olivLaw · US equity research
Trump Media & Technology Group Corp. DJT
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Trump Media & Technology Group operates the Truth Social platform, the Truth+ streaming service and the Truth.Fi financial brand, and holds a bitcoin treasury strategy alongside them. The company, which is preparing a merger with TAE Technologies, could change its profile, but it still depends on very small revenue compared with its losses, especially those on digital assets.
At the close of 04 Nov 2026, Trump Media & Technology Group Corp. (DJT) stock was 4.49 USD (−24.54% on the day), with market capitalisation 1.2 bn USD, beta 1.83, 52-week range 4.49–16.09 USD. Latest reported quarter (Q2 2026): revenue of 1.7 m USD (+89.0% YoY), net income of -238.0 m USD, diluted EPS -0.86 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 20.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.74 – 8.47
- below the lower band · %B -0.07 · band width 56.5%
- SMA 50 / 200
- 8.06 / 9.21
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.82 / -0.71
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −48.0% | −1.1% | −46.9 pp | — |
| 3 months | −54.9% | −0.5% | −54.5 pp | — |
| 6 months | −50.7% | +4.4% | −55.1 pp | — |
| Year to date | −66.1% | +12.3% | −78.4 pp | — |
| 1 year | −67.5% | +13.5% | −81.1 pp | −20.6% |
| 3 years | −69.8% | +76.4% | −146.2 pp | −11.3% |
| 5 years | −92.1% | +63.7% | −155.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 m | 1.0 m | 821.2 k | 883.3 k | 972.9 k | 1.0 m | 871.2 k | 1.7 m |
| Cost of revenue | 123.3 k | 366.1 k | 336.7 k | 342.9 k | 446.8 k | 548.8 k | 1.5 m | 499.9 k |
| Research & development | 3.9 m | 7.2 m | 12.6 m | 13.0 m | 8.3 m | 8.9 m | 8.4 m | 8.2 m |
| SG&A | 17.7 m | 34.7 m | 25.2 m | 28.6 m | 31.1 m | 34.3 m | 37.9 m | — |
| Operating income | -23.7 m | -45.4 m | -39.5 m | -43.5 m | -57.7 m | -432.3 m | -293.5 m | -163.5 m |
| Depreciation & amortisation | 762.2 k | 2.2 m | 1.8 m | 1.8 m | 1.9 m | 1.9 m | 1.9 m | 1.9 m |
| Interest expense | 246.7 k | 183.3 k | 186.8 k | 4.1 m | 11.5 m | 11.6 m | 11.5 m | 11.7 m |
| Pre-tax income | -19.2 m | -37.6 m | -31.7 m | -19.7 m | -54.8 m | -605.6 m | -405.8 m | -238.0 m |
| Income tax | 0 | 0 | 0 | 310.3 k | 84.6 k | 165.2 k | 98.8 k | 98.9 k |
| Net income | -19.2 m | -37.6 m | -31.7 m | -20.0 m | -54.8 m | -605.8 m | -405.9 m | -238.0 m |
| Diluted EPS | -0.10 | -0.17 ≈ | -0.14 | -0.08 | -0.20 | -2.18 ≈ | -1.47 | -0.86 |
| Operating cash flow | -21.9 m ≈ | -8.3 m | -9.7 m | 2.3 m ≈ | 10.1 m ≈ | 12.1 m | 17.9 m | -31.6 m ≈ |
| Capex | 2.9 m ≈ | 2.6 k | 3.2 k | 552.5 k ≈ | 14.0 k ≈ | 3.8 k | 7.3 k | 3.1 k ≈ |
| Share repurchases | 2.9 m ≈ | 0 | 8.3 m | 0 ≈ | 6.4 m ≈ | 38.9 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | 1.5 m | 4.1 m | 3.6 m | 3.7 m |
| Revenue YoY | unavailable | unavailable | +180.9% | −12.4% | +1.8% |
| Net income | -2.0 m | 50.5 m | -58.2 m | -400.9 m | -712.3 m |
| Net income YoY | unavailable | unavailable | −215.2% | unavailable | unavailable |
| Diluted EPS | unavailable | 0.58 | -0.67 | -2.36 | -2.80 |
| Diluted EPS YoY | unavailable | unavailable | −215.5% | unavailable | unavailable |
| net % | unavailable | 3,435.8% | -1,408.6% | -11,077.3% | -19,343.4% |
| Free cash flow | unavailable | -24.3 m | -9.7 m | -66.0 m | 14.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 134.6 m USD
- Financial debt
- 947.1 m USD
- Net debt
- 812.6 m USD
- Equity
- 1.6 bn USD
- Total assets
- 2.6 bn USD
- Debt / equity
- 0.58x
- Current ratio
- 1.23x
- ROE
- -55.6%
- ROA
- -39.9%
- FCF margin
- 385.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 1.5 m | 4.1 m | 3.6 m | 3.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | — | 54.5 k | 164.9 k | 619.0 k | 1.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | — | 1.4 m ≈ | 4.0 m ≈ | 3.0 m ≈ | 2.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Research & development | — | 13.6 m | 9.7 m | 49.1 m | 42.8 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | — | 10.3 m | 8.9 m | 130.6 m | 119.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -2.0 m | -23.2 m | -16.0 m | -186.0 m | -573.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | — | 59.1 k | 60.4 k | 2.9 m | 7.4 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | — | -23.2 m ≈ | -15.9 m ≈ | -183.1 m ≈ | -565.6 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | — | 2.0 m | 39.4 m | 3.1 m | 27.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -2.0 m | 50.5 m | -58.2 m | -400.9 m | -711.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 0 | 200 | 1.1 k | 0 | 560.1 k | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -2.0 m | 50.5 m | -58.2 m | -400.9 m | -712.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | — | 0.58 | -0.67 | -2.36 | -2.80 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | — | 87.5 m | 87.5 m | 169.6 m | 254.5 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 327.7 k | 989 | 2.6 m | 170.2 m | 134.