NEW YORK, May 9, 2026, 10:04 (EDT)
Trump Media & Technology Group Corp. posted a net loss of $405.9 million for the first quarter, with net sales coming in at just $871,200. The company’s crypto and securities losses easily outweighed revenue from its media operations. Truth Social’s parent released the numbers after the bell Friday.
The numbers are front and center as the company works to convince investors it’s more than just a political social-media play—and as it eyes a potential tie-up with TAE Technologies. TMTG touts its hefty balance sheet, but the filing lays bare slender core sales.
The company wrapped up the quarter holding $2.2 billion in total assets, with approximately $2.1 billion counted as financial assets—cash, investments, equity securities, digital assets all in. Interim CEO Kevin McGurn pointed to Trump Media’s “strong balance sheet and positive operating cash flow,” and said the company is eyeing “new growth opportunities.” GlobeNewswire
Operating costs and expenses soared to $294.4 million in the latest quarter, up sharply from $40.4 million a year ago, according to the quarterly filing. The main culprit: a $244.0 million unrealized loss tied to digital assets and pledged digital assets—so, these are paper losses on crypto holdings, not actual cash outlays for the period.
TMTG posted a $108.2 million investment loss and swung to a net loss of $1.47 per share, much deeper than its year-ago loss of 14 cents a share. Adjusted EBITDA came in at a loss of $387.8 million—this non-GAAP figure strips out interest, taxes, depreciation, amortization, plus some other items.
The company’s cash flow told a different story than its income statement. Trump Media pulled in $17.9 million in operating cash during the quarter, a turnaround from the $9.7 million outflow posted a year ago. Closing out March, the firm was sitting on $279.6 million in cash, cash equivalents, and restricted cash.
The filing broke out revenue across two lines. Media pulled in $810,100—ad sales plus subscription money. Truth.Fi, the company’s financial-services arm, chipped in $61,100 from management fees.
Crypto still figures heavily for Trump Media. As of March 31, the firm reported holding 9,542.16 bitcoin valued at $647.1 million, plus 756.1 million Cronos tokens worth $53.0 million—both together down to $700.1 million from a $904.4 million year-end tally.
The difference in revenue compared with other social-media giants is dramatic. Meta Platforms pulled in $56.31 billion during the first quarter; Reddit’s figure was $663 million. Not a direct apples-to-apples comparison, but it puts into perspective the kind of scale TMTG aims for in both ads and monetizing users.
U.S. exchanges are shut for the weekend, so DJT shares last changed hands at $8.93—a slide of about 1% from the prior close. That price tags the company at around $2.48 billion. At that valuation, it’s tough for investors to overlook just how far market cap stretches beyond the company’s actual revenue.
TMTG reported that Truth Social is working on or piloting prediction contract offerings in partnership with Crypto.com Derivatives North America, plus features around sports talk, promotion tools for posts, and AI-driven performance enhancements. According to the company, the Truth+ platform rolled out new channels and added push notifications during the quarter.
Still, it’s asset values doing the heavy lifting—not gains in users or ad buyers. For the quarter ended March 31, TMTG reported that digital assets, pledged digital assets, and equity securities together made up 62.1% of its total assets. One advertising platform pulled in 66.5% of revenue for the period.
The real test ahead: can the company turn both its products and balance sheet into steady revenue streams—and will the TAE deal make it through SEC review and shareholder documentation? TMTG has urged investors to look over the registration statement and proxy/prospectus once released, saying those filings will carry key information about the deal and its potential risks.
