Trump Media Says 2025 Cash Flow Turned Positive

Trump Media & Technology Group (TMTG), the operator of Truth Social, Truth+, and the Truth.Fi brand, reported full-year 2025 results and said it ended the year with about $2.5 billion in financial assets. The company also said it generated positive operating cash flow of $14.8 million in 2025.

The update was published alongside TMTG’s Annual Report on Form 10-K filing, which the company said would be filed with the SEC on February 27, 2026.

Financial assets triple, with crypto included

TMTG said its financial assets at the end of 2025 totaled approximately $2.5 billion, up from $776.8 million at the end of 2024. The company said those assets include cash, restricted cash, short-term investments, equity securities, a note receivable, digital assets, and digital assets pledged.

TMTG said the larger balance sheet supports its strategic priorities, including M&A, expansion of Truth Social and Truth+, growth of Truth.Fi (including “newly launched” ETFs and SMAs), and continued integration of its “cryptocurrency strategy” into operations and financial planning.

Positive operating cash flow and an options strategy payout

TMTG said operating cash flow for 2025 was $14.8 million, compared with a $61.0 million operating cash outflow in 2024. The company also said it produced positive and growing cash flow in each of the last three quarters of 2025.

Separately, it said it earned $44.0 million in cash proceeds from a covered-put options strategy tied to its bitcoin treasury hedging activities.

CEO and Chairman Devin Nunes said the company is in a “crucial period” of expansion and diversification and described the balance sheet as enabling both acquisitions and new product launches such as Truth.Fi offerings.

A large net loss, driven mainly by digital asset marks

For 2025, TMTG reported a $712.3 million consolidated net loss, which it said was mostly driven by unrealized losses related to a drop in the price of digital assets and digital asset-related securities.

The company said this included:

• $403.2 million in non-cash losses from changes in the fair value of digital assets and digital assets pledged, and
• $178.8 million in non-cash losses from fair value mark-to-market of digital asset-related securities.

TMTG also reported $3.7 million in revenue for the year and cited non-cash items including $59.2 million in stock-based compensation and $27.0 million in non-cash interest expense, contributing to an adjusted EBITDA loss of $664.4 million.

Why it matters for crypto

• Another public company is explicitly embedding crypto strategy into corporate planning, alongside core media/fintech products.
• The results show how fair-value marks on digital assets can dominate reported earnings even when operating cash flow improves.
• Treasury “hedging” via options is becoming part of the playbook for firms holding bitcoin exposure.
• Large “financial assets” figures that include pledged digital assets highlight how treasury design and collateralization matter for risk.

What to watch next

• Details in the filed 10-K on the size, composition, and risk treatment of digital assets and pledged digital assets.
• Updates on Truth.Fi’s “newly launched” ETFs/SMAs and whether crypto exposure is part of those products.
• Any follow-up disclosure on the covered-put options strategy and how it’s managed across market regimes.
• Progress on the company’s stated M&A strategy and how it ties into its crypto and fintech roadmap.

Source: Trump Media & Technology Group