Trump Media & Technology Group, the parent company of Truth Social, reported a net loss of $405.9 million for the first quarter of 2026. The loss was largely driven by unrealized losses on its cryptocurrency holdings.
The company released its Q1 2026 results on Friday, posting $17.9 million in positive operating cash flow with $2.1 billion in financial assets. The financial assets figure is three times what the company reported during the same period one year earlier.
Nearly $370 million of the total quarterly loss stemmed from unrealized losses on digital assets and equities.
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The Company’s Loss Breakdown
Of the $405.9 million net loss, $369.6 million came from unrealized liabilities associated with digital assets and equity investments. These are paper losses, not cash expenditures, mirroring fluctuations in the market value of holdings the company has not sold. For the quarter, the company recorded $3.2 million in operating revenues.
Cryptocurrency Losses And Bitcoin Holdings
Trump Media currently holds over 9,500 Bitcoin in its treasury, purchased last July at an average cost of $108,519 per coin, per CoinGecko. In late February, the company sold 2,000 Bitcoin when the digital currency was trading at just under $70,000 per coin.
The price movement over the prior year tells the fuller story. Bitcoin peaked at $126,000 in October 2025, fell sharply to $60,000 in early February 2026, and had recovered to just over $80,000 at the time the quarterly results were published.
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Trump Media closed Q1 2026 with $2.1 billion in financial assets, up from $700 million in the same quarter of 2025. Positive operating cash flow for the period came in at $17.9 million, which accounts for actual cash generated from business operations and excludes any accounting adjustments tied to digital asset valuations.
Stock Decline
Trump Media’s stock has shed more than 90% of its value since early 2022, when it peaked at $97.54 per share. The stock currently trades at $8.93. CEO Devin Nunes, a former Republican congressman from California, stepped down on April 22, adding to the company’s turbulence. As of December 2025, the company’s market cap was valued at $3.65 billion.
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Trump Media Company History
Trump Media & Technology Group was founded in 2021 by Andy Litinsky and Wes Moss. President Donald Trump launched Truth Social after Twitter banned him in the aftermath of the January 6, 2021, riot at the U.S. Capitol.
The platform launched on iOS on February 21, 2022, setting itself up as a competitor to established social media networks.
The DWAC Merger Deal
In October 2021, Trump revealed that Trump Media & Technology Group had agreed to merge with Digital World Acquisition Corp., a special purpose acquisition company (SPAC), with the intent of taking the company public. The merger closed on March 26, 2024.
In late April 2022, DWAC lost 44% of its stock value after Elon Musk disclosed his large stake in Twitter and his plans to acquire the platform. At the time, Matthew Kennedy, a market strategist at Renaissance Capital, pointed out that a Musk-owned Twitter would pull the ground out from under Truth Social’s reason for existing.
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