Trump Media Technology Stock price
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
AI Insights on Trump Media Technology
Insights
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Is Trump Media Technology a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
As a Free StocksGuide user, you can view scores for all 9,087 stocks worldwide.
StocksGuide Premium
StocksGuide Unlimited
Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $1.29b | Revenue (TTM) = $4.52m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $1.36b | Revenue (TTM) = $4.52m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 SBC | in % Revenue
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to revenue.
🧮 How is it calculated?
SBC as % of Revenue = (SBC ÷ Revenue) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of revenue shows how heavily a company relies on equity-based compensation and how significant this form of compensation is relative to the size of the business.
🧮 Calculation
🎯 What does this mean for investors?
- A lower figure is generally positive: Stock-based compensation is relatively small compared with the company's revenue.
- A high figure can indicate greater reliance on stock-based compensation and a higher potential risk of dilution. However, it is also important to consider whether the company offsets dilution through share buybacks.
- The trend over time should also be considered. A high but declining percentage presents a different picture from a persistently high or increasing percentage.
- A single-digit SBC-to-revenue ratio is not unusual among many growth-oriented and technology companies.
📘 SBC as % of FCF
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to free cash flow (FCF).
🧮 How is it calculated?
SBC as % of FCF = (SBC ÷ Free Cash Flow) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of free cash flow shows how significant SBC is relative to the cash generated by the company. Since SBC is non-cash compensation, it is typically not deducted as a cash outflow when calculating FCF.
🧮 Calculation
🎯 What does this mean for investors?
- A lower value is generally favorable. Stock-based compensation is relatively small compared with the company's cash generation.
- A high value means that SBC represents a significant portion of the company's reported free cash flow, even though SBC itself is non-cash.
- The higher the value, the more significant SBC can be as an economic cost to shareholders, particularly when it results in share dilution.
📘 SBC Growth 1Y
📈 What is it?
SBC Growth 1Y shows how much a company's stock-based compensation has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
SBC Growth shows whether stock-based compensation is becoming more or less significant for shareholders. If SBC increases significantly, it can lead to greater shareholder dilution over time. At the same time, SBC is a non-cash expense that reduces earnings on the income statement but is added back in the cash flow statement.
🧮 Calculation
🎯 What does this mean for investors?
- A high positive value is generally negative, as rising SBC can increase the burden on shareholders, particularly through potential dilution.
- What matters is whether the development of SBC is sustainable over the long term. Some level of SBC is common among many growth and technology companies.
📘 Share Count Growth 1Y
📈 What is it?
Share Count Growth 1Y shows how much the number of shares outstanding has increased or decreased over a one-year period.
🧮 How is it calculated?
🏛️ Why is it important?
The number of shares determines how many shares the company's earnings and assets are distributed across. If the share count decreases, existing shareholders' relative ownership increases. If it increases, existing shareholders are diluted. The metric therefore makes dilution and share buybacks directly visible.
🧮 Calculation
🎯 What does this mean for investors?
- A negative value is generally positive, as the number of shares outstanding is decreasing.
- A positive value indicates dilution of existing shareholders.
- A declining share count is not automatically positive: It also matters at what price the shares are repurchased and how the buybacks are financed.
📘 Shareholder Yield
📈 What is it?
Shareholder Yield measures how much capital a company returns to shareholders through dividends and share buybacks, relative to its market capitalization. It goes beyond dividend yield by also including share buybacks.
🧮 How is it calculated?
🏛️ Why is it important?
Dividend yield only tells part of the story. When a company buys back shares and the share count falls, each existing shareholder owns a larger part of the company. When the share count rises, for example through stock-based compensation or new share issuance, existing shareholders are diluted. Shareholder Yield combines both into one metric.
🧮 Calculation
🎯 What does this mean for investors?
- A higher Shareholder Yield indicates more capital being returned to shareholders.
- A negative value means the company issued more new shares than its dividends and buybacks make up for.
- Share buybacks are most beneficial when shares are repurchased at attractive valuations.
- Investors should also consider whether dividends and buybacks are sustainable over time.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Trump Media Technology Events
Past Events
|
NOV
9
Q3 2026 Earnings Call
5 days ago
|
|
AUG
10
Q2 2026 Earnings Call
3 months ago
|
|
DEC
18
TAE Technologies, Inc., Trump Media & Technology Group Corp. - M&A Call
11 months ago
|
StocksGuide Free
Trump Media Technology — Q3 2026 Earnings Call
1. Management Discussion
Thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trump Media & Technology Group's Earnings Conference Call for the Third Quarter 2026. [Operator Instructions]
I would now like to turn the call over to Scott Glabe, General Counsel. Thank you, sir. Please go ahead.
Thank you. Good afternoon, and welcome to Trump Media & Technology Group's quarterly earnings call in which we will cover the period ended September 30, 2026. We appreciate everyone joining today.
Before we begin, I'd like to remind everyone that certain statements made during today's call constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our Securities and Exchange Commission filings for a discussion of these risk factors.
Additionally, certain statements may include non-GAAP financial measures. These non-GAAP financial measures should be viewed in addition to and not as a substitute for our reported results prepared in accordance with U.S. GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our earnings release to the most directly comparable GAAP measure.
Joining me today are Kevin McGurn, our Interim Chief Executive Officer; and Phillip Juhan, TMTG's Chief Financial Officer. As previously noted, we've collected several questions in advance of today's call. We'll address many of the themes from those questions during our prepared remarks, after which we will address several questions directly.
