Kindly MD Reports 36.1% Revenue Decline and $2.4M Net Loss in Q2 2025

Kindly MD, Inc. reported a significant decline in financial performance for the second quarter of 2025, with net revenues of $408,527, a decrease of 36.1% from $639,057 in the same period last year. For the first half of 2025, revenues totaled $988,182, down 32.7% from $1,468,086 in the first half of 2024. The company attributed this decline primarily to reduced cash-pay patient care service pricing and the closure of its Bountiful location. Despite the revenue drop, reimbursements from insurance payers increased by 153.1% year-over-year, totaling $231,726 for the quarter and $316,999 for the six months.

Operating expenses surged by 67.0% to $2,800,018 for the second quarter, compared to $1,676,250 in the prior year. This increase was largely driven by a 106.4% rise in salaries and wages, reflecting the company's expansion in medical services and additional contracting labor. General and administrative expenses also rose significantly, up 152.6% to $1,121,482, due to higher legal fees, investor relations costs, and marketing expenses. The company reported a net loss of $2,413,787 for the quarter, compared to a loss of $1,319,653 in the same period last year, resulting in a loss per share of $(0.35).

In terms of strategic developments, Kindly MD is in the process of merging with Nakamoto Holdings, Inc., a Bitcoin-focused company. This merger, announced on May 12, 2025, is expected to enhance the company's operational capabilities and financial position. The merger will involve the issuance of approximately 22.3 million shares of common stock to Nakamoto's shareholders and is part of a broader strategy to integrate Bitcoin into the company's financial framework. The company has also entered into subscription agreements for approximately $511.7 million in private placements to support this merger.

Operationally, Kindly MD's total assets increased to $9,890,282 as of June 30, 2025, up from $3,677,992 at the end of 2024, primarily due to cash reserves bolstered by warrant exercises. The company reported cash and cash equivalents of $6,024,604, a significant increase from $2,273,624 at the end of the previous fiscal year. The total stockholders' equity rose to $8,966,888, reflecting the issuance of common stock and the exercise of warrants. The company’s employee headcount has also increased as it expands its operations.

Looking ahead, Kindly MD aims to optimize revenue through increased sales and improved margins while managing operating expenses. The company is focused on enhancing its cash reserves and liquidity, particularly in light of the ongoing merger with Nakamoto Holdings. Management remains optimistic about the potential for future growth and the strategic advantages that the merger may bring, particularly in the context of its Bitcoin treasury strategy.