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〈财报〉川普媒体Q2巨亏2.38亿美元!营收虽增89% 仍难敌加密资产暴跌

2026-09-27 04:23:33 网络 阅读(59)

川普旗下媒体公司 Trump Media & Technology Group(TMTG) (DJT-US) 周一 (10 日) 公布 2026 年第 2 季财报,受数位资产及股票投资价值下跌拖累,单季净损扩大至 2.381 亿美元,远高于去年同期约 2000 万美元亏损;营收则仅 170 万美元,虽年增 89%, 但与巨额亏损相比仍显得微不足道。

〈财报〉川普媒体Q2巨亏2.38亿美元!营收虽增89% 仍难敌加密资产暴跌

TMTG 表示,截至 6 月 30 日止第 2 季,净损主要来自非现金资产价值下降,其中数位资产、质押数位资产及股权证券相关损失合计约 1.904 亿美元。此外,公司还认列约 1170 万美元的利息累增及 810 万美元的股票薪酬等费用。

公司第 2 季调整后 EBITDA 亏损也达 2.235 亿美元,显示即使排除部分非现金项目的影响,核心营运仍处于大幅亏损状态。TMTG 同时表示,截至第 2 季末,公司总资产约 20 亿美元,其中金融资产约 19 亿美元,包括现金、受限制现金、短期投资、股权证券、应收票据及利息、数位资产及质押数位资产等。

营收方面,TMTG 第 2 季营收约 170 万美元,较去年同期约 90 万美元增加 89%。绝大部分收入来自旗下社群平台 Truth Social 的广告服务,显示公司目前仍高度依赖规模有限的媒体业务,而数位资产价格波动对整体财务结果的影响远大于传统广告营收。

TMTG 财务长 Phillip Juhan 在公司首次举行的财报电话会议中表示,公司营运费用很大程度受到数位资产价格波动影响。第 2 季营运费用超过 1.65 亿美元,较去年同期增加约 275%, 进一步扩大公司获利压力。

其中,法律支出仍是营运费用的重要来源之一。公司表示,第 2 季用于营运活动的现金约为 1370 万美元,其中约 2560 万美元与法律费用有关,主要涉及过去累积的诉讼案件。不过,TMTG 表示,多项历史法律问题已大致获得解决,未来法律相关支出可望明显下降。

TMTG 目前也正试图降低对加密货币业务的依赖。公司近期终止与 Crypto.com 及 Yorkville Acquisition Corp. 相关的多项交易,原先计划利用 Crypto.com 的 Cronos 区块链及 CRO 代币建立加密货币策略业务。TMTG 目前则将更多资源重新导向 Truth Social 的媒体、资料授权及其他核心业务。

在数位资产价格下跌对财报造成重大冲击之际,公司正推出新的变现方式,其中最受瞩目的是 Truth API。

TMTG 表示,Truth API 已在 8 月 1 日正式推出,主要向机构客户提供 Truth Social 内容的快速资料串流,让高频交易公司及其他金融机构能比一般使用者更快取得平台上的重要贴文。

TMTG 在财报中透露,目前已签署超过 10 份 Truth API 客户协议,客户主要为高频交易公司。公司证实,相关服务收费约为每月 6 万至 10 万美元,长期合约可取得较低价格。

换言之,如果目前超过 10 家客户均按照最低每月 6 万美元的价格付费,Truth API 至少已形成每月 60 万美元以上的潜在经常性收入;若全部按照每月 10 万美元的价格计算,月收入则可达 100 万美元以上。不过,公司并未公布每一家客户的实际合约金额,因此目前不能将上述金额视为已实现营收。

Truth API 的商业模式也引发市场及政治层面的争议。TMTG 先前宣布,将向银行、交易公司及其他机构提供 Truth Social 上最具影响力帐号的高速资料,可能包括川普的贴文。由于川普经常透过 Truth Social 发布可能影响金融市场的政策讯息,批评者质疑,这项服务是否会让付费机构取得其他市场参与者没有的资讯速度优势。

TMTG 则主张,Truth API 只是将公开发布于 Truth Social 的内容以更快、更可靠的方式提供给机构客户,并强调其目标是缩小资料延迟,而非提供未公开资讯。

Truth Social 本身仍面临流量规模及广告变现能力的挑战。近期市场报导指出,Truth Social 的网站及应用程式流量今年夏季明显下滑,与 X 等大型社群平台相比,整体用户规模仍相对有限。这使得 TMTG 即使成功提高广告营收,仍难以单靠传统社群媒体模式支撑目前的企业规模。

因此,TMTG 目前正尝试把 Truth Social 从单纯的社群平台转变成多元化数位资产,包括内容串流、资料授权、金融服务及加密货币等业务。

其中 Truth + 影音服务目前已进入全面商业化阶段,TMTG 也表示 Truth Social 正在扩大内容布局。公司希望借由增加内容及服务种类,提高平台使用时间及广告价值,并寻找除了广告之外的收入来源。

