Day 145: NXDR Falls Below $2 — Is Nextdoor Building a Better Platform or Just a Better Story?
Well, that didn't take long.
After Nextdoor released its quarterly earnings report, NXDR took a serious nose dive. The stock closed at $2.12 on November 5 and finished at $1.96 on November 6, falling below the $2 mark. That's another 7.55% decline on Friday alone.
So, what happened? Was it the earnings? Investor expectations? The company's long-term financial performance? Or perhaps investors are looking at the bigger picture and asking questions that Nextdoor still hasn't answered.
I have a few hypotheticals of my own.
Day 145: Still waiting for Jacob Chavis's research reports
Let's start with a recurring theme in this case study.
It's Day 145 of waiting for the research reports associated with Jacob Chavis, whom Nextdoor publicly identified as the contact for additional information.
I've sent emails. I've followed up. I've asked for the reports and the methodology behind the research.
Still waiting.
Perhaps investors are wondering how a company that promotes its research and insights can make it so difficult for someone to obtain the underlying information.
Perhaps they are wondering whether transparency is a priority when the questions become uncomfortable.
Perhaps they are wondering whether Nextdoor understands that responding to questions is part of building trust.
Just a thought.
Look at all the shiny new products!
Nextdoor published another product update:
What's New on Nextdoor: Product Updates
There's plenty to talk about.
The November 5 update highlights:
AI-powered Ask in search: Neighbors can ask questions in plain language and receive responses drawn from years of neighborhood conversations.
Local events in the feed: Events are being surfaced to nearby neighbors, with Nextdoor reporting 46% more views after the change.
Groups reaching beyond members: Group posts can now appear in feeds of neighbors who haven't joined.
A faster feed: Nextdoor reports improvements in loading speed on Android and the web.
Sponsored search expansion: More advertising categories are being added.
Neighborhood Intelligence: Advertisers can target and measure at the neighborhood level rather than just by ZIP code.
Nextdoor Blog
That's a lot of product activity.
And I'm not suggesting that these improvements have no value. Some sound useful. Others raise questions about advertising, privacy, moderation, and how neighborhood conversations are being used.
But here's my hypothetical:
Perhaps investors are wondering whether more features automatically translate into a profitable business.
Perhaps they're asking whether AI-powered search will generate enough additional advertising revenue to justify the investment.
Perhaps they're wondering whether expanding sponsored search will improve the experience for neighbors or simply put more advertisements into their feeds.
Perhaps they're asking how Nextdoor will demonstrate that neighborhood-level advertising produces better results for small businesses.
And perhaps they're wondering whether the company is measuring the success of these products by the value they create for users and advertisers—or simply by the number of new features it can announce.
A product announcement is not the same thing as a successful business model.
Fifteen years of building, but where's the profit?
Nextdoor was founded in 2011. We're now approaching 15 years of the company's existence.
And what are we still discussing?
Profitability.
The latest quarterly report showed:
Q3 2026 metric
Reported result
Nextdoor's net loss was considerably smaller than the $12.9 million loss reported in the same quarter last year. Adjusted EBITDA improved from $4.4 million to $10.3 million. Those are meaningful improvements.
But the company still reported a net loss.
And here's another hypothetical:
Perhaps investors are asking when all those years of building a neighborhood network will translate into consistent GAAP profitability.
Perhaps they're wondering how many more years of investment it will take before the business can stand on its own financially.
Perhaps they're asking whether the company has a clear path to sustainable profits or whether every earnings report will come with another explanation of why the next quarter will be better.
Growth is important. Revenue is important. Active users are important.
But eventually, a business needs to make money.
Will the executives get rewarded while shareholders wait?
Here's another question I've raised before.
If the company reports better numbers, does the executive team receive bonuses or other performance-tied compensation?
I don't know the details of the current bonus calculations or whether anyone received a bonus for this quarter. I'm not claiming that they did.
But it raises a worthwhile question.
If management is rewarded for increasing WAU, growing revenue, and reducing losses, how are shareholders rewarded for sticking with the company?
The earnings announcement also discussed the company's intention to continue investing while opportunistically returning capital to shareholders through its share buyback program. That's not the same as a dividend, and investors may reasonably want to understand how that approach benefits them.
Perhaps investors are asking whether executive compensation is sufficiently aligned with long-term shareholder returns.
