Kindly MD 2025 Q3 Earnings 8383.6% Net Loss Increase Amid Bitcoin Strategy Shift

Kindly MD (NAKA) reported its fiscal 2025 Q3 earnings on Nov 19, 2025, revealing a sharp decline in revenue and a dramatic widening of losses. The company’s results fell far below expectations, with net losses surging by over 8,000% year-over-year. Management emphasized its pivot to a Bitcoin treasury strategy but acknowledged ongoing financial challenges.

Revenue

Patient care services contributed $388,041, while product retail sales accounted for a minimal $168, resulting in a total revenue of $388,209 for the quarter. This marked a 40.1% decline from $647,867 in 2024 Q3, reflecting the company’s strategic shift toward Bitcoin-related operations.

Earnings/Net Income

Kindly MD’s losses deepened to $0.42 per share in 2025 Q3, a 147.1% wider loss compared to $0.17 per share in 2024 Q3. The company’s net loss widened to $86.04 million, an 8383.6% increase from $1.01 million in 2024 Q3. These losses were driven by a $59.8 million non-cash charge on the Nakamoto acquisition, $22.1 million in unrealized crypto losses, and a $1.4 million realized loss from Bitcoin sales. The EPS and net income figures reflect a substantial deterioration, with losses widening by 147.1% and 8383.6% respectively, indicating ongoing financial challenges.

Post-Earnings Price Action Review

The stock price of Kindly MD has dropped 4.36% during the latest trading day, plummeted 19.93% during the most recent full trading week, and has plummeted 32.09% month-to-date.

CEO Commentary

David Bailey, Chairman and CEO, highlighted the successful merger with Nakamoto, establishing a Bitcoin treasury with 5,398 BTC, and completing two strategic investments. Tyler Evans, CIO, emphasized Bitcoin’s role as a strategic tool to compound shareholder value through ecosystem-strengthening investments. Amanda Fabiano, COO, outlined disciplined execution to expand the platform’s scope and resilience via recurring-revenue acquisitions. The leadership expressed optimism about long-term Bitcoin treasury growth and ecosystem development, aligning with Nakamoto’s mission to build a global portfolio of Bitcoin-native companies.

Guidance

The company expects to continue executing its Bitcoin treasury strategy, allocating BTC holdings for strategic investments in Bitcoin-focused companies and acquiring cash-generating, mission-aligned businesses to fund further Bitcoin accumulation. Management aims to expand the platform’s operating revenue, talent, and market reach while reinforcing the foundation for sustainable shareholder returns. Forward-looking priorities include disciplined integration of high-quality assets into a unified Bitcoin operating platform, compounding value over time, and prioritizing investments that align with long-term ecosystem growth and market cycle resilience.

Additional News

Kindly MD’s Q3 filing was delayed due to merger accounting complexities, revealing a $59 million acquisition loss and $22 million in unrealized crypto losses. The stock dropped 10% following the announcement, exacerbating a 95% decline over six months. The company also announced a $250 million convertible debt facility with Antalpha and two strategic investments: $15 million in Treasury BV (Netherlands) and $30 million in Metaplanet Inc. (Japan). Leadership changes included the appointment of Amanda Fabiano as COO, bringing expertise in Bitcoin finance and capital markets to accelerate strategic M&A initiatives.