Trump Media & Technology Group (TMTG), the conglomerate behind the social media platform Truth Social, reported a net loss of $238 million in the second quarter of 2026, against revenue of just $1.7 million — underscoring the wide gap between the company's market presence and its financial performance. The results bring TMTG's total net losses for the first half of 2026 to $644 million, with cumulative revenues of only $2.5 million over the same period. Shares of the company, which trades on the NASDAQ under the ticker symbol "DJT", fell 8 percent by market close on Monday.
The bulk of the quarterly loss — $190.4 million — stemmed from unrealised losses on digital assets and equity securities, reflecting TMTG's recent expansion into cryptocurrency. Additional charges included $11.7 million in accrued interest on loans and $8.1 million in stock-based compensation. Despite the losses, the company reported that Q2 revenue rose 89 percent compared with the same quarter last year, though almost all of that income — around $1.43 million from advertising and $179,500 from subscriptions — came from its media operations. At the end of the quarter, TMTG held more than $400 million in cash and short-term investments, as well as $1.2 billion in bitcoin and bitcoin-related assets. The company also carries $1 billion in convertible debt due in 2028, though lenders hold an option to demand repayment as early as November.
Interim chief executive Kevin McGurn used Monday's earnings call to announce a strategic refocus on social media, pulling back from some of the company's more recent diversification efforts. "We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives," McGurn said. Central to the new direction is a service called Truth API, which offers financial trading firms — particularly high-frequency traders who buy and sell in milliseconds — early access to posts on Truth Social, where President Trump regularly makes announcements on policy matters such as tariffs that can move markets. The service costs between $60,000 and $100,000 per month, and McGurn confirmed that 10 companies have already signed up. Despite the strategic shift, TMTG said it still intends to complete a previously announced merger with energy company TAE Technologies, focused on nuclear fusion, by the end of the year.
The Truth API service has drawn sharp criticism from government ethics experts. Kathleen Clark, a conflicts-of-interest specialist at Washington University School of Law, described the arrangement as "yet more brazen corruption" and an improper use of presidential power for personal financial gain. McGurn has rejected those concerns, arguing that selling licensed real-time data through commercial APIs is standard industry practice. The controversy arrives as Truth Social's user base appears to be shrinking: data from the online tracking firm Similarweb, cited by the New York Times, shows that visitors to the platform in July were down by more than a third compared with the same month last year — a significant setback for a platform that has consistently trailed rivals such as X and Facebook since its 2022 launch.