Trump Media & Technology Group Corp. (TMTG), operator of Truth Social, reported a $405.9 million net loss on Friday after a high-cost Bitcoin strategy collapsed alongside falling cryptocurrency prices in the first quarter of 2026.
The company disclosed the results in a filing with the Securities and Exchange Commission (SEC), paired with quarterly revenue of $871,200, a six percent rise from the same period last year but a figure that remains strikingly small for a publicly traded company carrying a valuation measured in billions.
The scale of the loss stands in sharp relief against the $31.7 million recorded in the same quarter a year earlier. The single largest driver was $368.7 million in non-cash charges, comprising unrealised losses on digital assets, pledged digital assets, and equity securities.
The mechanics of the loss trace back to a costly crypto bet. TMTG holds more than 9,500 Bitcoin acquired at an average price of approximately $108,519 per coin. In late February, the company sold 2,000 of those coins when the price had fallen to just under $70,000, locking in a substantial markdown. Unrealised losses on remaining holdings and equity securities accounted for the bulk of the quarter’s total damage.
Beyond the digital asset write-downs, the company reported an adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of $387.8 million. Accreted interest added a further $11.5 million in losses, while stock-based compensation contributed another $11.8 million.
TMTG moved to temper the headline figures by pointing to the strength of its balance sheet. The company closed the quarter with total assets of $2.2 billion, including approximately $2.1 billion in financial assets, nearly three times the $759 million it held at the same point in 2025. It also posted $17.9 million in positive operating cash flow, its fourth consecutive quarter in the black on that measure.
The earnings report arrived weeks after a leadership transition. Kevin McGurn, a former executive at Hulu and Vevo with more than two decades in media and technology, was named interim chief executive officer (CEO) on April 21, succeeding Devin Nunes, who had led the company since 2022. Nunes stepped down to prioritise his role on the president’s Intelligence Advisory Board.
TMTG also confirmed it is advancing toward a prospective merger with TAE Technologies as it seeks to diversify beyond social media.
