Kindly MD, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated revenues of $388,209 for the three months ended September 30, 2025, a decrease of 40.1% from $647,867 in the same period last year. For the nine months ending September 30, 2025, revenues totaled $1,376,391, down 35.0% from $2,115,953 in the prior year. The decline in revenue is attributed to reduced cash-pay patient care service pricing and the closure of a location in Bountiful, Utah. Despite the drop in revenue, the company saw a substantial increase in reimbursements from insurance payers, which rose by 249.7% to $372,620 in Q3 2025 compared to $106,567 in Q3 2024.
The company's operating expenses surged to $10,793,731 for the third quarter of 2025, a 535.8% increase from $1,697,685 in the same quarter of 2024. This increase was primarily driven by a 409.3% rise in salaries and wages, totaling $5,798,570, and an 847.7% increase in general and administrative expenses, which reached $4,982,754. The overall net loss for the quarter was $86,035,808, compared to a loss of $1,014,147 in Q3 2024, reflecting a significant increase in operational costs and losses associated with the acquisition of Nakamoto Holdings, Inc.
In terms of strategic developments, Kindly MD completed a merger with Nakamoto Holdings on August 14, 2025, which involved the issuance of approximately 22 million shares of common stock valued at $24,999,679. This merger marks a shift in the company's focus towards a Bitcoin treasury strategy, which includes acquiring Bitcoin and investing in Bitcoin-focused companies. The company reported holding 5,398 Bitcoin valued at approximately $615.8 million as of September 30, 2025, with a significant unrealized loss of $22,066,010 during the quarter due to market fluctuations.
Operationally, Kindly MD's total assets increased dramatically to $692.4 million as of September 30, 2025, compared to $3.7 million at the end of 2024, largely due to the merger and the acquisition of digital assets. The company also reported a substantial increase in its employee headcount, reflecting its expansion efforts post-merger. However, the company faces a working capital deficit of $187.4 million, indicating potential liquidity challenges ahead.
Looking forward, Kindly MD anticipates that its focus on insurance-based medical services will continue to grow, supported by increased payor contracts and referrals. The company plans to address its liquidity needs through various financing arrangements, including potential equity issuances and selective Bitcoin sales. Despite the current challenges, management remains optimistic about the long-term potential of its Bitcoin treasury strategy and its impact on the company's financial health.
About Kindly MD, Inc.
KindlyMD is a healthcare data and patient-centered medical company specializing in integrated treatment for chronic pain, opioid reduction, and behavioral health. It offers outpatient services, telemedicine, and retail hemp products, focusing on evidence-based, personalized care. The company leverages healthcare analytics, collects valuable data, and promotes alternative medicine to improve outcomes, combat the opioid epidemic, and advance value-based care in the U.S. healthcare market.
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