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | — | — | 81.0 k | 17.4 k | 244.5 k | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 568.7 k | 169.3 k | 3.0 m | 784.3 m | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | — | — | 29.2 k | 4.4 m | 3.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | — | — | 0 | 120.9 m | 120.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 25.4 m | 19.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 294.0 m | 300.5 m | 3.4 m | 938.3 m | 2.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | — | — | 871.2 k | 1.5 m | 3.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | — | — | 0 | 4.8 m | 946.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | — | — | — | — | 442.6 k | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.3 m | 23.5 m | 65.3 m | 17.3 m | 980.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 11.3 m | 33.5 m | 70.1 m | 24.7 m | 982.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | -59.1 m † | -8.6 m | -66.8 m | 913.6 m | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -1.1 m | -24.2 m | -9.7 m | -61.0 m | 14.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | — | 84.5 k | 2.2 k | 5.0 m | 573.5 k | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | — | -24.3 m ≈ | -9.7 m ≈ | -66.0 m ≈ | 14.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -293.3 m | -84.5 k | -2.2 k | -618.6 m | -2.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 294.7 m | 15.4 m | 2.5 m | 847.2 m | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 2.9 m | 53.6 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 37 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet9
- Valuation6
- Quality32
- Growth76
- Returns94
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.92 – 3.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.92 – 3.91 (Mid 1.96)WACC 7.4% · starting FCFF 47.3 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 36.5%
- Peers: EV/Salesunavailable · insufficient data
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 37/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 33.7% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | -20,955.8% | 3 (vs peers) | 9% |
| FCF margin · Quality | 187.8% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 35.8% | 100 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 1.8% | 27 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 9 (on a fixed band) | 7% |
| EV/Sales · Valuation | 443.2x | 0 (vs peers) | 18% |
| FCF yield · Valuation | 0.7% | 14 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 3.6% | 94 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial9/100 · 1/2 factors with a value
- Growth76/100 · 2/2 factors with a value
- Quality32/100 · 3/3 factors with a value
- Returns94/100 · 1/1 factors with a value
- Valuation6/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Trump Media & Technology Group Corp. (DJT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.7 m USD in 2025; YoY growth 1.8%; net margin -28,867.7%; ROE -78.9%.
The estimated value range is 0.92–3.91 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.96 USD, the price of 4.49 USD leaves a potential of -56.3% (value / price − 1) and a margin of safety of -129.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF margin: 187.8%
- Revenue CAGR 3Y: 35.8%
- Shareholder yield (distributions): 3.6%
What contradicts it
- Gross margin: 33.7%
- EBIT margin: -20,955.8%
- Revenue growth (YoY): 1.8%
- Current ratio: 1.0x
- EV/Sales: 443.2x
- FCF yield: 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -14.3% | -7.1% | +16.6% | −61% / −48% |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −68% / −70% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +29% / +30% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| TBLATaboola.com Ltd. | 921.2 m | 7.0 | 14.3% | 6.8% | +8.3% | −33% / −21% |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −27% / −38% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| MFMindForge Inc. | 172.5 m | — | -167.2% | -222.9% | −49.9% | −83% / unavailable |
| GOAIEva Live Inc | 31.8 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 27.2 m | — | -2.3% | -12.4% | +38.6% | −66% / −100% |
| TEADTeads Holding Co. | 27.0 m | — | -196.2% | -43.3% | +46.1% | −61% / −93% |
1- and 3-year price returns: for DJT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Trump Media & Technology Group operates the Truth Social platform, the Truth+ streaming service and the Truth.Fi financial brand, and holds a bitcoin treasury strategy alongside them. The company, which is preparing a merger with TAE Technologies, could change its profile, but it still depends on very small revenue compared with its losses, especially those on digital assets 3.
