Trump Media & Technology Group, the parent company of Truth Social, disclosed a net loss of $238 million for the second quarter of 2026, even as revenue climbed to just $1.7 million. The figures, filed with the U.S. Securities and Exchange Commission on Monday, show the company continues to burn through cash while its core business remains small.
Most of the red ink came from $190.4 million in unrealized losses tied to digital assets, pledged digital assets, and equity securities, the filing said. Additional charges included $11.7 million in accreted interest—unpaid interest added to the principal of a loan—and $8.1 million in stock-based compensation.
Revenue for the April-to-June period rose 89 percent from a year earlier, but the growth did little to offset the scale of the losses. Nearly all of the revenue came from media operations: $1.43 million from advertising and $179,500 from subscriptions.
For the first half of 2026, the company’s net losses reached $644 million against revenue of $2.5 million.
Shares of TMTG, which trades on the NASDAQ under the ticker “DJT,” fell 8 percent at Monday’s market close.
The company’s portfolio includes Truth Social, the video streaming service Truth+, and the fintech brand Truth.Fi. Over the past year, TMTG has pushed into new areas, including cryptocurrency and, as of August 1, a market intelligence service called Truth API.
Truth API gives paying subscribers faster access to posts on Truth Social, where President Donald Trump frequently makes announcements that move markets—on tariffs, trade policy, and the U.S.-Israel conflict with Iran. The service has already drawn criticism over potential conflicts of interest, since Trump holds a majority stake in the company and uses the platform to communicate policy in real time.
Interim CEO Kevin McGurn said during Monday’s earnings call that ten companies had signed up for the service, paying between $60,000 and $100,000 per month. He framed the uptake as early validation, but the revenue from those deals is still small relative to the company’s expenses.
Despite the political influence of Trump’s posts, Truth Social has struggled to attract a broad user base since its launch in 2022. It remains far behind competitors like X and Facebook in monthly active users.
The New York Times reported Monday, citing data from the tracking firm Similarweb, that visits to Truth Social in July were down more than a third compared with the same month last year. That decline suggests the platform’s audience is shrinking even as the company expands its product lineup.
The financial results underscore a widening gap between Trump Media’s market valuation and its underlying business performance. At its current share price, the company is valued at several billion dollars, yet it generates less than $2 million in quarterly revenue. Analysts have repeatedly warned that the stock price reflects retail investor enthusiasm tied to Trump’s political fortunes rather than fundamentals.
Monday’s filing also revealed that the company’s digital asset holdings—likely including cryptocurrency—have become a significant source of volatility. The $190.4 million unrealized loss is an accounting adjustment based on market values, not a cash expense, but it highlights how exposed TMTG is to swings in crypto prices.
The company’s balance sheet remains a concern. The accreted interest charge points to a loan that is growing over time, and stock-based compensation suggests the company is using equity to pay employees rather than cash.
For now, Trump Media continues to bet that its niche audience and the president’s ability to shape news cycles will translate into a sustainable business. The early success of Truth API may offer a path, but the numbers show how far the company has to go.
