Trump Media posts $409.7 million profit on $3 million of sales: $378 million was crypto gains

Trump Media & Technology Group (Nasdaq: DJT) reported net income of $409.7 million for the third quarter, against a loss of $54.8 million a year earlier, according to its Form 10-Q filed with the SEC on Nov. 9. The headline hides where it came from. Net sales for the quarter were $3.0 million.

The number behind the number

The filing books a $378.1 million gain on digital assets and digital assets pledged in the quarter, against a $16.2 million loss in the same quarter of 2025. The company breaks that gain into three pieces:

• $200.8 million: unrealized gain on pledged digital assets, the change in value since they were derecognized.
• $107.5 million: unrealized gain from higher spot prices of bitcoin and Cronos since June 30 or the purchase date.
• $69.9 million: gain from derecognition of digital assets.

Strip that gain out and the operating picture is a loss. Income from operations was $354.6 million with the gain included; without the $378.1 million, the operating line is a loss of roughly $23.6 million. Net income would still have been positive, around $31.6 million, because of a further $60.0 million of investment income, which the filing attributes mainly to gains on bitcoin-related securities, partly offset by $46.0 million of realized losses on derivatives tied to its bitcoin holdings.

Sales more than tripled from a very small base ($2.97 million versus $0.97 million). Over nine months, net sales were $5.5 million and the net loss was $234.2 million, versus a $106.6 million loss a year earlier. One quarter of mark-to-market gains does not change that year-to-date total.

Costs fell, and the cash is mostly not cash

General and administrative expense dropped to $13.4 million from $31.1 million, mainly because legal fees fell $18.0 million to $2.4 million as older legal matters were concluded. Research and development was $8.8 million.

The company said it ended September with about $2,326.7 million in cash, restricted cash, short-term investments, equity securities, a convertible note receivable, digital assets and related items, against about $977.3 million of debt excluding leases. That total is mostly bitcoin and bitcoin-linked holdings, whose value moves with the market. Cash, cash equivalents and restricted cash alone stood at $213.3 million at Sept. 30, down from $501.9 million a year earlier. Net cash used in operations was $28.4 million over nine months.

The TAE merger

The 10-Q says the pending merger with TAE Technologies was declared effective on Form S-4 on Nov. 5 and is expected to close in the fourth quarter of 2026, subject to conditions. TAE borrowed a further $100 million under its convertible note with Trump Media on Oct. 7. After closing, the board plans to review strategic alternatives for the legacy businesses, including Truth Social, after the planned spin-off was dropped in June.

What it means for the stock

Investing.com's earnings-call summary said the shares rose about 10% on the report; we could not confirm that move from an exchange source. Nasdaq data showed DJT at $4.11 at 5:51 PM ET on Nov. 9. Our own chart puts the shares roughly 75% below their Dec. 19, 2025 peak.

For readers following the company, the practical point is that quarterly earnings now track the price of bitcoin and Cronos far more than the Truth Social business. A quarter like this one can flip to a large loss if those prices fall, as the nine-month figure shows. Related: live crypto prices and today's crypto report.

Sources: Trump Media & Technology Group Form 10-Q (SEC EDGAR) and Form 8-K filed Nov. 9, 2026; Nasdaq quote data; Investing.com earnings-call summary; WSJ. Filing figures are reported in thousands and rounded here. This is market information, not investment advice.