With that, I'll turn the call over to Kevin.
Thanks, Scott. Good afternoon, everyone. Right out of the gate, I want to address our post-election stock movement. If you've watched our ticker this past week, you saw a familiar pattern. We showed signs of a rebound leading into the midterms and dropped sharply the moment the posts were counted.
Let's be candid. Sometimes our stock moves before it responds to traditional inputs. We've traded as a proxy for the news cycle and political sentiment, not for what we're actually building day-to-day. But while the market was trading on headlines, the underlying business didn't flinch. Our balance sheet didn't change from Tuesday to Wednesday, our product traction didn't reverse. If anything, the election was a stark reminder of why this company was built in the first place.
Regulatory crackdowns and online censorship are always only one election away. The political climate shifts fast and having a truly independent, uncancellable platform isn't just a philosophy, it's our commercial moat. So let's look at the traditional inputs that sentiment hasn't caught up to yet. First, revenue grew 205% year-over-year to $3 million and 78% sequentially. That is driven by contracted recurring subscription revenue. The launch of Truth API in August immediately validated our proprietary data has enterprise institutional value.
Second, our cost structure has fundamentally shifted. With legal disputes behind us, legal expenses plummeted from over $20 million per quarter in the first half of 2026 to $2.4 million this quarter. That is operational capital staying inside our ecosystem. Third, and I want to be very clear about our capital strategy. We ended the quarter with $2.5 billion in total assets and $2.3 billion in financial assets. That liquidity gives us immense flexibility.
We intend to use our cash and available credit to clean up our cap table and address our bond obligations. We are in the fortunate position of not needing to tap the public markets for equity, although we intend to continue to evaluate the tools available to us to maintain our financial flexibility in response to changing markets and our capital needs. Our focus, though, is protecting and growing shareholder value, not diluting it.
Finally, the largest traditional input on our horizon, our merger with TAE Technologies. Last Thursday, the SEC declared our Form S-4 effective. This is a massive regulatory milestone. The definitive proxy materials are going out to shareholders of record as of November 2, and our Special Meeting is scheduled for December 14. We fully remain on track to close by the end of the year. When our merger closes, we solidify public market investor access to the future of energy in our country and around the world.
Just like free speech, energy independence and energy dominance will be a legacy that lasts well beyond an election cycle or term of office. TAE Technologies for its part, brings groundbreaking innovation in fusion energy and in power solutions, technology for super intelligent data centers. Once our merger closes, public market investors will have direct access to a company working to advance American energy independence. Like free speech, energy independence is a legacy that will last well beyond any election cycle or term of office.
Each of the businesses stands on its own merits, both reflecting the power of American innovation and our commitment to long-term shareholder value. We cannot control short-term trading sentiment. What we can control is executing the merger, growing contracted recurring revenue, eliminating overhead and safeguarding our capital structure. I encourage every shareholder to read the proxy materials and vote ahead of December 14.
With that, I'll hand it over to Phil to walk through the third quarter financial results, balance sheet and treasury framework. Phil?
Thanks, Kevin. The company reported third quarter revenue of approximately $3 million, up 78% sequentially from the second quarter of '26 and over 200% year-over-year from the third quarter of '25. The revenue growth occurred primarily in our Media segment, driven by subscription revenue related to Truth API and Truth+, an increase in advertising revenue on our Truth Social platform and higher management fees earned from our Truth.Fi ETF offerings. We'll continue to develop these nascent revenue streams and new initiatives, including Truth API, which we launched on August 1 of this year. Truth API is a business-to-business data feed subscription that provides licensed low-latency access to publicly-available posts from certain top Truth Social accounts.
Excluding gains and losses from digital assets and digital assets pledged, we reported total operating expenses of $26.5 million in the third quarter, down 45% sequentially from the second quarter of '26 and 37% year-over-year. Our improved cost structure was driven by meaningfully lower legal expenses in the quarter. Legal fees were just $2.4 million in 3Q, and that was down from over $20 million in 2Q, and that's following the July 2026 resolution of the remaining SPAC-related matters.
Our net income is impacted by the price volatility of digital assets, particularly Bitcoin. Net income was $409.7 million for the quarter, up over 270% sequentially from the 2Q loss. The increase was driven almost entirely by the mark-to-market of our digital assets, digital assets pledged and related securities. As of September 30, we held approximately 15,649 Bitcoins, of which roughly 11,385 were pledged to our Bitcoin yield management program, along with 7 million shares of IBIT.
In July, we began transitioning the company's holdings into the yield management program using proceeds from a partial sale of our IBIT Holdings to acquire 4,359 Bitcoins during the third quarter, consistent with our shift toward a more diversified third-party institutional approach to managing the digital asset components of our treasury. The $378.1 million reported gain on digital assets in the third quarter largely reflects the 42% increase in the price of Bitcoin to approximately $84,000 on September 30 from approximately $59,000 on June 30.
In addition, we reported an investment gain of $60 million in the third quarter, primarily realized and unrealized gains on Bitcoin-related securities, up over 180% from our second quarter investment loss. This reflects the 42% increase in IBIT's closing share price to roughly $47 on September 30 from roughly $33 on June 30. The year-over-year comparison isn't as meaningful here since we were still establishing our Bitcoin and related securities positions during the third quarter of last year.
Adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, adjusted for certain noncash items was a loss of $12.3 million in the third quarter, a 65% improvement sequentially. We reported net cash used in operating activities of $28.4 million year-to-date through the third quarter of '26 compared to $2.6 million of cash provided by operating activities in the prior year period. The decline was due in part to management's decision to pause our digital asset yield strategy as we pivoted to third-party institutional management of our digital assets as well as receiving yield income in Bitcoin rather than fiat dollars, which reduced operating cash flow relative to recent quarters.
Importantly, we ended the third quarter with $2.3 billion of gross financial assets. That's primarily comprised of $182 million in cash, $31 million of restricted cash, $211 million in short-term investments and $1.7 billion in Bitcoin and Bitcoin-related assets. This balance sheet strength gives us flexibility we need to address the nearly $1 billion in outstanding convertible notes as they come due. To highlight this point, our net financial assets, net of debt were approximately $1.3 billion as of September 30.
I'll now turn the call back over to Kevin for closing remarks before we begin the Q&A session.
Thanks so much, Phil. Before addressing your questions, let's summarize the baseline as we head into year-end. Closing the TAE merger, which is expected by the end of 2026. two, accelerating contracted recurring revenue and quarterly ad revenue with a strategic focus through Truth API, Truth+ and of course, Truth Social, protecting our equity, leveraging cash and credit to clean up the capital structure rather than diluting shareholders and mitigate the short position pressuring our stock. And then four, maintaining complete transparency so that the long-term investors can value us on operating reality, not election noise.
Thank you so much for your continued partnership, and let's move on to our questions.
At this time, I'll pass the floor over to Ms. Shannon Devine for the question-and-answer session.
Thank you, operator. Our first question comes from our friends at The New York Times. This question concerns the note holder right of repayment on November 30 with regards to the $1 billion convertible note. Does the company have an estimate as to how much it will repay to the note holders seeking repayment? And how does the company plan to cover those repayments?
Sure. This is Scott. I'll address the first part of the question and then turn it over to Kevin to address the second part. So with respect to how much the company might pay to noteholders seeking repayment, we can't say with specificity at this time because pursuant to the note documents, notice has gone out to the holders, and they have a period of time extending towards the end of the month to let us know whether they are going to seek repayment. So that process is still ongoing as of today.
That being said, we're certainly posturing to address the notes as of November 30, and I'll turn it over to Kevin to talk about how we're thinking about that time line and our strategy for addressing the principal balance of the outstanding convertible notes.
Great. Yes. As we stated earlier, we've got $2.3 billion of assets on the books and our current thinking is using a mix of cash and credit to repay the notes. Right now, we're not inclined to issue any additional equity, and we want to preserve as much of our Bitcoin as possible to continue our yielding strategy and allow that asset to recover.
Great. Thanks, Kevin. Our next question, was the buyback ever completed in Q3?
Yes, this is Phillip. We do have an approved $400 million share repurchase authorization in place, and we previously used $40 million of that authorization. However, there are no repurchases completed during the third quarter.
And our next question is related to the merger. What will the TAE float be after the merger is completed?
Yes. This is Phillip again. I'll take that. So this is a merger of equals. And the combined company share count will be approximately double the current float. So from about 300 million shares outstanding today to approximately 600 million shares on a fully diluted basis.
Thank you. And our next question, any update on the February 2 token?
Yes. This is Scott, and we do have an update that was included in the 10-Q filed this afternoon, which I will briefly summarize. So as many folks know, on December 31, 2025, TMTG announced a digital token initiative and subsequently set a record date for February 2, 2026. TMTG worked towards implementation of this initiative and assess the feasibility of potential methods to distribute digital tokens to shareholders.
TMTG has now determined that it is in the best interest of the company and its shareholders to discontinue such planned token distribution, particularly in light of challenges associated with obtaining necessary information from shareholders classifying -- classified as objecting beneficial owners, also known as OBOs. Instead, the company will offer benefits and incentives, including, for example, discounts and promotions to bona fide shareholders as of the February 2, 2026 record date as management determines to be reasonable and feasible going forward.
Thank you, Scott. This one is for Kevin. Kevin, what are your main priorities pre-merger close?
Sure. I mean, first and foremost, closing the merger. It's our priority. It's been our priority all year. We are excited about the progress that we've made that our S-4 has gone effective. And again, I can't stress enough how big of a milestone that is for the business and for the certainty of the close of that merger. Secondly, we have addressed this already, but we're solving our bond situation, and we're protecting against dilution. We've come up with a strategy and are working towards the mix that we'll put into market to satisfy that requirement. And we want to maintain as much Bitcoin as possible to continue to run our yielding program.
And then, of course, each and every day through the merger and after, we're running our media business. Our media business is a crown jewel asset. We have a lot of activity, obviously, on the service. You'll continue to hear more from us in product launches and other types of activity, but we continue to grow the market. We're acquiring content. We're selling advertising. We're licensing data. And just like every other media business, we're hyper focused on the fourth quarter and finishing strong for the year.
So as a shareholder, what do I need to be doing or doing ahead of the TAE merger?
This is Scott again. And the short answer is both. So as Kevin mentioned, our registration statement on Form S-4 was declared effective last Thursday and on Friday, November 6, we filed a proxy statement. We've set a special meeting date in connection with the merger of December 14, 2026, and that will be for all shareholders who were -- for all individuals who are shareholders as of the record date, which is November 2, 2026. So please stay tuned. More details will be distributed about the specifics of when and how and where to vote, but the company very much values its many hundreds of thousands of shareholders and looks forward to their participation in the upcoming special meeting.
