HeartSciences Inc.

What they do

HeartSciences develops MyoVista Insights, a cloud-native, vendor- and device-agnostic ECG management platform classified as a Medical Device Data System and exempt from FDA 510(k) requirements. The platform organizes ECG studies, analyzes waveforms, and is designed to host third-party AI-ECG algorithms through a marketplace. The company also developed the MyoVista wavECG device, a conventional ECG device intended to host embedded AI-ECG algorithms, which was submitted to the FDA for 510(k) clearance in December 2025 and remains under review.

Revenue drivers

• MyoVista Insights SaaS platform — The company expects revenue from installation fees, SaaS usage fees, and fees associated with AI-ECG algorithms made available through the platform. This is the only commercially launched product, following full commercial launch in fiscal 2026.
• MyoVista wavECG device — A conventional ECG device designed to host embedded AI-ECG algorithms, including an impaired cardiac relaxation (e') algorithm under development. It was submitted to the FDA for 510(k) clearance in December 2025 and remains under review; no revenue can be recognized until clearance.
• AI-ECG algorithm marketplace — HeartSciences plans to host AI-ECG algorithms from multiple vendors on MyoVista Insights and collect fees on those algorithms, including third-party algorithms, though no revenue contribution has been disclosed.

Recent performance

Fiscal 2026 revenue was $4,319, down from $18,600 in fiscal 2024 and $4,350 in fiscal 2025, continuing a pattern of negligible revenue. Net loss widened to $9.1 million in fiscal 2026 from $8.8 million in fiscal 2025, and operating cash use was $7.4 million in both years. For the quarter ended July 31, 2026, revenue was $2,100 and no revenue was recorded in the quarters ended January 31, 2026 and April 30, 2026. At July 31, 2026, total assets were $3.7 million, total liabilities were $5.8 million, shareholder equity was negative $2.0 million, and cash and equivalents were $29,906.

Strategy

Management has shifted its strategic focus toward a proposed business combination with Fortitude Mining Holdings, a Zcash miner, and filed a preliminary proxy statement on July 29, 2026. The company says the transaction offers shareholders exposure to the Zcash ecosystem and cites Fortitude's June 30, 2026 six-month ZEC production of 72,696 coins, roughly 28% of overall ZEC production. Fortitude has energized a new Grand Island, Nebraska facility bringing owned power to over 60MW and targets lowering cash mining cost from about $70 per coin toward about $40 per coin. At Zcash prices above $500, Fortitude estimates run-rate Adjusted EBITDA over $50 million once new machines are hashing. In parallel, HeartSciences continues commercial deployment of MyoVista Insights and awaits FDA review of the MyoVista wavECG device.

Risks

• Going concern and capital shortfall — The 10-K states there is substantial doubt about the company's ability to continue as a going concern, and cash and equivalents were only $29,906 at July 31, 2026.
• FDA clearance uncertainty — The MyoVista wavECG device submitted for 510(k) clearance in December 2025 remains under FDA review, and the company cannot assure timing or that clearance will be obtained.
• Nasdaq listing deficiency — The company received a delisting notice or listing-rule failure on August 7, 2026, and the 10-K notes that failure to maintain Nasdaq listing standards could result in delisting.
• Merger completion risk — The proposed Fortitude Mining Holdings business combination requires stockholder approval, and the company cautions the merger may not close when expected or at all if conditions are not satisfied.

Outlook

Management presents the Fortitude Mining Holdings transaction as a value creation opportunity tied to the Zcash ecosystem and expects Fortitude to lower mining costs and grow Adjusted EBITDA. The company continues to seek FDA clearance for the MyoVista wavECG device and commercial deployment of MyoVista Insights. It states it will require additional funding for working capital, commercialization of MyoVista Insights, and regulatory clearance of the wavECG device and associated AI-ECG algorithms. HeartSciences cautions that it cannot provide assurance on the timing or outcome of the FDA review or the merger.