Trump Media & Technology Group, the company behind Truth Social, reported $409.7 million in net income for the third quarter on Monday, Nov. 9. The business itself lost money.
Most of the profit came from investment gains. The company's earnings release attributes $496.1 million to realized and unrealized gains on the digital assets and stock it holds, partly offset by a $54.0 million loss on derivatives and smaller costs such as interest and stock compensation. Revenue was $3.0 million. By the company's adjusted measure, adjusted EBITDA, it lost $12.3 million.
The rest of the year
For the nine months through Sept. 30, Trump Media still shows a net loss of $234.2 million in its quarterly report, compared with a $106.6 million loss in the same period of 2025, even after third-quarter earnings of $1.47 a share against a loss of 20 cents a year earlier.
The company held about $1.36 billion in digital assets at the end of September, including $951.4 million pledged as collateral, up from about $1.08 billion at the end of 2025. It trades bitcoin options to manage price moves and says it will take a "more disciplined institutional management approach" to that part of its treasury.
Revenue tripled from $1.0 million, mostly on subscriptions to Truth API, a data licensing product launched Aug. 1, and to the Truth+ streaming service, while legal fees fell to $2.4 million from $20.3 million now that the company says its older legal disputes are resolved.
The fusion merger vote
Shareholders of record as of Nov. 2 vote on Dec. 14 on merging with TAE Technologies, a fusion energy company. The deal, signed in December 2025, would make TAE a wholly owned subsidiary of Trump Media. The registration statement for the deal took effect at the Securities and Exchange Commission on Nov. 5, and the company expects to close in the fourth quarter if shareholders and regulators approve.
TAE has already drawn the last $100 million available under a Trump Media convertible note, in October.
