Filing Flows › Nakamoto (NAKA) › Q4 2025
Nakamoto (NAKA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 30, 2026
Nakamoto (NAKA) reported revenue of $445K for the fourth quarter 2025 (Q4 2025), -26% from a year earlier and +15% from the quarter before.
Nakamoto, Q4 2025: revenue $445K (-26% year over year), net earnings $37.3M, operating cash flow −$7.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $445K | +15% | -26% |
| Operating profit | −$183M | — | — |
| Net earnings | $37.3M | — | — |
| Operating cash flow | −$7.6M | — | — |
What changed
Revenue was $445K in Q4 2025, down 26% year over year and up 15% from the previous quarter.
Operating costs exceeded revenue by $183.3M, an operating margin of -41198.2%. Total costs grew 11197% against a revenue fall of 26%. The fastest-growing cost line was Other operating costs (+18145%). Net earnings were $37.3M. The effective tax rate was 0.0%. Non-operating items added $220.6M, 592% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$7.6M. Non-cash charges added back $40K of depreciation and $274K of share-based compensation. Working capital and other items used $45.1M.
Questions
What was Nakamoto's revenue in the fourth quarter 2025?
Nakamoto (NAKA) reported revenue of $445K for the fourth quarter 2025 (Q4 2025), -26% from a year earlier and +15% from the quarter before.
Source: Nakamoto 10-K on SEC EDGAR.