Trump Media & Technology Group Corp.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands, except share and per share data)

NOTE1 - DESCRIPTION OF BUSINESS

The accompanying consolidated financial statements include the historical accounts of Trump Media & Technology Group Corp. (“TMTG” or the “Company”). The mission of TMTG is to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, an open social media platform centered on free speech that is designed to be uncancellable, as well as Truth+, a streaming platform focusing on family-friendly live TV channels and on-demand content. TMTG has also launched Truth.Fi, a financial services and FinTech brand incorporating America First investment vehicles, Truth API, a low latency business-to-business data feed subscription, and a digital asset component of our corporate treasury strategy.

NOTE2 - SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for the interim periods arenot necessarily indicative of the results to be expected for any subsequent period or for the year ending* December 31, 2026.*

These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form10-K for the year ended* December 31, 2025 (*as amended, the “Annual Report”).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the fair value of assets acquired and liabilities assumed in business acquisitions, the assessment of recoverability of our goodwill and long-lived assets, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities, and equity that arenot readily apparent from other sources. Actual results could differ from those estimates. Material estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but arenot limited to, fair value of intangible assets acquired in business acquisitions, recoverability of goodwill and intangibles, fair value of short-term investments and equity securities, digital assets, digital assets pledged, the fair value of our option liabilities, useful lives of intangibles and depreciable assets, and stock-based compensation.

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Principles of Consolidation

The condensed consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and a VIE in which we are deemed the primary beneficiary, have been prepared in accordance with U.S. GAAP. All intercompany transactions and balances have been eliminated.

Unearned revenue

Unearned revenue primarily consists of billings or payments received from customers, or services provided in a barter transaction, in advance of revenue recognized for the services provided to our customers or annual licenses and is recognized as services are performed or ratably over the life of the license. We generally invoice customers in advance or in milestone-based installments. Unearned revenue of $0.0 and $30.4 was recognized as revenue for thethree andnine months ended* September 30, 2026*, respectively, which was included in the unearned revenue balance as of* December 31, 2025*. As of* September 30, 2026*, unearned revenue is expected to be recognized during the succeeding12-month period and is therefore presented as a current liability on the condensed consolidated balance sheets.

Options

We manage our exposure to bitcoin price fluctuation through derivative instruments on bitcoin and bitcoin-related securities. In order to manage this risk, we sell covered put and covered call options, purchase call and put options, use a synthetic long strategy that uses a combination of a purchased call option and a sold put option which provides us exposure to increases in bitcoin prices while limiting downside risk should the price decrease, or use a collar strategy that uses a combination of a purchased put option and a sold call option which are intended to provide us protection from downside risk. These derivative instruments arenot designated as hedging instruments. We donot enter into derivative contracts for speculative purposes.

Written covered put and call options on bitcoin-related securities generate premium income and allow us to purchase bitcoin-related securities at lower effective prices. The put options are covered by cash collateral to cover potential purchases and the call options are covered by our ownership in the underlying security. In exchange for this commitment, we receive premiums immediately paid in cash. The difference between the premium received and the amount paid while effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized investment gain or loss. This premium acts as income, increasing our investment yield. If the written option expires worthless, we keep the full premium as profit withno obligation to purchase. If a put option is exercised, we buy the security at the strike price using the cash collateral, and the premium received reduces the effective cost basis, allowing us to acquire the securities at a discount compared to direct market purchases. If a written call option is exercised, we sell the security at the strike price using our existing holdings of the security, and the premium received reduces any loss or increases any gain we* may*incur.

We sell and purchase covered put and call options on bitcoin, which are payable in bitcoin, to generate yield on these assets and increase our principal balance of bitcoin. The bitcoin options are covered by bitcoin denominated collateral which we have rehypothecated tothird parties facilitating the option trades. In exchange for this commitment, premiums are received in bitcoin immediately into our pledged bitcoin account. The premium received, or premium paid if the contract expired in-the-money, is treated as a realized investment gain or loss. This premium acts as income, increasing our investment yield. If the written option expires worthless, we keep the full premium as profit. If a written option expires in-the-money, we pay an amount in bitcoin equal to the fair value of the option at expiration. If purchased options expire worthless, we lose the premium paid for such option, and if the purchase option expires in-the-money we collect a premium equal to fair value of the option at expiration.