TMTG 的另一项重大战略则是与核融合能源公司 TAE Technologies 的合并。双方去年 12 月宣布达成一项全股票交易,交易估值超过 60 亿美元,合并后双方股东在完全稀释基础上预计各持有约 50% 的合并公司股份。合并交易被 TMTG 视为未来长期股东价值的重要来源。

TMTG 与 TAE Technologies 今年 6 月表示,双方仍以尽快完成合并为目标,预计最晚在 2026 年第 4 季或更早完成交易。双方同时放弃原先将 Truth Social 等媒体资产分拆成独立上市公司的计划。

这项策略转变显示,TMTG 目前并不打算将 Truth Social 单独拆分,而是希望将媒体平台与 TAE 的核融合能源技术整合,打造涵盖媒体、科技及能源的企业架构。

TMTG 临时执行长 Kevin McGurn 表示,公司目前正逐步集中资源于成长计划,并认为与 TAE Technologies 的合并是推动长期股东价值最重要的因素之一。公司同时希望透过 Truth+、Truth Social 及 Truth API 等业务改善营收结构。

不过,对投资人而言,TMTG 最大的问题仍是营收与估值之间的巨大落差。第 2 季营收仅 170 万美元,却出现 2.381 亿美元净损,意味着公司目前的资产价值、加密货币投资及未来商业计划,对整体企业估值的影响远高于现有媒体业务产生的现金流。

这种财务结构也使 TMTG 的季度获利容易受到金融市场波动影响。公司第 2 季大部分亏损来自数位资产及股票等金融资产的未实现价值变动,当相关资产价格上升时可能推升帐面价值,但价格下跌时也会迅速放大净损。

在此之前,TMTG 在 2025 年全年已录得约 7.123 亿美元亏损,当时数位资产价值变动同样是造成巨额损失的重要因素。近期公司缩减部分加密货币计划,也反映管理层正在重新评估这类业务对企业财务稳定性的影响。

另一方面,川普仍是 TMTG 最具影响力的资产之一。川普透过信托持有公司大量股份,市场也长期将 DJT 股价视为与川普政治影响力及个人品牌高度相关的特殊标的,而非单纯依照传统媒体公司的营收及获利能力估值。

随着川普目前仍担任美国总统,Truth Social 上的政治及政策讯息具备较高市场关注度,这也成为 TMTG 推出 Truth API 的重要商业基础。但随着美国总统任期未来走向及平台使用率变化,市场仍将观察这项特殊流量优势能否转化为持久的商业价值。

目前 TMTG 正处于转型关键期。一方面,公司必须降低加密货币价格波动对财务报表造成的巨大影响;另一方面,又必须证明 Truth Social、Truth + 及 Truth API 能够真正建立可持续的营收来源。

如果 Truth API 能持续吸引高频交易及金融机构客户,将有机会成为 TMTG 目前规模仍小的广告业务之外,另一个高毛利收入来源;但若 Truth Social 流量持续下滑,或 Truth API 无法扩大客户数量,公司仍将面临核心业务营收不足的问题。

在 TAE Technologies 合并预计于今年第 4 季或更早完成的情况下,TMTG 未来也将逐步从一家以 Truth Social 为核心的政治媒体公司,转向同时布局媒体、金融科技及核融合能源的复合型企业。这项转型能否提升企业实际营收及现金流,将成为投资人接下来评估 DJT 的重要关键。

