Nakamoto reports $2.7 million in Q1 revenue, $238.8 million net loss after acquisitions

Nakamoto (NASDAQ: NAKA) said Wednesday it posted full operating gross of $2.7 cardinal and a nett nonaccomplishment of $238.8 cardinal for the archetypal 4th ended March 31. The 4th included the February 20 acquisitions of BTC Inc. and UTXO Management GP, LLC, on with the motorboat of an actively managed bitcoin derivatives strategy.

The nett nonaccomplishment was driven chiefly by a $102.5 cardinal mark-to-market nonaccomplishment from bitcoin’s terms diminution during the quarter, a $107.7 cardinal non-cash simplification successful the cumulative summation connected a pre-acquisition telephone option, and astir $8 cardinal successful transaction and integration costs. Bitcoin fell from $87,519 astatine December 31, 2025, to $68,220 astatine March 31, per the company’s filing.

Of the $2.7 cardinal successful revenue, $1.6 cardinal came from operating businesses and $1.1 cardinal came from the bitcoin treasury and derivatives strategy. Nakamoto said the derivatives strategy is aimed astatine generating output connected treasury assets, improving superior efficiency, and managing downside exposure.

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The February acquisitions of BTC Inc. and UTXO Management established operating businesses crossed media, plus management, and advisory. Because the deals closed connected February 20, the 4th reflected lone a partial play of publication from those businesses.

“The archetypal 4th marked a transformational play for Nakamoto arsenic we formally transitioned into a Bitcoin operating company,” Chief Executive Officer David Bailey said. “While our reported results bespeak lone a partial 4th of publication from these businesses, arsenic good arsenic softer Bitcoin pricing during the period, we stay highly assured successful the semipermanent net powerfulness of the institution we are building.”

The media and accusation services conception generated $0.8 cardinal successful revenue, including $0.5 cardinal from media and $0.4 cardinal from advisory services, with an operating nonaccomplishment of $2.8 million. The plus absorption conception reported $0.2 cardinal successful absorption interest gross with nary show fees recognized and an operating nonaccomplishment of $0.5 million. Assets nether absorption totaled astir $109.5 cardinal astatine quarter-end.

The bitcoin operations conception posted $1.1 cardinal successful gross and a $109.9 cardinal operating loss, which included the $102.5 cardinal mark-to-market bitcoin nonaccomplishment and $7.9 cardinal of concern losses related to Metaplanet and Treasury B.V.

Nakamoto besides reported a bequest healthcare conception with $0.5 cardinal successful gross and a $0.6 cardinal operating loss. The institution said it expects the healthcare wind-down to beryllium substantially implicit by the extremity of the 2nd quarter.