Trump Media & Technology Group disclosed a net loss of more than $238 million for its fiscal second quarter on revenue of less than $2 million, according to a press release issued Monday. The substantial loss represented a significant deterioration compared to the nearly $20 million loss recorded in the equivalent period one year prior. The company attributed most of the loss to non-cash declines in digital assets, including more than $190 million in losses from digital assets, pledged digital assets, and equity securities.
Revenue of $1.7 million for the quarter was largely derived from advertising services on Truth Social, the company’s primary social media platform used by President Donald Trump. This represented an 89% increase from the same quarter in the previous year. Operating expenses for the period exceeded $165 million, reflecting a roughly 275% increase compared to the year-ago quarter. Chief Financial Officer Phillip Juhan attributed the elevated operating expenses to price volatility in digital assets during the company’s initial earnings call.
Trump Media also detailed its Truth API service, which provides expedited access to Trump’s Truth Social posts. The company confirmed it has secured more than 10 customer agreements, with clients described as primarily high-frequency trading firms paying monthly rates between $60,000 and $100,000. Interim CEO Kevin McGurn indicated the company is reducing its involvement in certain arrangements with Crypto.com to prioritize its media operations and a prospective merger with TAE, a fusion energy company that McGurn characterized as the principal driver of future value.
The company was established following Trump’s temporary suspension from social media platforms in the aftermath of events on January 6, 2021. It transitioned to public ownership through a merger with a special purpose acquisition company and commenced trading on the Nasdaq in 2024 under ticker symbol DJT. The stock declined 8% during Monday’s trading session.
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