● Covered by 1 source · 1 reportLow impact1 negative
Trump Media Reports $238 Million Q2 Loss, Primarily Due to Crypto Declines
Key points
- TMTG reported a net loss of over $238 million in Q2.
- Losses included over $190 million from digital asset declines.
- Revenue was $1.7 million, mainly from Truth Social ads.
- TMTG signed over 10 customers for Truth API, primarily high-frequency trading firms.
Significant Quarterly Loss Reported
Trump Media & Technology Group (TMTG) announced a net loss exceeding $238 million for its fiscal second quarter. This figure represents a substantial increase compared to the nearly $20 million loss reported in the same period last year. The primary driver of this loss was a decline in non-cash assets, specifically over $190 million in losses from digital assets, digital assets pledged, and equity securities.
Revenue and Operating Expenses
TMTG generated $1.7 million in revenue during the quarter, predominantly from advertising services on its social media platform, Truth Social. This revenue marks an 89% increase year-over-year. Concurrently, the company's operating expenses surged by approximately 275% year-over-year, reaching over $165 million. The company's CFO, Phillip Juhan, stated that operating expenses are significantly affected by the price volatility of digital assets.
Truth API and Strategic Shifts
TMTG also provided updates on its Truth API service, which offers faster access to Truth Social posts. The company confirmed signing more than 10 customer agreements for this service, primarily with high-frequency trading firms, at rates ranging from $60,000 to $100,000 per month. Interim CEO Kevin McGurn indicated a strategic shift, noting the company is reducing its involvement with Crypto.com agreements to focus on its media business and a pending merger with fusion energy firm TAE. McGurn emphasized that the combination with TAE is considered the most important driver for the company's long-term value.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Trump Media & Technology Group (TMTG) reported a net loss of over $238 million in its fiscal second quarter, largely attributed to declines in non-cash digital assets. The company's revenue of $1.7 million primarily came from Truth Social ad services, while operating expenses increased significantly.