Nakamoto (NAKA) Q3 2026 earnings summary

Executive summary

• Q3 net income was $85.5M, driven mainly by a $110.4M gain on digital assets as Bitcoin rose; total operating revenue was negative $1.9M after a $5.8M derivative loss.

• The business now spans Media & Information Services, Asset Management and Bitcoin Operations following the BTC Inc and UTXO acquisitions; legacy healthcare operations were shut down in June 2026.

Financial highlights

• Q3 2026 revenue: $(1.9)M; operating income: $91.9M; net income: $85.5M, versus a $86.0M net loss in Q3 2025.

• Q3 basic/diluted EPS was $4.25/$4.07; Q3 2025 basic/diluted EPS was $(16.95)/$(16.95).

• 9M 2026 revenue was $36.1M, operating loss $182.7M and net loss $286.2M; goodwill impairment was $105.2M.

• Q3 Adjusted operating loss was $15.8M, compared with $3.7M in Q3 2025; 9M Adjusted operating loss was $15.7M.

• Cash and cash equivalents were $19.4M at September 30, 2026; digital assets were $357.9M, including 4,283 Bitcoin.

Outlook and guidance

• Liquidity sources were assessed as sufficient for cash needs over the year following issuance of the financial statements; this assessment is subject to Bitcoin-price volatility and other market, custody and regulatory risks.

• Remaining performance obligations totaled $6.9M at September 30, 2026; $6.1M is expected to be recognized over the next 12 months.