Trump Media Clears TAE Merger Filing as Revenue Triples

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $3.0 million, up 205% from a year earlier, as Truth API and Truth+ subscriptions lifted the Media segment.

Trump Media & Technology Group Corp. (DJT) posted $3.0 million of revenue in the third quarter of 2026, up 205% from $1.0 million a year earlier, as the Truth Social operator reported its first quarter with Truth API subscriptions and the SEC cleared the registration statement for its proposed merger with TAE Technologies.

The company said revenue growth was driven primarily by $1.8 million of subscription growth in the Media segment from Truth API, its first data licensing product, which launched on August 1, 2026, and Truth+, along with $0.2 million in management fees from Truth.Fi ETF offerings. Truth API is a business-to-business data feed subscription that provides licensed, low-latency access to publicly available posts from certain top Truth Social accounts. Interim Chief Executive Officer Kevin McGurn said revenue grew on recurring subscription revenue and that the company’s cost structure is inherently leaner.

Legal fees fell to $2.4 million in the third quarter from $20.3 million a year earlier as legacy legal matters were resolved. In the second quarter the company had already said it had substantially resolved those matters and expected significant legal expenses to decline, citing $25.6 million of legal expenses in that period. For the nine months ended September 30, 2026, the company used $28.4 million of cash in operating activities, primarily driven by legal expenses tied to the recently concluded legacy legal matters.

The company reported $409.7 million of net income for the third quarter of 2026, versus a $54.8 million net loss in the third quarter of 2025. The bulk of that net income reflected non-cash items, including $496.1 million of net realized and unrealized gains on digital assets, digital assets pledged, and equity securities, partially offset by $54.0 million of realized and unrealized loss on derivatives, $11.9 million of accreted interest expense, $9.4 million of stock-based compensation and $4.0 million of investment expenses. Adjusted EBITDA loss narrowed to $12.3 million from a $29.1 million loss a year earlier.

TMTG closed the quarter with total assets of $2.5 billion and financial assets of approximately $2.3 billion, compared with $2.0 billion of total assets and about $1.9 billion of financial assets at the end of the second quarter. The company said it believes it is well positioned to complete the proposed merger with TAE in the fourth quarter of 2026, subject to customary regulatory and closing conditions, including approval by TMTG shareholders.

The SEC declared the Form S-4 registration statement effective on November 5, 2026. TMTG filed a definitive proxy statement/prospectus and will hold a special meeting on December 14, 2026, for shareholders of record as of November 2, 2026, to vote on merger-related matters. Completion remains subject to required shareholder, stockholder, and regulatory approvals and other closing conditions. In October 2026, TAE drew the remaining $100.0 million available under its amended and restated convertible promissory note with TMTG.

McGurn said the company is advancing an exciting new chapter for shareholders with the S-4 effective and the special meeting set for December 14, and that TAE’s innovations represent an opportunity to advance American energy independence. The company listed among its strategic priorities implementing a more disciplined institutional management approach to the digital asset component of its treasury framework, continuing to enhance Truth Social and Truth+, scaling its marketing strategy, and monetizing proprietary assets via long-term data licensing.