Trump Media posts $238 million Q2 loss, pivots from crypto to social media and Truth API

Financial damage

Trump Media & Technology Group reported a second-quarter loss of $238 million for the three months through June, compared with a loss of $20 million a year earlier, according to the Wall Street Journal. The per share loss widened to 86 cents from 8 cents. Revenue reached $1.7 million, up 89% from the same period a year earlier. The net loss for the first half of 2026 rose to $644 million, compared with $52 million in the first half of 2025, the Financial Times reported. TMTG largely blamed the fall in bitcoin prices for the losses, with much of the damage stemming from unrealized paper losses on its bitcoin holdings. The company closed the quarter with total assets of $2 billion and financial assets of approximately $1.9 billion, including cash, short-term investments, and digital currencies.

Strategic pivot

Interim CEO Kevin McGurn, who took over after Devin Nunes stepped down in April, told investors on a Monday conference call that a yearlong effort to expand into online betting and crypto would be largely abandoned. The company would refocus on its social media mission.

We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives. We will say no to things or change course as warranted.

TMTG's stock fell 8% in regular trading on Monday and slipped slightly in after-hours trading following the earnings report. The stock has fallen almost 30% year to date. President Trump's trust owns 115 million shares of TMTG stock, worth more than $1 billion, with Trump as the sole beneficiary.

Truth API service

A central element of the refocused strategy is Truth API, a service launched in July that sells early access to posts by Trump and other top Truth Social users to Wall Street trading firms. McGurn said the service charges $60,000 to $100,000 per month and that more than 10 customers have signed up, primarily high-frequency trading firms. McGurn told the Financial Times that TMTG was working on an expansion for retail traders and was in active conversations with hyperscalers, large news organizations, and developers of large language models.

Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information and media industries. This is no different.

Government watchdogs have criticized the service. Kathleen Clark of Washington University School of Law, an expert in government conflicts of interest rules, told the Associated Press last month that Trump was selling expedited, privileged access to information about his actions as president. Democrats have vowed to investigate the paid service if they gain control of Congress in the midterms.

Nuclear fusion and user decline

One previously announced venture that will continue is nuclear fusion. TMTG said it is moving ahead with its more than $6 billion merger with TAE Technologies, which McGurn said he hopes to close by the end of the year. TAE Technologies has yet to generate revenue from its fusion business but plans to bring a plant into operation in 2031. McGurn called energy a strategic asset given rising electricity demand from AI and data centres.

We continue to believe it's the single most important driver of long-term value for this company.

Truth Social's audience has contracted over the past year. Digital market intelligence firm Similarweb estimates the platform's mobile app had about 261,000 daily active users in July, down from more than 436,000 a year earlier.