Trump Media & Technology Group reported a net loss exceeding $238 million for its fiscal second quarter, a significant decline from the approximately $20 million loss recorded during the same period in the prior year. The company generated less than $2 million in revenue during the quarter.
The substantial loss was largely attributable to non-cash asset declines, particularly more than $190 million in losses tied to digital assets, pledged digital assets, and equity securities holdings. The company’s Chief Financial Officer Phillip Juhan attributed operating expense volatility to cryptocurrency asset price fluctuations during the company’s inaugural earnings call.
Truth Social, TMTG’s social media platform used by President Donald Trump, generated approximately $1.7 million in quarterly revenue through advertising services, representing an 89% increase from the year-ago quarter. However, reporting indicated the platform’s traffic declined sharply earlier in the summer and remained substantially below competitor platforms such as Elon Musk’s X. Operating expenses totaled more than $165 million, roughly 275% higher compared to the prior-year period.
The company disclosed details regarding Truth API, a new service providing expedited access to Trump’s Truth Social posts. More than 10 customer agreements have been signed to date, primarily with high-frequency trading firms paying monthly rates between $60,000 and $100,000. Interim Chief Executive Kevin McGurn stated that a pending merger with TAE, a fusion energy company, represents the most significant driver of long-term value, as TMTG pulls back from previous cryptocurrency agreements to focus on its media operations.
TMTG shares declined 8% on the trading day, continuing a downward trajectory from levels reached following the company’s 2024 public debut on Nasdaq under ticker symbol DJT.
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