Trump Media & Technology, the parent of President Donald Trump's Truth Social platform, reported a $238 million net loss for the second quarter as the value of its bitcoin and Cronos holdings tumbled, according to Business-Today. The three-month loss through June was more than 10 times the loss recorded a year earlier, with the per-share loss widening from 8 cents to 86 cents.
Second-quarter revenue more than doubled to $1.7 million, an 89% year-on-year rise, Business-Today reported. Excluding unrealised paper losses on crypto holdings, taxes, interest and other items, the operating loss widened to $164 million from $44 million a year earlier. Trump Media ended June with more than $400 million in cash and short-term investments, while holding $1.2 billion in bitcoin and bitcoin-related assets.
| Key Q2 2026 Financial Metrics | Amount |
|---|---|
| Net loss | $238 million |
| Per-share loss | $0.86 (vs. $0.08 a year ago) |
| Revenue | $1.7 million (+89% YoY) |
| Adjusted operating loss | $164 million (vs. $44 million) |
| Cash and short-term investments | >$400 million |
| Bitcoin and related assets | $1.2 billion |
| Convertible notes outstanding | $1 billion, due 2028 |
Strategic Pivot Back to Social Media
After a year spent expanding beyond media, the company is reversing course. New chief executive Kevin McGurn said on a post-earnings conference call that initiatives including online betting and crypto would now largely be abandoned as Trump Media refocuses on social media, Business-Today reported.
We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives. — Kevin McGurn, CEO of Trump Media, as quoted by Business-Today
"We will say no to things or change course as warranted," McGurn told the AP, according to Business-Today. The company's stock, which had already fallen 8% during regular trading, slipped slightly in after-hours trading after the earnings release.
Truth API: Selling Access to Presidential Posts
McGurn is placing greater emphasis on Truth API, a new service that gives Wall Street trading firms early access to posts from leading users on Truth Social — including Trump, the platform's most-followed user. Trump's posts have often moved markets when he announces major US policy shifts on the platform, Business-Today noted.
Trump Media is charging $60,000 to $100,000 per month for Truth API and has already signed 10 customers, McGurn said. Most are high-frequency trading firms that buy and sell in milliseconds. "We're in the early innings," McGurn said, adding that the potential market extends to data centre companies, news organisations and developers of large language models. With 10 customers, the service could generate $7 million to $12 million per year — roughly two to three times the company's entire revenue last year.
Scrutiny Over Monetising the Presidency
The paid service has drawn concern from good-government watchdogs who have criticised Trump Media over the possibility of providing the president a way to profit from his time in office, Business-Today reported. Democrats have said they would investigate the service if they gain control of Congress in the midterms. McGurn dismissed those concerns, citing established industry practice: "Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information and media industries. This is no different."
Nuclear Fusion Venture and Convertible Notes
Trump Media is not abandoning all of its new ventures. Its previously announced nuclear fusion business will continue, with McGurn saying the company hopes to complete a merger with energy company TAE Technologies by the end of the year. "We continue to believe it's the single most important driver of long-term value for this company," McGurn said, according to Business-Today. The company carries $1 billion in debt through special convertible notes that are not due until 2028; however, lenders have an option to demand the notes be cashed out in November, a potential call on liquidity that could affect the company's finances.
For corporate treasurers and investors, that November put option is the immediate balance-sheet risk. If exercised, Trump Media would lean on its more than $400 million cash buffer or liquidate part of its $1.2 billion crypto position at potentially unfavourable prices. The Truth API subscriptions offer a recurring revenue stream, but the political scrutiny surrounding the service introduces regulatory uncertainty that counterparties and credit analysts will need to weigh.
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