10-Q · August 27, 2025
Kaya Holdings reported Q2 net sales of $10,097 and GAAP basic EPS of $(0.06). Revenue resumed from zero a year ago (Q2 2024: $0) and produced $3,362 of gross profit (33.3% gross margin), but the quarter showed a $2.6M…
Earnings analysis · 10-Q
KAYS earnings analysis
Filed November 20, 2025 · Our reading of the company's report
The latest report
Kaya Holdings reported Q3 revenue of $5,408 (Q3 2024: $3,000) with gross profit of $5,370, but posted a large net loss of $8,591,465 for the quarter (Q3 2024: $2,495,327). Cash declined to $26,087 (Dec 31, 2024:…
Read full summary
Kaya Holdings reported Q3 revenue of $5,408 (Q3 2024: $3,000) with gross profit of $5,370, but posted a large net loss of $8,591,465 for the quarter (Q3 2024: $2,495,327). Cash declined to $26,087 (Dec 31, 2024: $39,668) and the company discloses a working capital deficiency of $2,422,383 and substantial doubt about its ability to continue as a going concern. Management continues to pursue equity/debt financings and strategic transactions; the filing shows material non‑cash equity and debt restructurings during the period (e.g., $25,476,253 debt conversion to additional paid‑in capital).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
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Quarterly revenue increased
Net sales for the three months ended September 30, 2025 were $5,408 versus $3,000 in the three months ended September 30, 2024, an increase of $2,408.
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Strong reported gross margin this quarter
Three‑month gross profit was $5,370 on sales of $5,408 (gross margin ≈ 99.3%), up from gross profit $2,728 on $3,000 (≈ 90.9%) in Q3 2024.
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Large non‑cash recapitalization to equity
Debt conversion and related non‑cash transactions increased Additional Paid‑in Capital by $25,476,253 (derivative derecognition and debt conversions are shown as non‑cash transactions).
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Liabilities materially reduced vs prior audited balance
Total liabilities fell to $2,919,815 at September 30, 2025 from $17,344,501 at December 31, 2024, driven in part by reductions in convertible notes and derivative balances.
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Financing cash inflow during period
Proceeds from convertible notes provided $420,000 of cash in the nine months ended September 30, 2025 (shown in financing activities).
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Derivative liabilities reduced
Reported derivative liabilities were $503,792 at September 30, 2025 versus $2,497,275 at December 31, 2024.
What to watch
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Very large quarterly and year‑to‑date losses
Net loss for the three months ended September 30, 2025 was $8,591,465 (three months ended September 30, 2024: $2,495,327); nine‑month net loss was $12,774,232 (nine months 2024: $3,243,797).
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Substantial going concern / working capital deficiency
The company reports a working capital deficiency of $2,422,383 and states these matters 'raise substantial doubt about the Company’s ability to continue as a going concern.'
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Operating losses far exceed revenues
Operating loss for the three months ended September 30, 2025 was $269,010 while revenue was $5,408, producing an operating loss many times revenue (operating loss $269,010 vs sales $5,408).
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Operating cash use
Net cash used in operating activities for the nine months ended September 30, 2025 was $459,666 (reported as 'Net cash used in operating activities').
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Cash balance declined
Cash and equivalents declined to $26,087 at September 30, 2025 from $39,668 at December 31, 2024 (a decrease of $13,581).
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Massive share dilution during 2025
Shares issued increased from 41,572,835 at December 31, 2024 to 686,441,673 issued as of September 30, 2025 (common stock par amounts show 686,441,673 shares issued vs 41,572,835 previously).
Management's outlook
The MD&A does not provide numeric forward guidance. Management states plans to pursue 'the sale of additional equity and debt securities,' 'alliances and/or partnerships,' and other transactions to meet liquidity needs and acknowledges there are 'no assurances' these will succeed; outlook deferred to future financing/transactions.
Earlier filings 4
10-Q · May 21, 2025
Kaya Holdings reported first-quarter 2025 revenue of $7,052 (vs $0 in Q1 2024) and gross profit of $2,082, but operating loss widened to $309,538 and net loss attributable to Kaya was $1,636,770 (vs $1,084,992 in Q1…
10-K · April 29, 2025
Kaya Holdings (KAYS) is positioning itself as a vertically integrated wellness operator focused on psychedelic treatment clinics and cannabis, operating The Sacred Mushroom psilocybin treatment center and pursuing EU…
10-Q · August 15, 2024
Kaya Holdings reported Q2 net sales of $0 (Q2 2023: $55,116) and GAAP basic EPS of $0.02 for the three months ended June 30, 2024. The quarter swung to net income $357,210 (three months) largely driven by a positive…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.