Trump Media & Technology Group reported net income of $409.7 million for the third quarter of 2026, but said much of the profit came from non-cash items. Gains on digital assets and equity securities totaled $496.1 million, dwarfing revenue of $3 million, while adjusted EBITDA remained negative at $12.3 million. The results show why net income alone offers a limited view of the company’s operating performance.
Digital asset and securities gains totaled $496.1 million
For the quarter ended September 30, realized and unrealized gains on digital assets, staked digital assets and equity securities came to $496.1 million. The company’s quarterly filing attributed $378.1 million to digital asset-related items, including Bitcoin and Cronos (CRO).
Digital asset gains included about $200.8 million in unrealized gains on staked assets, $107.5 million in unrealized gains on digital assets, and about $69.9 million from derecognizing digital assets. Derecognition removes an asset from the balance sheet; the resulting accounting gain does not necessarily represent cash received during the quarter.
The company also reported about $98.3 million in unrealized securities gains and $19.7 million in realized gains, primarily reflecting higher prices for Bitcoin-related securities. Those gains were partly offset by $54 million in realized and unrealized derivative losses. Other expenses included $11.9 million in accrued interest, $9.4 million in stock-based compensation and $4 million in investment expenses.
The $496.1 million in gains is not the same as net income, nor does it by itself explain the full net-income calculation. Realized, unrealized and derecognition gains are distinct accounting items, and net income also reflects other income and expenses.
Revenue rose, but adjusted EBITDA remained negative
Third-quarter revenue increased 205% year over year. The company rounded the figure to about $3 million, compared with roughly $1 million a year earlier; its filing reported revenue of about $3 million versus $972,900 in the year-earlier quarter.
Trump Media attributed the increase to several businesses. Truth API and Truth+ added about $1.3 million in subscription revenue, Truth Social advertising revenue rose by $523,300, and Truth.Fi ETF management fees contributed $164,000. Despite the revenue growth, adjusted EBITDA was a loss of $12.3 million. The measure excludes items including digital asset and investment gains or losses, interest, taxes, depreciation and amortization, and stock-based compensation.
As of September 30, Trump Media reported total assets of $2.5 billion, including about $2.3 billion classified by the company as “financial assets.” This non-GAAP category includes cash, restricted cash, short-term investments, equity securities, notes receivable and accrued interest, digital assets, and staked digital assets. The company cautioned that the figure should not be treated as a liquidity measure and is not equivalent to its Bitcoin holdings alone.
Nine-month results remained in the red
Despite the third-quarter profit, Trump Media recorded a consolidated net loss of about $234.2 million for the first nine months of 2026. The company also said it used $28.4 million in cash from operating activities over the nine months ended September 30, mainly in connection with expenses related to historical legal matters that had recently concluded.
The quarter’s $409.7 million net profit therefore needs to be considered alongside its sources, cash flow and adjusted operating measure. Digital asset and securities valuation changes had a substantial effect on reported results, while revenue and adjusted EBITDA presented a different picture of the company’s operating business.