v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
SEGMENT INFORMATION [Abstract]  
SEGMENT INFORMATION
NOTE 16 – SEGMENT INFORMATION

We report our operating results through two reportable segments: Media and Truth.Fi:


 •
Media, includes products and services such as advertisement through our Truth Social platform, including Truth Predict, and Truth+ paid streaming subscriptions.

•
Truth.Fi, will provide separately managed accounts (“SMAs”); customized exchange-traded funds and/or exchange-traded products (collectively, “ETFs”) invested in America First principles, and bitcoin and similar cryptocurrencies or crypto-related securities.

The “Corporate & Other” category presented in the following tables is not considered an operating segment. It consists primarily of costs and expenses related to executing our digital asset treasury strategy and includes the realized and unrealized gains and losses from our digital asset treasury strategy, third-party costs associated with our digital asset holding strategy, net interest expense primarily related to long-term debt obligations (used to fund our digital asset treasury strategy), and income tax effects generated from our digital asset treasury strategy and related debt issuance.  We have not dedicated certain corporate resources to our digital asset treasury strategy.

Our Chief Operating Decision Maker (CODM), as of March 31, 2026, is our Chief Executive Officer. Our CODM evaluates the performance of and allocates resources to our segments based on each segment’s earnings before interest, taxes, depreciation and amortization (Segment EBITDA).  Segment EBITDA is defined as segment revenue less operating costs and expenses, excluding depreciation and amortization, interest income or expense (net), provision or benefit for income taxes, change in fair value of derivative liabilities, loss on extinguishment of debt and stock-based compensation expense.  We believe Segment EBITDA serves as a measure that assists our CODM and our investors in comparing our segment performance on a consistent basis.

Our CODM uses cash, cash equivalents, restricted cash, short-term investments, and equity securities as part of the evaluation of performance and allocation of resources within our corporate & other category.  Total assets are not used to evaluate the performance of our segments. For the three months ended March 31, 2026, our Media segment earned revenue of $617.5 and $192.6 from advertising and subscriptions, respectively, with our Truth.Fi segment earning management fees of $61.1.  All revenue for the three months ended March 31, 2025, were earned in the Media segment from advertising.

Review of cash forecast models is used to assess the segment’s results and performance and inform investment decisions by our CODM.  Consolidated net loss and Segment EBITDA are used to monitor budgeted versus actual results.  Additionally, review of budgeted versus actual results is used in assessing performance of the segment.
The following table presents our segment information for the periods indicated:

   
Three Months
Ended March 31
  
   
2026
    
2025
  
Media
            
Revenue
  
$
810.1
    
$
821.2
  
Other segment items(1)
    
(7,685.3
)
    
(5,942.4
)
Segment EBITDA
    
(6,875.2
)
    
(5,121.2
)
                 
Truth.Fi
                
Revenue
    
61.1
      
-
  
Other segment items(2)
    
(789.9
)
    
-
  
Segment EBITDA
    
(728.8
)
    
-
  
                 
Total revenue
    
871.2
      
821.2
  
Total other segment items
    
(8,475.2
)
    
(5,942.4
)
Total Segment EBITDA
    
(7,604.0
)
    
(5,121.2
)
                 
Net loss
  
$
(405,884.2
)
  
$
(31,726.6
)
Interest (income)/expense, net
    
4,239.6
      
(7,808.4
)
Depreciation & amortization
    
1,866.4
      
1,779.2
  
Stock-based compensation
    
11,829.6
      
17,851.7
  
Income taxes
    
98.8
      
-
  
   
$
(387,849.8
)
  
$
(19,904.1
)
Corporate & other
    
380,245.8
      
14,782.9
  
Segment EBITDA
    
(7,604.0
)
    
(5,121.2
)

The following table provides information related to our cash, cash equivalents, restricted cash, short-term investments, and equity securities:

   
March 31, 2026
    
December 31, 2025
  
   
Media
    
Truth.Fi
    
Corporate
& Other
    
Media
    
Truth.Fi
    
Corporate
& other
  
Cash, cash equivalents, and restricted cash
  
$
26,759.2
    
$
3,951.5
    
$
248,889.7
    
$
4,106.3
    
$
1,791.3
    
$
159,990.5
  
Short-term investments
    
-
      
-
      
207,370.7
      
-
      
-
      
305,053.3
  
Equity securities
    
-
      
-
      
554,142.2
      
-
      
-
      
722,069.1
  
   
$
26,759.2
    
$
3,951.5
    
$
1,010,402.6
    
$
4,106.3
    
$
1,791.3
    
$
1,187,112.9
  


(1)
Other segment items in Media are primarily composed of cost of sales, personnel costs-excluding stock-based compensation, data center and system infrastructure costs excluding depreciation, and sales and marketing.

(2)
Other segment items in Truth.Fi are primarily composed of professional fees, licensing fee, personnel costs, and marketing cost associated with the launch and operations of ETFs and SMAs.