Nakamoto (NAKA) Q4 2025 earnings summary

Executive summary

• Completed transformation from healthcare to Bitcoin-focused operating company, acquiring BTC Inc and UTXO in February 2026, and holding 5,342 Bitcoin valued at $467.5 million as of December 31, 2025.

• Reported a net loss of $52.2 million for 2025, driven by a $166.1 million loss on change in fair value of digital assets and a $59.8 million loss on the Nakamoto Holdings acquisition.

• Revenue for 2025 was $1.8 million, down 33% from $2.7 million in 2024, reflecting the decline in healthcare operations.

• Raised $518 million in PIPE financings and entered a $210 million USDT loan with Kraken, using proceeds to acquire Bitcoin.

Financial highlights

• Revenue: $1.8 million in 2025, down from $2.7 million in 2024.

• Operating loss: $(197.1) million in 2025, compared to $(3.3) million in 2024.

• Net loss: $(52.2) million in 2025, compared to $(3.6) million in 2024.

• Adjusted operating loss (non-GAAP): $(13.6) million in 2025, excluding fair value changes, investment losses, and transaction expenses.

• Bitcoin holdings: 5,342 BTC valued at $467.5 million as of year-end 2025.

• Cash and cash equivalents: $22.6 million as of December 31, 2025.

Outlook and guidance

• Announced intent to exit legacy healthcare business in March 2026.

• Plans to continue accumulating Bitcoin and leveraging holdings for income generation and strategic investments.

• Liquidity position deemed sufficient for the next year, but subject to Bitcoin price volatility.