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    DJT
    Earnings call· Jun 2026(Q2 FY26)

    Trump Media & Technology Group Q2 FY26 earnings call DJT

    Aug 10, 2026 Source

    Executive summary

    Trump Media & Technology Group Q2 FY26 — Strategic Pivot, TAE Merger Progress, and Truth API Launch

    Trump Media & Technology Group reported a quarter of strategic transition, marked by sequential improvements in operating expenses and net loss, alongside significant year-over-year increases driven by digital asset volatility and legacy legal costs. The company is prioritizing the proposed merger with TAE Technologies, refining its digital asset treasury strategy, and expanding its media and technology offerings with the launch of Truth API, while also enhancing investor communications.

    Highlights

    5

    • Revenue grew 92% sequentially to $1.7 million, driven by barter advertising and Truth+ subscriptions.

    • Operating expenses decreased 44% sequentially to $165.2 million, reflecting a period of transition.

    • Net loss improved 41% sequentially to $238 million, and Adjusted EBITDA loss was down 42% sequentially to $223.5 million.

    • Ended the quarter with $1.9 billion in gross financial assets, including $400 million in liquid cash and short-term investments.

    • Launched Truth API, securing over 10 customer agreements at $60,000-$100,000 per month.

    Concerns

    5

    • Operating expenses increased 270% year-over-year, primarily due to a $116.6 million mark-to-market loss on digital assets (bitcoin price declined 13%).

    • Reported a $71.8 million investment loss on bitcoin-related securities, reflecting a 13% decline in IBIT's share price.

    • Net loss was up over tenfold year-over-year, largely due to non-cash digital asset losses and higher legacy legal expenses.

    • Net cash used in operating activities increased to $13.7 million for H1 2026, up from $7.4 million in the prior year period.

    • Faces nearly $1 billion in outstanding convertible notes coming due, with repayment options still under exploration.

    Guidance & targets

    2
    CategoryTargetConfidence
    TAE Technologies merger closing
    by the end of 2026
    high materiality
    Medium
    S-4 registration statement filing for TAE merger
    as soon as possible
    medium materiality
    High

    Operational metrics

    14
    Revenue
    $1.7 millionup 92% sequentially, up 89% YoY
    Q2 FY26

    Driven primarily by barter advertising services on Truth Social, subscriptions to Patriot Package, and management fees from Truth.Fi ETF offerings.

    Total operating expenses
    $165.2 milliondown 44% sequentially, up 270% YoY
    Q2 FY26

    Year-over-year increase driven almost entirely by mark-to-market of digital assets and higher legal expenses.

    Net loss
    $238 milliondown 41% sequentially, up over tenfold YoY
    Q2 FY26

    Largely driven by non-cash mark-to-market losses on bitcoin and related securities.

    Adjusted EBITDA
    loss of $223.5 milliondown 42% sequentially
    Q2 FY26

    Largely driven by non-cash mark-to-market losses on bitcoin and related securities, which totaled $190.5 million.

    Net cash used in operating activities
    $13.7 millionvs $7.4 million in prior year period
    H1 FY26

    Modest increase due to pausing digital asset yield strategy and pivoting to third-party institutional management.

    Loss on digital assets (mark-to-market)
    $116.6 million
    Q2 FY26

    Reflects roughly 13% decline in bitcoin price to $58,800 from $67,800.

    Investment loss (unrealized)
    $71.8 milliondown 34% from Q1
    Q2 FY26

    Primarily on bitcoin-related securities (IBIT), reflecting a 13% decline in IBIT's closing share price to $33.29 from $38.42.

    Gross financial assets
    $1.9 billion
    Q2 FY26

    Balance sheet strength provides flexibility to address liabilities.

    Net financial assets
    $893 million
    Q2 FY26

    Net of debt, as of June 30.

    Bitcoin holdings
    9,477
    Q2 FY26

    As of June 30.

    Bitcoin pledged to yield management program
    2,077
    Q2 FY26

    As of June 30.

    IBIT shares held
    14.4 million
    Q2 FY26

    As of June 30. In July, began transitioning IBIT holdings into BTC yield program.

    Truth API customer agreements
    more than 10
    to date

    Primarily high-frequency trading firms.

    Liquid cash and short-term investments
    $400 million
    Q2 FY26

    Fully liquid and unencumbered as of June 30, 2026.

    Product announcements

    5
    ProductTypeDetails
    Truth+expansion
    Truth Socialupdate
    Truth APIlaunch
    Truth API for retail tradingroadmap
    Proprietary data protection initiativelaunch

    Deals & partnerships

    4
    TAE TechnologiesProposed merger to combine TMTG's media platform with TAE's advanced fusion energy technology, aiming for energy security and independence for AI infrastructure.

    Teams are actively working through the merger process, including completion of TAE's audited financial statements and preparation for required filings. Next step is filing an initial draft registration statement on Form S-4.

    Crypto.com and Yorkville Acquisition Corp.Mutual agreement to terminate the previously announced proposed business combination to establish Trump Media CRO Strategy, Inc., and related digital asset treasury structure.

