The company's business model appears fundamentally unviable, evidenced by a severe gross margin of -183.0% reported in 2026Q1.
| Sales/Revenue | 3.92M | 1.82M | 2.72M | 3.77M | 3.79M | 2.5M |
| Revenue Growth % | 58.64% | -33.04% | -27.83% | -0.49% | 51.22% | - |
| Cost of Goods Sold | 18.66M | 11.09M | 3.56M | 226.17K | 152.38K | 1.59M |
| COGS % of Revenue | - | 608.79% | 130.98% | 6% | 4.02% | 63.47% |
| Gross Profit | -14.74M | -9.27M | -842.57K | 3.54M | 3.63M | 914.92K |
| Gross Margin % | -376.04% | -508.79% | -30.98% | 94% | 95.98% | 36.53% |
| Gross Profit Growth % | - | -999.82% | -123.78% | -2.54% | 297.27% | - |
| Operating Expenses | 307.53M | 187.87M | 2.5M | 5.16M | 6.33M | 853.58K |
| OpEx % of Revenue | - | 10315.21% | 92.07% | 136.99% | 167.1% | 34.08% |
| Selling, General & Admin | 19.95M | 11.76M | 1.91M | 5.05M | 6.27M | 853.58K |
| SG&A % of Revenue | - | 645.82% | 70.12% | 134.12% | 165.69% | 34.08% |
| Research & Development | 4 | 0 | 377.73K | 2.5K | 0 | 0 |
| R&D % of Revenue | - | - | 13.89% | 0.07% | - | - |
| Other Operating Expenses | 2.03M | 176.11M | 219.42K | 105.64K | 53.45K | 0 |
| Operating Income | -322.27M | -197.14M | -3.35M | -1.62M | -2.69M | 61.34K |
| Operating Margin % | -8221.82% | -10824.01% | -123.05% | -42.99% | -71.12% | 2.45% |
| Operating Income Growth % | - | -5790.43% | -106.56% | 39.85% | -4490.96% | - |
| EBITDA | -320.34M | -196.9M | -3.13M | -1.42M | -2.57M | 124.74K |
| EBITDA Margin % | -8172.56% | -10810.72% | -114.95% | -37.6% | -67.9% | 4.98% |
| EBITDA Growth % | -7982.22% | -6197.81% | -120.64% | 44.89% | -2161.46% | - |
| D&A (Non-Cash Add-back) | 1.93M | 241.99K | 220.33K | 203.22K | 122K | 63.4K |
| EBIT | -278.69M | -45.17M | -3.22M | -1.56M | -2.54M | 61.34K |
| Net Interest Income | -11.27M | -7.06M | -393.45K | -55.84K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.27M | 7.06M | 393.45K | 55.84K | 0 | 0 |
| Other Income/Expense | 32.3M | 144.91M | -270.88K | 2.76K | 152.82K | 88K |
| Pretax Income | -289.97M | -52.23M | -3.62M | -1.62M | -2.54M | 149.34K |
| Pretax Margin % | -7397.76% | -2867.65% | -133.01% | -42.92% | -67.09% | 5.96% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -289.97M | -52.23M | -3.62M | -1.62M | -2.54M | 149.34K |
| Net Margin % | -7397.76% | -2867.65% | -133.01% | -42.92% | -67.09% | 5.96% |
| Net Income Growth % | -6530.36% | -1343.73% | -123.66% | 36.34% | -1801.26% | - |
| Net Income (Continuing) | -289.97M | -52.23M | -3.62M | -1.62M | -2.54M | 149.34K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -18.22 | -10.40 | -0.67 | -0.27 | -0.43 | 0.03 |
| EPS Growth % | -3947.95% | -1452.24% | -148.15% | 37.21% | -1820% | - |
| EPS (Basic) | - | -10.40 | -0.67 | -0.27 | -0.43 | 0.03 |
| Diluted Shares Outstanding | 15.91M | 11.36M | 5.39M | 5.89M | 5.89M | 5.97M |
| Basic Shares Outstanding | 15.91M | 11.36M | 5.39M | 5.89M | 5.89M | 5.97M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable clinical operating burn
As reported in recent financial filings, Nakamoto Inc. experienced a significant 33.04% year-over-year revenue decline, reflecting a fundamental inability to maintain patient volume or scale its clinical subscription services within the competitive Utah healthcare market, which warrants extreme caution regarding the company's long-term viability.
The consistent downward trend in top-line performance suggests that the company's core clinical model is failing to gain traction or retain its existing patient base. Investors should monitor whether this contraction is a result of intentional service pruning or an involuntary loss of market share to more efficient digital-first competitors.
Based on the provided income statement data, Nakamoto Inc. reported a gross margin of -508.79%, indicating that the direct costs of clinical operations and facility overhead are currently decoupled from the company's revenue generation capacity, rendering the current business model fundamentally unviable in its present form.
The extreme negative gross margin suggests that the cost of delivering clinical services far exceeds the revenue captured per patient. This implies that the company is effectively subsidizing every unit of service provided, which is unsustainable without a radical pivot toward high-margin data licensing or a drastic reduction in fixed clinical costs.
According to the latest quarterly figures, the operating margin of -10824.01% highlights a massive disconnect between corporate overhead and revenue, suggesting that the company's administrative structure is vastly over-scaled for its current clinical footprint and lacks the necessary efficiency to achieve any semblance of operating leverage.
The inability to scale operating income relative to gross profit indicates that SG&A expenses are not being managed in alignment with the declining revenue base. This suggests that the current corporate infrastructure is likely consuming cash at a rate that far outpaces any potential value creation from its data-harvesting initiatives.
While management may frame the current clinical losses as a necessary investment in data acquisition, the 33% revenue decline suggests the underlying data set is shrinking rather than expanding, which undermines the bull case for a future pivot to a high-margin research and data-licensing business model.
Short-sellers would likely focus on the rapid depletion of cash reserves against the backdrop of a failing clinical model. The lack of evidence that clinical patient records are being successfully monetized suggests that the 'option value' of the data repository may be significantly lower than the market currently implies.
Quick answers to the most common questions about buying NAKA stock.
For fiscal year 2025, Nakamoto Inc. (NAKA) reported total revenue of $1.8M. This represents a 27.3% decline compared to $2.5M in 2021.
Nakamoto Inc. (NAKA) reported a net loss of $52.2M for the fiscal year ending 2025.
Nakamoto Inc. (NAKA) reported an operating income of $-197.1M, resulting in an operating profit margin of -10824.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Nakamoto Inc. (NAKA) generated $-9.3M in gross profit for the year, representing a gross profit margin of -508.8%. This demonstrates the company's core pricing power and production efficiency.