Kindcard Inc (KCRD) Q3 2026 Earnings Report

Kindcard Inc reported QQ3 2026 revenue of 97,711 USD (USD thousands, ~97.7 million), reflecting a YoY increase of approximately 19.5% and QoQ growth of about 7.5%. The gross margin stood at 65.3%, indicating a solid product-margin base despite muted profitability at the operating level. However, the quarter also showcased pronounced earnings deterioration driven by elevated operating expenses, resulting in a negative EBITDA of 41.2 million and a net loss of 44.9 million. Earnings per share remained deeply negative at -0.0004, with diluted shares around 102 million, underscoring that losses are not a function of scale alone but of cost structure.

On the balance sheet, liquidity and leverage concerns are prominent. Total assets of 47.0 million contrast with total liabilities of 159.2 million and negative stockholders’ equity of -112.1 million. Short-term debt totals 347.96 million and current liabilities exceed current assets by a wide margin, implying meaningful refinancing and covenant risk. Cash and cash equivalents stood at 9.7 million at period end, while operating cash flow was positive at 24.5 million for the quarter, and free cash flow matched that level, suggesting some cash generation from operations but an unsustainable earnings mix without material deleveraging or margin expansion.

The company’s competitors and peers in the software infrastructure/payments domain are not identified in the current dataset, limiting direct benchmarking. Management commentary for QQ3 2026 is not available in the provided transcript, limiting the inclusion of call-side guidance or nuance from executives. Given the hollow profitability, fragile liquidity, and substantial debt, the near-term investment case hinges on a credible path to operating leverage and a strategic liquidity plan.