Revenue reaches $1.7 million as company advances merger and trader service
Trump Media & Technology Group reported its second-quarter results Monday. The company’s loss for the quarter ended June 30 was $238.1 million, compared with a $20 million loss in the same quarter a year earlier.
The company said most of the shortfall consisted of non-cash losses tied to unrealized losses on digital assets, digital assets pledged and equity securities. The same issues also contributed to the company’s losses in the first quarter, according to the report.
Trump Media reported $1.7 million in second-quarter revenue, up 89% from the same period a year earlier.
Interim Chief Executive Officer Kevin McGurn said Trump Media was making meaningful progress toward a proposed merger with TAE Technologies, a nuclear-fusion company. McGurn described the proposed merger as the most important driver of long-term shareholder value.
McGurn also said Truth Social was entering an expanded content phase. He referred to a new service that allows traders to pay for instant access to President Trump’s Truth Social posts.
According to McGurn, the product was already generating revenue and had more than 10 customer agreements signed.
The company also said it was terminating several previously announced deals with Crypto.com following a nearly year-long slump in digital assets.