Thank you, Scott. And our last question, what was the strategy behind the company running a national television ad during the Eternal City Tip-off in Rome?
Yes. Great question. We continue to look for opportunities to growth market our business, not dissimilar to our participation and support for the UFC 250 on the South Lawn of the White House. The Eternal City Tip-Off was a basketball game between Notre Dame and Villanova in Rome with a high concentration of the Catholic community and faith-based community, marrying the sports and the international expansion of that sport for all of those audiences. So whenever we see the opportunity to partner with great folks like Fox, EverWonder Studios and run a national television spot to start the growth market and make folks aware of the content on our platform, we're going to take it.
We're going to continue to do that through the course of the fourth quarter and then on into 2027. So we're really excited about our opportunity. We're really excited about the things we're doing on the service, and we want to go out there and tell people about it and the Eternal City Tip-Off is one of the best ways that we could do that.
Thank you. And ladies and gentlemen, thank you for your participation. That does conclude today's teleconference. Please disconnect your lines at this time, and have a wonderful day.
Trump Media Technology — Q2 2026 Earnings Call
1. Management Discussion
Thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trump Media and Technology Group's Earnings Conference Call for the second quarter 2026. [Operator Instructions]
I would now like to turn the call over to Scott Glabe, General Counsel. Thank you, sir. Please go ahead.
Thank you. Good afternoon, and welcome to Trump Media and Technology Group's inaugural earnings call in which we will cover the period ending June 30, 2026. We appreciate everyone joining today.
Before we begin, I'd like to remind everyone that certain statements made during today's call constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of these risk factors.
Additionally, certain statements may include non-GAAP financial measures. These non-GAAP financial measures should be viewed in addition to and not as a substitute for our reported results prepared in accordance with U.S. GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our earnings release to the most directly comparable GAAP measure.
Joining me today are Kevin McGurn, our Interim Chief Executive Officer; and Phillip Juhan, TMTG's Chief Financial Officer. As previously announced, we have collected several frequently asked questions from shareholders and investors in advance of today's call. We will address many of the themes from those questions during our prepared remarks, after which we will address several questions directly.
With that, I'll turn the call over to Kevin.
Thanks so much, Scott, and good afternoon, everyone. We appreciate you joining us today, and I want to thank our shareholder base for their continued support and confidence in this company. Many of you have told us that you'd like to hear from us more often and in more depth. We hear you. Starting with this call, you should expect an evolving approach on how we communicate as a company. More regular updates, more context around our strategy, and more openness about where things stand. There's a spirit behind today's call, and we intend to keep it up.
You'll also have seen a couple of announcements that we made last week involving our Crypto.com partnerships. I'll walk through the thinking behind both in a few minutes because they're a good example of exactly the kind of capital discipline you should expect from us and this team going forward.
Today, Phil and I would like to cover 4 things before taking your questions. First, we'll provide an update on our proposed merger with TAE Technologies and why we believe it positions this company for the next decade of our growth. Second, we'll discuss our digital asset treasury strategy and capital management approach, and I'll hand things over to Phil for a review of this quarter's results.
Third, we'll walk through the operational progress across our media and technology businesses, including the continued build-out of Truth+ and Truth Social and an early progress on our Truth API product. Fourth, and as I mentioned a moment ago, we want to address how we're evolving our approach to investor communications on a go-forward basis.
So let me begin with an update on our proposed merger with TAE Technologies. We continue to make meaningful progress toward the completion of this transaction. Our teams are actively working through the merger process, including completion of TAE's audited financial statements and preparation for the required filings.
I know timing is on everyone's mind. While we're not in a position to commit to a specific date today, given the nature of the regulatory process, I can tell you that we are encouraged by the progress being made and remain committed to keeping shareholders informed as we reach meaningful milestones. I also want to take a minute and to explain why we believe this transaction matters as much as it does because it's easy to lose that thread on a day-to-day basis.
Over the past several years, we've built our media platform around a simple idea. This company should be uncancelable. We should fully control our media platform around a simple idea, our technology, our own infrastructure, and our own destiny. We believe the same principle extends to energy as the world demands for computer power, AI infrastructure, and data centers increases exponentially over the next decade and beyond, energy security becomes a strategic asset in its own right.
We see a combination with TAE and its pioneering work in advanced fusion energy as a long-term bet on that need and a natural extension of the same philosophy that has guided our media and technology strategy, build durable, resilient infrastructure that is independent and on a single party's goodwill.
There's another point I'd like to drive home. This transaction offers more than just energy security for our business. It offers a rare chance to play a key role in securing America's energy independence. The race for AI dominance is playing out between the U.S. and China, and continued progress takes enormous amounts of energy. If we can help TAE realize that tremendous advancements they've made in fusion energy, we believe fusion can turbocharge America's energy revolution and deliver our country a significant edge in the AI race.
I hope this sheds some light on the strategic rationale for why we prioritized this transaction so highly and why we continue to believe it's the single most important driver of long-term value for this company. And as we've said previously, we continue to target closing this transaction by the end of 2026, subject to the customary regulatory and closing conditions. We were drawn to TAE at a time that we saw was particularly advantageous for a moment for the fusion sector.
