Trump Media & Technology Group reported a net loss of more than US$238 million (A$336.9 million) for its fiscal second quarter, despite revenue of less than $2 million.
The loss was significantly larger than the nearly $20 million loss recorded in the same period last year and was primarily attributed to declines in non-cash assets, including more than $190 million in losses from “digital assets, digital assets pledged, and equity securities,” the company said.
Quarterly revenue came to $1.7 million, with most generated from advertising services on Truth Social, TMTG's flagship social media platform used by President Donald Trump.
Revenue increased 89% from the same period a year earlier.
TMTG's quarterly operating expenses rose roughly 275% year over year to more than $165 million.
The company also provided details on Truth API, a new service offering faster access to Trump's Truth Social posts.
TMTG reportedly said it has signed “more than 10 customer agreements to date,” with the clients “primarily high-frequency trading firms” paying between $60,000 and $100,000 a month.
Trump Media & Technology Group was created after Trump was temporarily suspended from social media platforms following the 6 January, 2021, Capitol riot.
The company went public through a merger with a special purpose acquisition company and began trading on the Nasdaq in 2024 under the DJT ticker, matching the president's initials.
Truth Social was TMTG's first product, but the company has since expanded into areas including cryptocurrency, financial services and fusion power.
McGurn said during Monday's earnings call that the combination with TAE is “the single most important driver of long-term value for this company”.
There are currently no commercial plants generating electricity using fusion technology.
TMTG shares, which are now worth a fraction of their value when trading began, closed 8% lower on Monday. The company maintains a market capitalisation of $2.6 billion.
