Trump Media and Technology Group (NASDAQ: DJT) reported a net loss of $405.9 million for the first quarter of 2026, against net sales of just $871,200, deepening the divide between the company’s market valuation and its core revenue generation. The results, released after the close on Friday, are dominated by paper losses on digital assets rather than operational deterioration, though the underlying revenue picture remains extremely thin for a company capitalised at $2.48 billion.
The primary driver of the headline loss was a $244 million unrealised decline in the value of the company’s digital asset holdings, alongside a $108.2 million investment loss. Operating costs and expenses rose sharply to $294.4 million from $40.4 million in the comparable prior-year period. Adjusted EBITDA came in at a loss of $387.8 million. Earnings per share swung to a loss of $1.47, compared with a negative $0.14 in the same quarter a year ago.
Despite the income statement losses, Trump Media’s cash flow picture looked more constructive. The company generated $17.9 million in operating cash during the quarter, a turnaround from the $9.7 million outflow posted twelve months earlier. It closed March with $279.6 million in cash, cash equivalents, and restricted cash, and total assets of $2.2 billion, with approximately $2.1 billion classified as financial assets including cash, investments, equity securities, and digital holdings.
Crypto remains central to the asset story. As of March 31, Trump Media held 9,542 bitcoin valued at $647.1 million and 756.1 million Cronos tokens worth $53 million, together totalling $700.1 million, down from a $904.4 million combined value at year end. Digital assets, pledged digital assets, and equity securities collectively accounted for 62.1% of the company’s total assets.
Media revenue through Truth Social totalled $810,100 from advertising and subscriptions, while Truth.Fi, the company’s financial services division, generated $61,100 from management fees. For context, Meta Platforms reported $56.31 billion in first-quarter revenue, and Reddit posted $663 million. DJT shares last traded at $8.93, off roughly 1% ahead of the weekend. The company is also pursuing a potential combination with TAE Technologies, pending SEC review, which management frames as a growth avenue beyond media.
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