Nakamoto Inc. Reports $2.68M Revenue and $238.8M Net Loss for Q1 2026

Nakamoto Inc., formerly KindlyMD, Inc., reported significant financial changes in its latest 10-Q filing for the quarter ending March 31, 2026. The company generated total operating revenues of $2.68 million, a substantial increase from $580,000 in the same period last year. This growth was primarily driven by the recent acquisitions of BTC Inc. and UTXO Management GP, which were completed on February 20, 2026. The revenue breakdown included $409,000 from media services, $510,000 from advisory services, $209,000 from asset management, and $479,000 from healthcare operations, although the latter segment is expected to be phased out.

In terms of profitability, Nakamoto reported a net loss of $238.8 million for the first quarter of 2026, compared to a loss of $1.0 million in the prior year. The significant increase in losses was attributed to a $102.5 million loss on the change in fair value of digital assets, primarily due to a decline in Bitcoin prices, and a $107.7 million loss related to the fair value of a call option for BTC Inc. The company's total operating expenses surged to $128.8 million, up from $1.6 million a year earlier, reflecting increased compensation, general and administrative costs, and losses on investments.

Operationally, Nakamoto's customer base and engagement metrics have expanded following the acquisitions. The company now operates across four segments: Media & Information Services, Asset Management, Bitcoin Operations, and Healthcare Operations. The Media & Information Services segment, which began operations post-acquisition, generated $409,000 in revenue, while the Asset Management segment contributed $209,000. The Bitcoin Operations segment, which focuses on managing digital assets, reported $1.07 million in revenue from derivative activities.

As of March 31, 2026, Nakamoto's total assets were valued at $620.8 million, a decrease from $730.6 million at the end of 2025. The decline was primarily due to the reduction in digital assets, which fell to $345.6 million from $467.6 million. The company also reported a significant increase in liabilities, totaling $253.7 million, compared to $216.4 million at the end of the previous fiscal year. The increase in liabilities was driven by higher accounts payable and accrued expenses, as well as contract liabilities associated with the recent acquisitions.

Looking ahead, Nakamoto Inc. aims to leverage its expanded portfolio to enhance its market position in the Bitcoin ecosystem. The company plans to focus on integrating its new acquisitions and optimizing its operations across the newly established segments. However, management has acknowledged the volatility of Bitcoin prices and market conditions as potential risks that could impact future performance. The company is also in the process of exiting its legacy healthcare business, which is expected to be completed by mid-2026, allowing for a more concentrated focus on its Bitcoin-related operations.