The commercial time line for fusion energy has been moving up, and valuations across the space have started to reflect that. The next step in this process is the filing of an initial draft registration statement on Form S-4. I encourage shareholders to watch for that filing as a concrete visible sign of progress towards closing.
Looking further out, we view the combined business as a conglomerate with fusion energy representing both our largest weighting and our most significant long-term capital opportunity alongside bitcoin and media. As each operating unit develops, we will assess both its strategic and stand-alone monetary value, maintaining flexibility to monetize, separate, or pursue other strategic alternatives where appropriate. Our objective is to allocate capital towards the highest return opportunities while building the financial capacity to advance fusion and maximize long-term shareholder value.
Turning to our capital strategy. Before I get into our treasury framework, I want to address 2 related announcements from last week because I think they're directly relevant on how we intend to run this company moving forward. First, we mutually agreed with Crypto.com and Yorkville Acquisition Corp., to terminate the previously announced proposed business combination to establish Trump Media CRO Strategy, Inc., along with the related digital asset treasury structure. Separately, we agreed with those same parties not to move forward with a service partnership covering certain digital asset projects.
To be clear, that doesn't affect Yorkville America's America First ETFs, including the Truth Social Funds, which continue uninterrupted. Second, we realigned our approach to prediction markets with Crypto.com. Rather than build a direct technical integration on Truth Social, we're moving into a marketing agreement framework under which Crypto.com's prediction market experience will be marketed to our engaged audience.
I want to outline why we made these decisions. As incoming Chief Executive, part of my job is to take a fresh look at everything on our plate and ask whether it's the best use of our capital and our team's time. In both of these cases, given prevailing market conditions and shifting business and stakeholder priorities, we made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives. That's the nimble posture we intend to bring to capital allocation moving forward.
We will say no to things or change course as warranted as circumstances evolve. That discipline is exactly what frees up more of our attention and resources for our core priorities: closing our merger with TAE, our treasury framework, and growing our media business. With that context, here's where our treasury framework stands today.
During the past quarter, we continued to strengthen how we manage our digital asset treasury. Following a period of reduced trading activity during our leadership transition, we've resumed a more active, disciplined framework focused on diversification, prudent risk management, active hedging, and responsible yield generation. Our objective is straightforward: preserve our long-term strategic exposure while managing volatility and improving the productivity of our balance sheet.
Now I'll turn the call over to Phil for a closer look at our capital strategy and this quarter's results.
Thanks, Kevin. The company reported second quarter revenue of approximately $1.7 million. That's up 92% sequentially from the first quarter of 2026 and 89% year-over-year from the second quarter of 2025. The revenue growth was driven primarily by barter advertising services on Truth Social, subscriptions to the Patriot Package offered as part of our beta launch of Truth+, and management fees earned from our Truth.Fi ETF offerings.
We will continue to develop these nascent revenue streams and new initiatives, including Truth API, which we launched on August 1. Truth API is a business-to-business data feed subscription that provides licensed, low-latency access to publicly available posts from certain top Truth Social accounts.
We reported total operating expenses of $165.2 million in the second quarter, down 44% sequentially from the first quarter of '26, but approximately 270% higher year-over-year. Our operating expenses are largely impacted by the price volatility of digital assets. The year-over-year increase was driven almost entirely by the mark-to-market of our digital assets, mostly bitcoin, and higher legal expenses related to legacy litigation from our 2024 SPAC merger.
The $116.6 million reported loss on digital assets largely reflects the roughly 13% decline in the price of bitcoin to approximately $58,800 on June 30 from approximately $67,800 on March 31. The legacy litigation expenses should moderate significantly in the coming quarters following the July 2026 resolution of the remaining SPAC-related matters.
In addition, we reported an investment loss of $71.8 million in the second quarter, primarily unrealized losses on bitcoin-related securities, down 34% from the first quarter. This reflects a 13% decline in IBIT's closing share price to $33.29 on June 30 from $38.42 on March 31. Note that the year-over-year comparison isn't meaningful here since we were only beginning to build these bitcoin-related security positions late in the second quarter of last year.
As a result, net loss was $238 million for the quarter, down 41% sequentially, though up over tenfold from the prior year period for the same reason noted above. Adjusted EBITDA, earnings before interest, taxes, depreciation, and amortization, was a loss of $223.5 million in the second quarter, down 42% sequentially. As with net loss, this was largely driven by non-cash mark-to-market losses on bitcoin and related securities, which totaled $190.5 million for the quarter.
We reported net cash used in operating activities of $13.7 million for the first half of 2026 compared to net cash used in operating activities of $7.4 million in the prior year period. That modest increase was due in part to management's decision to pause our digital asset yield strategy as we pivoted to third-party institutional management of our digital treasury. Going forward, we're more likely to record yield income in bitcoin rather than fiat dollars, which could reduce operating cash flow relative to recent quarters.
Importantly, we ended the second quarter with $1.9 billion in gross financial assets. That's primarily made up of $215 million in cash, $31 million in restricted cash, $209 million in short-term investments, and $1.2 billion in bitcoin and bitcoin-related assets. Net of debt, our financial assets were approximately $893 million as of June 30. This balance sheet strength gives us the flexibility we need to address the nearly $1 billion in outstanding convertible notes as they come due.
