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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
SEGMENT INFORMATION [Abstract]  
SEGMENT INFORMATION
NOTE 18 – SEGMENT INFORMATION

In the second quarter of 2025, our internal reporting and segments changed.  We divided our consolidated segment into two operating segments to enable enhanced focus on the different strategies required for each long-term strategic plan. We report our operating results through two reportable segments: Media and Truth.Fi:


 •
Media, previously social media & streaming, includes products and services such as advertisement through our Truth Social platform. Truth+ began paid streaming subscriptions of our Patriot Package during the period ended September 30, 2025.

•
Truth.Fi, through our consolidated VIE 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 September 30, 2025, is our Chief Executive Officer. Our CODM evaluates the performance of and allocates resources to our segments based on each segment’s net loss and 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 instruments, 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, trading securities, and digital assets as part of the evaluation of performance and allocation of resources within our corporate & other category.  Total assets is not used to evaluate the performance of our segments. For the three and nine months ended September 30, 2025 and 2024, all revenues were earned from our Media segment.
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.

As part of the segment reorganization, we reallocated our Segment EBITDA to each reporting unit and corporate & other. We have reflected this reallocation in all historical periods presented.

The following table presents our segment information for the periods indicated:

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2025
    
2024
    
2025
    
2024
  
Media
  
$
(5,810.4
)
  
$
(5,195.4
)
  
$
(16,025.7
)
  
$
(13,841.1
)
Truth.Fi
    
(422.2
)
    
-
      
(637.6
)
    
-
  
Total Segment EBITDA
    
(6,232.6
)
    
(5,195.4
)
    
(16,663.3
)
    
(13,841.1
)
Corporate & other
    
(38,047.0
)
    
(17,651.4
)
    
(60,365.3
)
    
(41,419.5
)
Interest income/(expense), net
    
1,910.0
      
4,406.3
      
22,449.8
      
3,908.0
  
Depreciation & amortization
    
(1,904.1
)
    
(762.2
)
    
(5,516.8
)
    
(771.5
)
Stock-based compensation
    
(10,490.2
)
    
(45.7
)
    
(46,086.5
)
    
(84,633.7
)
Income taxes
    
(84.6
)
    
-
      
(394.9
)
    
-
  
Change in fair value of derivative liabilities
    
-
      
-
      
-
      
(225,916.0
)
Loss on extinguishment of debt
    
-
      
-
      
-
      
(542.3
)
Net loss
  
$
(54,848.5
)
  
$
(19,248.4
)
  
$
(106,577.0
)
  
$
(363,216.1
)

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

   
September 30, 2025
    
December 31, 2024
  
   
Media
    
Truth.Fi
    
Corporate
& Other
    
Media
    
Truth.Fi
    
Corporate
& other
  
Cash, cash equivalents, and restricted cash
  
$
6,448.3
    
$
2,149.9
    
$
493,313.3
    
$
10,152.1
    
$
-
    
$
160,084.0
  
Short-term investments
    
-
      
-
      
550,421.7
      
-
      
-
      
606,547.3
  
Trading securities
    
-
      
-
      
587,505.1
      
-
      
-
      
-
  
Digital assets
    
-
      
-
      
1,466,689.0
      
-
      
-
      
-
  
   
$
6,448.3
    
$
2,149.9
    
$
3,097,929.1
    
$
10,152.1
    
$
-
    
$
766,631.3