Trump Media Sets Q2 Call as Losses Outpaced 2025 Full-Year Total
Trump Media & Technology Group scheduled its second-quarter results call for August 10 without disclosing new figures, following a first quarter in which net loss of $405.9 million already exceeded half of all of 2025's losses.
Trump Media & Technology Group (DJT) said it would report second-quarter 2026 results and hold a call with investors on August 10, an announcement that contained no financial figures of its own. That stands in contrast to the company's two prior releases, both of which led with detailed operating metrics, leaving the market to wait for confirmation of whether trends visible in the first quarter carried into the second.
Those first-quarter trends showed a company generating cash from operations even as reported losses widened. Trump Media, the social-media and digital-assets company built around the Truth Social platform, posted $17.9 million in positive operating cash flow in the first quarter, its fourth consecutive quarter in the black on that measure, extending a turnaround from the $61.0 million cash outflow the company posted for all of 2024 and the $14.8 million of positive operating cash flow it managed for full-year 2025.
The balance sheet told a similar story of scale without matching revenue. Total assets reached $2.2 billion in the first quarter, with financial assets of roughly $2.1 billion, nearly triple the $759.0 million the company held in financial assets a year earlier, though down slightly from the $2.5 billion reported at the end of 2025. Revenue, meanwhile, was $0.9 million for the quarter, a fraction of the $3.7 million booked across all of 2025, underscoring the company's continued description of itself as pre-monetization while it builds out features it has not yet turned into recurring sales.
Net loss for the quarter was $405.9 million, more than half of the $712.3 million the company lost across the entirety of 2025, and adjusted EBITDA loss of $387.8 million already approached 60% of the $664.4 million adjusted EBITDA loss reported for the full prior year. The pace of losses accelerated even as the source of those losses remained unchanged: $368.7 million of the first-quarter loss came from unrealized markdowns on digital assets, pledged assets and equity securities, mirroring the $403.2 million in digital-asset fair-value losses and $178.8 million in digital-asset-related securities markdowns that drove the 2025 result, meaning the losses continue to trace to non-cash valuation swings rather than the underlying business.
Stock-based compensation ran at $11.8 million for the first quarter alone, a modestly lower pace than the roughly $14.8 million-per-quarter average implied by the $59.2 million recorded across 2025. A $44.0 million cash-proceeds figure tied to a covered-put bitcoin treasury options strategy, disclosed in the full-year 2025 release, did not reappear in the first-quarter filing, suggesting the company dropped that specific metric from its ongoing disclosure set.
Corporate structure shifted alongside the numbers. The planned spin-off of Trump Media's media assets, including Truth Social, into a separate public company merged with Texas Ventures Acquisition III, described as in progress in the fourth-quarter and full-year 2025 release issued February 27, 2026, was abandoned as of a June 10, 2026 update. The company's proposed merger with TAE Technologies remains targeted to close in the fourth quarter of 2026 or sooner.
Leadership also changed between the two disclosure periods. Full-year 2025 results were reported under Chairman and CEO Devin Nunes, while by the first quarter of 2026 and subsequent communications in June and August, Kevin McGurn was identified as interim chief executive.
With actual second-quarter figures still to come on August 10, the trajectory investors will be watching is whether the operating-cash-flow gains and asset growth of the first quarter held up, or whether the acceleration in digital-asset-driven losses continued to outrun them.