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Red Flags Detected

  • Material Weakness (unchanged) — Material weakness in internal control over financial reporting persists, rendering disclosure controls ineffective as of June 30, 2026.
  • Delisting (new) — Company received Nasdaq minimum bid price noncompliance notice in Dec 2025, regained compliance after 1-for-40 reverse split in May 2026, but faces restricted eligibility for future compliance periods—any noncompliance within one year triggers immediate delisting proceedings with no cure period.
NASDAQ: NAKA Nakamoto Inc. 10-Q

Filed August 13, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read

Key Changes

  • high

    Net loss widened to $133.0M (5409% worse YoY) as $151.2M Bitcoin fair-value loss and $105.2M goodwill impairment overwhelmed revenue growth; operating loss expanded 6134% to $149.1M.

    MD&A: Operating Results / Notes: Goodwill verify on EDGAR →
  • high

    Revenue surged 8680% to $35.9M driven by $22.6M from flagship Bitcoin Conference (59% of total) and $11.5M from Bitcoin derivatives program; highly seasonal and concentrated around conference timing.

    MD&A: Revenue / Notes: Revenue Streams verify on EDGAR →
  • high

    85% of Bitcoin holdings (3,805 of 4,467 BTC) pledged as collateral for $164.7M Kraken debt maturing Dec 2026 and Jun 2027; only $19.1M cash and 662 unencumbered Bitcoin ($38.7M) available, creating material Bitcoin price sensitivity.

    MD&A: Liquidity / Notes: Debt Structure verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 14, 2026 · How we verify