❯ Trump Media posts about $410 million in quarterly profit as digital asset gains lift earnings

A profitable quarterTrump Media & Technology Group reported third-quarter results on November 9. Net income was $409.7 million, compared with a $54.8 million loss a year earlier. About $378 million in net realized and unrealized gains on digital assets and pledged digital assets accounted for most of the quarter’s profit.

Subscriptions bring in additional salesRevenue rose 205% year over year to $3 million. Media subscription revenue from Truth API and the Truth+ video service increased by a combined $1.8 million. Truth API went live on August 1 as the company’s first data licensing product, giving institutional customers a low-latency feed of public posts they can connect to their own systems.

The media business is still smallThe company recorded an adjusted EBITDA loss of about $12.3 million. That measure excludes items such as gains on digital assets. Data licensing adds a subscription stream to the media business, while changes in asset prices continue to move net income.

▮ SIGNALInstitutional subscription growth is a better way to track Truth API’s progress, since changes in digital asset prices can move quarterly net income by far more than the subscription business does.