NewsNovo

Nakamoto's first adjusted operating profit lands alongside a $149 million GAAP loss

8/16/2026

(NASDAQ: NAKA) posted $7.3 million in adjusted operating income for Q2 2026, its first positive result since the company reoriented around Bitcoin.

So is the GAAP operating loss of $149.1 million, a gap wide enough that the read-through depends entirely on which number you think is doing the work.

The underlying operating picture The GAAP loss breaks cleanly into two non-cash items: a $105.2 million goodwill impairment tied to valuation compression in its acquired businesses, and $48.7 million in mark-to-market losses on Bitcoin holdings.

Strip those out and total operating revenue came to $35.9 million, split between $25.6 million from Media and Information Services and Asset Management, and $10.4 million from the company's Bitcoin treasury and derivatives strategy.