For the third quarter, Trump Media reported a net income of $409.7 million, a stark reversal from the $54.8 million net loss recorded in the same period last year. This swing to profitability was largely attributable to non-cash items, specifically net realized and unrealized gains on digital assets, digital assets pledged, and equity securities. These gains were partially offset by realized and unrealized losses on derivatives, accreted interest expense, stock-based compensation, and investment expenses, which resulted in an Adjusted EBITDA loss of $12.3 million.
Core operating performance also improved, with revenues reaching $3 million, up 205% from $972,900 in the prior year period. This growth was primarily driven by $1.8 million in subscription growth within the media segment. Key contributors included the Truth API, the company’s first data licensing product launched on August 1, 2026, along with Truth+ subscriptions and management fees from TruthFi ETF offerings.
“We’ve remained committed to capitalizing on our business fundamentals, and that focus is paying off,” said Kevin McGurn, interim CEO of Trump Media & Technology. He noted that revenue growth on recurring subscriptions and a leaner cost structure provide the balance sheet with real flexibility. McGurn also highlighted the company’s strategic direction, stating, “Our commitment to building independent, uncancellable media remains unwavering, while TAE’s groundbreaking innovations represent an extraordinary opportunity to advance American energy independence.”
The company is currently targeting the completion of its proposed merger with TAE Technologies by the end of the year. This transaction is subject to customary closing conditions, including shareholder approval. An S-4 filing has become effective, and a special meeting of shareholders has been scheduled for December 14 to address these matters.
The stock’s recent volatility has drawn attention to the investment potential and risks associated with DJT. While the company has seen significant gains following its earnings release, the market continues to monitor the progress of the TAE merger and the sustainability of its new revenue streams from data licensing and digital asset performance.