The writer of an option bears the market risk of an unfavorable change in the price of the underlying security. The aggregate fair value of unexpired options written are included in accounts payable and accrued expenses in the consolidated balance sheets. Cash held as collateral for written options is classified as restricted cash on the consolidated balance sheet. Securities and bitcoin held as collateral for outstanding call options are presented within equity securities and digital assets pledged, respectively, on the consolidated balance sheet. Premiums received in bitcoin are classified within digital assets pledged on the consolidated balance sheet, as these bitcoins are immediately rehypothecated to our digital asset manager to reinvest. As of* September 30, 2026* and* December 31, 2025*, we had $0.0 and $951.6 of restricted cash covering our unexpired put options, respectively. We had $0.0 and $566,700.1 of equity securities, and $951,435.7 and $350,600.8 of digital assets and digital assets pledged restricted to cover unexpired call and put options as of* September 30, 2026* and* December 31, 2025*, respectively.

Concentrations of risks

Our financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. Although we deposit cash and cash equivalents with multiple banks, these deposits* may*exceed the amount of Federal Deposit Insurance Corporation limits provided on such deposits.

Digital assets, digital assets pledged, and equity securities represent a significant holding, constituting approximately 68.3% and 68.5% of our total assets as of* September 30, 2026* and* December 31, 2025*, respectively.

One advertising platform accounted for 31% and 85% of our total revenue for thenine months ended* September 30, 2026and2025*, respectively.

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In order to reduce the risk of downtime of the products we provide, we have established data centers in various geographic regions. We have internal procedures to restore products in the event of a service disruption or disaster at any of our data center facilities. We serve our customers and users from data center facilities operated either by us orthird parties. Even with these procedures for disaster recovery in place, the availability of our products could be significantly interrupted during the implementation of restoration procedures.

Recently adopted accounting standards

In* November 2024,the FASB issued ASU2024*-04, Debt-Debt with Conversion and Other Options (Subtopic470*-20): Induced Conversions of Convertible Debt Instruments.ASU2024*-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. We adopted ASU2024-04 on* January 1, 2026.The adoption of this ASU didnot* have a material impact on our condensed consolidated financial statements and disclosures.

In* May 2025,the FASB issued ASU2025*-03, Business Combinations (Topic805)and Consolidation (Topic810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. ASU2025-03 revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The ASU is effective for annual reporting periods beginning after* December 15, 2026,and interim reporting periods within those annual reporting periods. We adopted ASU2025*-03 on* January 1, 2026.The adoption of this ASU didnot* have a material impact on our condensed consolidated financial statements and disclosures.

In* July 2025,the FASB issued ASU2025*-05, Financial Instruments—Credit Losses (Topic326*): Measurements of Credit Losses for Accounts Receivable and Contract Assets*. This update provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC606. We adopted ASU2025-05 on prospective basis on* January 1, 2026.The adoption of this ASU didnot* have a material impact on our condensed consolidated financial statements and disclosures.

Recently issued accounting standard

In* December 2025,the FASB issued ASU2025*-11, Interim Reporting (Topic270*): Narrow-Scope Improvements.* This update clarifies the applicability of Topic270 and the form and content of interim financial statements. In addition, ASU2025-11 requires entities to disclose material events occurring since the last annual reporting period. ASU2025-11 will be effective for interim periods beginning* January 1, 2028,and can be applied on a prospective or retrospective basis. We are evaluating the disclosure impact of ASU2025*-11; however, the standard isnot expected to have a material impact on our consolidated financial statements.

NOTE3 - FAIR VALUE MEASUREMENT

Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. We use athree-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level3. Significant unobservable inputs which are supported by little orno market activity.

The categorization of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques used by us when measuring fair value maximize the use of observable inputs and minimize the use of unobservable inputs.

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The fair value of our money market funds, equity securities, digital assets, and option assets and option premium liabilities as of* December 31, 2025,are classified within Level1,* because we use quoted market prices to determine their fair value. Exchange traded funds and common stock are valued based on the last trade price on the primary exchange on which they are traded, and options are valued based on the mean of the last bid and ask price. Option assets and option premium liabilities as of* September 30, 2026,are valued based upon broker quoted valuations expressed in bitcoin, which we convert into U.S. dollars based upon the quoted (unadjusted) closing price of bitcoin. Digital assets are valued using the quoted (unadjusted) closing price of bitcoin and Cronos in U.S. dollars on the active exchange that we have determined is its principal market at4:00* PM Eastern on* September 30, 2026*. For thenine months ended* September 30, 2026,*we realized a loss on the disposition of exchange traded funds of $100,580.7.

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We also estimate the fair value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and accrued compensation and employee benefits. The Company considers the carrying value of these instruments in the condensed consolidated financial statements to approximate fair value due to their short maturities.

