Nakamoto Inc. Reports Q1 FY26 Results: $2.7M Revenue Amid $238.8M Net Loss

Nakamoto Inc. (NASDAQ: NAKA) has announced its first quarterly earnings as a fully combined company, revealing a total operating revenue of $2.7 million for the quarter ending March 31, 2026. This marks a substantial increase from the $0.58 million reported during the same period last year. However, the company also reported a GAAP net loss of $238.8 million.

The revenue breakdown indicates that $1.6 million came from operating businesses, including media and advisory services acquired through recent mergers, while $1.1 million was generated from Bitcoin treasury activities and derivatives.

The significant net loss was primarily driven by non-cash items, including a $102.5 million mark-to-market loss on Bitcoin holdings and $107.7 million from pre-acquisition call options, which together accounted for over $210 million of the total loss. At the end of Q1, Nakamoto held more than 5,000 BTC, valued at approximately $345 million, highlighting a stark contrast between its treasury position and quarterly revenue.

This quarter represents the first full reporting period following Nakamoto's acquisitions of BTC Inc. and UTXO Management GP, LLC on February 20, 2026. These acquisitions aim to create a vertically integrated Bitcoin company that encompasses content, capital allocation, and advisory services.

As Nakamoto continues to integrate its new business units, the full impact on revenue and operations is expected to become clearer in the upcoming quarters.