Trump Media & Technology Group, the parent company of Truth Social that is majority-owned by President Donald Trump, posted earnings for the second quarter of 2025.
The company reported $883,300 in net sales for Q2, up 5.5% year over year, and a net loss of $20.0 million (compared with a net loss of $16.4 million in the year-ago quarter), according to its 10-Q filing Friday with the SEC. The net loss included $20.5 million of non-cash expenses for stock-based compensation, depreciation and amortization, interest expense and income taxes, TMTG said.
TMTG’s operating loss of $43.5 million for Q2 was offset partially by interest income of $16.8 million and investment income of $11.1 million. The company also reported $4.1 million in interest expense. In Q2, Trump Media posted its first quarter of positive operating cash flow, with cash flow from operating activities totaling $2.3 million.
According to Trump Media, the company ended the second quarter with financial assets of approximately $3.1 billion, comprised of cash, cash equivalents, restricted cash, trading securities and short-term investments. That represents an approximately 800% year-over-year increase in financial assets. “The Company believes this tremendous level of liquidity and financial freedom, in conjunction with Trump Media’s low operating costs and low cash burn rate, will fully enable it to pursue its expansion plans, including enhancing its existing platforms, launching new fintech and financial services products, and pursuing potential mergers and acquisitions,” TMTG said in announcing the results.
The biggest factor contributing to the growth of Trump Media’s balance sheet was its ability to raise nearly $2.4 billion for its Bitcoin treasury strategy, which it achieved through a private placement offering supported by approximately 50 institutional investors. Trump Media accumulated approximately $2 billion in Bitcoin and Bitcoin-related securities in July 2025, giving the company one of the largest Bitcoin treasuries of any public firm. “Among other benefits, the Bitcoin treasury strategy allows Trump Media to give its investors indirect exposure to cryptocurrencies, creates investment income, helps position the Company for expansion, and solidifies the Company’s financial freedom, including enhancing security against debanking and other acts of political discrimination,” TMTG said.
As of Feb. 20, 2025, Trump owned 114.75 million of TMTG’s outstanding shares through a revocable trust, representing 52% of total outstanding shares, according to the company’s 2025 proxy statement filed with the SEC. As of close of market trading Friday, Trump’s stake is worth about $1.9 billion; shares of TMTG have declined about 50% year to date.
Trump Media’s Q2 results were “strongly influenced by approximately $15.0 million in legal costs,” according to the company’s announcement. The legal costs were primarily related to the company’s 2024 merger with a special purpose acquisition company (SPAC), Digital World Acquisition Corp., to become a publicly traded entity. The merger “resulted in substantial legal costs including those incurred in litigation aiming to recoup merger-related damages from those individuals and entities that the Company alleges caused the delay of the SPAC through their wrongful acts,” TMTG said. “The Company believes a positive resolution of these litigation matters, which it is working to achieve, could significantly impact its future financial results.”
TMTG does not disclose the total number of users for Truth Social. President Trump has 10.5 million followers on the service, according to the company’s public counter.