SWOT
Strengths
- The company has a solid asset position, with financial assets of close to two billion, which gives it flexibility in periods of strain.
- The Truth Social brand is tied to a very well-known public figure, which attracts attention and a loyal user community.
- The company has a diversified product structure, from social networks to streaming and financial services, that can support an integrated strategy.
Weaknesses
- Operating revenue is very small relative to the balance sheet, and net losses are large, mostly from unrealized losses.
- The company depends heavily on the popularity and reputation of a single public figure, and changes there could affect the brand.
- Legal costs have been high in the past, and internal control material weaknesses were reported earlier.
Opportunities
- The launch of Truth API could create a new revenue stream from data licensing to institutional clients.
- If the TAE merger is completed, the company could enter the energy sector and diversify its activities.
- Monetizing Truth+ through advertising and Patriot Package subscriptions could increase streaming revenue.
Threats
- A decline in the value of digital assets could continue to weigh on the balance sheet and financial results.
- Competition with large social and streaming platforms could limit the company's ability to attract users and advertisers.
- Regulatory changes for digital assets could materially change the company's business model.
Risks
- Bitcoin and Cronos volatilityhigh
Financial results depend on the price of digital assets, and a decline could seriously affect the balance sheet and financing capacity.
- Indebtedness and collateralhigh
Convertible notes and collateral requirements could limit the company's ability to finance its strategy and operations.
- Dependence on a public figuremedium
The brand is closely tied to the popularity of one public figure, and changes there could affect revenue and audience.
- TAE mergermedium
Completion depends on shareholder and regulatory approvals, and if it does not happen, the company could suffer negative consequences.
- Litigationmedium
Lawsuits over published content or other matters could generate high costs and damage the company's reputation.
Investment thesis
What would need to be true (bull case)
- If Truth API confirms adoption and legal costs fall, the company could show a clear improvement in its cost structure and revenue.
- Large financial assets could provide the resources needed to complete the merger and support growth at Truth+ and Truth Social.
- If the digital asset strategy becomes more disciplined, the company could manage volatility better and reduce unrealized losses.
What would break the thesis
- Revenue remains very small relative to losses, and if it does not grow, dependence on digital assets could become a serious problem.
- The TAE merger could dilute current shareholders and bring new risks if integration proves harder than expected.
- If the popularity of the figure tied to the brand declines, the company's platforms could lose users and advertisers.
What to watch
- Completion of the TAE Technologies merger and regulatory approvalsQ4 2026
- Truth API revenue and number of customer agreementsQ3 2026
- Level of legal and general administrative costs after legacy litigation is resolvedQ3 2026
- Evolution of digital assets and unrealized losses in the quarterly reportnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TMTG operates Truth Social, a social media platform established as a safe harbor for free expression, Truth+, a TV streaming service with live channels and on-demand content, and Truth.Fi, a financial services and FinTech brand 1. The company has also adopted a digital asset treasury strategy that includes bitcoin, to help ensure its financial freedom 1. In the second quarter of 2026, revenue was 1.7 million USD, up 89% from the year-earlier quarter 3.
Truth API, launched on August 1, 2026, is the company's first data licensing product, a B2B subscription offering low latency access to public posts from certain top Truth Social accounts 3. The company says it has already signed several customer agreements 3.
The Trump Media Group CRO Strategy and the proposed merger with TAE Technologies are the major structural projects, and the company says the merger could close in the fourth quarter of 2026, subject to regulatory conditions 13.
Segments
Truth Social
Truth Social is the company's social media platform, with features such as direct messaging, groups, a for-you feed and the Patriot Package subscription, and in 2026 the company also launched Truth API as a data product 12.
Truth+
Truth+ is a TV streaming service with live news channels and on-demand content, available globally since July 2025, and the company is working on monetizing it through advertising and subscriptions 1.
Market context
The company operates in the social media and streaming markets, where competition with large technology and media operators is intense, while it extends into financial services and data. Its revenue remains very small relative to the size of its balance sheet, so performance depends heavily on digital assets and the regulatory framework 3.
The digital asset and bitcoin market is volatile, and the company acknowledges that unrealized losses on such assets strongly influence results, as seen in the second quarter of 2026 13.