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    "content": "<p>川普旗下媒体公司 Trump Media & Technology Group(TMTG) (DJT-US) 周一 (10 日) 公布 2026 年第 2 季财报,受数位资产及股票投资价值下跌拖累,单季净损扩大至 2.381 亿美元,远高于去年同期约 2000 万美元亏损;营收则仅 170 万美元,虽年增 89%, 但与巨额亏损相比仍显得微不足道。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6569987/l/2cf8277c5f10ee75eb61403e80a11400.jpg\" alt=\"〈财报〉川普媒体Q2巨亏2.38亿美元!营收虽增89% 仍难敌加密资产暴跌\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>TMTG 表示,截至 6 月 30 日止第 2 季,净损主要来自非现金资产价值下降,其中数位资产、质押数位资产及股权证券相关损失合计约 1.904 亿美元。此外,公司还认列约 1170 万美元的利息累增及 810 万美元的股票薪酬等费用。</p>\n\n<p>公司第 2 季调整后 EBITDA 亏损也达 2.235 亿美元,显示即使排除部分非现金项目的影响,核心营运仍处于大幅亏损状态。TMTG 同时表示,截至第 2 季末,公司总资产约 20 亿美元,其中金融资产约 19 亿美元,包括现金、受限制现金、短期投资、股权证券、应收票据及利息、数位资产及质押数位资产等。</p>\n\n<p>营收方面,TMTG 第 2 季营收约 170 万美元,较去年同期约 90 万美元增加 89%。绝大部分收入来自旗下社群平台 Truth Social 的广告服务,显示公司目前仍高度依赖规模有限的媒体业务,而数位资产价格波动对整体财务结果的影响远大于传统广告营收。</p>\n\n<p>TMTG 财务长 Phillip Juhan 在公司首次举行的财报电话会议中表示,公司营运费用很大程度受到数位资产价格波动影响。第 2 季营运费用超过 1.65 亿美元,较去年同期增加约 275%, 进一步扩大公司获利压力。</p>\n\n<p>其中,法律支出仍是营运费用的重要来源之一。公司表示,第 2 季用于营运活动的现金约为 1370 万美元,其中约 2560 万美元与法律费用有关,主要涉及过去累积的诉讼案件。不过,TMTG 表示,多项历史法律问题已大致获得解决,未来法律相关支出可望明显下降。</p>\n\n<p>TMTG 目前也正试图降低对加密货币业务的依赖。公司近期终止与 Crypto.com 及 Yorkville Acquisition Corp. 相关的多项交易,原先计划利用 Crypto.com 的 Cronos 区块链及 CRO 代币建立加密货币策略业务。TMTG 目前则将更多资源重新导向 Truth Social 的媒体、资料授权及其他核心业务。</p>\n\n<p>在数位资产价格下跌对财报造成重大冲击之际,公司正推出新的变现方式,其中最受瞩目的是 Truth API。</p>\n\n<p>TMTG 表示,Truth API 已在 8 月 1 日正式推出,主要向机构客户提供 Truth Social 内容的快速资料串流,让高频交易公司及其他金融机构能比一般使用者更快取得平台上的重要贴文。</p>\n\n<p>TMTG 在财报中透露,目前已签署超过 10 份 Truth API 客户协议,客户主要为高频交易公司。公司证实,相关服务收费约为每月 6 万至 10 万美元,长期合约可取得较低价格。</p>\n\n<p>换言之,如果目前超过 10 家客户均按照最低每月 6 万美元的价格付费,Truth API 至少已形成每月 60 万美元以上的潜在经常性收入;若全部按照每月 10 万美元的价格计算,月收入则可达 100 万美元以上。不过,公司并未公布每一家客户的实际合约金额,因此目前不能将上述金额视为已实现营收。</p>\n\n<p>Truth API 的商业模式也引发市场及政治层面的争议。TMTG 先前宣布,将向银行、交易公司及其他机构提供 Truth Social 上最具影响力帐号的高速资料,可能包括川普的贴文。由于川普经常透过 Truth Social 发布可能影响金融市场的政策讯息,批评者质疑,这项服务是否会让付费机构取得其他市场参与者没有的资讯速度优势。</p>\n\n<p>TMTG 则主张,Truth API 只是将公开发布于 Truth Social 的内容以更快、更可靠的方式提供给机构客户,并强调其目标是缩小资料延迟,而非提供未公开资讯。</p>\n\n<p>Truth Social 本身仍面临流量规模及广告变现能力的挑战。近期市场报导指出,Truth Social 的网站及应用程式流量今年夏季明显下滑,与 X 等大型社群平台相比,整体用户规模仍相对有限。这使得 TMTG 即使成功提高广告营收,仍难以单靠传统社群媒体模式支撑目前的企业规模。</p>\n\n<p>因此,TMTG 目前正尝试把 Truth Social 从单纯的社群平台转变成多元化数位资产,包括内容串流、资料授权、金融服务及加密货币等业务。</p>\n\n<p>其中 Truth + 影音服务目前已进入全面商业化阶段,TMTG 也表示 Truth Social 正在扩大内容布局。公司希望借由增加内容及服务种类,提高平台使用时间及广告价值,并寻找除了广告之外的收入来源。</p>\n\n<p>TMTG 的另一项重大战略则是与核融合能源公司 TAE Technologies 的合并。双方去年 12 月宣布达成一项全股票交易,交易估值超过 60 亿美元,合并后双方股东在完全稀释基础上预计各持有约 50% 的合并公司股份。合并交易被 TMTG 视为未来长期股东价值的重要来源。