As of June 30, we held approximately 9,477 bitcoins, plus approximately 2,077 bitcoins pledged to our BTC yield management program, along with roughly 14.4 million shares of IBIT. In July, we began transitioning IBIT holdings into the BTC yield management program using proceeds from a partial sale to acquire an additional 2,534 bitcoins, consistent with our shift toward a more diversified third-party institutional approach to managing our digital asset treasury.
With that, I'll turn it back over to Kevin.
Thanks so much, Phil. As you've heard, this quarter reflects a period of transition. While our reported financial results include several items that don't fully reflect the operational momentum underway across the business, our focus hasn't changed. We're executing a long-term strategy designed to build durable shareholder value.
One of the most important developments over the past quarter is the continued integration of our media ecosystem. Truth+ is moving out of beta and into broad commercial availability, supported for the first time by marketing for subscriber acquisition, audience development, and advertising growth.
At the same time, Truth Social has entered its next phase of development through an expanded content strategy, also supported by growth marketing initiatives. We've introduced vertical video, expanded content acquisition efforts, and begun licensing and developing premium programming designed to increase engagement, broaden our audience and strengthen monetization opportunities. What makes these initiatives particularly exciting is that they're not a stand-alone product. Truth Social and Truth+ are designed as a unified ecosystem built on our uncancelable technology.
Short-form mobile content serves as an efficient discovery engine, while premium long-form programming encourages deeper engagement and higher lifetime customer value. Both products share a common technology foundation, a common audience and a common data infrastructure. Together, they create a flywheel where content, users, advertising, subscriptions, engagement and data reinforce one another.
Beyond content and subscribers, we're also expanding the monetization of one of our most valuable strategic assets, our proprietary data and technology platform. Today, our opportunity extends well beyond serving customers directly. It also includes providing enterprise-grade services to institutional and eventually retail customers who depend on timely, reliable information and scalable technology infrastructure. To that end, we're strongly encouraged by the early progress we've made with our newest offering, the Truth API product.
The product is designed to serve customers such as financial institutions, news and media organizations, and developers of AI and large language model applications. We're also working through an expansion of the Truth API for retail trading. Since announcement, we've onboarded several customers. That said, we want to set expectations appropriately because we know there's been a lot of outside speculation about what this platform is worth.
Today, we're in the early innings. To give you a sense of where things stand, we've signed more than 10 customer agreements to date, primarily high-frequency trading firms at rates generally in the range of $60,000 to $100,000 a month. We're also in active conversations with hyperscalers, some of the largest news organizations, and developers of large language models, and we're evaluating opportunities in the prediction market space for data licensing.
We recognize a modest amount of revenue from these agreements today. We believe this can grow into a meaningful, durable contributor, but it's just one piece of a broader media technology strategy that also includes advertising, subscriptions, and our digital asset treasury. Looking ahead, we expect the next phase of the API to include broader third-party distribution. For example, news feeds, financial data terminals and specialty publications, which we believe will bring more visibility to this business over time.
Alongside this product, we've also launched an initiative to protect our proprietary data from unauthorized scraping and use. We view this as a straightforward extension of our fiduciary duty to shareholders, ensuring the value we've built is monetized appropriately, and we are pleased with our progress. Because there's been intense media coverage surrounding this initiative, I'd like to briefly clarify our approach.
Truth API provides a machine-readable feed of publicly available Truth posts from the platform's top accounts in milliseconds. Our customers will get published and publicly available posts fractionally faster. Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information, and media industries. This is no different.
Our API operates pursuant to commercial licensing agreements, and these decisions, like all our operating decisions, are made by the company management and the Board. We believe expanding these offerings reflects prudent stewardship of the intellectual property and technology our shareholders have invested in building and creates additional long-term value.
As our business evolves, we expect advertising, subscriptions, enterprise software, data licensing, digital asset management and future technology offerings to work together as complementary revenue streams supporting long-term growth.
Looking ahead, our priorities remain clear. One, we're working diligently with TAE to complete our merger, which, as I mentioned, we believe is the single most important driver of our long-term shareholder value. Two, we're managing our balance sheet, including our digital asset treasury, with discipline.
Three, we're focused on building a global diversified media and technology company that combines a highly engaged social platform, premium streaming content, enterprise technology solutions, and multiple recurring revenue opportunities. Four, you're going to see us show up differently as a public company, more frequent updates, more context, and more direct conversation with our shareholder base because that's the right thing to do.
The investments we've made this past year have strategically positioned us to enter our next phase of growth with a leaner cost structure, an expanding product portfolio, and a broader strategic foundation than any other point in our history. We remain focused on execution, disciplined capital allocation, innovation and long-term shareholder value creation. And we appreciate the continued support from our amazing shareholder base, this great team of employees, our customers, and our partners.
With that, we'll turn it over to the operator to address several of the most frequently submitted questions.
Thank you. I would now like to turn the call over to [ Jamie Kirchen ], Investor Relations; and Kevin McGurn, Interim CEO, to address the pre-submitted questions.
Thank you. We will now move to addressing some of the pre-submitted questions that we received.
Kevin, with respect to the TAE merger, what specifically is holding up the S-4 filing? And is there a rough date range you can commit to for filing versus closing?
Sure. So TAE is an amazing company that's been around for over 28 years. So they are going through their audits just like any private company looking to go public. We aim to file the S-4 as soon as possible using our second quarter numbers, and we'll continue aiming for closing by the end of the year, understanding that the SEC process introduces other types of variables.
