Financial Performance - Nakamoto reported a total revenue of $444,924 for Q4 2025, a decrease from $603,887 in Q4 2024[9] - For the year ended December 31, 2025, total revenue was $1.82 billion, a decrease from $2.72 billion in 2024[15] - Revenue for Q4 2025 was $444.9 million, a decrease of 26.4% compared to $603.9 million in Q4 2024[27] - The net income for Q4 2025 was $37.3 million, compared to a net loss of $1.0 million in Q4 2024[27] - The company reported a basic net income per share of $0.07 for Q4 2025, compared to a loss of $0.17 per share in Q4 2024[27] - The company reported a total non-operating income of $198.0 million for Q4 2025, compared to $21.1 million in Q4 2024[27] Operating Expenses and Losses - Operating expenses for Q4 2025 totaled $161.2 million, compared to $1.6 million in Q4 2024, primarily driven by compensation and administrative costs[9] - Total operating expenses for Q4 2025 were $161.2 million, significantly higher than $1.6 million in Q4 2024, primarily due to a loss on change in fair value of digital assets of $142.6 million[27] - The adjusted operating loss (non-GAAP) for Q4 2025 was $5.2 million, reflecting a significant increase in operational focus on Bitcoin-related activities[9] - Adjusted operating loss (non-GAAP) for the year was $(13.6) million, excluding certain expenses[25] - Operating loss for the year ended December 31, 2025 was $197.1 million, compared to a loss of $3.3 million for the year ended December 31, 2024[27] Digital Assets and Investments - The company experienced a loss on changes in the fair value of digital assets amounting to $142.6 million, reflecting a decline in Bitcoin value from $114,078 to $87,519[10] - The loss on changes in fair value of digital assets was $166.2 million, reflecting a decline in Bitcoin value from an average purchase price of $118,171 to $87,519[16] - The company incurred a loss on investments of $10.8 million in Q4 2025, while there were no such losses reported in Q4 2024[27] - Nakamoto continues to view its Bitcoin holdings as a long-term strategic treasury asset, separating long-term exposure from short-term liquidity needs[20] Strategic Initiatives and Acquisitions - The company initiated an exit from its legacy Healthcare Operations, which is expected to reduce operating losses and streamline its cost structure[11] - Nakamoto completed the acquisitions of BTC Inc and UTXO Management in February 2026, enhancing its media, asset management, and advisory capabilities[6] - The company aims to reinvest operating cash flow into growth initiatives and Bitcoin accumulation, enhancing capital allocation flexibility[6] - Nakamoto's strategic transformation includes a focus on building a scalable Bitcoin-native operating business with diversified revenue streams[5] - Management expects improved operating performance as the integration of new subsidiaries progresses and the cost structure is streamlined[8] - The company plans to expand its market presence and explore new product development opportunities in the upcoming fiscal year[27] Shareholder Information - As of March 27, 2026, shares outstanding increased to 690,018,254, with fully diluted shares at 892,723,518[21] - Fully diluted shares outstanding increased to 526.1 million as of December 31, 2025, from 511.6 million in the previous quarter[28] - As of December 31, 2025, the company's enterprise value was $341 million, with a market capitalization of $154 million and notes payable of $210 million[21] Transaction-Related Costs - Transaction-related expenses amounted to $5.0 million, primarily due to costs associated with the Nakamoto merger[18] - Operating losses in healthcare operations were driven by decreased cash-pay patient services and the closure of one clinic[18]
Kindly MD, Inc.(KDLY) - 2025 Q4 - Annual Results