0001140361-25-028418
SEC filingTrump Media raised $1.4B equity and $960M convertible notes, boosting cash and investments to $3.1B, but generated only $1.7M revenue in H1 2025.
As of June 30, 2025, Trump Media held $1,343.9M in cash and cash equivalents, $1,000.0M restricted cash (collateral for convertible notes), $619.3M in short-term investments (repurchase agreements), and $122.4M in trading securities (digital asset ETFs). Total liquid assets reached $3,085.6M, a dramatic increase from $776.8M at year-end 2024, driven by the May 2025 PIPE ($1,395.3M gross) and convertible note issuance ($960.0M face). Shareholders' equity rose to $2,281.9M from $913.6M, reflecting the equity raise partially offset by accumulated deficit. Total debt stood at $944.3M, consisting of $934.3M in convertible senior secured notes (4.0% OID, effective rate 4.8%) and $10.0M term loan.
The company has no disclosed purchase commitments for inventory or capacity. The convertible notes require maintenance of a loan-to-collateral ratio ≤1.0x using Bitcoin or cash collateral; $1.0B in restricted cash was set aside for this purpose. Operating lease obligations total $3.4M through 2029. The term loan requires $5.0M payments in August 2025 and 2026, plus $0.5M in 2027.
Major capital events in H1 2025: (1) PIPE financing raised $1,395.3M net of fees, (2) convertible notes issued for $960.0M face value. Proceeds are earmarked for Bitcoin purchases and working capital. A new $400M share repurchase program was authorized on June 23, 2025, with no repurchases through June 30. Post-period end, 242,800 shares were repurchased for $4.4M. No dividends were declared. Capital expenditures were minimal at $0.6M.
Effective Q2 2025, the company reports two segments: Media (Truth Social, Truth+) and Truth.Fi (financial services via VIE). All $1.7M revenue (H1 2025) came from Media, up 6% YoY. Media segment EBITDA was -$10.3M, while Truth.Fi had -$0.2M. Corporate & other costs (digital asset strategy) added -$22.3M to EBITDA. No geographic breakdown provided. The Truth.Fi segment had no revenue but held $2.6M in cash as seed funding.
The provided document excerpt does not contain the consolidated statements of cash flows. Only balance sheet and income statement data are included. Therefore, no cash flow analysis can be performed.