www.sec.gov<\/a>.<\/p>\n\nAll forward-looking statements are based on assumptions that the Company believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not undertake any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Nothing contained herein constitutes an offer to buy or sell securities of Nakamoto or any other party, including interests in any UTXO fund, nor does it constitute a solicitation of any proxy or vote. Past performance is not indicative of future results.<\/p>\n
Non-GAAP Financial Measures<\/b><\/p>\n
\nThis press release contains the following non-GAAP financial measures consisting of adjusted operating income (loss), net debt, Net Leverage \u2013 Digital Assets Ratio and fully diluted shares outstanding. We define adjusted operating income (loss) as operating income (loss) excluding the change in fair value of digital assets, impairment of goodwill, gains and losses on investments, depreciation and amortization, transaction-related compensation and transaction-related general and administrative expenses (\u201cadjusted operating income (loss)\u201d). Management uses adjusted operating income (loss) to assess the operating results of our businesses without the effects of changes in the fair value of our digital asset holdings, goodwill impairment, gains and losses on investments, depreciation and amortization and transaction-related items, and believes it is useful to investors for that purpose. Adjusted operating income (loss) excludes changes in the fair value of our digital asset holdings and gains and losses on investments but includes derivative revenue, which itself may be affected by movements in the price of Bitcoin. We define fully diluted shares outstanding as common shares outstanding and all options, warrants, holdback shares for the BTC Inc. and UTXO Management acquisitions, restricted stock units and shares to be issued upon delivery of letters of transmittal from BTC Inc. stockholders (\u201cfully diluted shares outstanding\u201d). This period-end measure differs from the weighted-average diluted share count of 21.029 million used to calculate GAAP earnings per share for the third quarter of 2026. We define net debt as notes payable, net, less cash and cash equivalents, and Net Leverage \u2013 Digital Assets Ratio as net debt divided by digital assets. Management believes these measures are useful to investors in evaluating the Company\u2019s leverage relative to its digital asset holdings. Non-GAAP financial measures are financial measures that are derived from consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d). Non-GAAP financial measures are subject to material limitations as they are not measurements prepared in accordance with GAAP, and are not a substitute for such measurements. We use these non-GAAP financial measures and other key metrics internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past and future financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies, including companies in our industry, may report adjusted operating income (loss) and fully diluted shares outstanding, or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures.<\/p>\n
Statement of Operations<\/b><\/p>\n\n\n| (In thousands, except per share amounts)<\/td>\n | For the Three Months Ended September 30,<\/b><\/td>\n | | \nFor the Nine Months Ended September 30,<\/b><\/td>\n<\/tr>\n\n| (unaudited)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Operating revenues:<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Media<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,886<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n27,350<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Advisory<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n488<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,928<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Asset management<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n482<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,157<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,785<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,704<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total operating revenues<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1,929<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 36,139<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Operating expenses:<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,464<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Compensation<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,028<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n24,606<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,028<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,141<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,009<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,389<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,009<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,302<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,831<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Impairment of goodwill<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n105,176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| (Gain) loss on change in fair value of digital assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(110,381<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23,648<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n40,815<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23,648<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| (Gain) loss on investments<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(524<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(930<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,576<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(930<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total operating (income) expenses<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (93,852<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 29,755<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 218,857<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 29,755<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Operating income (loss)<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 91,923<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (29,755<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (182,718<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (29,755<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Non-operating income (expense):<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Other income, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(111<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n325<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(111<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,387<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(11,623<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on acquisition of Nakamoto Holdings<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(59,754<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(59,754<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on extinguishment of debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,454<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,454<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Change in fair value of call option asset – related party<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n21,845<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(107,744<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n21,845<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total non-operating income (expense)<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3,339<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (52,474<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (119,042<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (52,474<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (loss) from continuing operations before (provision for) benefit from income taxes<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 88,584<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (82,229<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (301,760<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (82,229<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (Provision for) benefit from income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,772<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,652<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss) from continuing operations<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 85,812<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (82,229<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (283,108<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (82,229<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net loss from discontinued operations<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (265<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (3,807<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (3,118<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (7,259<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net income (loss)<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 85,547<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (86,036<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (286,226<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (89,488<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Basic earnings per common share:<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Net income (loss) from continuing operations<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4.26<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(16.20<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(15.14<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(45.53<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net loss from discontinued operations<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.01<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.75<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.17<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(4.02<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 4.25<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (16.95<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (15.31<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (49.55<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Diluted earnings per common share:<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Net income (loss) from continuing operations<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4.08<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(16.20<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(15.14<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(45.53<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net loss from discontinued operations<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.01<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.75<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.17<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(4.02<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 4.07<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (16.95<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (15.31<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (49.55<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted average shares outstanding – basic<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,138<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,077<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,699<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,806<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Weighted average shares outstanding – diluted<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,029<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,077<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,699<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,806<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAll share and per-share amounts reflect the 1-for-40 reverse stock split effected on May 22, 2026. The 2026 results include BTC Inc. and UTXO from February 20, 2026, while 2025 continuing-operations results begin on August 14, 2025; accordingly, the periods are not directly comparable.<\/p>\n Segments<\/b><\/p>\n | | | | | | | | | |