Trump Media posts $410M profit, but crypto hides an operating loss

Trump Media & Technology Group reported $409.7 million in net income for the third quarter of 2026, saying most of it reflected non-cash items, as gains on digital assets and equity securities drove the result.The company announced the results for the quarter ended Sept. 30 in its Nov. 9 earnings release, furnished with a Form 8-K. It reported combined net realized and unrealized gains on digital assets and pledged digital assets and equity securities of $496.1 million.Trump Media reported $3 million in quarterly revenue and a $12.3 million loss in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).The release's reconciliation and accompanying quarterly filing separately identify $378.1 million in realized and unrealized gains on digital assets and digital assets pledged, namely Bitcoin and Cronos.Q3 2026 · Quarter ended Sept. 30$496.1MCombined realized andunrealized gains$378.1MDigital assets + pledged digital assets$118.0MEquity securities$409.7MReported net incomeCompany says the bulk reflected non-cash items.76%24%Q3 2026 · Quarter ended Sept. 30$496.1MCombined realized and unrealized gains$378.1MDigital assets +pledged digital assets$118.0MEq...