Revenue: As of FY2025, the actual value is USD 1.821 M.

EPS: As of FY2025, the actual value is USD -0.26.

EBIT: As of FY2025, the actual value is USD -190.08 M.

Segment Revenue

• Total Revenue
  • Total revenue was $1,821,315 in 2025, down from $2,719,840 in 2024, representing a year-over-year decrease of $898,525, or 33%.
• Bitcoin Operations Revenue
  • Revenue from Bitcoin Operations was $0 in both 2025 and 2024.
• Healthcare Operations Revenue
  • Revenue from Healthcare Operations was $1,821,315 in 2025, a decline from $2,719,840 in 2024.
  • This $0.9 million decline was primarily due to a decrease in cash-pay patient care services and the closing of the Bountiful, Utah location.
• Other Segment Revenue
  • Revenue from Other Segment was $0 in both 2025 and 2024.

Operational Metrics

• Operating Loss (GAAP)
  • Total: The total GAAP operating loss was - $197,139,242 in 2025, significantly higher than - $3,346,771 in 2024.
  • Bitcoin Operations: The operating loss for Bitcoin Operations was - $177,209,588 in 2025, compared to - $0 in 2024.
  • Healthcare Operations: The operating loss for Healthcare Operations was - $7,015,295 in 2025, an increase from - $3,346,771 in 2024.
  • Other Segment: The operating loss for the Other Segment was - $12,914,359 in 2025, compared to - $0 in 2024.
• Adjusted Operating Loss (non-GAAP) (2025 only)
  • Total: The total adjusted operating loss was - $13,600,276 in 2025.
  • Bitcoin Operations: The adjusted operating loss for Bitcoin Operations was - $953,384 in 2025.
  • Healthcare Operations: The adjusted operating loss for Healthcare Operations was - $4,726,134 in 2025.
  • Other Segment: The adjusted operating loss for the Other Segment was - $7,920,758 in 2025.
• Compensation Expenses
  • Total: Total compensation expenses were $11,088,055 in 2025, up from $3,562,405 in 2024.
  • Bitcoin Operations: Compensation expenses for Bitcoin Operations were $349,098 in 2025, compared to $0 in 2024.
  • Healthcare Operations: Compensation expenses for Healthcare Operations were $4,710,456 in 2025, up from $3,562,405 in 2024.
  • Other Segment: Compensation expenses for the Other Segment were $6,028,501 in 2025, compared to $0 in 2024.
• General and Administrative Expenses
  • Total: Total general and administrative expenses were $11,762,373 in 2025, an increase from $1,907,055 in 2024.
  • Bitcoin Operations: General and administrative expenses for Bitcoin Operations were $718,869 in 2025, compared to $0 in 2024.
  • Healthcare Operations: General and administrative expenses for Healthcare Operations were $4,157,646 in 2025, up from $1,907,055 in 2024.
  • Other Segment: General and administrative expenses for the Other Segment were $6,885,858 in 2025, compared to $0 in 2024.
• Loss on Change in Fair Value of Digital Assets
  • Total: A total loss of $166,093,907 was recorded on the change in fair value of digital assets in 2025, compared to $0 in 2024.
  • Bitcoin Operations: Bitcoin Operations incurred a loss of $166,225,876 from the change in fair value of digital assets in 2025, compared to $0 in 2024.
  • Healthcare Operations: Healthcare Operations recorded a gain of - $131,969 from the change in fair value of digital assets in 2025, compared to $0 in 2024.
• Loss on Investments
  • Total: A total loss on investments of $9,915,745 was reported in 2025, compared to $0 in 2024.
  • Bitcoin Operations: Bitcoin Operations accounted for a loss on investments of $9,915,745 in 2025, compared to $0 in 2024.

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities increased to - $23,511,499 in 2025 from - $3,073,891 in 2024, primarily due to an increase in net loss in 2025.
• Net Cash Used in Investing Activities: Net cash used in investing activities significantly increased to - $680,024,473 in 2025 from - $401,631 in 2024, mainly due to the net purchase of 5,342 Bitcoin throughout 2025.
• Net Cash Provided by Financing Activities: Net cash provided by financing activities significantly increased to $723,845,601 in 2025 from $5,223,646 in 2024, primarily due to PIPE Financings and proceeds from debt.

Unique Metrics

• Bitcoin Holdings: As of December 31, 2025, Nakamoto Inc. held approximately 5,342 Bitcoin, valued at $467.5 million based on a price of $87,519 per Bitcoin.
  • Approximately 3,717 Bitcoin were pledged as collateral for the Master Loan Agreement as of December 31, 2025, with a fair value of approximately $325.3 million.
  • As of March 23, 2026, about 4,405 Bitcoins were held in the Bitcoin Collateral account, and 653 Bitcoins remained unencumbered.
  • In March 2026, Nakamoto Inc. sold approximately 284 Bitcoin for $20 million.
• Call Option Asset - Related Party: The call option asset to acquire BTC Inc was valued at $199,060,000 as of December 31, 2025.
  • A $226,374,000 gain was recorded in 2025 from the change in fair value of this call option, mainly due to a decrease in Nakamoto Inc.’s Common Stock fair value and an increase in BTC Inc.’s fair value.
• Debt (Kraken Loan Agreement): As of December 31, 2025, Nakamoto Holdings had a fixed-term loan of 210,000,000 USDT (Kraken Loan) bearing an 8.00% per annum fee, maturing on December 4, 2026.
  • The net carrying value of the Kraken Loan on the consolidated balance sheet at December 31, 2025, was $209,557,614.
• Investment in Metaplanet Inc.: The carrying amount of the investment in Metaplanet Inc. was $20,714,391 as of December 31, 2025.
  • Nakamoto Inc. recorded an unrealized loss of $9,293,601 on this investment in 2025.
  • In Q1 2026, Nakamoto Inc. sold 5,000,000 shares of its Metaplanet stock for approximately $11.1 million.
• Stock Repurchase Program: Nakamoto Inc.’s Board approved a stock repurchase program on December 18, 2025, for up to $10 million in Common Stock, which ended on January 31, 2026.
  • As of December 31, 2025, $0.7 million worth of shares were repurchased, totaling approximately $0.9 million by January 31, 2026.

Outlook / Guidance

Nakamoto Inc. plans to exit its legacy healthcare business to focus on acquiring and holding Bitcoin and building an ecosystem of Bitcoin-native companies. The company expects to continue accumulating Bitcoin and pursuing strategies to generate income from its holdings. Proceeds from the March 2026 Bitcoin sale are earmarked for business investments and replenishing working capital for recent mergers.