Trump Media & Technology Group — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total assets closed at $2.5 billion, with financial assets (cash, restricted cash, short-term investments, equity securities, note receivable, accrued interest, digital assets, and pledged digital assets) totaling approximately $2.3 billion.
• Revenue for the quarter ended September 30, 2026, was $3.0 million, representing a 205% year-over-year increase from $1.0 million in the third quarter of 2025.
• Net income for the quarter was $409.7 million, primarily driven by non-cash net realized and unrealized gains on digital assets, digital assets pledged, and equity securities totaling $496.1 million.
• Adjusted EBITDA for the quarter was a loss of $12.3 million, offset by realized and unrealized losses on derivatives ($54.0 million), accreted interest expense ($11.9 million), stock-based compensation ($9.4 million), and investment expenses ($4.0 million).
• For the nine months ended September 30, 2026, cash used in operating activities was $28.4 million, largely due to legal expenses associated with concluded legacy legal matters.
• Legal fees declined to $2.4 million in the third quarter of 2026 from $20.3 million in the same period in 2025.

Guidance and Future Outlook:

• The Company aims to complete its proposed merger with TAE Technologies, Inc. in the fourth quarter of 2026, subject to shareholder, stockholder, and regulatory approvals.
• Strategic priorities include implementing a disciplined management approach for the digital asset treasury component to manage volatility and improve balance sheet productivity.
• Plans include scaling marketing strategies to leverage the total addressable market for Truth Social and Truth+, and monetizing proprietary assets through long-term data licensing products.
• A special shareholder meeting is scheduled for December 14, 2026, to vote on merger-related matters.

Business Segments and Product Lines:

• Revenue growth was driven by $1.8 million in subscription growth within the Media segment, attributed to Truth API (launched August 1, 2026) and Truth+.
• The Media segment also contributed $0.2 million in management fees from Truth.Fi ETF offerings.
• The Company operates Truth Social (social media), Truth+ (video streaming), and Truth.Fi (financial services and FinTech).

Market and Competitive Landscape:

• The Company positions its platforms as alternatives to "Big Tech," aiming to provide a safe harbor for free expression.
• The merger with TAE Technologies is framed as an opportunity to advance American energy independence through TAE's innovations.

Risks and Challenges:

• Completion of the merger with TAE is subject to customary regulatory and closing conditions, including shareholder approval.
• Forward-looking statements highlight risks related to the commercial viability of technology, legal proceedings, financing availability, digital asset valuation fluctuations, and regulatory approvals.
• Potential risks include the inability to achieve or maintain profitability, delays in fusion power plant development, and adverse economic or competitive conditions.

Management Commentary and Tone:

• Interim CEO Kevin McGurn stated that the focus on business fundamentals is paying off, citing 205% revenue growth on recurring subscriptions, a leaner cost structure, and balance sheet flexibility.
• Management expressed confidence in advancing a new chapter for shareholders with the effective S-4 registration and upcoming special meeting.
• The tone emphasizes a commitment to independent, uncancellable media technology and the potential of TAE's innovations.

Other Key Points:

• The SEC declared the Form S-4 registration statement for the proposed merger with TAE Technologies effective on November 5, 2026.
• In October 2026, TAE drew the remaining $100.0 million available under its amended and restated convertible promissory note with TMTG.
• The Company hosts an earnings conference call at 5:00 pm E.T. on November 9, 2026, with Interim CEO Kevin McGurn and CFO Phillip Juhan.
• Financial Assets and Adjusted EBITDA are presented as non-GAAP financial measures; a reconciliation of Adjusted EBITDA to net income is provided in the release.