Trump Media & Technology Group reported a net loss of over $238 million for its fiscal second quarter on revenue of less than $2 million.
That loss, significantly larger than the nearly $20 million loss in the same period last year, mainly resulted from decreases in non-cash assets, such as over $190 million in losses from “digital assets, digital assets pledged, and equity securities,” the company reported.
Kevin McGurn, Interim CEO of Trump Media & Technology Group told investors: “Over the past few months, we’ve sharpened our strategic direction and brought real discipline to how we allocate capital. We’re making meaningful progress toward our proposed merger with TAE T echnologies, which we believe is the most important driver of long-term shareholder value and a natural extension of our commitment to building durable, un-cancellable infrastructure, this time in energy security. At the same time, we’ve refined our approach to capital allocation to better direct resources to the core pillars of our media business, and that effort is already yielding results.”
“Truth+ has moved into full commercial availability and Truth Social is entering an expanded content phase. Our new Truth API product is already generating revenue, with more than ten customer agreements signed to date. I’m encouraged by this momentum, and shareholders should expect more frequent communication from us on our progress each quarter as we enter this next chapter.”
The company generated $1.7 million in quarterly revenue, primarily from ad services on Truth Social, TMTG’s flagship social media platform used by President Donald Trump. This represented an 89% rise compared to the same quarter last year.
Trump Media & Technology was founded following Trump’s temporary suspension from social media platforms after the Jan. 6, 2021, Capitol riot. The company went public via a merger with a special purpose acquisition company and began trading on the Nasdaq in 2024 under the ticker DJT.
TMTG stock fell 8% following the announcement.
By CEO NA Editorial Staff