    Decision made due to prevailing market conditions and shifting business/stakeholder priorities, reflecting a disciplined capital allocation choice.

    Crypto.com and Yorkville Acquisition Corp.Mutual agreement not to move forward with a service partnership covering certain digital asset projects.

    Decision made due to prevailing market conditions and shifting business/stakeholder priorities, reflecting a disciplined capital allocation choice. Does not affect Yorkville America's America First ETFs.

    Crypto.comRealigned approach to prediction markets, moving from direct technical integration on Truth Social to a marketing agreement framework.

    Under the marketing agreement, Crypto.com's prediction market experience will be marketed to Truth Social's engaged audience. TMTG plans to explore similar partnerships with other prediction markets.

    Risks & headwinds

    6
    Regulatory process for TAE mergernear-term to end of 2026

    timing is on everyone's mind

    Mitigation: actively working through merger process, committed to keeping shareholders informed, filing S-4 as soon as possible

    Price volatility of digital assetsQ2 FY26

    $116.6 million reported loss on digital assets; 13% decline in bitcoin price

    Mitigation: resumed a more active, disciplined treasury framework focused on diversification, prudent risk management, active hedging, and responsible yield generation

    Legacy litigation expensesQ2 FY26, with some residual in Q3

    up 270% YoY for total operating expenses; overwhelming majority accrued through Q2 FY26

    Mitigation: legacy litigation expenses should moderate significantly in coming quarters following July 2026 resolution

    Convertible notes coming dueas they come due

    nearly $1 billion in outstanding convertible notes

    Mitigation: exploring multiple options; strong balance sheet ($893 million net financial assets) provides flexibility to satisfy liabilities

    Criticism regarding Truth API accesscurrent

    criticism that Trump Media is giving some traders in a market an unfair advantage

    Mitigation: clarified that Truth API provides licensed real-time public data, a well-established business practice, and helps deter unauthorized scraping

    Unauthorized scraping and data misuseongoing

    null

    Mitigation: launched an initiative to protect proprietary data from unauthorized scraping and use, viewing it as a fiduciary duty

    What to watch in Q3 FY26

    5

    TAE merger S-4 filing

    as soon as possible
    Currentin progress
    Targetfiling of initial draft registration statement on Form S-4

    Why it matters

    This filing is a concrete visible sign of progress towards closing the merger, which is considered the most important driver of long-term value.

    The next step in this process is the filing of an initial draft registration statement on Form S-4. I encourage shareholders to watch for that filing as a concrete visible sign of progress towards closing.

    Q&A highlights

    6

    What is delaying the S-4 filing for the TAE merger, and can a more specific timeline for filing and closing be provided?

    TAE is undergoing audits as a private company preparing to go public. TMTG aims to file the S-4 as soon as possible using Q2 numbers and still targets closing by year-end, acknowledging SEC process variables.

    “TAE is an amazing company that's been around for over 28 years. So they are going through their audits just like any private company looking to go public. We aim to file the S-4 as soon as possible using our second quarter numbers, and we'll continue aiming for closing by the end of the year, understanding that the SEC process introduces other types of variables.”

    asked by Unknown Executive · answered by Kevin McGurn

    2 min read5 chapters

    Detailed Narrative

    01

    TAE Merger Update

    The company is making meaningful progress towards the proposed merger with TAE Technologies, targeting completion by the end of 2026. This transaction is seen as crucial for energy security, particularly for AI infrastructure, aligning with the company's philosophy of building durable, independent infrastructure. The next step is filing an initial draft registration statement on Form S-4, which shareholders are encouraged to watch for as a sign of progress.

    02

    Digital Asset Treasury & Capital Management

    TMTG has pivoted its capital allocation strategy, terminating a proposed business combination and service partnership with Crypto.com to focus on core priorities. The company has resumed an active, disciplined treasury framework for its digital assets, emphasizing diversification, risk management, hedging, and yield generation. This includes transitioning IBIT holdings into a BTC yield management program and acquiring additional bitcoins.

    03

    Operational Progress in Media & Technology

    Truth+ is moving from beta to broad commercial availability with marketing support, while Truth Social is expanding its content strategy with vertical video and premium programming to increase engagement and monetization. The company also launched Truth API on August 1, a B2B data feed subscription providing low-latency access to public posts, already securing over 10 customers at monthly rates of $60,000 to $100,000.

    04

    Truth API Strategy and Monetization

    Truth API is positioned as a significant long-term contributor, with active conversations with hyperscalers, news organizations, and LLM developers. The company is also expanding the API for retail trading and has initiated efforts to protect its proprietary data from unauthorized scraping, viewing licensed real-time data through commercial APIs as a well-established business practice.

    05

    Evolving Investor Communications

    TMTG is committed to an evolving approach to investor communications, promising more regular updates, context around strategy, and openness about its standing. This inaugural earnings call marks a shift towards more direct engagement with shareholders, reflecting a commitment to transparency and responsiveness.

    AI-generated summary of the company’s earnings call. Not investment advice.