Trump Media and Technology Group, operator of social-media platform Truth Social, reported a massive net loss for the first three months of 2026 and less than $1 million in total sales.
For the first quarter, TMTG generated net sales of $871,200, up 6% year over year. The company reported a $405.9 million net loss and a $387.8 million adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss for the first quarter of 2026. The vast bulk of the losses were “non-cash losses including unrealized losses on digital assets, digital assets pledged, and equity securities ($368.7 million), accreted interest ($11.5 million), and stock based compensation ($11.8 million),” the company said in a press release.
The earnings report comes after last month’s sudden departure of Devin Nunes, a Republican former U.S. Representative from California who had served as CEO of TMTG since 2022. The company appointed Kevin McGurn, who has been an exec at companies including Hulu, Vevo and T-Mobile, was named interim CEO with Nunes’ exit.
The company trades on the Nasdaq under the ticker symbol “DJT.” As of the end of April 2026, the Donald J. Trump Revocable Trust owned 114,750,000 shares of TMTG, representing 41% of outstanding shares, according to the company’s most recent 10-K filing with the SEC. The stock is down 35% year-to-date. Trump Media currently has a market cap of about $2.47 billion.
TMTG closed the first quarter of 2026 with total assets of $2.2 billion and financial assets of approximately $2.1 billion comprising cash, restricted cash, short-term investments, equity securities, note receivable and accrued interest, digital assets and digital assets pledged. That represents a nearly threefold increase over the $759 million in financial assets it held at the end of Q1 2025. TMTG also announced its fourth consecutive quarter of positive operating cash flow, reporting $17.9 million of cash provided by operating activities for the first quarter.
In announcing the Q1 earnings, TMTG said, “Supported by its strong balance sheet, the Company is continuing to pursue all its strategic priorities, including expanding and enhancing its flagship Truth Social and Truth+ platforms.”
Last December, Trump Media & Technology Group announced a merger agreement with nuclear fusion company TAE Technologies in an all-stock deal valued at more than $6 billion. The companies said the transaction is expected to close in mid-2026. This February, Trump Media said it was considering a potential spin-off of “businesses including Truth Social into a new publicly traded company” following the closing of the pending merger transaction between TMTG and TAE.
McGurn said in a statement: “Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure. Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value. Truth Social remains a bastion of free speech with innovative enhancements coming soon, and I look forward to rapidly growing our Truth Social and Truth+ communities and building out these powerful, uncancellable platforms for free expression.”
The stated mission of Trump Media is “to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back.” In addition to Truth Social, it operates the Truth+ streaming platform focusing on “family friendly” programming and Truth.Fi, a financial services and fintech brand incorporating America First investment vehicles.
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