Trump Media & Technology Group reported a sharply wider second-quarter loss as declines in the value of its cryptocurrency holdings weighed on results, while the company outlined plans to refocus its business around Truth Social and its new data service.
The company recorded a net loss of $238.1 million for the three months through June, compared with about $20 million a year earlier.
Revenue rose to $1.7 million from $0.9 million in the same period last year, while the per-share loss widened to 86 cents from 8 cents.
Excluding unrealized crypto losses, taxes, interest and other items, operating losses increased to $164 million from $44 million.
Interim Chief Executive Kevin McGurn said Trump Media would largely retreat from its yearlong push into several new industries, including online betting and cryptocurrency, and concentrate resources on its social media operations.
Much of the quarterly loss reflected unrealized declines in Trump Media's holdings of bitcoin and Cronos as digital assets faced pressure during the April-to-June period.
The company's shares fell slightly in after-hours trading after declining 8% during regular trading.
Trump Media ended the quarter with more than $400 million in cash and short-term investments, alongside $1.2 billion in bitcoin and bitcoin-related assets.
It also has $1 billion in debt through convertible notes due in 2028, although lenders can seek repayment in November.
A central part of the company's strategy is Truth API, a licensed data feed launched August 1 that provides customers rapid access to posts from influential Truth Social accounts, including President Donald Trump's.
Trump Media said it has signed more than 10 customer agreements, with McGurn saying prices range from $60,000 to $100,000 per month.
Customers are mostly high-frequency trading firms, although the company sees potential demand from data centers, news organizations and large language model developers.
The service has drawn criticism from watchdog groups and Democrats, while McGurn has defended commercial access to real-time public data as an established industry practice.
Trump Media will also continue pursuing its proposed merger with fusion energy developer TAE Technologies, which McGurn said the company hopes to complete by year-end.