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 while generating only a little over $870,000 in revenue, according to financial filings.
Quarterly Performance and Losses
The quarterly report for January to March 2026 showed net sales were up 6% year over year, but the company took sizable losses related to other investments. The vast bulk of the losses were non-cash, including unrealized losses on digital assets, digital assets pledged, and equity securities ($368 million), accreted interest ($11.5 million), and stock-based compensation ($11.8 million), the company said in a press release.
Interim CEO Kevin McGurn stated that Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all businesses and platform infrastructure. He also said Truth Social remains a bastion of free speech with innovative enhancements coming soon.
Bitcoin Investments and Market Impact
Most of the losses stem from $3.5 billion in bitcoin buys the company made in 2025 when the cryptocurrency was surging in value. The company had announced plans to establish a bitcoin treasury, but the crypto asset's value has dropped by about a third since then.
Truth Social was created after Trump was banned from Twitter (now X) and Facebook in 2021 following the Capitol attack. While the platform has served as a bullhorn for the president, it has not flourished more broadly.
Future Plans and Merger
The reported losses come five months after Trump Media announced plans to merge in a $6 billion deal with California nuclear fusion company TAE Technologies, which aims to power AI data centers. Nuclear fusion, with its goal of limitless energy, has yet to produce more energy than it takes to create. McGurn said the company is working toward advancing the proposed merger while identifying new growth opportunities and ways to increase shareholder value.