Can you explain last week's announcement regarding Crypto.com, including as they pertain to Truth Predict?
Of course. Yes, we wanted to get focused, and the prediction markets business is already a pretty crowded space with established companies. Our strategic focus is on closing our proposed merger with TAE, continuing to build our media business and grow advertising revenue. We're developing a marketing agreement with Crypto.com that is designed to promote their prediction market solutions to Truth Social users, and this better aligns with our current business opportunities. We also plan to explore similar partnerships with other prediction markets.
Great. Thanks. Turning to our CFO, Phillip Juhan, to address a couple of financial results questions. You cited legacy SPAC litigation expenses moderating after the July resolution. What was the total settlement cost? And is it fully reflected in these numbers? Or will there be a residual hit in Q3?
Yes. What I can say about that is that the outcome of our legal settlements are recorded within our financial statements through June 30, 2026. The overwhelming majority of legal expenses associated with the now-settled litigation have been accrued for through the second quarter of 2026. Now, given the timing of the settlement in July, we can expect some additional legacy expenses in the third quarter.
And with nearly $1 billion in convertible notes coming due, what is the specific repayment or refinancing plan, cash, refinancing, conversion, or asset sales?
Yes. So we're continuing to explore multiple options around the convertible notes. But our strong balance sheet as of June 30, 2026, puts us in a position to satisfy these liabilities as they come due.
And what portion of the $1.9 billion in gross financial assets is actually liquid and deployable versus committed or pledged to the yield program?
Sure. So as of June 30, 2026, we had over $400 million of cash and short-term investments that were fully liquid and unencumbered. An additional $1.2 billion of bitcoin and related assets could be a source of funds for future liquidity needs. And so I'll stop there.
And turning back to Kevin, how does TMTG plan to expand Truth Social's user base?
Yes. I mean we're focused on growing our media business and our subscriber base for both Truth Social and Truth+. There's a lot of opportunities that we can take advantage of, including standard acquisition marketing and growth marketing. So we'll employ everything that we have at the ready.
And regarding Truth API, how does the company respond to criticism that Trump Media is giving some traders in a market an unfair advantage by selling this access?
Sure. Yes. And I think this one came in from The New York Times, so we appreciate that question. The criticism is misinformed, is the first thing I would say. Truth API provides machine-readable feeds of publicly available Truth posts from the platform's top accounts in milliseconds. Our customers will get published and publicly available posts fractionally faster.
Providing licensed real-time public data through commercial APIs is a well-established business practice, which we're hopeful will deter scraping and other violations of our terms of service. We're encouraged by the early demand for Truth API and we look forward to rolling out the product to other sectors, including retail investors.
And to round things out, what plans are there to ensure Truth Social remains a viable and sustainable platform?
Yes. I mean I've been in the media business a long time, and content begets audience, and audience begets advertisers. So I think content is really the first portion of that opportunity. And then you have to be a marketer as well. So we're going to continue to drive marketing on our service. And we're really excited about it, and the team has been working really hard.
So this concludes our Q&A for this portion. I'll hand it back to the operator.
Yes. Thank you. And that concludes the Q&A portion. And that also concludes today's teleconference.
Ladies and gentlemen, thank you for your participation. You may disconnect your lines, and have a wonderful day.
Trump Media Technology — TAE Technologies, Inc., Trump Media & Technology Group Corp. - M&A Call
1. Management Discussion
Good day, and thanks for listening to a joint address regarding the planned merger of Trump Media & Technology Group and TAE Technologies. As a reminder, today's remarks include forward-looking statements based on current expectations. Actual results may differ materially due to factors described in TMTG's SEC filings, and in today's news release which includes other important information about the transaction. In addition, neither TMTG nor TAE, undertakes publicly update or revise any forward-looking statements contained in today's remarks.
Let me now introduce Devin Nunes, TMTG's President and CEO, to kick off today's remarks.
Good morning. Thank you for joining us. I'm excited to be here alongside Dr. Michl Binderbauer, Chief Executive Officer of TAE Technologies to discuss the merger between two companies, TMTG and TAE Technologies. We are confident that this transaction will create significant value for shareholders and owners of both companies. I will briefly walk through the transaction rationale before turning the call over to Michl, who will provide more detail on TAE's technology and breakthroughs, and to share his perspective on why this business combination is so transformative.
Trump Media & Technology Group has built uncancelable infrastructure to secure free expression online for Americans, and now we're taking a big step toward a revolutionary technology that will cement America's global energy dominance for generation. Fusion Power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s, an innovation that will lower energy prices, boost supply, ensure America's AI supremacy, and revive Americas manufacturing base and bolster national defense.
With TAE Technologies, the world's premier Fusion Power company, this combination positions the combined company to help lead the global AI revolution and kickstart an American Energy Renaissance. In short, this deal will create America's first publicly traded Fusion Power company. Why is Fusion Power revolutionary, it's because fusion power plants are now feasible at commercial scale, and they will produce reliable, cost-effective, dispatchable and carbon-free electricity and industrial heat with no nuclear meltdown risk or radioactive waste.
TAE, the undisputed leader in Fusion Power, is the ideal partner for us to achieve this breakthrough. Founded 27 years ago, the company has successfully built 5 demonstration fusion reactors with a track record of safely reducing cost, size and complexity. And it now stands ready to begin work on America's first commercial nuclear fusion plant.
