Trump Media’s $409M Profit Dwarfs Its $3M Revenue

Non-Cash Digital Asset Gains Drive $409.7 Million Profit

Trump Media and Technology Group reported nett income of $409.7 cardinal for the 3rd 4th ended Sept. 30, a reversal from a $54.8 cardinal nonaccomplishment a twelvemonth earlier. The institution generated conscionable $3 cardinal of gross successful the period, meaning the quarter’s nett was astir 138 times its sales.

The spread is explained by accounting. The institution said the bulk of nett income reflected non-cash items, chiefly gains connected its integer assets and equity securities, alternatively than immoderate abrupt betterment successful the underlying business.

Revenue roseate 205% to $3 cardinal from $1 cardinal successful the 3rd 4th of 2025, according to the company’s net merchandise and its quarterly filing with the SEC. The institution attributed $1.8 cardinal of the summation to subscription maturation successful its media segment, driven by Truth API, which launched Aug. 1, and by Truth+. A further $200,000 came from absorption fees connected Truth.fi exchange-traded money (ETF) products.

Interim CEO Kevin McGurn said gross “grew 205% year-over-year connected recurring subscription revenue.” For the archetypal 9 months of 2026, gross was $5.5 million, up astir 106% from $2.7 million. Unearned gross connected the equilibrium expanse climbed to $5.6 cardinal from $30,400 astatine the extremity of 2025, reflecting amounts billed oregon received up of service. Reliance connected a single advertizing level besides eased, falling to 31% of nine-month gross from 85% a twelvemonth earlier.

Trump Media said nett realized and unrealized gains connected integer assets, pledged integer assets and equity securities totaled $496.1 cardinal successful the quarter. Those were partially offset by a $54 cardinal nonaccomplishment connected derivatives, $11.9 cardinal of accrued involvement expense, $9.4 cardinal of stock-based compensation and $4 cardinal of concern expenses. In the income statement, a $378.1 cardinal digital-asset summation and $60 cardinal of concern income are the largest items.

Digital Asset Holdings Reach $1.36 Billion arsenic Debt Mounts

The company’s non-GAAP adjusted EBITDA nonaccomplishment was $12.3 million, down from $29.1 million. The operating nonaccomplishment narrowed partially due to the fact that ineligible costs collapsed. With bequest ineligible matters resolved, ineligible fees fell to $2.4 cardinal from $20.3 cardinal a twelvemonth earlier, and wide and administrative disbursal dropped to $13.4 cardinal from $31.1 million. Sales and selling spending moved the different way, rising to $1.9 cardinal from $700,000.

The third-quarter summation follows ample losses earlier successful the year. Over the archetypal 9 months, Trump Media reported a nett nonaccomplishment of $234.2 million, much than treble the $106.6 cardinal nonaccomplishment of the aforesaid play successful 2025. The institution utilized $28.4 cardinal successful operating activities implicit 9 months, compared with $2.6 cardinal provided a twelvemonth earlier, which it linked chiefly to ineligible expenses tied to the precocious concluded bequest matters.

Total assets were $2.48 cardinal astatine quarter-end, with integer assets, pledged integer assets and equity securities making up astir 68.3% of the total. Digital plus holdings, including those pledged, were astir $1.36 billion, up from $1.08 cardinal astatine the extremity of 2025, aft $278.2 cardinal of purchases during the 9 months. On the different broadside of the ledger, convertible notes payable were $976.8 million, and involvement disbursal was $11.9 cardinal successful the quarter. Cash and currency equivalents were $182.3 million.

Attention present turns to the projected merger with TAE Technologies. The SEC declared the registration connection effectual Nov. 5, and shareholders volition ballot astatine a peculiar gathering Dec. 14, with completion targeted for the 4th quarter, taxable to approvals and closing conditions. In October, TAE drew the remaining $100 cardinal disposable nether its convertible enactment with Trump Media.