NOTE4 – DIGITAL ASSETS AND DIGITAL ASSETS PLEDGED

Our digital asset holdings as of* September 30, 2026* and* December 31, 2025* consisted of the following:

The following table presents a reconciliation of our digital asset holdings:

The following table presents a reconciliation of the components of Loss on digital assets and digital assets pledged for thenine months ended* September 30, 2026*:

As of* September 30, 2026*, and* December 31, 2025*, we had 4,260.73 bitcoin with a fair value of $356,059.4 and $373,453.7, respectively, serving as collateral to convertible notes (Note10). We are restricted from distributing or withdrawing this bitcoin subject to meeting certain loan indenture requirements, with restrictions liftedno later than maturity of the convertible notes on* May 29, 2028.*

We hold covered options on bitcoin with a counterparty to hedge our exposure to bitcoin’s volatility, which requires us to maintain bitcoin as collateral that the counterparty can rehypothecate at their sole discretion. The counterparty to our bitcoin hedging transactions holds the related premiums paid in bitcoin as collateral until expiration of the respective option contract. As of* September 30, 2026*, we pledged 11,385.20 bitcoins for our option strategy.

We had covered-call options referencing 4,838.40 bitcoin, with strike prices ranging from $68.0 to $92.0 and maturities in* October 2026and covered-put options referencing 1,500.00 bitcoin with strike prices ranging from $75.0 to $80.0 and maturities in October 2026,as of September 30, 2026*. The fair value of bitcoin pledged for our covered options as of* September 30, 2026* and* December 31, 2025*, was $951,435.7 and $350,600.8, respectively. We didnot record an expected credit loss related to the digital assets pledged. The fair value of the liability on the covered options on bitcoin hedged was $41,235.9 and $7,517.4 as of* September 30, 2026* and* December 31, 2025*, and is recorded within accounts payable and accrued expenses, a current liability, on our condensed consolidated balance sheet.

We also purchased call options referencing 600.00 bitcoin, with strike prices ranging from $95.0 to $98.0 and maturities in* October 2026and purchased put options referencing 1,225.00 bitcoin with strike prices ranging from $71.0 to $73.0 and maturities in October 2026,as of September 30, 2026*. The fair value of the purchased options on bitcoin derivatives was $723.6 and $5,818.0, as of* September 30, 2026* and* December 31, 2025*, and is recorded within equity securities, a current asset, on our condensed consolidated balance sheet.

We purchased 684,427,004.00 Cronos pursuant to a purchase agreement in* August 2025,which restricts our ability to sell our Cronos over athree*-year period. Beginning* August 26, 2026,we were able to sell up to 68,442,704.00 Cronos over the ensuingsix months. Subsequent sales windows for the following three years from February 26, 2027,allow for the sale of between 15% and 25% of our restricted Cronos holdings in each window. On August 26, 2029,all sales restrictions on our restricted Cronos will lapse. As of September 30, 2026*, we are restricted from selling 615,984,300.00 Cronos with a fair value of $41,015.2.

NOTE5 – GOODWILL AND INTANGIBLE ASSETS

The following table summarizes our goodwill balance:

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Finite-lived intangible assets, net are summarized as follows:

Amortization expense was $1,394.7 for thethree months ended* September 30, 2026and2025*, and $4,138.7 for thenine months ended* September 30, 2026and2025*. As of* September 30, 2026*, the weighted-average remaining amortization period for amortizable intangible assets was 2.84 years.

Based on the balance of finite-lived intangible assets at* September 30, 2026*, expected remaining future amortization expense is as follows:

NOTE6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:

NOTE7 – LEASES

During thenine months ended* September 30, 2026and2025*, we recognized additional right of use (ROU) assets and lease liabilities of $884.7 and $0.0, respectively. We electednot to recognize ROU assets and lease liabilities arising from short-term leases with initial terms oftwelve months or less on the consolidated balance sheets.

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When measuring lease liabilities for leases that were classified as operating leases, we discounted lease payments using an estimated incremental borrowing rate. The weighted average incremental borrowing rate applied was 8.00%. As of* September 30, 2026*, our leases had a remaining weighted average term of 2.42 years.

Operating leases are included in the consolidated balance sheets as follows:

The components of lease costs, which are included in loss from operations in our condensed consolidated statements of operations were as follows:

Future minimum payments under non-cancellable leases for operating leases for the remaining terms of the leases following thenine months ended* September 30, 2026*, are as follows:

NOTE8 - INCOME TAXES

The estimated annual effective tax rate applied to thenine months ended* September 30, 2026*, is (0.11%) which differs from the U.S. federal statutory rate of 21% principally due to the projection of U.S. net operating loss for thenine months ended* September 30, 2026* with full application of a valuation allowance and the change in the net deferred tax liability remaining after application of the valuation allowance ("naked credit" or “hanging credit"). As of* September 30, 2026*, we had U.S. Federal and state net operating loss carryforwards (“NOLs”) with a tax benefit of $92,685.3 and capital loss carryforward with a tax benefit of $16,852.5. NOLs are available for use indefinitely and capital losses are available for5 years.