Perhaps they're wondering whether management's performance measures should put more emphasis on profitability and the stock price.
Perhaps they're asking when the average investor gets to see a meaningful return beyond hoping the share price eventually goes up.
Just asking questions, Nirav.
Perhaps the problem isn't the products. Perhaps it's trust.
Let's put all of this together.
145 days waiting for research reports.
Questions about moderation and the treatment of local publishers.
Questions about advertising effectiveness and small-business support.
Questions about the value of verified addresses.
Questions about user-generated content and who benefits from it.
Questions about profitability and shareholder returns.
Questions about how management communicates with people who provide feedback.
Perhaps investors are looking beyond the quarterly financial statements.
Perhaps they're asking whether Nextdoor listens to its customers.
Perhaps they're wondering whether the company understands that trust is central to a neighborhood platform.
Perhaps they're asking whether the company can grow its advertising business without damaging the community experience that attracts people in the first place.
And perhaps they're wondering whether leadership is willing to address difficult questions instead of simply announcing the next product improvement.
I don't know whether any of these things contributed to the stock's decline. A stock price moves for many reasons, and I wouldn't pretend to know what every investor is thinking.
But these are questions that deserve answers.
Nirav, try something different
Nextdoor has a new product announcement. It has AI. It has Neighborhood Intelligence. It has 24.5 million Weekly Active Users. It has nearly $79 million in quarterly revenue.
Those are things worth discussing.
But the company also has a stock that closed below $2, a continuing net loss, and people asking questions about transparency, moderation, advertising, and accountability.
Perhaps it's time to spend less energy telling everyone what's new and more time explaining how it all creates sustainable value.
And while we're at it, perhaps someone could answer my email.
Jacob, I'm still waiting.
Nirav, I'm still providing feedback.
Day 145. NXDR is under $2. The questions are still worth more than a product announcement.
The Hinge Experiment: A Weekend Without Airica, Godzilla, and a Little Family Time 🦖❤️
After getting back from the cruise, I made a point of seeing Airica on Monday. I knew she had a trip coming up this weekend to take care of some family matters, so I wanted to squeeze in a little time together before she headed out.
And yes, I'll miss her.
It's funny how quickly certain routines can become something you look forward to. The conversations, the meals, the laughs, the hugs, and even those drives back and forth to Columbia have become part of my schedule.
This weekend will be different.
No trip to Columbia. No dinner plans with Airica. No wondering what adventure we'll get ourselves into next.
But that's okay. Life happens, family comes first, and sometimes schedules don't line up. We'll have another opportunity to spend time together soon.
In the meantime, I have a few things to keep me occupied.
Mom, Family, and a Little Change of Pace
I'll have some time to spend with Mom this weekend, which is always important to me.
Between visiting her, my schedule, dialysis, and everything else life throws my way, it's nice to have a chance to slow down a little and spend time with family.
Well, maybe not slow down completely.
I have another plan.
Godzilla, Popcorn, and a Trip to Beaufort!
One thing I really enjoy is going to the movies.
This Saturday, I've planned a trip to Beaufort, South Carolina, with my nephew. We're going to see Godzilla Minus One, which is showing this weekend.
Now, my nephew enjoys Godzilla movies. So rather than picking something I might want to see, I'm going to let him choose the entertainment.
That's what uncles do, right?
I’ll head to Beaufort for the 3:30 p.m. showing.
My movie-theater requirements are pretty straightforward:
A comfortable seat.
A large popcorn.
Probably a Pepsi Zero.
A good movie.
My nephew will get some water and something to eat, and I'll settle in for the show.
There's just one little detail.
I'll be reading subtitles.
Godzilla Minus One is a Japanese-language film, so I'll be doing a little extra reading while watching giant-monster destruction unfold on the big screen.
Multitasking!
I don't mind subtitles. In fact, some of the movies I've enjoyed over the years have required me to pay attention to what's happening at the bottom of the screen.
I'm looking forward to seeing what my nephew thinks of the movie, too. Sometimes it's just as much fun watching someone else enjoy something they're passionate about as it is enjoying the movie yourself.
And who knows? Maybe Godzilla will destroy a few buildings, cause a little chaos, and give us something to talk about on the drive home.
Sounds like a perfectly reasonable Saturday afternoon.
The Hinge Experiment Isn't Taking a Vacation
While Airica is away this weekend, we'll both be doing our own things.
