Trump Media & Technology Group Corp.

The company reported second-quarter revenue of approximately $1.7 million, up 92% sequentially from Q1 2026 and 89% year over year from Q2 2025. Operating expenses were $165.2 million, down 44% sequentially but approximately 270% higher year over year, while net loss was $238 million, down 41% sequentially, and adjusted EBITDA was a loss of $223.5 million, down 42% sequentially. Management said the $116.6 million reported loss on digital assets largely reflected bitcoin falling about 13% to approximately $58,800 on June 30 from approximately $67,800 on March 31, and the $71.8 million investment loss was mainly unrealized losses on bitcoin-related securities as IBIT fell 13% to $33.29 from $38.42. For the first half of 2026, net cash used in operating activities was $13.7 million versus $7.4 million in the prior-year period. The company ended Q2 with $1.9 billion in gross financial assets, including $215 million in cash, $31 million in restricted cash, $209 million in short-term investments, and $1.2 billion in bitcoin and bitcoin-related assets; net of debt, financial assets were approximately $893 million. Management said it continues to target closing the TAE transaction by the end of 2026 and is exploring multiple options for nearly $1 billion in convertible notes coming due.

Kevin McGurn framed the quarter as a period of transition and emphasized a more disciplined, more communicative approach to running the company. He said the most important long-term driver is the proposed TAE merger, which he described as a strategic bet on fusion energy, energy independence, and AI infrastructure. He also stressed capital discipline, citing the decision to terminate the planned Crypto.com/Yorkville digital asset treasury deal and shift the prediction markets effort into a marketing agreement instead.

Phillip Juhan focused on the quarter’s financial volatility and the balance sheet. He pointed to $1.7 million of revenue, $165.2 million of operating expenses, a $238 million net loss, and a $223.5 million adjusted EBITDA loss, with most of the negative impact tied to non-cash mark-to-market losses on bitcoin and related securities. He said the company ended Q2 with $1.9 billion in gross financial assets and about $893 million net of debt, including over $400 million of fully liquid and unencumbered cash and short-term investments, and noted the company has flexibility to address nearly $1 billion of convertible notes as they mature. He also said most legacy SPAC litigation costs have been accrued through Q2, though some additional expense could still hit in Q3.

In Q&A, management was pressed on what is delaying the TAE S-4 filing and whether a closing date can be committed to. McGurn said TAE is going through its audits and that the company aims to file the S-4 as soon as possible using Q2 numbers, while still targeting a close by the end of the year subject to SEC timing. Analysts also asked about the Crypto.com reversal, and McGurn said prediction markets are crowded, so the company chose a marketing partnership that better fits current priorities. On liquidity and the convertible notes, Juhan said the company is exploring multiple options and believes its balance sheet puts it in a position to satisfy the liabilities as they come due.