Trump Media & Technology Group reported a $405.9 million net loss for the first quarter of 2026, as losses tied to Bitcoin, Cronos, and equity holdings weighed on its balance sheet.
The parent company of Truth Social generated $871,200 in revenue during the quarter, up 6% from $821,200 a year earlier. However, the revenue increase remained small compared with the company’s wider investment losses.
Trump Media said most of the quarterly loss came from non-cash charges. These included unrealized losses on digital assets, pledged digital assets, and equity securities worth about $368 million.
The company also recorded $11.5 million in accreted interest and $11.8 million in stock-based compensation. As a result, total losses increased sharply from $31.7 million in the same quarter last year.
Bitcoin formed the largest part of the company’s digital asset exposure. Trump Media held 9,542 Bitcoin at the end of March, with a cost basis of about $1.13 billion.
However, the fair value of that Bitcoin position stood at about $647 million at quarter-end. The gap showed a paper loss of nearly $500 million after Bitcoin fell from levels seen during the company’s 2025 buying period.
Trump Media bought much of its Bitcoin near last year’s market highs. The company purchased about 9,500 Bitcoin at an average price of around $108,519 per coin. Bitcoin later traded above $80,000, lifting the position to around $770 million after quarter-end. However, that value remained below the company’s reported cost basis.
The company also held about 756 million Cronos tokens linked to its Crypto.com partnership. Trump Media bought the CRO tokens for $113.9 million.
At the end of the quarter, the Cronos position had a fair value of about $53 million. That decline added more pressure to the company’s crypto treasury strategy.
Trump Media also used part of its Bitcoin holdings for financial arrangements. It pledged 4,260 Bitcoin as collateral for convertible notes. Another 2,000 Bitcoin-backed covered call options were designed to manage price swings.
Trump Media reported $17.9 million in positive operating cash flow during the quarter. The company said options activity tied to pledged Bitcoin helped support cash flow. Total financial assets reached $2.1 billion, which was about three times higher than the level reported a year earlier. Still, the company’s revenue remained limited compared with its asset base and quarterly loss.
Revenue included $810,100 from media operations and $61,100 in management fees from Truth.Fi ETF products. Truth Social remained the company’s main media platform.
Interim CEO Kevin McGurn said Trump Media “is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure.”
That statement may face investor scrutiny as the company still posted a large quarterly net loss. The filing also did not provide detailed user growth figures for Truth Social.
The results came after a difficult period for Trump Media. Devin Nunes stepped down as CEO on April 22, and Kevin McGurn took over as interim chief executive.
Trump Media shares also remained under pressure. The stock has fallen more than 90% from its early 2022 peak of $97.54 and recently traded near $8.93.
The company is also working toward a planned merger with TAE Technologies, a California nuclear fusion company focused on energy for artificial intelligence data centers.
McGurn said Trump Media is “identifying new growth opportunities and new ways to increase shareholder value.” However, the company did not provide detailed timelines for new platform updates or business expansion.
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