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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Nakamoto
Nakamoto (NAKA) investor relations material
Nakamoto Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Mar, 2026
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.
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Latest events from Nakamoto
- Q3 2025 saw a transformative merger, $86M net loss, and a pivot to Bitcoin treasury strategy.NAKA
Q3 202517 Feb 2026 - Shareholders will vote on director elections, Delaware conversion, auditor ratification, and governance updates.NAKAProxy Filing17 Feb 2026
- Annual meeting to re-elect directors and ratify auditor, with strong governance focus.NAKAProxy Filing17 Feb 2026
- Shareholders will vote on director elections, Delaware conversion, auditor ratification, and governance updates.NAKAProxy Filing17 Feb 2026
- Annual meeting to re-elect directors, ratify auditor, and highlight governance and compensation.NAKAProxy Filing17 Feb 2026
- Key votes include director elections, state conversion, and auditor ratification for 2025.NAKAProxy Filing17 Feb 2026
- Key votes include director elections, Delaware conversion, and auditor ratification.NAKAProxy Filing17 Feb 2026
Next Nakamoto earnings date
Q1 20268 Jun, 2026
Nakamoto
Next Nakamoto earnings date
Q1 20268 Jun, 2026
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