Trump Media & Technology Group (DJT) earned $409.7 million in Q3, reversing a $238.1 million loss in Q2. Gains on the crypto and equity holdings behind most of that Q2 loss drove the turnaround.
The Truth Social parent’s core business still ran at a loss. That leaves its quarterly earnings swinging with the prices of assets on its balance sheet.
How Much of Trump Media’s $410 Million Came From Its Business?
Net gains on digital assets, pledged digital assets, and equity securities reached $496.1 million, the company’s earnings release shows.
Digital assets, including pledged ones, contributed $378.1 million of that total. At quarter-end, the company held 4,264 BTC and had pledged another 11,385 BTC for its options strategy.
Trump Media values these holdings at market prices each quarter. Price moves therefore flow straight into net income.
In Q2, the same holdings produced $190.4 million in unrealized losses, driving most of its second-quarter loss.
Revenue rose 205% year-over-year to $3.0 million from $1.0 million. Subscriptions to Truth+ and Truth API, its data licensing product, drove the growth.
“We’ve remained committed to capitalizing on our business fundamentals, and that focus is paying off,” Interim CEO Kevin McGurn said.
Still, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a $12.3 million loss.
The Q3 profit also falls short of erasing earlier damage. Trump Media earnings show a $234.2 million net loss for the first nine months of 2026.
DJT stock closed at $4.06 on Monday, up 1.75% from $3.99, before the results came out. After the release, shares added 0.99% to $4.10 in after-hours trading.
The stock had set a record low close after the November 3 midterm elections.
Why November 30 Matters for Trump Media
Trump Media’s quarterly filing lists $976.8 million in convertible notes as current liabilities. The notes mature in May 2028, but holders can demand cash repayment on November 30.
Against that, the company held about $393 million in cash and short-term investments as of September 30.
The notes are also backed by a collateral pool. It includes 4,260.73 BTC worth $356.1 million, $331.4 million in Bitcoin-related assets, and $31.0 million in restricted cash.
Last week, wallets linked to the company reportedly moved 4,259 BTC to Crypto.com. That nearly matches the BTC in the collateral pool.
Trump Media’s other Bitcoin, worth $951.4 million, is pledged to its options strategy.
The Q3 profit reflects asset prices on September 30. The next filing will reprice the same holdings at December 31, after the note deadline passes.
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