</p>\n\n<p>TMTG 与 TAE Technologies 今年 6 月表示,双方仍以尽快完成合并为目标,预计最晚在 2026 年第 4 季或更早完成交易。双方同时放弃原先将 Truth Social 等媒体资产分拆成独立上市公司的计划。</p>\n\n<p>这项策略转变显示,TMTG 目前并不打算将 Truth Social 单独拆分,而是希望将媒体平台与 TAE 的核融合能源技术整合,打造涵盖媒体、科技及能源的企业架构。</p>\n\n<p>TMTG 临时执行长 Kevin McGurn 表示,公司目前正逐步集中资源于成长计划,并认为与 TAE Technologies 的合并是推动长期股东价值最重要的因素之一。公司同时希望透过 Truth+、Truth Social 及 Truth API 等业务改善营收结构。</p>\n\n<p>不过,对投资人而言,TMTG 最大的问题仍是营收与估值之间的巨大落差。第 2 季营收仅 170 万美元,却出现 2.381 亿美元净损,意味着公司目前的资产价值、加密货币投资及未来商业计划,对整体企业估值的影响远高于现有媒体业务产生的现金流。</p>\n\n<p>这种财务结构也使 TMTG 的季度获利容易受到金融市场波动影响。公司第 2 季大部分亏损来自数位资产及股票等金融资产的未实现价值变动,当相关资产价格上升时可能推升帐面价值,但价格下跌时也会迅速放大净损。</p>\n\n<p>在此之前,TMTG 在 2025 年全年已录得约 7.123 亿美元亏损,当时数位资产价值变动同样是造成巨额损失的重要因素。近期公司缩减部分加密货币计划,也反映管理层正在重新评估这类业务对企业财务稳定性的影响。</p>\n\n<p>另一方面,川普仍是 TMTG 最具影响力的资产之一。川普透过信托持有公司大量股份,市场也长期将 DJT 股价视为与川普政治影响力及个人品牌高度相关的特殊标的,而非单纯依照传统媒体公司的营收及获利能力估值。</p>\n\n<p>随着川普目前仍担任美国总统,Truth Social 上的政治及政策讯息具备较高市场关注度,这也成为 TMTG 推出 Truth API 的重要商业基础。但随着美国总统任期未来走向及平台使用率变化,市场仍将观察这项特殊流量优势能否转化为持久的商业价值。</p>\n\n<p>目前 TMTG 正处于转型关键期。一方面,公司必须降低加密货币价格波动对财务报表造成的巨大影响;另一方面,又必须证明 Truth Social、Truth + 及 Truth API 能够真正建立可持续的营收来源。</p>\n\n<p>如果 Truth API 能持续吸引高频交易及金融机构客户,将有机会成为 TMTG 目前规模仍小的广告业务之外,另一个高毛利收入来源;但若 Truth Social 流量持续下滑,或 Truth API 无法扩大客户数量,公司仍将面临核心业务营收不足的问题。</p>\n\n<p>在 TAE Technologies 合并预计于今年第 4 季或更早完成的情况下,TMTG 未来也将逐步从一家以 Truth Social 为核心的政治媒体公司,转向同时布局媒体、金融科技及核融合能源的复合型企业。这项转型能否提升企业实际营收及现金流,将成为投资人接下来评估 DJT 的重要关键。</p>\n<div class=\"related-articles seo-links\">\n  <h4>相关阅读</h4>\n  <ul>\n    <li><a href=\"/new/mg/article-11089.html\" title=\"DeepSeek V4 Pro上线 性能逼近Fable 5 价格只有它的2%\">DeepSeek V4 Pro上线 性能逼近Fable 5 价格只有它的2%</a></li>\n    <li><a href=\"/new/mg/article-4888.html\" title=\"〈纽约汇市〉美元创4月底来最大单日跌幅 就业数据削弱升息预期\">〈纽约汇市〉美元创4月底来最大单日跌幅 就业数据削弱升息预期</a></li>\n    <li><a href=\"/new/mg/article-12955.html\" title=\"才警告「残酷夏季」!Citadel改口看多长天期美债:华许公信力疑虑过度放大\">才警告「残酷夏季」!Citadel改口看多长天期美债:华许公信力疑虑过度放大</a></li>\n    <li><a href=\"/new/mg/article-11566.html\" title=\"辉达砸30亿美元押注SB Energy!再提供1000亿美元信贷挺OpenAI资料中心\">辉达砸30亿美元押注SB Energy!再提供1000亿美元信贷挺OpenAI资料中心</a></li>\n    <li><a href=\"/new/mg/article-13216.html\" title=\"艾克曼罕见大换股 潘兴广场最新布局背后投资逻辑为何?\">艾克曼罕见大换股 潘兴广场最新布局背后投资逻辑为何?</a></li>\n    <li><a href=\"/new/mg/article-14787.html\" title=\"企业砸钱导入AI却难见成效!Google携埃森哲派千名工程师进驻救火\">企业砸钱导入AI却难见成效!Google携埃森哲派千名工程师进驻救火</a></li>\n  </ul>\n</div>",
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    "createdAt": "2026-08-10T23:50:31.000Z",
    "updatedAt": "2026-09-26T20:23:33.000Z"
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