Nakamoto (NAKA) Q2 2026 earnings summary

Executive summary

• Completed transformation from healthcare to Bitcoin operating company, acquiring BTC Inc and UTXO in February 2026 and discontinuing legacy healthcare operations in Q2 2026.

• Achieved first positive adjusted operating income since becoming a Bitcoin company, despite significant non-cash charges including $105.2 million goodwill impairment.

• Hosted the largest Bitcoin conference globally and launched new institutional and media initiatives.

Financial highlights

• Q2 2026 operating revenues were $35.9 million; operating loss was $149.1 million; net loss from continuing operations was $131.2 million; net loss per share (basic and diluted) was $(6.65).

• For the six months ended June 30, 2026, operating revenues were $38.1 million; operating loss was $274.6 million; net loss from continuing operations was $368.9 million.

• Net derivative revenue from Bitcoin options was $10.4 million in Q2 and $11.5 million for the six months.

• Loss on change in fair value of digital assets was $48.7 million in Q2 and $151.2 million for the six months, reflecting Bitcoin price declines.

• Benefit from income taxes was $21.4 million in both Q2 and the six-month period.

Outlook and guidance

• Board authorized a $25 million share repurchase program, signaling confidence in long-term growth.

• Management highlights ongoing risks from Bitcoin price volatility, capital market conditions, and regulatory developments.

• Liquidity is considered sufficient for the next year, but subject to Bitcoin market fluctuations.

• Management expects minimal future expenses from discontinued healthcare operations.

• Focus on integration, capital allocation, and scaling revenue opportunities.