The parent company of President Donald Trump's Truth Social platform reported a ten-fold increase in losses for the second quarter on Monday, linked to declines in values of its digital assets.
Trump Media & Technology Group posted a loss of $238.1 million for the quarter ending June 30, the company said in a press release.
This stood in sharp contrast to its $20 million loss for the same quarter in the prior year.
The shortfall was largely due to declines in non-cash assets. This included more than $190 million in losses from "digital assets, digital assets pledged, and equity securities."
The company meanwhile reported $1.7 million in revenue, up 89 percent from the same period a year earlier.
In its first fiscal quarter, Trump Media & Technology Group similarly reported a net loss mostly due to tumbling cryptocurrency valuations.
The president routinely uses Truth Social to make official announcements.
The company added on Monday that it is well-positioned to complete its proposed merger with nuclear-fusion company TAE Technologies in 2026.
