Trump Media & Technology Group Reports Third Quarter 2026 Results
Trump Media & Technology Group Corp. (DJT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Trump Media & Technology Group Reports Third Quarter 2026 Results ~ Total Assets of $2.5 Billion and Over $2.3 Billion in Financial Assets* ~ ~ Form S-4 Registration Statement for Proposed Merger with TAE Technologies Declared Effective by SEC ~ ~ Third Quarter Reven
How this was made
The 30-second read
Why it matters
The fresh earnings numbers and merger progress provide a catalyst for short‑term price movement, especially in after‑hours trading.
Market read
The filing supplies the first public disclosure of TMTG’s Q3 financials and merger milestone, offering a timely trading hook for investors.
What to watch
High legal expense decline and digital‑asset balance sheet exposure could pose future volatility.
TMTG reports Q3 2026 revenue of $3.0 million, up 205% year-over-year, and net income of $409.7 million driven mainly by non-cash gains, while Adjusted EBITDA remained negative
Revenue grew 205% from a $1.0 million base and legal fees fell to $2.4 million from $20.3 million. Adjusted EBITDA remained a $12.3 million loss, nine-month operating cash use was $28.4 million, and the reported net income of $409.7 million reflects non-cash items the company describes as the bulk of the result.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026GAAP | $3M | – | 205% |
| Legal fees, Q3 2026other | $2.4M | – | – |
| Net income, Q3 2026GAAP | $409.7M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$234.2M | – | – |
| Adjusted EBITDA loss, Q3 2026non-GAAP | −$12.34M | – | – |
| Adjusted EBITDA loss, nine months ended September 30, 2026non-GAAP | −$83.08M | – | – |
| Net cash used in operating activities, nine months ended September 30, 2026GAAP | $28.4M | – | – |
| Total assets, September 30, 2026GAAP | $2.5B | – | – |
| Financial assets, September 30, 2026non-GAAP | approximately $2.3 billion | – | – |
What drove it
- Company explanation of revenue growth: primarily driven by $1.8 million of subscription growth in the Media segment from Truth API, TMTG's first data licensing product, which launched on August 1, 2026, and Truth+, along with $0.2 million in management fees from Truth.Fi ETF offerings.
- Company explanation of lower legal fees: with legacy legal matters now resolved, legal fees declined to $2.4 million in Q3 2026 from $20.3 million in Q3 2025.
- Company explanation of net income: the bulk of the $409.7 million reflected non-cash items, including net realized and unrealized gains on digital assets, digital assets pledged, and equity securities of $496.1 million, partially offset by realized and unrealized loss on derivatives of $54.0 million, accreted interest expense of $11.9 million, stock-based compensation of $9.4 million and investment expenses of $4.0 million.
- The company reports that Adjusted EBITDA was a $12.3 million loss in Q3 2026, against a $(29,059.5) thousand loss in Q3 2025 as printed in the reconciliation.
- Proposed merger with TAE Technologies: the Form S-4 was declared effective by the SEC on November 5, 2026, and a special meeting of TMTG shareholders is scheduled for December 14, 2026. The company states it expects to complete the merger in Q4 2026, subject to shareholder and regulatory approvals and other closing conditions.
Concerns
- Adjusted EBITDA remained negative in both the quarter and the nine-month period, at $(12,343.9) thousand and $(83,079.6) thousand respectively.
- Net cash used in operating activities was $28.4 million for the nine months ended September 30, 2026.
- Net income for Q3 2026 is reported as $409,749.6 thousand, but the company states that the bulk of this reflected non-cash items, and the nine-month net loss was $(234,245.6) thousand.
- The filing states that completion of the TAE merger remains subject to shareholder, stockholder and regulatory approvals and other closing conditions.
- The forward-looking statements section lists risks including changes in digital asset valuations, legal proceedings, and the ability to obtain financing on acceptable terms or at all.
What to watch
- Outcome of the special shareholder meeting on December 14, 2026 and the completion of the TAE merger in Q4 2026.
- Revenue contribution from Truth API, which launched August 1, 2026, in future quarters.
- Trend in Adjusted EBITDA and operating cash use now that legal expenses have declined.
- Effect of the $100.0 million TAE note draw in October 2026 on the balance sheet and cash position.
- Management's stated plan for a more disciplined institutional approach to the digital asset component of its treasury framework.
Balance sheet and cash flow
- Total assets were $2.5 billion at the end of Q3 2026.
- Financial assets, a non-GAAP measure, were approximately $2.3 billion, comprising cash, restricted cash, short-term investments, equity securities, note receivable and accrued interest, digital assets, and digital assets pledged.
- Net cash used in operating activities was $28.4 million for the nine months ended September 30, 2026, which the company primarily attributes to legal expenses tied to the recently concluded legacy legal matters.
