1.14 as of fiscal year 2026, which is considered adequate.
MindForge Inc. (MF) had a liabilities-to-equity ratio of 0.88 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2026, because the filing data we hold for that year carries no long-term debt figure.
MindForge Inc. (MF) had a return on assets of -85.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
MindForge Inc. (MF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $67.8M as of Nov 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
MindForge Inc. (MF) trades at 4.6x sales, its market capitalization divided by $14.9M revenue, FY2026. The market capitalization is $67.8M as of Nov 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2026, MindForge Inc. (MF) held $12.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $2.2M over that year. Dividing the one by the other, the reported balance equals about 69 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
MindForge Inc. (MF) has an Altman Z-Score of 0.12, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
MindForge Inc. (MF) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
MindForge Inc. (MF) reported a net loss of $33.1M while operations used $2.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
MindForge Inc. (MF) reported an operating loss of $14.6M against $697 in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
MindForge Inc. (MF) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For MindForge Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.