The parent company of Donald Trump’s Truth Social platform – one of the president’s preferred communications channels – lost nearly $406m in the first three months of the year while generating a little over $870,000 in revenue, according to financial filings.

The Trump Media and Technology Group’s quarterly report for January to March 2026 showed that while net sales were up 6% year over year, the company took sizable losses related to other investments.

The vast bulk of the losses were “non-cash losses including unrealized losses on digital assets, digital assets pledged, and equity securities ($368m), accreted interest ($11.5m), and stock based compensation ($11.8m)”, the company said in a press release.

The interim chief executive officer, Kevin McGurn, said in a statement that Trump Media “is using its strong balance sheet and positive operating cashflow to continue growing all our businesses and platform infrastructure”.

McGurn also said, without elaborating, that Truth Social “remains a bastion of free speech with innovative enhancements coming soon”.

Most of the losses stem from $3.5bn in bitcoin buys the company made in 2025 when the cryptocurrency was surging in value and the company announced plans to establish a “bitcoin treasury”. However, the crypto asset’s value has dropped by about a third since then.

The company was set up after Trump was banned from Twitter – now X – and Facebook in 2021 after his supporters attacked the US Capitol when the first of his two presidencies ended in defeat to Joe Biden. While Truth Social has effectively functioned as a bullhorn for the president, it has not flourished more broadly.

The reported losses come five months after Trump Media announced plans to merge in a $6bn deal with a California nuclear fusion company TAE Technologies that aims to power artificial intelligence datacenters.

Nuclear fusion, with its long-held goal of producing limitless energy, has yet to produce more energy than it takes to create.

McGurn said in a statement: “Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value.”