- In October 2026, TAE drew the remaining $100.0 million available under its amended and restated convertible promissory note with TMTG. This is a subsequent event after the quarter end.
Analysis
TMTG reported third quarter 2026 revenue of $3.0 million, up 205% from $1.0 million in the third quarter of 2025, as printed in the release. The company attributes the increase primarily to $1.8 million of subscription growth in its Media segment from Truth API, which launched on August 1, 2026, and from Truth+, along with $0.2 million in management fees from Truth.Fi ETF offerings. The filing does not break revenue into further segments or product lines beyond these figures, and it does not print a gross margin, cost of sales or operating expense breakdown, so the quarter's cost structure cannot be read beyond the legal fee line.
Legal fees fell to $2.4 million in the third quarter of 2026 from $20.3 million in the third quarter of 2025. The company says this reflects legacy legal matters now being resolved. Adjusted EBITDA, a non-GAAP measure, was a loss of $(12,343.9) thousand in the quarter, compared with a loss of $(29,059.5) thousand in the prior-year quarter, and a nine-month loss of $(83,079.6) thousand against $(72,893.5) thousand a year earlier. The reconciliation shows the nine-month Adjusted EBITDA loss was larger than the prior year's, even though the quarterly loss narrowed.
Reported net income for the quarter was $409,749.6 thousand, compared with a loss of $(54,848.5) thousand in the prior-year quarter. The company states that most of this result came from non-cash items, notably net realized and unrealized gains of $496.1 million on digital assets, digital assets pledged and equity securities, partly offset by a $54.0 million derivatives loss, $11.9 million of accreted interest expense, $9.4 million of stock-based compensation and $4.0 million of investment expenses. For the nine months, the company reports a net loss of $(234,245.6) thousand, and operating cash use of $28.4 million, which it attributes mainly to legal expenses.
Balance sheet figures are total assets of $2.5 billion and financial assets of approximately $2.3 billion at September 30, 2026. The release does not print prior-period balance sheet figures, so no change can be measured. In October 2026, TAE drew the remaining $100.0 million available under its convertible promissory note with TMTG, a subsequent event that adds to the company's receivable position as the note is drawn.
The filing provides no forward financial guidance. Strategic priorities are the TAE merger, a more disciplined approach to the digital asset treasury component, platform enhancements, marketing scale-up and data licensing products. The S-4 registration statement was declared effective on November 5, 2026, and the special meeting is set for December 14, 2026. The reader should weigh the revenue growth and lower legal costs against the negative Adjusted EBITDA and operating cash use, and recognize that reported net income is dominated by digital asset and equity valuation gains.
Management, verbatim
Revenue grew 205% year-over-year on recurring subscription revenue, our cost structure is inherently leaner, and our balance sheet gives us real flexibility.
Kevin McGurn, Interim CEO, TMTG
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) figures for revenue, net income, Adjusted EBITDA and legal fees are not printed.
- Percentage changes for net income, Adjusted EBITDA and legal fees are not printed.
- Segment revenue and segment results are not broken out beyond the Media segment subscription growth amount of $1.8 million.
- Cost of sales, gross margin, research and development, selling, general and administrative and other operating expense lines are not reported.
- Operating income, interest and tax line items, and earnings per share (GAAP or non-GAAP) are not reported.
- Prior-year operating cash flow for the nine months ended September 30, 2025 is not printed.
- Prior-period total assets and financial assets are not printed.
- Cash, debt and equity balances separately are not printed.
- The release does not print any forward guidance.
- Capital returns such as share repurchases or dividends are not reported.
- Legal fee basis (GAAP or non-GAAP) is not stated.
- Share price reaction and analyst consensus are not included in the filing.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Trump Media & Technology Group (DJT) released its Q3 2026 earnings via an SEC Form 8‑K, highlighting a 205% revenue jump, a $409.7M net income driven by non‑cash gains, and the SEC’s effectiveness of its merger registration with TAE Technologies.
Ticker impact
TMTG filed its Q3 2026 results showing $3.0M revenue (+205% YoY) and the SEC declared its merger S‑4 effective, indicating progress on the TAE deal.
likely modest upside as investors price in strong revenue growth and merger progress
The 8‑K provides fresh financials and a key regulatory milestone; no prior public disclosure of these numbers.
Market effects
media/social‑media sector may see renewed interest in niche platforms
U.S. listed small‑cap may experience short‑term volatility
limited to investors tracking niche media and merger‑related plays
Counterpoint
Revenue is still tiny ($3M) and net income is largely non‑cash; the stock could be over‑valued on hype.
Key entities
- companyTrump Media & Technology Group Corp.
Operator of Truth Social, Truth+, and Truth.Fi; ticker DJT.
- companyTAE Technologies, Inc.
Merger target of TMTG; the S‑4 registration became effective.