Trends
- Digital asset volatilityheadwind
The value of bitcoin and Cronos could strongly influence financial results and the price of listed securities, and unrealized losses dominated the second quarter 2026 result 13.
- Data licensing from social platformsmixed
The launch of Truth API opens a new revenue stream from data, but the product has only just begun to be adopted and has drawn public criticism 3.
- Lower legal spendingtailwind
The company says that resolving legacy litigation could significantly reduce general and administrative costs, leaving more room for growth 3.
- Consolidation through mergermixed
The merger with TAE Technologies could shift the company's profile toward energy, but it involves dilution for current shareholders and multiple closing conditions 13.
Competitive position
Truth Social competes with very large social media and streaming platforms that have far larger user bases. The company stresses that success depends on attracting and retaining a sufficient audience, and that competition is an ongoing threat 1.
In financial services and digital assets, TMTG is compared with traditional funds and entities holding bitcoin, and its stated advantage is its positioning toward a conservative niche 1.
- Meta PlatformsMETA
Social network operator with a far larger audience that competes directly for user attention and advertising.
- Alphabet (YouTube)GOOGL
Video and content platform competing with Truth+ for streaming audiences and advertising budgets.
- Rumble
Video and content platform with a similar free-speech positioning that competes for the same audience.
- Traditional streaming services
Streaming and TV channel services that compete with Truth+ for viewers' attention and distribution.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Rezultatele alegerilor intermediare din SUA, o lovitură pentru afacerile lui Trump: acțiunile Trump Media și moneda TRUMP au scăzutAdevărul · 05 Nov 2026 · RO
- Reacția lui Trump la alegeri: veto și piețe - AdmiralsSurge — Google News · 05 Nov 2026 · RO
- Trump’s wealth dented after Democrats trounce Republicans in midtermsThe Guardian World · 04 Nov 2026 · EN
- Acțiunile companiei lui Donald Trump s-au prăbușit cu 11% după victoria democraților. Ce se întâmplă cu Truth SocialLibertatea.ro · 04 Nov 2026 · RO
- Stocks making the biggest moves premarket: Trump Media, Tesla, CoreWeave, Novo Nordisk and moreCNBC — Top News · 04 Nov 2026 · EN
- Trump Media shares rise by over 5% amid US midterm electionsTASS (RU, EN) · 03 Nov 2026 · EN
- Trump Media advisor Katie Zacharia named White House press secretaryCNBC — Top News · 11 Oct 2026 · EN
- Consilier de la Trump Media & Technology Group devine secretar de presă al Casei Albe. - Vietnam.vnSurge — Google News · 10 Oct 2026 · RO
- Consilier de la Trump Media & Technology Group devine secretar de presă al Casei Albe. - Vietnam.vnSurge — Google News · 10 Oct 2026 · RO
- Trump Media advisor Katie Zacharia offered White House press secretary roleCNBC — Top News · 09 Oct 2026 · EN
- Live updates: Trump media ban returns to court; WH science summit includes awards for Musk, HuangThe Hill · 08 Oct 2026 · EN
- Donald Trump media ban blocked by U . S . federal judgeSurge — GDELT DOC · 24 Sept 2026 · RO
- Trump Media Ban Temporarily Blocked By Judge ; Credentials Must Be RestoredSurge — GDELT DOC · 24 Sept 2026 · RO
- San Francisco sues Trump Media for selling early access to Trump postsThe Verge · 22 Sept 2026 · EN
- US TV networks suspend White House pool coverage over Trump media banThe Guardian World · 21 Sept 2026 · EN
- MS Now says reporters denied access to White House after Trump media banThe Guardian World · 19 Sept 2026 · EN
- Trump Media Falls 3% as Rising Yields and Higher Oil Squeeze Risk AppetiteYahoo Finance — News · 01 Sept 2026 · EN
- RUM Group Surges 11% as CEO Vows to Take On CoreWeave and Nebius, Trump Media Holds FlatYahoo Finance — News · 25 Aug 2026 · EN
- RUM Group Rallies 7% on $13.7B GPU Contract, Trump Media Ticks UpYahoo Finance — News · 24 Aug 2026 · EN
- Trump Media CEO defends selling faster access to president's Truth Social posts, says more have signed upCNBC World · 24 Aug 2026 · EN
SEC filings
- Current report30 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Termination of a material agreement · Financial statements and exhibits
- Current report07 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report20 Jul 2026Regulation FD disclosure
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Trump Media & Technology Group Corp. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Trump Media & Technology Group Corp. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Trump Media & Technology Group Corp. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.