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NOTE9 – RELATED PARTY TRANSACTIONS

M&A Advisory Fee

We engaged Yorkville Ives, LLC (formerly known as Yorkville Securities, LLC) (“Yorkville Ives”) to serve as M&A Advisor in connection with the pending merger with TAE Technologies, Inc. in* December 2025.In exchange for the M&A advisory services provided by Yorkville Ives we agreed to pay Yorkville Ives a fee equal to 6,000,000 shares of our common stock in the event that (a) a transaction is consummated prior to the termination of the engagement period or withintwelve* months following the termination of the engagement period or (b) the Company, prior to the termination of the engagement period or withintwelve months following the termination of the engagement period, enters into an agreement with respect to a potential transaction and such transaction is subsequently consummated. As of* September 30, 2026*, an event requiring payment of the fee hasnot been triggered.

Yorkville America Transactions

Yorkville America, LLC (“Yorkville America”) serves as the Registered Investment Advisor for investment vehicles and financial products that utilize our Truth.Fi and certain Truth Social intellectual property, where we are the primary beneficiary. We paid certain compensation, professional fees, and expense reimbursement totaling $75.1 and $302.1 for thethree andnine months ended* September 30, 2026*, and $125.0 and $200.0 for thethree andnine months ended* September 30, 2025*, respectively, to affiliates of Yorkville America related to the management of our VIE. No amounts were payable to affiliates of Yorkville America as of* September 30, 2026* and* December 31, 2025*.

Freedom250* Revenue*

We performed advertising services to Freedom250 LLC, an entity created by, and administered by the National Park Foundation, the official charity of the National Park Service. Meredith O'Rourke, a member of our Board of Directors, also serves on the Board of Directors of the National Park Foundation. For thethree andnine months ended* September 30, 2026,we earned revenue of $175.0 related to the advertisement of Freedom250* events. As of* September 30, 2026,we had $175.0 of outstanding receivables from Freedom250* LLC.

NOTE10 – LONG-TERM DEBT

Convertible Notes

On* May 29, 2025,we entered into an Indenture (the “Indenture”), providing for $1,000,000.0 in 0.00% convertible senior secured notes due on May 29, 2028 (the “Notes”), unless earlier repurchased or converted. The Notes carry a 4.00% original issuance discount. Each holder of the Notes has the right at its option, to require us to repurchase its Notes for cash on November 30, 2026,*at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, subject to the terms and conditions in the Indenture.

Each holder of the Notes* may,at their option, convert such holder’s Notes into shares of our common stock at a conversion rate of 28.8 shares per$1.0* of Notes. We retain the right to force conversion if, at any time after* November 29, 2025,*the last reported sale price of our common stock exceeds 130% of the conversion price then in effect for any 20 consecutive trading days during a 30- day trading period. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

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Within45 days of closing, we were required to have a Loan-to-Collateral Ratio of less than or equal to1.0 to1.0, with the Loan-to-Collateral Ratio calculated as the aggregate outstanding principal balance of all Notes divided by the sum of (i) the aggregate market value of bitcoin collateral multiplied by0.5263157895, plus (ii) the aggregate value of all cash and cash equivalents collateral. Required collateral of $1,000,000.0 was delivered to the Collateral Agent within45 days of closing. We have utilized this cash delivered to the Collateral Agent to purchase bitcoin and bitcoin-related assets to serve as collateral in order to meet our Loan-to-Collateral Ratio. As of* September 30, 2026*, we have $31,014.0 of restricted cash, $331,380.0 of equity securities, and $356,059.4 of bitcoin serving as collateral.

Portions of the collateral will be released when the outstanding aggregate principal balance of all Notes is at $500,000.0 or less, and an additional portion will be released when the outstanding aggregate principal of all Notes is $250,000.0 or less. Collateral will be automatically released upon payment in full of the principal, together with accrued and unpaid interest, if any, on the Notes. We are also subject to other customary covenants under the terms of the Indenture.

For thethree andnine months ended* September 30, 2026*, we accreted $11,901.3 and $34,901.3, respectively, and for thethree andnine months ended* September 30, 2025* we accreted $11,344.8 and $15,259.5, respectively, of interest expense on the Notes. The effective interest rate of the Notes is 4.80% per annum. The estimated fair value of the Notes as of* September 30, 2026* was $972,153.6, and is based on unobservable inputs in which there is little orno market data and therefore is classified as a Level3 fair value measurement.

