Trump Media posts $238 million Q2 loss as cryptocurrency positions fall
NEW YORK, Aug. 11. Trump Media & Technology Group reported a second-quarter net loss of $238.1 million, up from roughly $20 million in the same period a year earlier, with unrealized losses on its cryptocurrency holdings driving most of the increase. The Truth Social operator, founded by U.S. President Donald Trump, posted $1.7 million in revenue for the quarter ended June, against $0.9 million a year prior. The results coincided with the company's disclosure that Truth API, a licensed data feed launched August 1, had already signed more than 10 customer agreements.
Key takeaways
- Trump Media & Technology Group reported a Q2 net loss of $238.1 million, up from about $20 million a year earlier.
- Unrealized losses on the company's cryptocurrency holdings drove most of the increased loss.
- Quarterly revenue was $1.7 million for the period ended June, up from $0.9 million a year prior.
- Truth API, a licensed data feed launched August 1, had signed more than 10 customer agreements by Monday.
- The company said it is making progress toward a proposed merger with fusion energy developer TAE Technologies.
NEW YORK, Aug. 11. Trump Media & Technology Group reported a second-quarter net loss of $238.1 million, up from roughly $20 million in the same period a year earlier, with unrealized losses on its cryptocurrency holdings driving most of the increase. The Truth Social operator, founded by U.S. President Donald Trump, posted $1.7 million in revenue for the quarter ended June, against $0.9 million a year prior. The results coincided with the company's disclosure that Truth API, a licensed data feed launched August 1, had already signed more than 10 customer agreements.
Digital assets weigh on second-quarter results
Cryptocurrency positions pressured Trump Media through the April-to-June quarter. Investors pulled away from riskier assets during the period amid uncertainty over U.S. interest rates and geopolitical tensions, while crypto investment products saw persistent outflows, according to the company's statement. Those conditions generated the unrealized losses that the company said were the primary cause of a deficit more than ten times larger than the year-earlier figure.
Truth API secures early customer agreements
Truth API launched August 1 as a licensed data feed giving banks and trading firms what Trump Media describes as "the fastest" access to posts from influential Truth Social accounts, including President Trump's, whose posts the company said often move global markets.
The company has discussed charging as much as $100,000 a month for access, Reuters and other outlets have reported. By Monday, more than 10 agreements were signed, and Trump Media said it was continuing to add partners.
"Our new Truth API product is already generating revenue, with more than ten customer agreements signed to date," interim Chief Executive Kevin McGurn said.
Merger talks with TAE Technologies continue
McGurn said Monday the company was making progress toward a proposed merger with TAE Technologies, a fusion energy developer. The deal is a wager on electricity demand from artificial intelligence data centers. It joins a set of ventures tied to the Trump family that includes cryptocurrency, real estate holdings, and mobile services, the company's statement said.