Trump Media & Technology Group is discovering once again that going viral doesn’t always mean going profitable.

The Truth Social parent reported a net loss of $54.8 million last quarter… roughly 56 times higher than its total revenue of $972,900. To put simply: less than $1 million in revenue, against nearly $55 million in red ink.

Shares of DJT (one of retail traders’ favorite “patriot plays”) slipped more than 3% Friday morning to $12.81, hitting a new 52-week low.

The quarter’s losses ballooned thanks to $20.3 million in legal expenses, mostly tied to the company’s 2024 SPAC merger with Digital World Acquisition Corp…. a deal Trump Media itself called “one of the longest in history.”

Since going public in March, the company has struggled to translate Trump’s high-profile presence on Truth Social into meaningful ad revenue. The platform remains his main megaphone, but monetization hasn’t kept pace with the headlines.

CEO Devin Nunes, a former congressman turned media executive, insisted the quarter was “crucial” to the company’s future, highlighting new crypto ventures and infrastructure expansions. But Wall Street wasn’t buying the growth story.

Trump Media’s balance sheet also took a hit from its bitcoin and Cronos holdings.  Bitcoin’s value dropped after the quarter ended, while Cronos fell sharply… erasing most of the $33 million in unrealized gains the company briefly enjoyed. The crypto strategy, meant to act as a “treasury hedge,” now looks more like a speculative side hustle than a stabilizing asset.

Despite Nunes touting “extraordinary partnerships” and “uncancellable infrastructure,” Trump Media still doesn’t disclose core user metrics like daily or monthly active users… something every major social platform reports. Without that transparency, it’s hard for analysts to gauge real growth or advertiser appeal.

Revenue for the third quarter was down 3.8% year over year and up just 10% from Q2… an improvement, but still minuscule in absolute terms.

The company’s fortunes remain tightly bound to Trump’s online activity and political momentum. With campaign season heating up, Truth Social engagement could rise… but so could legal costs and volatility.

For now, DJT stock continues to trade more like a political sentiment tracker than a media business. And unless those crypto bets start paying off (or Truth Social starts bringing in impressive ad revenue) the next quarterly report might make this one look like a good quarter.

At the time of publishing this article, Stocks.News holds positions in Bitcoin and Ethereum as mentioned in the article.