Executive Summary
Kindcard Inc. reported QQ3 2025 revenue of USD 139.366 million, marking a YoY increase of 11.13% and a QoQ surge of 70.50%. Gross profit stood at USD 114.104 million, delivering a gross margin of approximately 81.87%. Despite top-line momentum, the company posted an operating loss of USD 7.588 million and a net loss of USD 7.588 million, with EBITDA of USD 12.777 million (EBITDA margin ~9.17%). The disparate path between EBITDA and net income indicates non-cash or non-operating items affecting reported earnings and underscores the importance of watching cost structure and operating leverage going forward. Basic EPS was -0.0001, and the quarter contributed to a negative cash flow from operations of USD -15.131 million, culminating in a free cash flow of USD -15.129 million.
Key Performance Indicators
Key Insights
Revenue: USD 139.366 million; YoY +11.13%, QoQ +70.50%
Gross Profit: USD 114.104 million; YoY +19.78%, QoQ +as reported 79.58%
EBITDA: USD 12.777 million; EBITDA margin 9.17%
Operating Income: USD -7.588 million; Operating margin -5.44%
Net Income: USD -7.588 million; Net margin -5.44%
EPS: -0.0001; EPS Diluted: -0.0001; Weighted Avg Shares: 98.17 million
Cash Flow: Net cash from operating activities USD -15.131 million; Free cash flow USD -15.129 million; Net change in cash USD -0.790 million; ...
Financial Highlights
Revenue: USD 139.366 million; YoY +11.13%, QoQ +70.50%
Gross Profit: USD 114.104 million; YoY +19.78%, QoQ +as reported 79.58%
EBITDA: USD 12.777 million; EBITDA margin 9.17%
Operating Income: USD -7.588 million; Operating margin -5.44%
Net Income: USD -7.588 million; Net margin -5.44%
EPS: -0.0001; EPS Diluted: -0.0001; Weighted Avg Shares: 98.17 million
Cash Flow: Net cash from operating activities USD -15.131 million; Free cash flow USD -15.129 million; Net change in cash USD -0.790 million; Cash at end of period USD 14.067 million; Cash at beginning USD 14.857 million
Balance Sheet: Total assets USD 97.107 million; Liabilities USD 1,072.554 million; Stockholders’ equity USD -975.447 million; Total debt USD 355.128 million; Net debt USD 341.061 million; Cash USD 14.067 million; Intangible assets USD 61.277 million; Current ratio 0.0357x; Cash ratio 0.0154x
Valuation/Market Metrics: Price to sales ~20.04x; Price to book negative; Enterprise value to EBITDA not meaningful given negative equity; No peer data available for direct comparison.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
139.37K |
11.13% |
70.50% |
| Gross Profit |
114.10K |
19.78% |
79.58% |
| Operating Income |
-7.59K |
84.42% |
90.97% |
| Net Income |
-7.59K |
84.42% |
90.97% |
| EPS |
0.00 |
80.00% |
88.89% |
Key Financial Ratios
operatingProfitMargin
-5.44%
operatingCashFlowPerShare
$-0
priceEarningsRatio
-92.02
Management Commentary
Transcript data not provided. No earnings-call transcript was supplied in the source, so management quotes or themes could not be extracted. As a result, key voice-of-management themes, strategic pivots, or commentary on near-term targets are unavailable in this analysis.
Forward Guidance
No explicit forward guidance is included in the provided data for QQ3 2025. Consequently, the outlook must be inferred from historical trends and industry context. Investors should await updated guidance from the company filings or earnings call for explicit targets (revenue trajectory, profitability milestones, and liquidity runway). In the interim, stakeholders should monitor: (1) cash burn trajectory and potential improvement in free cash flow; (2) debt maturity schedules and refinancing options; (3) monetization opportunities for intangible assets and operating leverage as revenue scales; (4) progress in expanding the customer base and wallet share within the payments infrastructure space.