Trump Media and Technology Group lost nearly $406m in the first three months of 2026 while bringing in a little over $870,000 in revenue, according to its financial filings, the Guardian reported.
The parent company of the Truth Social platform did post some growth: net sales rose 6% from a year earlier. But the loss swamped it.
Where the loss came from
Almost all of the red ink was not cash leaving the building. The company said in a press release that $368m was paper losses on its crypto holdings and equity securities. Accreted interest added $11.5m and stock-based compensation $11.8m.
The bulk of it traces to bitcoin. In 2025, as the cryptocurrency was surging, the company bought $3.5bn of it and announced plans for a “bitcoin treasury.” Since then, the Guardian noted, the asset has dropped in value by about a third.
What management said
Interim chief executive Kevin McGurn said Trump Media “is using its strong balance sheet and positive operating cashflow to continue growing all our businesses and platform infrastructure.” He added, without giving detail, that Truth Social “remains a bastion of free speech with innovative enhancements coming soon.”
The results arrived five months after Trump Media announced a $6bn merger with TAE Technologies, a California nuclear fusion company that aims to power artificial intelligence datacenters. McGurn said the company is working to advance that deal as quickly as possible while looking for new growth opportunities and ways to raise shareholder value. Fusion, the Guardian pointed out, has yet to produce more energy than it takes to create.
Trump Media was set up after Donald Trump was banned from Twitter, now X, and Facebook in 2021 following the attack on the US Capitol by his supporters. Truth Social has served as one of the president’s preferred channels, but the Guardian said it has not flourished more broadly.
