Nakamoto (NAKA) Q1 2026 earnings summary

Executive summary

• Completed acquisitions of BTC Inc. and UTXO/UTXO Management, transforming into a Bitcoin-focused operating company with new segments in media, asset management, and advisory services as of February 20, 2026.

• Transitioned into a Bitcoin operating company, integrating new businesses and launching a Bitcoin derivatives strategy.

• Announced intention to exit legacy healthcare business by end of Q2 2026.

• Significant non-cash losses driven by Bitcoin price decline and revaluation of call options related to acquisitions, resulting in a $238.8 million net loss.

• Held over 5,000 Bitcoin valued at approximately $345 million as of March 31, 2026.

Financial highlights

• Q1 2026 revenue: $2.7 million, up from $0.6 million in Q1 2025, reflecting new business lines.

• Net loss: $238.8 million in Q1 2026, mainly due to $102.5 million loss on Bitcoin revaluation and $107.7 million loss on call option fair value.

• Adjusted operating loss (non-GAAP): $7.8 million, excluding non-recurring and non-cash items.

• Cash and cash equivalents: $35.3 million as of March 31, 2026.

• Operating loss (GAAP): $126.2 million in Q1 2026.

Outlook and guidance

• Sufficient liquidity for at least one year, but highly sensitive to Bitcoin price volatility.

• Expects to complete healthcare business exit by end of Q2 2026.

• Focus for the remainder of 2026 is on scaling operating businesses, expanding revenue opportunities, and disciplined capital allocation.

• Revenue expected to be seasonal, with major events impacting quarterly results.

• Forward-looking statements highlight expectations for integration synergies, growth in Bitcoin ecosystem, and ongoing execution of Bitcoin treasury and derivatives strategies.