Nakamoto Reports GAAP Net Loss Amid First Quarter of Positive Adjusted Operating Income

Nakamoto Inc., a Bitcoin operating company, released its first quarterly results on Thursday, marking a turning point in its underlying operations. The Nashville-based company posted total operating revenue of $35.9 million for the quarter ended June 30, 2026. This split between $25.6 million from its media and asset management units and $10.4 million from its Bitcoin treasury and derivatives strategy.

The GAAP net loss was a significant $133.0 million, or $6.65 per diluted share, driven largely by a $105.2 million non-cash goodwill impairment and $48.7 million in mark-to-market losses on its Bitcoin holdings. However, stripping out those non-cash items, the picture looks different: adjusted operating income came in at $7.3 million.

This is Nakamoto's first positive adjusted operating income since it became a Bitcoin operating company. The company also reported a roughly $45 million reduction in outstanding debt and the extension of about $105 million in loan principal to June 2027.

Nakamoto completed the closure of its legacy healthcare clinics on June 19, 2026, finishing its transition into a pure-play Bitcoin operating company. The board authorized a $25 million share buyback and added Chief Investment Officer Tyler Evans as a director.