Hypha Labs Inc (OTC: FUNI) is a consumer health products company developing a home appliance designed to accelerate the production of functional mushroom mycelium for human consumption. The company's intended revenue model combines hardware sales of its Hypha Micropearl accelerator device with recurring sales of replacement cartridges, similar to a razor-and-blade structure. As of the 10-K filed January 15, 2026, the company had not yet commercialized any product and generated no product revenue during the fiscal year ended September 30, 2025. Hypha Labs was incorporated in Nevada on October 5, 2010, and operated a cannabis-testing laboratory in Nevada from 2015 until it sold those net assets in February 2024 through its subsidiary Digipath Labs. The functional mushroom device business operates through a wholly owned subsidiary, Hypha Products Inc., formed April 18, 2024. The company reported net cash used in operating activities of $379,975 for the fiscal year ended September 30, 2025, and disclosed a stockholders' deficit. It has filed two U.S. patent applications covering machine learning algorithms to process mycelium.

Revenue model

No product revenue reported for fiscal year ended September 30, 2025. The intended model is transactional hardware sales of the Hypha Micropearl accelerator device plus recurring consumable cartridge sales. Prior revenue, now discontinued, came from fixed-fee cannabis analytical testing services through subsidiary Digipath Labs.

Products and services

Hypha Micropearl accelerator: a home appliance that produces enriched functional mushroom mycelium, called Micropearls, in eight days using pre-sterilized replacement cartridges. Cartridges are filled with nutrient formulations, scanned via QR code to the Hypha Lab mobile app, and inserted into the device. Micropearls are described as tasteless and odorless and intended for incorporation into food and beverages. The product was in development as of the 10-K filed January 15, 2026, with commercialization targeted by end of calendar year 2026.

Customers and end markets

Target end market is direct-to-consumer health and wellness, specifically consumers seeking functional mushroom supplements and functional foods. No customers or sales reported as of fiscal year ended September 30, 2025. The broader functional mushroom market was estimated at $34.75 billion in 2024 per Grand View Research, as cited in the filing.

Value-chain role

Hardware manufacturer and consumable cartridge producer targeting the consumer functional mushroom segment. The company intends to design, develop, manufacture, and distribute both the device and proprietary cartridges directly to consumers, supported by a companion mobile app.

Geographic exposure

United States. The filing references compliance with the U.S. Consumer Products Safety Act and targets the U.S. consumer market. No international operations disclosed.

Source: SEC 10-K, filed 2026-01-15

Industry: Services-Testing Laboratories Peers: Mitesco Inc CVS Health Corp HEALTH DISCOVERY CORP NOVATION COMPANIES, INC.