Trump Media & Technology Group Corp. Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Trump Media and Technology Group reported second quarter 2026 revenue of approximately $1.7 billion, up 92% sequentially and 89% year over year, driven primarily by barter advertising services on Truth Social, subscriptions to the Patriot package on Truth Plus, and management fees from Truth Fi ETF offerings.
- Total operating expenses were $165.2 million, down 44% sequentially but up 270% year over year, mainly due to mark-to-market losses on digital assets and higher legal expenses related to legacy litigation from the 2024 SPAC merger.
- The company reported a net loss of $238 million for the quarter, down 41% sequentially but over tenfold higher than the prior year period, largely due to non-cash mark-to-market losses on Bitcoin and related securities totaling $190.5 million.
- Adjusted EBITDA loss was $223.5 million, down 42% sequentially.
- Net cash used in operating activities was $13.7 million for the first half of 2026, slightly higher than $7.4 million in the prior year period, partly due to pausing the digital asset yield strategy.
- As of June 30, 2026, the company held $1.9 billion in gross financial assets, including $250 million in cash, $31 million in restricted cash, $209 million in short-term investments, and $1.2 billion in Bitcoin and related assets, with net financial assets of approximately $893 million after debt.
- The company holds approximately 9,477 bitcoins plus 2,077 bitcoins pledged to the BTC yield management program and about 14.4 million shares of EBID.
- Truth Plus is moving out of beta into broad commercial availability with marketing support, and Truth Social has expanded content strategy including vertical video and premium programming to increase engagement and monetization.
- The Truth API product launched on August 1 provides licensed, low latency access to publicly available posts from top social accounts, with over ten customer agreements primarily from high-frequency trading firms, generating modest revenue currently.
- The company is transitioning to a more diversified third-party institutional approach to managing its digital asset treasury.
- The company mutually terminated the proposed business combination with Crypto.com and Yorkville Acquisition Corp. and shifted from a direct technical integration to a marketing agreement for Crypto.com's prediction market experience.
- The company continues to work on completing the proposed merger with TI Technologies, targeting closing by the end of 2026 subject to regulatory conditions.
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Transcript
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Thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trump Media & Technology Group's earnings conference call for the second quarter 2026. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be no live question-and-answer session, though management will be addressing pre-submitted questions. I would now like to turn the call over to Scott Glabe, General Counsel. Thank you, sir. Please go ahead.
Thank you. Good afternoon, and welcome to Trump Media & Technology Group's inaugural earnings call, in which we will cover the period ending June 30, 2026. We appreciate everyone joining today. Before we begin, I'd like to remind everyone that certain statements made during today's call constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of these risk factors. Additionally, certain statements may include non-GAAP financial measures. These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with U.S. GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our earnings release to the most directly comparable GAAP measure.
Joining me today are Kevin McGurn, our Interim Chief Executive Officer, and Phillip Juhan, TMTG's Chief Financial Officer. As previously announced, we have collected several frequently asked questions from shareholders and investors in advance of today's call. We will address many of the themes from those questions during our prepared remarks, after which we will address several questions directly. With that, I'll turn the call over to Kevin.
Thanks so much, Scott, and good afternoon, everyone. We appreciate you joining us today, and I want to thank our shareholder base for their continued support and confidence in this company. Many of you have told us that you'd like to hear from us more often and in more depth. We hear you. Starting with this call, you should expect an evolving approach on how we communicate as a company. More regular updates, more context around our strategy, and more openness about where things stand. There's a spirit behind today's call, and we intend to keep it up. You'll also have seen a couple of announcements that we made last week involving our Crypto.com partnerships. I'll walk through the thinking behind both in a few minutes because they're a good example of exactly the kind of capital discipline you should expect from us and this team going forward.
Today, Philip and I would like to cover four things before taking your questions. First, we will provide an update on our proposed merger with TAE Technologies and why we believe it positions this company for the next decade of our growth. Second, we will discuss our digital asset treasury strategy and capital management approach. Then I will hand things over to Philip for a review of this quarter's results. Third, we will walk through the operational progress across our media and technology businesses, including the continued build-out of Truth+ and Truth Social, and an early progress on our Truth API product. Fourth, as I mentioned a moment ago, we want to address how we are evolving our approach to investor communications on a go-forward basis. Let me begin with an update on our proposed merger with TAE Technologies. We continue to make meaningful progress toward the completion of this transaction.
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