revenue
—
FY 2026
management target
TRUMP MEDIA & TECHNOLOGY GROUP CORP.
Last · NASDAQ$7.22-0.53 (-6.84%)close · yahoo · 17h ago
Market cap$2.01B277.9M sh
P/E · TTM-1.5fwd — · eps -4.89 · loss
Beta4.10vs S&P 500
Div yield0.00%annual · TTM
52w range
$6.96$17.09
Volume6.8Msession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Do not buy on fundamentals; the quarter showed only $1.7 million of revenue against a $223.5 million adjusted EBITDA loss, with more than $190 million of digital-asset mark-to-market losses driving the deficit. The bull case is a highly liquid balance sheet and potential upside from Truth API and the TAE fusion merger, but the operating business remains tiny, the nearly $1 billion convertible-note obligation lacks a defined repayment plan, and management provided no concrete user, subscriber, or revenue targets.
Themes
- Truth Api
- Tae Merger
- Bitcoin Treasury
- Convertible Notes
- Truth Plus
- Truth Social
Near term
Truth API is an early but potentially material catalyst: more than 10 agreements at roughly $60,000-$100,000 per month imply a meaningful recurring revenue opportunity if converted into recognized revenue, but management said current revenue is modest.
Q3 should still include additional legacy SPAC-related legal expenses despite management’s expectation that litigation costs will moderate after the July settlement.
Bitcoin volatility remains the dominant near-term earnings driver. The company held 9,477 bitcoin plus 2,077 pledged tokens and acquired another 2,534 bitcoin in July, increasing exposure to further mark-to-market swings.
The TAE transaction’s S-4 filing and regulatory progress are likely to move the stock more than the current media operations; management would only say it aims to file using Q2 numbers and close by year-end.
Longer term
The core operating economics are unproven: quarterly revenue of $1.7 million remains negligible relative to the company’s capital base and operating structure, while the strategy depends on scaling Truth Social, Truth+, advertising, subscriptions, and enterprise data licensing.
Truth API could create a differentiated data-licensing business, but management’s initial customers are primarily high-frequency trading firms and it offered no disclosed customer retention, usage, gross margin, or revenue-growth metrics.
The proposed TAE merger would transform the company toward fusion energy, but it also introduces major execution, valuation, financing, regulatory, and technology-commercialization risks. Management described fusion as the largest weighting and most significant long-term capital opportunity without providing operating or financial targets.
The balance sheet provides strategic flexibility, but the thesis remains heavily dependent on bitcoin and bitcoin-related assets rather than cash-generating operations. Gross financial assets were $1.9 billion, while net financial assets were approximately $893 million after debt.
Competitive moat claims around Truth Social and Truth+ remain unsubstantiated. Management cited content, marketing, and a shared technology foundation, but gave no user, engagement, subscriber, churn, or advertising metrics.
Red flags
Management did not disclose a specific repayment, refinancing, conversion, or asset-sale plan for nearly $1 billion of convertible notes, saying only that it was exploring multiple options.
The claimed $400 million of fully liquid, unencumbered cash and short-term investments may not be sufficient to address nearly $1 billion of maturities without asset sales, refinancing, or dilution; management characterized bitcoin assets as a possible future funding source.
The TAE closing timeline remains uncertain. Management cited private-company audit work and SEC-process variables, while the S-4 had not yet been filed.
The company’s 31-employee operating structure and $1.7 million quarterly revenue contrast sharply with its proposed conglomerate ambitions in streaming, enterprise data, digital assets, and fusion energy.
The Truth API fairness criticism was answered by asserting that customers receive public posts fractionally faster, but management did not quantify latency advantages, safeguards, regulatory exposure, or whether the product creates material incremental value beyond scraping alternatives.
The Crypto.com/Yorkville combination and related digital-asset structure were terminated, and the prediction-market strategy was reduced to a marketing agreement, indicating prior strategic initiatives did not progress as planned.
Forward outlook
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-27
- Sbc Revenue High
- Net Margin Sharply Negative
- Accumulated Deficit High
- Rd Intensity High
Red flags
- Sbc Revenue High — SBC/Revenue 1607.3%
- Net Margin Sharply Negative — Net margin -19335.8%
- Accumulated Deficit High — Accumulated deficit / equity 222%
- Rd Intensity High — R&D/Revenue 1161.5%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
—
Est. revenue
0
Earnings transcripts
Press & signals
- Satelight
Judge weighs if Trump can charge $100K for early access to Truth Social posts
- GlobeNewswire
Trump Media & Technology Group and TAE Technologies File Form S-4 Registration Statement for Proposed Merger
- Satelight
Supreme Court allows construction of Trump’s White House ballroom to continue
The rest of this company's wire — with summaries and source links — is part of Pro.
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