The Trump Media Q2 loss reached $238 million as declining cryptocurrency values weighed down quarterly results for Truth Social’s parent.
Trump Media & Technology Group reported a Q2 net loss exceeding $238 million against less than $2 million in revenue.
The quarter’s loss which far exceeded the $20 million reported in the prior-year period was primarily driven by non-cash markdowns, including over $190 million in losses on digital assets, pledged crypto, and equity holdings.
Most of the company’s $1.7 million in quarterly revenue was generated through ad services on Truth Social, TMTG’s flagship platform used by President Donald Trump. That figure represents an 89% increase compared to the same period last year.
The New York Times reported that Truth Social’s user traffic already a fraction of competitors like Elon Musk’s X dropped sharply over the summer.
TMTG’s quarterly operating expenses topped $165 million a surge of roughly 275% year over year.
“Our operating expenses are largely impacted by the price volatility of digital assets,” explained Chief Financial Officer Phillip Juhan during the company’s inaugural earnings call.
The company also disclosed new details regarding Truth API, its controversial data feed designed to offer subscribers faster access to Donald Trump’s Truth Social posts.
TMTG confirmed it has signed more than 10 customer agreements for Truth API, primarily with high-frequency trading firms paying between $60,000 and $100,000 per month.
Trump Media & Technology was created following Donald Trump’s temporary suspension from major social platforms after the Jan. 6, 2021, Capitol riot. The company went public in 2024 via a SPAC merger, trading on the Nasdaq under the ticker DJT, matching the former president’s initials.
While Truth Social was the company’s flagship product, Trump Media subsequently expanded its footprint into digital assets, financial services, and fusion power.
TMTG interim CEO Kevin McGurn told Axios the company is pulling back from two Crypto.com deals to refocus on its core media operations and a pending merger with fusion energy firm TAE.
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During Monday’s earnings call, McGurn underscored the deal’s strategic importance, calling the TAE combination “the single most important driver of long-term value for this company”.
Commercial nuclear fusion power remains unproven, with no plants currently generating electricity. Meanwhile, TMTG shares down sharply from their peak slumped another 8% on Monday.
