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Nakamoto cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.3M in Q2 2026 · −$47.3M over twelve months

Operating cash flow−$3.3M
Free cash flow−$3.3M

Analysis

In Q2 2026, Nakamoto generated −$3.3M of operating cash flow. That is $1.3M less than in Q2 2025 (−$1.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$47.3M; the largest uses were other investing ($643M), operating cash flow ($47.3M), net borrowing (+) / repaid (−) ($9.9M); besides operations, cash came from other financing ($716M); the cash balance rose by $14.6M.

Operating cash flow was −$3.3M against net income of −$133M. The largest differences: impairments +$105M, deferred revenue −$17.7M, prepaid and other assets +$11.2M.

Free cash flow

Nakamoto: free cash flow by quarterNakamoto: free cash flow by quarter−$1.0MQ3 2024−$902KQ4 2024−$865KQ1 2025−$1.9MQ2 2025−$13.2MQ3 2025−$7.6MQ4 2025−$23.3MQ1 2026−$3.3MQ2 2026
Operating cash flow less capital spending.
Nakamoto: operating cash flow against capital spendingNakamoto: operating cash flow against capital spendingOperating cash flowCapital spending−$1.0M$2KQ3 2024−$902K$2Q4 2024−$865K$0Q1 2025−$1.9M$0Q2 2025−$13.2M$0Q3 2025−$7.6M$0Q4 2025−$23.3M$0Q1 2026−$3.3M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$3.3M, Capital spending $0.

Capital allocation, year by year

Nakamoto: where the cash came from (up) and went (down), by fiscal yearNakamoto: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2023: Operating cash flow −$449KFY2023: Net borrowing $612KFY2023: Capital spending −$14K$612KFY2023FY2024: Operating cash flow −$3.1MFY2024: Net borrowing −$615KFY2024: Shares issued $5.9MFY2024: Capital spending −$13KFY2024: Buybacks −$22K$5.9MFY2024FY2025: Operating cash flow −$23.5MFY2025: Net borrowing −$658KFY2025: Shares issued $5.7MFY2025: Buybacks −$320K$5.7MFY2025
Over these 3 years operating cash flow totalled −$27.0M; the largest uses were operating cash flow ($27.0M) and net borrowing ($1.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$19.1M
Debtnone
Net cash$19.1M
Cash runway5 months

Nakamoto is burning cash: its operations consume cash, a free cash flow of −$47.3M a year at the current rate against $19.1M of cash and investments: a runway of about 5 months before any new financing.

Where the cash came from and went

Nakamoto: sources (+) and uses (−) of cash, Q2 2026Nakamoto: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$14.7MOther financing−$9.2MOperating cash flow−$3.3MOther investing−$2.3M
Nakamoto: sources (+) and uses (−) of cash, TTM to Q2 2026Nakamoto: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$716MOther investing−$643MOperating cash flow−$47.3MCash drawn (+) / kept (−)−$14.6MNet borrowing (+) / repaid (−)−$9.9MBuybacks−$872K

From profit to cash

Nakamoto: net income to operating cash flow, Q2 2026Nakamoto: net income to operating cash flow, Q2 2026Net income−$133MDepreciation & amortization$2.4MStock-based pay$2.2MImpairments$105MGains on investments−$785KPayables−$3.7MDeferred revenue−$17.7MPrepaid and other assets$11.2MOperating cash flow−$3.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$3.3M————$14.7M−$3.3M
Q1 2026−$23.3M—−$561K——−$12.7M−$23.3M
Q4 2025−$7.6M————$1.6M−$7.6M
Q3 2025−$13.2M——−$500K$5.7M−$18.2M−$13.2M
Q2 2025−$1.9M—$443−$73K—−$4.9M−$1.9M
Q1 2025−$865K—−$10K−$85K—$1.1M−$865K
Q4 2024−$902K−$2—−$57K—$1.4M−$902K
Q3 2024−$1.0M−$2K—−$50K—$1.1M−$1.0M

Nakamoto: income statement and cash flow

Nakamoto, Q2 2026: revenue $35.9M (88× year over year), operating margin -415.6%. The chart follows the revenue to costs, profit and cash.

Nakamoto: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.