Nakamoto (NAKA) Q4 2025 earnings summary

Executive summary

• Completed transformation into a Bitcoin-native operating company, merging Nakamoto Holdings and KindlyMD and rebranding to Nakamoto Inc.

• Acquired BTC Inc and UTXO Management in February 2026, expanding into media, asset management, and advisory services.

• Initiated exit from legacy Healthcare Operations to reduce losses and streamline focus on Bitcoin business.

• Established a strategic Bitcoin treasury as a core reserve asset and completed a share repurchase program.

• Enhanced executive leadership with new CFO and CAO appointments.

Financial highlights

• Q4 2025 revenue was $444,924; full year 2025 revenue was $1,821,315, both down from prior year.

• Q4 2025 GAAP operating loss was $160.7 million, driven by $142.6 million loss on fair value of digital assets and $10.8 million investment loss.

• Full year 2025 GAAP operating loss was $197.1 million, with $166.2 million loss on digital assets and $9.9 million investment loss.

• Adjusted (non-GAAP) operating loss for Q4 2025 was $5.2 million; for full year 2025, $13.6 million.

• Net income for Q4 2025 was $37.3 million, reflecting a $204.5 million gain on the fair value of call options to acquire BTC Inc and UTXO.

• As of year-end, held 5,342 Bitcoin; sold $20 million of Bitcoin post-year-end to fund a USD operating reserve.

Outlook and guidance

• Focused on integrating acquisitions, scaling revenue-generating initiatives, and driving operating leverage.

• Expects reduced operating losses after Healthcare exit and increased contributions from BTC Inc and UTXO.

• Plans to reinvest operating cash flow into business expansion, strategic investments, and Bitcoin accumulation.