Trump Media & Technology, the company behind the Truth Social platform, reported a loss of $238 million for the second quarter of 2026, which is more than ten times the loss from the same period last year. The per share loss increased to 86 cents from 8 cents. In response to these losses, the company announced plans to abandon various business ventures, including cryptocurrency and online betting, to concentrate on its social media mission. CEO Kevin McGurn stated that the company is pivoting to invest more resources into its core initiatives.
Following the earnings report, Trump Media's stock experienced a slight decline in after-hours trading, having already fallen 8% during regular trading hours. McGurn highlighted a new service called Truth API, which provides early access to trading data for top users on the Truth Social platform, including Donald Trump. This service has raised concerns among watchdog groups regarding potential conflicts of interest, but McGurn defended it as a standard practice in the industry.
The company plans to proceed with a merger with TAE Technologies focused on nuclear fusion, which McGurn believes will be a significant driver of long-term value. The recent financial results were impacted by unrealized losses from the decline in value of Trump Media's cryptocurrency holdings. Excluding these losses, the operating losses were reported at $164 million, an increase from $44 million a year earlier. Despite the challenges, Trump Media reported $1.7 billion in revenue for the quarter, more than double from the previous year, and has over $400 million in cash and short-term investments.