Trump Media & Technology Group reported a net loss of more than $238 million in its fiscal second quarter, with more than $190 million of that tied to declines in digital assets, while quarterly revenue came in at just $1.7 million.
Trump Media & Technology Group reported a net loss of more than $238 million for its fiscal second quarter, driven primarily by declines in digital assets and other non-cash holdings, the company said Monday.
The loss far exceeded the approximately $20 million the company reported in the same period a year earlier. Revenue for the quarter came in at less than $2 million — specifically $1.7 million — derived mostly from advertising on Truth Social, TMTG's flagship social media platform.
Despite the revenue figure's modest size, it represented an 89% increase from the year-ago quarter, the company said in a press release.
More than $190 million of the total loss stemmed from declines in what TMTG described as "digital assets, digital assets pledged, and equity securities." Chief Financial Officer Phillip Juhan, speaking on the company's first-ever earnings call, attributed the broader cost picture to volatility in that portfolio. "Our operating expenses are largely impacted by the price volatility of digital assets," Juhan said.
Quarterly operating expenses exceeded $165 million, a figure roughly 275% higher year over year.
The earnings call also shed new light on Truth API, a service TMTG has developed to offer faster access to President Donald Trump's Truth Social posts. The company confirmed it has signed "more than 10 customer agreements to date," with clients described as "primarily high-frequency trading firms." Those clients are paying between $60,000 and $100,000 per month for the service.
TMTG interim CEO Kevin McGurn told Axios on Friday that the company is pulling back from two agreements it had reached with Crypto.com as it refocuses on its media operations and a pending merger with TAE, a fusion energy firm. On Monday's call, McGurn described the TAE combination as "the single most important driver of long-term value for this company." There are currently no commercial power plants generating electricity through fusion technology.
TMTG was formed after Trump was temporarily suspended from major social media platforms following the January 6, 2021, Capitol riot. The company went public through a merger with a special purpose acquisition company and began trading on the Nasdaq in 2024 under the ticker DJT — matching the president's initials. It has since expanded beyond media into crypto, financial services, and fusion power.
Truth Social's web traffic has also come under scrutiny. The New York Times reported earlier Monday that the platform's traffic — already smaller than comparable services, including Elon Musk's X — fell sharply this summer.
TMTG stock closed down 8% on Monday. The shares are now worth a fraction of what they traded at when the company first listed on the Nasdaq.
Jay Goldberg is a staff writer at TechEchelon covering technology, markets, and policy. He files the breaking news and deal coverage that move the publication's core desks.
More from Jay →Intel announced a $15 billion common stock offering on Monday to fund capital expenditures and working capital tied to accelerating customer demand for AI compute, sending shares down 3% in premarket trading.
Doximity shares surged more than 100% in premarket trading after CEO Jeffrey Tangney revealed the company's AI search tool earns more than 10 times its cost per search, while first-quarter revenues of $156.6 million topped consensus estimates.
Ford Motor has announced its new midsize electric pickup truck will start at $28,350 and carry the name "Fathom," with preorders opening in early 2027 and deliveries expected later that year.
Written for readers who already know the basics — markets, AI, and the policy decisions that shape both.