Kindly MD 2025 Q3 Earnings Net Loss Widens 8383.6% as Revenue Drops 40.1%

Kindly MD (NAKA) reported a sharp decline in revenue and a massive widening of losses for Q3 2025, missing expectations due to merger-related accounting complexities and crypto market headwinds. The company delayed its earnings filing by five days, citing a $59 million acquisition loss and $22 million in unrealized crypto losses. Despite strategic Bitcoin investments, the stock plummeted 10% post-announcement, underscoring investor concerns over profitability.

Revenue

The total revenue of Kindly MD decreased by 40.1% to $388,209 in 2025 Q3, down from $647,867 in 2024 Q3. Patient care services accounted for the majority of revenue at $388,041, while product retail sales contributed a negligible $168. This stark decline reflects the company’s pivot toward Bitcoin treasury operations following its merger with Nakamoto.

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 surged to $86.04 million, an 8383.6% increase from the $1.01 million loss in 2024 Q3. The losses were driven by a $59.8 million non-cash charge on the Nakamoto acquisition, $22.1 million in unrealized crypto losses, and $1.4 million in realized crypto losses. The EPS and net loss figures highlight the company’s ongoing financial challenges.

Price Action

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 fallen 32.09% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Kindly MD (NAKA) shares on the date of its revenue raise and holding for 30 days yielded mixed results over the past three years. While it showed a 25.6% return, slightly outperforming the SPY ETF’s 22.3%, the approach was marked by high volatility. Strong gains in Q3 2023 and Q3 2024 were offset by a 6.7% decline in Q2 2024. Key price swings included a 22.4% gain from $1.61 to $1.98 in Q3 2023, followed by a 41.5% peak in Q1 2024 and a 20.5% subsequent drop. Volatility remained elevated, with a 18.3% drawdown in Q2 2024 compared to SPY’s 11.4%.

CEO Commentary

David Bailey, CEO, emphasized the company’s strategic execution, including the 5,398 Bitcoin treasury and two Bitcoin-focused investments. Tyler Evans, CIO, called the treasury a “strategic tool” for compounding shareholder value. COO Amanda Fabiano highlighted disciplined integration of cash-generating businesses to enhance platform resilience.

Guidance

The company outlined forward-looking priorities: acquiring Bitcoin-related businesses with recurring revenue, using earnings to fund Bitcoin accumulation, and expanding its ecosystem through strategic investments. Risks included Bitcoin volatility and regulatory changes.

Additional News

Kindly MD’s recent merger with Nakamoto Holdings and its subsequent Bitcoin treasury strategy dominated headlines. The company acquired BTC Inc. and UTXO Management GP, LLC, aiming to expand into media and advisory services. C-level changes included the appointment of Amanda Fabiano as COO, a seasoned Bitcoin finance expert. Additionally, KindlyMD raised $5.6 million via an ATM program and secured a $250 million convertible debt facility with Antalpha.

Kindly MD 2025 Q3 Earnings: Net Loss Widens 8383.6% as Revenue Drops 40.1%