This merger fulfills TMTG's America First principles. Fusion Power will lower energy prices, bolster our national defense, and secure the energy needed to guarantee America's dominance of AI technology.
The partnership also satisfies our MA strategy, combinations that bring transformative technology, the potential for significant long-term value creation and dramatic societal impact. We believe that we are ideally positioned to help usher in this energy revolution. Since becoming a public company last March, TMTG has amassed more than $3 billion in financial assets at the end of the third quarter of 2025. A source of funds that we can deploy to rapidly advance TAE's fusion technology. Together with TAE, we will have the capital and public market access to scale TAE's vision to put abundant nuclear energy on the grid.
Here's the structure of the deal. TMTG and TAE agreed to combine an all-stock transaction valued at more than $6 billion inclusive of debt. Upon closing, TMTG shareholders will own approximately 50% of the combined company on a fully diluted equity basis. We expect this transaction to close in mid-2026, subject to satisfaction of customary closing conditions, including shareholder and regulatory approvals. The combined company will include the core division for developing Fusion Technology, TAE Technologies, supplemented by additional assets, including TAE Power Solutions, TAE Life Sciences and the Truth Social assets.
Dr. Binderbauer and I will be co-CEOs of the combined company. We'll have a 9-person Board with Michael Schwab serving as Chairman, Dr. Binderbauer, Donald Trump, Jr., myself, and 5 other independent board members to be selected and named later. We'll also have an advisory board between specialists with diverse backgrounds and wide-ranging expertise. We'll have a shareholder vote as well as a series of public filings, including S-4 filing. We remain committed to maintaining transparency throughout this process.
At close, we will bring America's first publicly listed nuclear fusion company, working to build and make operational at commercial scale, the utility to scale nuclear fusion power plant. After closing, we plan to quickly seek approvals to site and build the company's first utility-scale power plant. We expect siding to commence by year-end 2026, setting us on path to build future plants expected to be 350 to 500 megawatts.
With that, I'm pleased to turn the call over to Dr. Michl Binderbauer.
Thank you, and welcome, everyone. Today is a big milestone for TAE, fully recognizing the dedication and passion of our people that worked tirelessly over the last quarter century to advance our research to deploying that capital is now becoming our biggest challenge. As part of this transaction, TMTG will invest up to $200 million into TAE, and another $100 million upon filing a Form S-4 with the SEC. This will allow us to accelerate our new term objectives, and upon closing their fortress balance sheet will propel us towards first power in 2031.
A bit on the science. TAE has been rewarded by pursuing a differentiated approach from much of the fusion industry by combining plasma physics and accelerator physics. As David mentioned, Fusion Power is the answer providing reliable, cost-effective, carbon-free electricity, and importantly, cost competitive with conventional production. The breakthrough on our fifth generation reactor validated our design and allows us to move forward faster and with less complexity and lower cost. In short, that means we are ready to move to utility-scale Fusion Power.
We plan to site our first plan next year, subject to regulatory approvals. The following generation of power plants are expected to be in the 350 to 500-megawatt range. We plan to move fast and bring abundant, safe, clean hydrogen-boron power to the grid. TAE is not an unknown success story, and we would not be here today without the enormous support from our partners and investors over the years. We have raised more than $1.3 billion in private capital from a host of smart companies that all recognize the value of our research, including Google, Chevron, Sumitomo, NEA and Charles Schwab, among many others. To them, I offer my deepest gratitude.
I will now turn it back to Devin for closing remarks.
Thanks, Michl. I want to emphasize how powerful this partnership is. TMTG and TAE share a mission center on American innovation and global energy leadership. By combining our strengths, we are positioning the company to lead the transition towards clean, abundant, sustainable power.
In terms of next steps, we will continue advancing regulatory and shareholder approval. All transaction-related information and filings will be available on our Investor Relations site, and we will keep investors informed as milestones are achieved. Thank you again for joining today. We look forward to sharing more updates as we move toward closing.
Thank you. This concludes today's call. Thank you for your participation.
Trump Media Technology — TAE Technologies, Inc., Trump Media & Technology Group Corp. - M&A Call
Financial data from Trump Media Technology
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 4.52 4.52 |
22%
22%
100%
|
|
| - Direct Costs | 3 3 |
156%
156%
66%
|
|
| Gross Profit | 1.52 1.52 |
40%
40%
34%
|
|
| - Selling and Administrative Expenses | 143 143 |
29%
29%
3,171%
|
|
| - Research and Development Expense | 34 34 |
8%
8%
747%
|
|
| EBITDA | -176 -176 |
21%
21%
-3,885%
|
|
| - Depreciation and Amortization | 7.54 7.54 |
15%
15%
167%
|
|
| EBIT (Operating Income) EBIT | -183 -183 |
20%
20%
-4,051%
|
|
| Net Profit | -1,304 -1,304 |
1,101%
1,101%
-28,854%
|
|
In millions USD.
Don't miss a Thing! We will send you all news about Trump Media Technology directly to your mailbox free of charge.
If you wish, we will send you an e-mail every morning with news on stocks of your portfolios.
Trump Media Technology Stock News
Company Profile
Trump Media & Technology Group Corp. operates as a social media and technology company. Its brands include TRUTH Social, TMTG+ and TMTG News. The company is headquartered in Miami, FL.
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Nunes |
| Employees | 31 |
| Founded | 2020 |
| Website | tmtgcorp.com |