I'm not going to pretend I won't miss seeing her. I will.
But one thing I'm learning through this experience is that getting to know someone also means understanding that you each have your own lives, responsibilities, families, and commitments.
We don't have to be doing everything together.
We can enjoy the time we spend together and still make room for everything else that's important.
And there's already something on the calendar for the following weekend.
Next Weekend: TSA PreCheck!
When I see Airica again next weekend, we'll work on getting her TSA PreCheck.
After all the traveling, airport experiences, and upcoming adventures, it makes sense to take care of that.
If we're going to continue exploring, taking trips, and making memories, anything that makes the airport experience a little easier is worth looking into.
I'll help her navigate the process, and hopefully, we'll get everything squared away.
Maybe this will be another opportunity for me to demonstrate my extensive knowledge of travel logistics.
Or maybe I'll just be the guy sitting there saying, "Click that button."
Either way, we'll figure it out.
Sometimes You Just Enjoy the Moment
When I started The Hinge Experiment, I had no idea where it would lead.
I certainly didn't anticipate all the road trips, dinners, family introductions, pumpkin patches, Harry Potter adventures, and cruise-related travel planning.
And I don't know what comes next.
For now, I'm enjoying getting to know Airica, appreciating the time we spend together, and looking forward to the next opportunity to see her.
This weekend will be a little different, and I'll miss her company.
But I'll get some time with Mom, take my nephew to see Godzilla, enjoy some popcorn, and have a little uncle-nephew time.
Not a bad way to spend a Saturday.
And next weekend, the Hinge Experiment resumes with TSA PreCheck and another opportunity to make memories.
In the meantime, somebody might want to remind Godzilla to stay away from Beaufort.
I've got a movie to watch! 😂
Day 144: Nextdoor's Earnings, Shareholder Rewards, and the Website They Helped Me Build
Well, Nextdoor and NXDR had an interesting couple of days.
Yesterday, NXDR closed at $2.44. Today, ahead of the quarterly earnings report, the stock was trading at $2.12. That's a drop of more than 13%.
Then came the earnings report.
The results were pretty much what I expected: a smaller loss, but still a loss; increases in Weekly Active Users (WAU), revenue, and adjusted EBITDA.
The numbers had some positives. But there was something missing.
A dividend for shareholders.
More activity, more revenue, but what about the shareholders?
Let's look at the situation.
Weekly Active Users are increasing. Revenue is increasing. The company's losses are getting smaller. Adjusted EBITDA is improving.
Management can point to all of that as progress.
But what does the average investor get out of it?
I have to wonder whether Nirav and the rest of the C-suite team will be rewarded with bonuses for the quarter's performance. I don't know their compensation arrangements or bonus results, but shareholders should be able to understand executive compensation.
And if the leadership team is being rewarded for improving performance, why shouldn't the people who have invested in the company see some benefit?
Why not a dividend?
Now, I understand that dividends aren't automatic. Companies have to consider profitability, cash flow, capital needs, and future investment before deciding whether to distribute money to shareholders.
But it's a fair question: At what point does improved performance translate into a tangible return for the average investor?
If WAU is up, revenue is up, losses are narrowing, and management is celebrating progress, shouldn't shareholders eventually get to share in the rewards?
The average Joe is putting money into the company, too.
Who actually creates the content that brings people to Nextdoor?
I want to revisit something I've raised before: Should social media platforms compensate the people who create the content that drives traffic to their sites?
Think about what Nextdoor is without its users.
No one posts about a lost dog. No one asks for a plumber recommendation. No one shares a neighborhood event, a local warning, a community announcement, or a funny observation about the neighbors.
What happens?
People have fewer reasons to visit.
If people stop visiting, advertisers have fewer reasons to spend money on the platform. And if advertisers pull back, revenue is affected.
The content is the fuel that keeps these platforms moving.
Yet the people creating that content generally aren't compensated for the value they help generate.
I'm not suggesting every person who posts a neighborhood update should receive a paycheck. A thoughtful model, clear eligibility, and a way to measure meaningful contributions would be needed.
But it's worth asking whether platforms should share a portion of the value generated by the people who keep their communities active.
The platform provides the technology. Advertisers provide the money. But users provide much of the content and activity that attract the audience in the first place.
Why shouldn't we reconsider that relationship?
Thank you, Nirav, for not answering my email
And now, let's get to Day 144.
