President Donald Trump’s social media company reported a loss of $238m (£176m) between April and June as it branched into ventures unrelated to media, including cryptocurrencies.
The quarterly loss is more than 10 times the amount reported during the same period a year earlier, according to the Trump Media and Technology Group, which owns the President’s Truth Social platform.
The firm says it will refocus on its social media mission, which includes a controversial service that offers faster access to market-moving posts from the platform’s most influential users.
The company said more than 10 customers have signed up for it, paying between $60,000-$100,000 (£44,430-£74,000) a month.
In July, it announced a plan to give Wall Street traders faster access to posts on Truth Social, where Trump frequently makes announcements. It has been viewed as a way to give subscribers an edge in trading stocks and other heavily traded assets.
The new service, called TruthAPI, is “expected to provide the company with a new revenue stream,” Trump Media said in its earnings statement on Monday.
The firm believes the service will develop into a “meaningful” and “durable” source of revenue, on top of the company’s broader media strategy which includes advertising and digital assets, the group’s interim chief executive officer Kevin McGurn said.
Truth Media is also exploring opportunities with technology firms, news organisations and betting markets, he added.