The merger with Fortitude is the primary catalyst — monitor shareholder vote and Nasdaq listing application. FDA decision on MyoVista wavECG is a secondary catalyst but unlikely to move the stock materially given the deal focus.
Price Chart
Executive Summary
HeartSciences reported no meaningful revenue for fiscal 2026, with $1.7M cash and $0.2M equity, while advancing its transformative all-stock merger with Fortitude Mining Holdings (a Zcash miner). The EPS of -$0.87 missed consensus of -$0.71 by 21.7%, but the deal narrative dominates — Fortitude mined 72,696 ZEC in six months and estimates >$50M run-rate adjusted EBITDA at Zcash prices above $500.
Key Financial Metrics
Key Facts
- No meaningful revenue for fiscal 2026; cash $1.7M, shareholders' equity $0.2M as of April 30, 2026.
- EPS -$0.87 vs consensus -$0.71 (21.7% miss).
- Proposed all-stock merger with Fortitude Mining Holdings, issuing ~107.6M shares to DCG, pro forma equity $70M.
- Fortitude mined 72,696 ZEC in six months ended June 30, 2026 (~28% of network production).
- Fortitude estimates >$50M run-rate adjusted EBITDA at Zcash prices >$500 once new machines are deployed.
- MyoVista wavECG device submitted to FDA for 510(k) clearance in December 2025, currently under review.
- Proxy statement filed; special meeting of shareholders to vote on the merger.
Financial Impact
Pro forma combined equity of $70M vs current $9M market cap; Fortitude's estimated run-rate adjusted EBITDA >$50M at Zcash >$500.
Risk Factors
- Merger may not close or may be delayed; shareholder approval required.
- Nasdaq listing deficiencies persist; reverse stock split proposed (1:2 to 1:5).
- Zcash price volatility directly impacts Fortitude's projected EBITDA.
- FDA 510(k) clearance for MyoVista wavECG uncertain and timeline unclear.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3335249 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | DEFA14A | — | awaiting T+1 | — | — |
Oct 26, 2026 today | DEFA14A | — | awaiting T+1 | — | — |
Oct 23, 2026 2d ago | SC 13D/A | $3.41 | awaiting T+1 | — | $3.14 (−7.92%) |
Oct 21, 2026 5d ago | DEFA14A | $3.17 $3.14 | ▼ −0.95% | ▼ −0.42% | $3.14 (−0.95%) |
Oct 19, 2026 7d ago | DEFA14A | $3.13 $3.56 | ▲ +13.74% | ▲ +13.21% | $3.14 (+0.32%) |
Oct 19, 2026 7d ago | DEFA14A | $3.07 $3.13 | ▲ +1.95% | ▲ +1.62% | $3.14 (+2.28%) |
Oct 19, 2026 7d ago | DEFM14A | $3.07 $3.13 | ▼ −1.95% | ▼ −1.62% | $3.14 (−2.28%) |
Oct 15, 2026 11d ago | DEFA14A | $3.02 $3.07 | ▲ +1.66% | ▲ +1.23% | $3.14 (+3.97%) |
Oct 9, 2026 17d ago | 424B5 | $3.30 $3.09 | ▲ +6.36% | ▲ +6.35% | $3.14 (+4.85%) |
Oct 6, 2026 20d ago | DEFA14A | $3.49 $3.04 | ▼ −12.89% | ▼ −12.47% | $3.14 (−10.03%) |
US Market Status
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