Last week, I sent another email to Nextdoor leadership. Once again, no response.
So I'd like to thank Nirav Tolia, Jacob Chavis, and the rest of the Nextdoor C-suite.
Thank you for not answering my emails.
Thank you for not engaging in the conversation.
Thank you for giving me plenty of material to write about.
While waiting for a response, I learned something I didn't know much about before: building a website and attracting an audience.
Not a social media platform. A website.
My own website.
From barely 200 visitors to 9,400 unique visits
Two months ago, NielFlamm.com was getting barely 200 unique visits a month.
Today, as of this blog post, the site has reached 9,400 unique visits.
That's a significant change, and it didn't happen by accident.
I've been learning about:
Search Engine Optimization (SEO)
Writing titles that encourage people to click
Creating effective meta descriptions
Unique visitors and page views
Bounce rates and visitor behavior
Writing content that resonates with people
Keeping content relevant and timely
Understanding what brings visitors to a website
I've also learned that simply publishing something isn't enough. You have to think about the audience, the subject, how people find your content, and whether what you're writing gives them a reason to stay and explore.
I've been experimenting, learning, adjusting, and publishing.
And here's the interesting part: I'm doing this as someone who started out with very little knowledge of how to create a website, attract visitors, or build an audience that could eventually support advertising.
I'm still learning. I have plenty more to figure out.
But going from barely 200 unique visits a month to 9,400 is something worth celebrating.
Nextdoor reports a 14% increase in Weekly Active Users. That's a meaningful metric for a social platform.
My website is measuring something different: people finding and visiting content I've created independently.
I'm not comparing the two metrics as if they're interchangeable. They're not. But I am demonstrating that an individual can build an audience by creating relevant content, learning how search works, and consistently giving people something worth reading.
And I'm doing it without a multimillion-dollar platform behind me.
The irony isn't lost on me
I've spent months asking Nextdoor questions about transparency, moderation, research, advertising, customer experience, and the value it delivers to users and small businesses.
I've asked for information. I've offered feedback. I've invited conversation.
The response? Silence.
But that silence has pushed me to learn new skills, build my own website, improve my content, and develop an audience.
I started this case study because I had questions about Nextdoor.
Now, I have a growing website, a better understanding of digital marketing, and a much clearer picture of what it takes to attract visitors online.
And I'm not finished.
So, thank you, Nextdoor
Nirav Tolia, Jacob Chavis, and the rest of the Nextdoor leadership team:
Thank you for ignoring me and giving me content to host on my own site.
You may not want to engage with my questions, but you've certainly given me plenty to write about.
NXDR may have had a rough day in the market, and the latest earnings report may give management some positive talking points. But the questions about shareholder value, user-generated content, transparency, and accountability aren't going away.
Meanwhile, I'll keep learning, publishing, and growing NielFlamm.com.
Day 144. You didn't answer my email. But you helped me build an audience.
Who knew?
Still Moving Toward the Transplant List
My end-stage renal disease journey began in September 2026. Not long after, I started working through the steps to get on the deceased-donor kidney transplant list. It took time, including a visit to another transplant hospital about four hours away. Eventually, I was listed at my local hospital, MUSC.
About a month ago, I received a call and then a letter saying that although I’m on the list, I’m currently inactive. After an audit, the team found that the pressure in the vessels leading to my heart was higher than MUSC’s guidelines allow. The concern is that I need to be able to get through a complicated surgery safely.
I’m working toward being reactivated. In the meantime, I’m still accruing time on the list.
I met with a cardiologist about a month ago and had a chemical stress test. The pressure in my right ventricle appeared a little high, so the doctor recommended a catheterization to get a clearer picture.
That procedure was today at Trident Hospital in North Charleston. It was scheduled for 2:30 p.m., and I couldn’t eat or drink after midnight the night before. That made for a long day. I also got to wear the gown of shame—one of those small indignities that comes with a hospital procedure.
A friend from recovery drove me to and from the hospital. I received Versed and fentanyl, didn’t feel a thing, and slept a little while I recovered. My friend had a Coke Zero and a Greek salad with gyro meat waiting for me. I ate once I got home, grateful for a friend who showed up and a meal after a long fast.
Now the cardiologist will speak with the transplant team about the results and what comes next. I don’t know the next step yet, but I’m still moving forward—one appointment, one answer, and one day at a time.
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