Trump Media and Technology Group, the parent company of Donald Trump's Truth Social platform, reported a loss of nearly $406 million in the first three months of 2026, according to financial filings. The company generated just over $870,000 in revenue during the period, despite a 6% year-on-year increase in net sales.
The vast majority of the losses were non-cash, including $368 million in unrealized losses on digital assets, digital assets pledged, and equity securities. The company also recorded $11.5 million in accreted interest and $11.8 million in stock-based compensation.
Most of the losses stem from $3.5 billion in bitcoin purchases made in 2025, when the cryptocurrency was surging. However, bitcoin's value has since dropped by about a third. The company had announced plans to establish a 'bitcoin treasury' at the time.
Interim chief executive Kevin McGurn said in a statement that Trump Media 'is using its strong balance sheet and positive operating cashflow to continue growing all our businesses and platform infrastructure'. He added that Truth Social 'remains a bastion of free speech with innovative enhancements coming soon'.
The reported losses come five months after Trump Media announced a $6 billion merger deal with California nuclear fusion company TAE Technologies, which aims to power AI datacenters. Nuclear fusion has yet to produce more energy than it consumes.
McGurn said the company is 'identifying new growth opportunities and new ways to increase shareholder value' as it works to advance the merger.
