DJT

• Strategic Merger with TAE Technologies

  • TMTG continues to make progress on the proposed merger with TAE Technologies, a pioneer in advanced fusion energy. Management remains on track to target closing the transaction by the end of 2026, subject to customary regulatory and closing conditions. The next key milestone is the filing of the initial draft Form S-4 registration statement.
  • The merger aligns with TMTG's core philosophy of building independent, uncancelable infrastructure: as demand for energy for AI and data centers grows exponentially, fusion energy will provide energy security for TMTG's operations and support U.S. AI competitiveness against China. Post-merger, fusion will be TMTG's largest weighted and highest long-term growth opportunity, alongside bitcoin and media.
  • Post-close, TMTG will maintain flexibility to monetize, spin off, or restructure individual operating units based on strategic and financial value, to allocate capital to the highest return opportunities.

• Capital Management and Digital Asset Treasury

  • TMTG terminated its proposed business combination with Crypto.com and Yorkville Acquisition Corp. and scaled back its original prediction market partnership, pivoting to a limited marketing agreement for Crypto.com's prediction market products. This decision was made to free up capital and personnel time for core priorities: closing the TAE merger, growing the media business, and optimizing the digital treasury.
  • TMTG has resumed active, disciplined management of its digital asset treasury, focused on diversification, prudent risk management, active hedging, and responsible yield generation. The company transitioned to third-party institutional management of the treasury in Q2 2026. As of June 30, TMTG held 9,477 bitcoins plus 2,077 bitcoins pledged to a BTC yield program, and 14.4 million shares of IBIT; in July 2026, it converted part of its IBIT holdings to an additional 2,534 bitcoins to align with its new institutional management framework.

• Media and Technology Operational Progress

  • Truth+ has exited beta and launched broad commercial availability, with marketing initiatives to drive subscriber acquisition, audience growth, and advertising expansion. Truth Social has expanded its content strategy to include vertical short-form video and premium long-form programming, supported by growth marketing. The two platforms operate as a unified ecosystem: short-form content drives user discovery, while premium long-form content boosts engagement and lifetime value, creating a growth flywheel.
  • Truth API, a B2B low-latency data feed of public posts from top Truth Social accounts, launched August 1, 2026. As of the call, over 10 customer agreements (mostly with high-frequency trading firms) have been signed at monthly rates of $60,000 to $100,000. TMTG is in active talks with large tech hyperscalers, major news organizations, and large language model developers, and is exploring expansion to retail trading and prediction market data licensing. TMTG has also launched efforts to stop unauthorized scraping of its proprietary data to protect monetizable shareholder value.

• Investor Communications

  • Starting with this inaugural earnings call, TMTG will adopt a more open, regular approach to investor communications, providing more frequent updates and clearer context around corporate strategy than in the past.

• Management reaffirmed its target to close the proposed merger with TAE Technologies by the end of 2026, though it cannot commit to a specific date due to regulatory process uncertainties.
  • Legacy SPAC litigation legal expenses are expected to moderate significantly in coming quarters after the July 2026 resolution of remaining SPAC-related matters, with only a small residual expected in Q3 2026.
  • Truth API is in early stages of commercialization, but management expects it can grow into a meaningful, durable revenue contributor over time alongside existing advertising, subscription, and digital asset lines of business.
  • Going forward, TMTG will increasingly record yield income from its digital treasury in bitcoin rather than fiat dollars, which is expected to reduce reported operating cash flow relative to recent quarters.

Trump Media and Technology Group (TMTG) reports total Q2 2026 revenue of $1.7 million, with contributions from three core business segments: 1) Media segment (Truth Social and Truth+): Revenue comes primarily from barter advertising on Truth Social and subscriptions to Truth+'s Patriot Package beta launch; this segment represents the majority of TMTG's current core operating revenue. 2) Financial products segment: Revenue comes from management fees earned on Truth.Fi ETF offerings, which contribute a smaller portion of total Q2 2026 revenue. 3) Technology segment (Truth API): Launched August 1, 2026, after the end of Q2, so it contributed negligible revenue in the quarter. The company's gross financial assets totaled $1.9 billion as of June 30, 2026, split as: $215 million cash, $31 million restricted cash, $209 million short-term investments, and $1.2 billion in bitcoin and bitcoin-related assets. Net financial assets after debt were $893 million. Operating expenses for Q2 2026 were $165.2 million, with $116.6 million of that from mark-to-market losses on bitcoin holdings, plus legacy SPAC litigation costs. Net loss for the quarter was $238 million, with a non-GAAP adjusted EBITDA loss of $223.5 million.

• The timing of the TAE Technologies merger is uncertain, as completion depends on the SEC regulatory review process which can introduce unforeseen delays.
  • TMTG's financial results are heavily exposed to bitcoin price volatility: large mark-to-market gains and losses on bitcoin and bitcoin-related securities directly impact reported net income and operating expenses, as seen in the Q2 2026 net loss driven by a 13% drop in bitcoin prices.
  • TMTG must address nearly $1 billion in outstanding convertible notes as they come due, requiring proactive liquidity management and potential refinancing or asset sales.
  • Truth API has faced public criticism over alleged unfair access to data, which could create reputational or regulatory risk for the business.

Q: What is delaying the Form S-4 filing for the TAE merger, and can management commit to a timeline for filing and closing? / A: TAE Technologies, a private company operating for 28 years, is completing required audited financial statements as part of the merger process. TMTG aims to file the S-4 as soon as possible, using TMTG's Q2 2026 numbers, and remains targeting a close by the end of 2026. The SEC regulatory process introduces unforeseeable variables that prevent a firm binding commitment to an exact date.

Q: Why did TMTG restructure its agreements with Crypto.com, particularly for the Truth Predict prediction market initiative? / A: Management made the change to refocus capital and personnel on core priorities: closing the TAE merger, growing the core media business, and expanding advertising revenue. The prediction market space is already crowded with established competitors, so TMTG pivoted from building its own in-house integration to a lower-resource marketing agreement that promotes Crypto.com's existing prediction market products to Truth Social's audience, and TMTG will explore similar partnerships with other providers.

Q: With $1 billion in convertible notes coming due, what is TMTG's specific plan for repayment, refinancing, conversion, or asset sales? / A: Management confirmed it is actively exploring multiple options to address the convertible notes. As of June 30, 2026, TMTG's strong balance sheet with $893 million in net financial assets puts the company in a solid position to meet its liabilities when they come due.

Q: How does TMTG respond to criticism that selling Truth API access gives some traders an unfair advantage in the market? / A: Management called the criticism misinformed. Truth API only provides licensed, low-latency access to posts that are already publicly available on Truth Social, giving customers access fractionally faster than public scraping methods. This is a standard, well-established business model for real-time public data across tech, media, and financial information industries. The offering also deters unauthorized scraping of TMTG's data, protecting shareholder value.