Trump Media’s Q1 loss widens to $406 million on bitcoin, CRO markdowns

Trump Media & Technology Group reported a net loss of $405.9 million for the first quarter of 2026, a significant increase from the $31.7 million loss recorded during the same period the previous year. The parent company of Truth Social generated $871,200 in total revenue for the quarter, according to a filing with the Securities and Exchange Commission released on May 9, 2026.

The widening loss was primarily driven by $244 million in unrealized losses on the company’s cryptocurrency holdings and an additional $108.2 million investment loss associated mostly with equity securities.

Cryptocurrency Holdings and Markdowns

The company’s financial results were heavily impacted by the valuation of its digital asset treasury. As of March 2026, Trump Media held 9,542.16 bitcoin. While the cost basis for this position was $1.13 billion, the fair value was recorded at $647.1 million at the end of March.

In addition to bitcoin, the firm held 756.1 million Cronos (CRO) tokens. These tokens had a cost basis of $113.9 million but a fair value of $53 million. Trump Media previously closed a $105 million purchase of CRO in 2025 as part of a deal with Crypto.com that linked the token to Truth Social and Truth+ rewards.

Revenue and Operational Performance

Total revenue for the first quarter rose 6% to $871,200, up from $821,200 in the first quarter of the previous year. The revenue stream was divided between the company’s media operations and its asset-management arm.

Media operations, which include advertising and subscription revenue from Truth Social and Truth+, accounted for $810,100 of the total. The remaining $61,100 was generated through management fees from Truth.Fi, the company’s asset-management division built around exchange-traded vehicles.

The company’s most recent annual report indicated that revenue grew 1.8% over the 12 months prior to the report. However, the company has recorded more than $1 billion in GAAP losses since its SPAC merger two years ago.

Cash Flow and EBITDA

Despite the net loss, Trump Media reported positive operating cash flow of $17.9 million for the quarter, marking the fourth consecutive quarter of positive operating cash flow. This result was aided by the sale of put options that the company had previously purchased on pledged bitcoin and bitcoin-related securities.

The adjusted EBITDA loss for the quarter was $387.8 million. A substantial portion of this figure, approximately $368.7 million, consisted of non-cash unrealized losses on equity securities and digital assets.

Market Valuation and Asset Base

Ahead of the financial release on May 9, 2026, shares of Trump Media traded at $8.93. This valuation gave the company an equity market value of approximately $2.48 billion.

The company’s balance sheet showed total assets of $2.2 billion, with financial assets accounting for $2.1 billion of that total. This financial asset portfolio has nearly tripled from the $759.0 million reported one year earlier.