Trump Media & Technology Group Corp. (DJT) Cash Flow Statement

The gap between net income and operating cash flow is extreme, with 2026Q2 OCF/NI at 0.13, indicating that non-cash items like fair value adjustments and stock-based compensation dominate reported losses. Positive OCF in 2026Q1 and 2025Q4 suggests some cash generation from operations, but the volatility and small absolute amounts imply that earnings quality is poor and cash flows are not yet a reliable indicator of underlying business health.

Despite a brief positive FCF in 2025Q3 and 2025Q4, the overall trajectory is deteriorating, with 2026Q2 FCF worsening to -$31.6M. This suggests that the company's cash burn is accelerating, and the minimal revenue base of $3.68M TTM cannot support its cost structure. Investors should monitor whether the cash cushion of $165.8M can sustain operations without further dilution.

The negligible capex suggests that the company's infrastructure is largely outsourced or leased, which is consistent with a digital platform model. However, this also means that the company is not investing in growth or differentiation, which may limit its ability to scale. The lack of meaningful capex could be a sign of underinvestment, but it also preserves cash, which is critical given the negative operating cash flow.

The positive working capital change in 2026Q1 was a major driver of the positive operating cash flow, but this reversed in 2026Q2. This volatility suggests that the company's cash conversion cycle is unstable, possibly due to timing of advertiser payments or changes in accrued liabilities. The small revenue base makes working capital swings disproportionately impactful on cash flow, and investors should monitor for any signs of deteriorating receivables collection.

The company has not returned capital to shareholders, and the only buyback activity occurred in 2025Q4 and 2025Q3, totaling $45.3M, which may have been related to share repurchases to offset dilution. The large cash reserve provides a runway, but the lack of deployment into revenue-generating assets or shareholder returns suggests that management is prioritizing liquidity over growth. This may be prudent given the uncertain outlook, but it also indicates a lack of confidence in the business's ability to generate returns.

The massive gap between net income and operating cash flow is driven by non-cash charges, particularly stock-based compensation and fair value adjustments on derivative liabilities. This suggests that the company's reported losses overstate the actual cash drain, but the underlying cash burn is still significant relative to revenue. The $165.8M cash cushion may be sufficient for several years, but the persistent negative operating cash flow indicates that the business model is not yet self-sustaining.