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Nakamoto (NAKA) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Nakamoto (NAKA) Q2 2026 earnings results →
Q2 2026 Revenue up 8680% year over year to $35.9M · 371¢ of every $1 of revenue lost · operating margin -415.6%
Nakamoto made $35.9M in Q2 2026 (88× Y/Y). Operating margin -415.6%, net loss $133M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $35.9M in Q2 2026, up 8680% year over year and up 1239% from the previous quarter.
Operating costs exceeded revenue by $149.1M, an operating margin of -415.6%. Total costs grew 6505% against revenue growth of 8680%. The fastest-growing cost line was Other operating costs (+10639%). The quarter ended with a net loss of $133.0M, narrower than the previous quarter's $238.8M loss.
Operating cash flow was −$3.3M. Non-cash charges added back $2.4M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $125.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $35.9M | 88× | -415.6% | −$133M | −$3.3M |
| Q1 2026 | 10-Q | May 13, 2026 | $2.7M | +362% | n/m | −$239M | −$23.3M |
| Q4 2025 | 10-K | Mar 30, 2026 | $445K | -26% | n/m | $37.3M | −$7.6M |
| Q3 2025 | 10-Q | Nov 19, 2025 | $388K | -40% | n/m | −$86.0M | −$13.2M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $409K | -36% | -585.4% | −$2.4M | −$1.9M |
| Q1 2025 | 10-Q | May 8, 2025 | $580K | -30% | -179.7% | −$1.0M | −$865K |
| Q4 2024 | 10-K | Mar 28, 2025 | $604K | -20% | -169.3% | −$1.0M | −$902K |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Nakamoto
Nakamoto Inc., a Delaware corporation, is a Bitcoin company building a global portfolio of Bitcoin-native companies. We hold Bitcoin on our balance sheet and, through our ecosystem-wide presence, seek to provide investors with exposure to Bitcoin’s global growth and to leverage our treasury to acquire and develop an ecosystem of Bitcoin companies across finance, media, advisory and more. We were formed in 2019 as a patient-first healthcare company redefining value-based care and patient-centered medical services. On August 14, 2025, we acquired a privately held Bitcoin treasury company through a reverse merger and began our transformation into a Bitcoin operating company.
In its own words, from its 10-K, filed Mar 30, 2026.
Nakamoto against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 88× against the peers' median +18%. Operating margin: -415.6% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NAKA Nakamoto | Q2 2026 | $35.9M | 88× | -415.6% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Nakamoto 10-Q on SEC EDGAR · CIK 1946573 · Finance Services
13F: who owns NAKA and who is buying
More on NAKA
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results