Nakamoto

Q2 FY2026 EarningsQ2 FY26 results significantly beat revenue consensus at $35.9M vs. $9.4M expected, driven by the Bitcoin 2026 conference and derivative strategies. Despite a heavy GAAP net loss of $133.0M due to $105.2M in non-cash goodwill impairment and Bitcoin mark-to-market losses, the company achieved its first positive adjusted operating income of $7.3M. Management's aggressive debt reduction and the transition to a pure-play Bitcoin operator signal a strategic pivot, though high sensitivity to crypto asset volatility remains the primary risk.