Trump Media swings to a $410 million quarterly profit on crypto and stock gains as revenue reaches just $3 million

Trump Media & Technology Group, the company behind Truth Social, posted net income of $409.7 million for the quarter ended September 30, according to results released on Monday and filed with the SEC. A year earlier it lost $54.8 million, The Block reports.

The swing came almost entirely from the balance sheet. The company booked $496.1 million of net realized and unrealized gains on digital assets, digital assets pledged and equity securities, partly offset by a $54.0 million loss on derivatives. Its operations still lose money: adjusted EBITDA was negative $12.3 million.

Revenue rose 205% to $3.0 million from $1.0 million, which interim chief executive Kevin McGurn credited to recurring subscription revenue. Total assets stood at $2.5 billion, of which about $2.3 billion were financial assets such as cash, investments and crypto.

Because the profit rests on the market value of what the company holds rather than on its business, its results will keep swinging with crypto and stock prices.