KindlyMD, Inc. (NASDAQ: NAKA) appointed former Markel Group and Jefferies CFO Teri Gendron as its new Chief Financial Officer and Treasurer, and former Jefferies Finance CFO John Dalton as Chief Accounting Officer and Controller, effective immediately. The moves come as the company grapples with a steep $86 million net loss in Q3 2025, a 40.1% decline in revenue to $0.388 million from $0.648 million in the same quarter last year, and a surge in operating expenses to $10.8 million driven largely by Bitcoin‑related costs and merger‑related accounting adjustments.
The appointment of Gendron, who has overseen public‑company finance and treasury functions at large institutions, signals a strategic shift toward tighter financial discipline. Her experience in capital markets and treasury management is intended to stabilize the company’s cash‑flow profile as it continues to accumulate Bitcoin—holding 5,398 BTC with a cost basis of $681.2 million and a fair value of $615.8 million—as part of a broader strategy to become a leading public‑market Bitcoin treasury platform.
Dalton’s background in consolidation and technical accounting will support the company’s expanding reporting needs. The dual‑business model—healthcare services and Bitcoin treasury operations—requires robust controls to manage the complex mix of revenue streams and the volatility inherent in digital‑asset holdings. Management emphasized that the new hires will “anchor the financial and operational foundation required to scale responsibly and deliver durable value for shareholders.”
The market has reacted negatively to KindlyMD’s financial trajectory, with the stock having fallen nearly 98% from its May 2025 high. Analysts point to the widening loss, declining revenue, and accounting delays as key headwinds. The CFO and CAO appointments are viewed as a corrective measure aimed at restoring investor confidence and ensuring compliance as the company navigates its high‑risk Bitcoin strategy.
Management’s outlook remains cautious. While the appointments bring seasoned public‑company expertise, the company’s near‑term focus will be on cost containment, improving revenue mix, and achieving a more predictable cash‑flow profile. The leadership changes are expected to strengthen governance and reporting, which are critical as the company seeks to rebuild its financial footing amid ongoing market volatility.
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