Trump Media and Technology Group reported just $3.7 million in total revenue for fiscal year 2025. In the same year, the company posted a net loss of $712.3 million.
The gap between those two numbers has become a flashpoint for critics who argue the results undercut President Donald Trump’s image as a successful businessman.
On a recent episode of The Bulwark, commentator Tim Miller summed up his reaction: “This is the businessman you guys put in.”
A Tiny Revenue Figure, A Massive Loss
According to the company’s filing, Trump Media brought in $3.7 million in revenue for the full year.
At the same time, it recorded a consolidated net loss of $712.3 million.
A large portion of the losses came from exposure to digital assets.
The company reported $403.2 million in non-cash losses tied to changes in the fair value of digital assets and another $178.8 million in losses related to digital asset securities.
It also logged $59.2 million in non-cash stock-based compensation and $27 million in interest expenses on outstanding debt.
Altogether, those figures resulted in an adjusted EBITDA loss of $664.4 million.
The company operates Truth Social, its social media platform, along with Truth+, a streaming service. It has also announced plans to launch Truth.Fi, a financial services brand.
Despite the losses, Trump Media has said it plans to spin off certain units, including Truth Social, into a new publicly traded company as part of a broader restructuring effort.
Rally Remarks And Political Backdrop
The financial news surfaced the same week Trump held a rally in Texas, where he made headlines for several comments.
He floated the idea of putting Sen. Ted Cruz on the Supreme Court, saying, “I’m thinking about putting him in the Supreme Court.”
He also revived talk of serving beyond a second term, telling supporters, “Maybe we do one more term. Should we do one more term?” and claiming, “We’re entitled to it because they cheated like hell in the second right? We would actually be entitled to it.”
During the rally, Trump congratulated Rep. Tony Gonzales, who has faced scrutiny over a personal scandal.
But it was the company’s financial filing that drew the sharpest reaction from critics.
‘If It Wasn’t So Dark, It’d Be Really Funny’
Miller highlighted the contrast between revenue and losses in dramatic terms.
“Trump Media Technology Group, the parent company of Truth Social, brought in 3.7 million in revenue and lost 712 million,” he said.
He continued, “If it wasn’t so dark, it’d be really funny.”
Miller argued that even a small blog can generate more than $3.7 million annually, questioning how a high-profile social media platform tied to a sitting president could post such limited revenue.
He framed the results as symbolic of broader concerns about management and oversight.
“This is the businessman you guys put in,” he said, referring to Trump’s long-standing campaign message that his private-sector experience qualified him to run the country.
The Business Case Under Scrutiny
Trump has frequently portrayed himself as uniquely capable of managing the economy because of his background in real estate and branding.
Supporters say business experience should translate into strong leadership. Critics point to these numbers and say they tell a very different story.
In simple terms, the company made very little money for a business with this kind of name recognition and public attention, while posting enormous losses.
Much of that was tied to swings in digital asset values and internal expenses.
A big share of the losses were non-cash charges, so it’s not as if $712 million physically left the bank account. Still, a loss of that size is hard to brush aside.
It raises basic questions about how the business is being run and whether the current strategy makes sense.
The planned spin-off suggests executives believe separating parts of the company could give it a fresh start and possibly draw in new investors.
Whether that move will stabilize the company remains to be seen.
For now, the headline numbers stand on their own: $3.7 million in revenue. $712.3 million in losses.
For critics, that contrast reinforces their argument that Trump’s business track record is overstated.
For supporters, the losses may be dismissed as part of a broader investment or growth strategy.
IMAGE CREDIT: “President Donald Trump” by Gage Skidmore, via Flickr. Licensed under CC BY-SA 2.0. Image adjusted for layout.