Nakamoto (NAKA) Q3 2025 earnings summary

Executive summary

• Completed merger with Nakamoto Holdings, establishing a dual strategy of holistic pain management and Bitcoin-native treasury operations, including significant investments in Bitcoin and related companies.

• Raised over $540 million through PIPE/private placements and secured a $203 million credit facility, using proceeds to acquire Bitcoin and repay prior debt.

• Accumulated 5,398 Bitcoin in treasury as of November 12, 2025, after strategic investments.

• Net loss for Q3 2025 was $86.0 million, driven by non-recurring merger-related charges, digital asset revaluation losses, and increased operating expenses.

• Advanced strategic investments in Bitcoin-focused companies in the Netherlands, Japan, and Switzerland.

Financial highlights

• Q3 2025 revenue declined 40.1% year-over-year to $388,209, mainly due to lower cash-pay patient services and clinic closure.

• Operating expenses surged to $10.8 million, reflecting higher salaries, consulting, legal, and merger costs.

• Net loss for Q3 2025 was $86.0 million ($0.42 per share), compared to $1.0 million in Q3 2024.

• Net loss driven by $59.8 million non-cash loss on Nakamoto acquisition and $22.1 million unrealized loss on digital assets.

• Cash and cash equivalents at quarter-end were $24.2 million; 5,398 Bitcoin held, valued at $615.8 million.

Outlook and guidance

• Insurance-based reimbursements are expected to continue growing due to expanded payor contracts and increased referral rates.

• Management anticipates ongoing capital needs for working capital, debt service, and further Bitcoin acquisitions, to be met through additional financings and selective Bitcoin sales.

• Focus on disciplined execution by integrating cash-generating Bitcoin-related businesses to support long-term Bitcoin accumulation.

• Prioritizing investments in enterprises aligned with long-term vision to expand business scope and resilience.