Trump Media Records $496.1 Million in Non-Cash Gains in Third Quarter
Key Facts
Trump Media reported realized and unrealized gains of $496.1 million from digital assets, staked digital assets and securities in the third quarter of 2026, accounting for most of the net income recorded during the period. The company said in its filing with the U.S. Securities and Exchange Commission that these items were non-cash, linking the quarterly result largely to the valuation of its assets and investments. The gains were offset by realized and unrealized losses of $54.0 million from derivatives. The company also reported accrued interest expense of $11.9 million, stock-based compensation of $9.4 million and investment expenses of $4.0 million. Its reconciliation resulted in an adjusted loss before interest, taxes, depreciation and amortization of $12.3 million.
Revenue remained limited compared with the scale of investment gains, as the company recorded $3.0 million in the third quarter, up 205% from $1 million in the same period of 2025. Trump Media attributed most of the revenue growth to subscriptions in its media segment through Truth API and Truth+. It said Truth API, its first data-licensing product, launched on August 1, 2026. Management fees from Truth.Fi exchange-traded offerings added $0.2 million to revenue. Subscription growth contributed $1.8 million, according to the company’s filing. These figures reflect expanding revenue from media products and subscriptions, alongside fund-management revenue.
On a quarterly basis, the adjusted loss before interest, taxes, depreciation and amortization improved to $12.3 million in the third quarter from a loss of $35.1 million in the second quarter. Revenue rose 78% from the previous quarter, according to data reported by Investing.com. This improvement presents a different picture from net income, which was affected by gains on assets and investments; the adjusted measure remained at a loss in both quarters. The company said annual revenue growth came from recurring subscription revenue. Interim Chief Executive Kevin McGurn said the cost structure was “leaner by nature” and the balance sheet gave the company “real flexibility.”
Trump Media ended the third quarter with total assets of $2.5 billion, including about $2.3 billion in financial assets, according to its filing. Legal expenses fell to $2.4 million in the third quarter of 2026 from $20.3 million in the corresponding period of 2025. The company said the decline followed the resolution of legacy legal matters. In trading, Reuters reported a 1.75% rise in the November 9, 2026 session, which preceded the results’ release. A market update dated November 10 also showed the stock up 10.42% at $2.65, compared with a previous close of $2.40, while remaining below its 52-week high of $11.45.
Attention after the results is turning to the proposed merger between Trump Media and TAE Technologies, which the company is targeting to complete during the fourth quarter of 2026, subject to regulatory approvals and the customary closing conditions. The company announced that the Securities and Exchange Commission declared the merger registration statement effective on November 5, 2026. Shareholders are scheduled to hold a special meeting on December 14 to vote on matters related to the deal. McGurn linked the next phase to the effectiveness of the proposed merger registration and the shareholder meeting. Completion of the deal remains subject to shareholder approval and the fulfillment of customary conditions, according to the company’s filing.