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Side-by-side financial comparison of Nakamoto Inc. (NAKA) and Rafael Holdings, Inc. (RFL). Click either name above to swap in a different company.
Nakamoto Inc. is the larger business by last-quarter revenue ($444.9K vs $240.0K, roughly 1.9× Rafael Holdings, Inc.). Nakamoto Inc. runs the higher net margin — 8374.2% vs -4090.0%, a 12464.2% gap on every dollar of revenue. On growth, Rafael Holdings, Inc. posted the faster year-over-year revenue change (87.5% vs -26.3%). Over the past eight quarters, Rafael Holdings, Inc.'s revenue compounded faster (85.2% CAGR vs -26.7%).
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
NAKA vs RFL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $444.9K | $240.0K |
| Net Profit | $37.3M | $-9.8M |
| Gross Margin | — | — |
| Operating Margin | -41198.2% | -4225.4% |
| Net Margin | 8374.2% | -4090.0% |
| Revenue YoY | -26.3% | 87.5% |
| Net Profit YoY | 3820.2% | -9.0% |
| EPS (diluted) | $0.68 | $-0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $444.9K | $240.0K | ||
| Q3 25 | $388.2K | — | ||
| Q2 25 | $408.5K | — | ||
| Q1 25 | $579.7K | — | ||
| Q4 24 | $603.9K | — | ||
| Q3 24 | $647.9K | $165.0K | ||
| Q2 24 | $639.1K | $336.0K | ||
| Q1 24 | $829.0K | $68.0K |
| Q4 25 | $37.3M | $-9.8M | ||
| Q3 25 | $-86.0M | — | ||
| Q2 25 | $-2.4M | — | ||
| Q1 25 | $-1.0M | — | ||
| Q4 24 | $-1.0M | — | ||
| Q3 24 | $-1.0M | $-4.5M | ||
| Q2 24 | $-1.3M | $-32.4M | ||
| Q1 24 | $-282.3K | $6.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 74.7% | ||
| Q1 24 | — | — |
| Q4 25 | -41198.2% | -4225.4% | ||
| Q3 25 | -2680.4% | — | ||
| Q2 25 | -585.4% | — | ||
| Q1 25 | -179.7% | — | ||
| Q4 24 | -169.3% | — | ||
| Q3 24 | -162.0% | -2330.3% | ||
| Q2 24 | -162.3% | -27726.5% | ||
| Q1 24 | -28.6% | -4622.1% |
| Q4 25 | 8374.2% | -4090.0% | ||
| Q3 25 | -22162.2% | — | ||
| Q2 25 | -590.9% | — | ||
| Q1 25 | -179.1% | — | ||
| Q4 24 | -165.8% | — | ||
| Q3 24 | -156.5% | -2707.9% | ||
| Q2 24 | -206.5% | -9628.3% | ||
| Q1 24 | -34.1% | 8892.6% |
| Q4 25 | $0.68 | $-0.19 | ||
| Q3 25 | $-0.42 | — | ||
| Q2 25 | $-0.35 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $-0.18 | — | ||
| Q3 24 | $-0.17 | $-0.19 | ||
| Q2 24 | $-0.26 | $-1.36 | ||
| Q1 24 | $-0.06 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $22.6M | $45.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $514.3M | $85.2M |
| Total Assets | $730.6M | $105.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $45.5M | ||
| Q3 25 | $24.2M | — | ||
| Q2 25 | $6.0M | — | ||
| Q1 25 | $1.1M | — | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | $3.6M | $2.7M | ||
| Q2 24 | $4.7M | $7.4M | ||
| Q1 24 | $287.4K | $7.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $64.4K | — | ||
| Q4 24 | $148.8K | — | ||
| Q3 24 | $205.6K | — | ||
| Q2 24 | $254.7K | — | ||
| Q1 24 | $710.0K | — |
| Q4 25 | $514.3M | $85.2M | ||
| Q3 25 | $477.6M | — | ||
| Q2 25 | $9.0M | — | ||
| Q1 25 | $1.5M | — | ||
| Q4 24 | $2.6M | — | ||
| Q3 24 | $3.5M | $82.2M | ||
| Q2 24 | $4.4M | $86.1M | ||
| Q1 24 | $-383.1K | $104.9M |
| Q4 25 | $730.6M | $105.4M | ||
| Q3 25 | $692.4M | — | ||
| Q2 25 | $9.9M | — | ||
| Q1 25 | $2.6M | — | ||
| Q4 24 | $3.7M | — | ||
| Q3 24 | $4.3M | $96.8M | ||
| Q2 24 | $5.5M | $101.6M | ||
| Q1 24 | $799.3K | $106.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.06× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-23.5M | $-6.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-23.5M | $-6.8M | ||
| Q3 25 | $-13.2M | — | ||
| Q2 25 | $-1.9M | — | ||
| Q1 25 | $-865.1K | — | ||
| Q4 24 | $-3.1M | — | ||
| Q3 24 | $-1.0M | $-2.9M | ||
| Q2 24 | $-913.5K | $-251.0K | ||
| Q1 24 | $-213.4K | $-2.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-3.1M | — | ||
| Q3 24 | $-1.0M | — | ||
| Q2 24 | — | $-375.0K | ||
| Q1 24 | $-224.6K | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -511.2% | — | ||
| Q3 24 | -161.7% | — | ||
| Q2 24 | — | -111.6% | ||
| Q1 24 | -27.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.0% | 36.9% | ||
| Q1 24 | 1.3% | — |
| Q4 25 | -0.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
