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After the close on November 9, 2026, Trump Media & Technology Group (NASDAQ:DJT) reported third-quarter net income of $409.7 million. A year earlier, it lost $54.8 million. Revenue for the quarter was $3.0 million.
Both figures are accurate under GAAP (generally accepted accounting principles), but they describe two separate businesses, one of which is a small media company that still loses money. The other is a large Bitcoin (CRYPTO:BTC) holder. Its paper gains rose with the coin’s price.
Investors reacted calmly. Shares closed at $4.06 on November 9, up 1.75%, and changed hands at $4.10 at 7:59 p.m. ET, up 0.99% after hours.
That price values the company at $1.13 billion. The stock is down about 69% from $13.24 at the end of 2025.
Bitcoin Gains Produced the Entire Profit
The quarter included $496.1 million of net realized and unrealized gains on digital assets, pledged digital assets and equity securities. Of that total, $378.1 million came from digital assets, and a $54.0 million derivative loss partly offset the gains.
Bitcoin closed at $83,576.13 on September 30, a 42.7% rise from its June 30 close. Trump Media books these gains inside operating results, so GAAP income from operations came to $354.6 million and diluted EPS was $1.38.
When Bitcoin falls, these gains reverse. In the first quarter, unrealized losses of $368.70 million produced a net loss of $405.88 million.
Media Business Still Runs at a Loss
Adjusted EBITDA, which strips out non-cash items such as the crypto gains, was a loss of $12.3 million. That was smaller than the $29.1 million loss a year earlier. Over the first nine months, the company has a net loss of $234.2 million. It has used $28.4 million of cash in operations.
Revenue grew 205% from $1.0 million. The growth came from several sources. These included Truth API, a licensed feed of posts from top accounts that launched August 1, along with Truth+ subscriptions, Truth Social advertising, and Truth.Fi ETF fees. Interim CEO Kevin McGurn credited “recurring subscription revenue” for the increase.
Legal fees fell to $2.4 million from $20.3 million. Even so, net sales of $2.967 million are a very small business for a company valued at over a billion dollars.
Debt and Dilution Shrink the Asset Cushion
CFO Phillip Juhan said the company held about 15,649 Bitcoin, with about 11,385 pledged to a yield program. It also held 7 million shares of iShares Bitcoin Trust (NASDAQ:IBIT). Financial assets were about $2.3 billion.
After debt, management puts net financial assets at about $1.3 billion, the figure to set against the market cap. Holders of nearly $1 billion of convertible notes can ask for repayment through November 30. The company plans to pay them with cash and credit. It says it will not issue new stock to do so.
The TAE Technologies merger adds more pressure. Juhan said the deal takes the share count from about 300 million to about 600 million on a fully diluted basis. Unless TAE brings value of its own, each existing share would own a much smaller piece of the same Bitcoin.
Why One Bitcoin-Driven Quarter Could Mislead DJT Investors
One quarter’s profit equals about 36% of market value, and diluted EPS is about 34% of the share price. Those ratios reflect a single Bitcoin rally that could reverse next quarter.
A price-to-earnings ratio is useful only when earnings repeat. Here, the operating business lost money even on an adjusted basis. A falling bitcoin price would wipe out the gains.
iShares Bitcoin Trust holds Bitcoin directly, without the money-losing media business, convertible debt, or merger dilution. Trump Media owns the fund itself.
Two dates will test this view. If noteholders demand most of the money by November 30, cash and credit will be stretched. If shareholders approve TAE on December 14, 2026, existing holders will own a smaller share of a bigger company.
Contact [email protected] for any questions or corrections.
Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
