$DJT earnings report

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.

Trump Media reported $1.7 million in second-quarter revenue, up 89 percent from $0.9 million in the second quarter of 2025. The release did not provide revenue by segment, gross profit, operating income, net income per share, or a prior-quarter revenue comparison. Management highlighted Truth+ entering full commercial availability, an expanded content phase for Truth Social, and the August 1, 2026 launch of Truth API as operating developments.

Profitability remained deeply negative. The company reported a $238.1 million net loss and a $223.5 million Adjusted EBITDA loss. It said the vast bulk of the net loss reflected non-cash losses, including $190.4 million of unrealized losses on digital assets, digital assets pledged, and equity securities, alongside $11.7 million of accreted interest and $8.1 million of stock based compensation. These items make digital-asset and equity-security valuations central to interpreting the reported loss.

The balance-sheet presentation is the principal financial offset in the release. TMTG ended the quarter with total assets of $2.0 billion and approximately $1.9 billion in non-GAAP financial assets. Operating cash flow was negative, with $13.7 million of cash used in operating activities. The release specifically identified $25.6 million of legal expenses, primarily related to legacy litigation, and management expects significant legal expenses to decline materially after substantially resolving those matters.

Capital allocation is focused on a digital asset treasury management framework intended to preserve long-term strategic exposure while managing volatility and improving balance-sheet productivity. The release provided no repurchase, dividend, debt, free-cash-flow, or cash-balance figure. It also did not provide a prior-quarter comparison, so the reported filing does not establish sequential changes in revenue, losses, cash use, or assets.

The stated strategic priorities are completion of the prospective TAE Technologies merger in the fourth quarter of 2026, continued platform enhancement and marketing, and monetization through data licensing. Truth API had more than ten customer agreements signed to date and was described as already generating revenue, but the filing did not quantify Truth API revenue or provide revenue, margin, expense, or tax-rate guidance. The most important disclosed operating milestones are merger progress, legal-cost reduction, and evidence that Truth API and the broader media platforms can add measurable revenue.