Term Loan

We assumed a loan from our business combination with WorldConnect Technologies, LLC. As of* September 30, 2026* and* December 31, 2025*, the term loan had a carrying amount of $468.9 and $5,223.1, respectively, with $468.9 and $4,780.5 of the term loan due within12 months of* September 30, 2026* and* December 31, 2025*, respectively. For thethree months ended* September 30, 2026and2025*, we accreted interest expense of $39.0 and $97.6, respectively, and for thenine months ended* September 30, 2026and2025* we accreted interest expense of $243.9 and $506.8, respectively, related to the term loan.

The term loan carries an effective interest rate of 7.72% per annum.

Future minimum payments of the long-term debt as of* September 30, 2026* are as follows:

NOTE11 – INCOME (LOSS) PER SHARE

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of stock outstanding during the period. We computed diluted income (loss) per share of common stock based on the weighted average number of shares of stock outstanding plus potentially dilutive shares of stock outstanding during the period unless their effect is antidilutive.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows:

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income per share because the effect of including such shares would have been antidilutive.

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NOTE12 – SHAREHOLDERS’** EQUITY**

The following table summarizes warrant activity:

NOTE13 – STOCK BASED COMPENSATION

2024 Equity Incentive Plan

The following table summarizes stock award activity:

The aggregate fair value of awards that vested in thethree andnine months ended* September 30, 2026* was $4,497.1 and $14,632.3, respectively, which represents the market value of our common stock on the date that the RSUs vested. The number of RSUs vested includes shares of common stock that we withheld from employees to satisfy the minimum statutory tax withholding requirements.

As of* September 30, 2026*, unrecognized compensation expense related to non-vested equity grants was $35,659.8 with an expected remaining weighted-average recognition period of approximately 2.31 years.

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NOTE14 – INVESTMENT INCOME/(LOSS)

Investment income/(loss) consists of the following:

As of* September 30, 2026*, all of the unrealized loss on derivatives relates to unexpired derivatives contracts on bitcoin.

NOTE15 - COMMITMENTS AND CONTINGENCIES

We are involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, management doesnot expect the resolution of these legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flows.

Litigation with ARC Global Investments II LLC and Patrick Orlando

On* July 19, 2026,we announced that all claims between and among individuals and entities including TMTG, Patrick Orlando, and ARC Global Investments II, LLC had been mutually resolved pursuant to a confidential settlement agreement. The outcome of this settlement is recorded within our condensed consolidated statement of operations for thenine* months ended* September 30, 2026.*

Potential Litigation with Michael Melkersen

On* July 7, 2026,*TMTG received a demand letter from counsel to Michael Melkersen alleging an entitlement to the issuance of TMTG stock arising out of Mr. Melkersen’s investment in DWAC’s sponsor and threatening potential litigation in the U.S. District Court for the Southern District of Florida.

Truth API Litigation

On* September 21, 2026,the People of the State of California, acting by and through the San Francisco City Attorney, filed suit against TMTG in the Superior Court of California, County of San Francisco, alleging violations of California’s Unfair Competition Law in connection with TMTG’s operation of Truth API (CaseNo.* CGC-26-641192). Plaintiff seeks injunctive relief that would halt the challenged operation of Truth API, alleging that selling Truth API is an unlawful or unfair business practice. Plaintiff also seeks civil penalties and costs. The Company disputes the allegations and intends to vigorously defend the action.

Two other lawsuits have been filed that challenge TMTG’s Truth API service but donot name TMTG as a party.

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NOTE16 – SEGMENT INFORMATION

We report our operating results throughtwo reportable segments: Media and Truth.Fi:

The “Unallocated Corporate Overhead” category presented in the following tables isnot considered an operating segment. It consists primarily of general and administration expenses and itemsnot allocated to either segment as well as those costs specifically excluded from Segment EBITDA (as defined below).

Our Chief Operating Decision Maker (CODM), as of* September 30, 2026*, is our Interim Chief Executive Officer. Our CODM evaluates the performance of and allocates resources to our segments based on each segment’s earnings before interest, taxes, depreciation and amortization (Segment EBITDA). Segment EBITDA is defined as segment revenue less operating costs and expenses, excluding realized and unrealized gain/loss on digital assets and digital assets pledged, investment income/loss, depreciation and amortization, interest income or expense (net), provision or benefit for income taxes, 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, and equity securities as part of the evaluation of performance and allocation of resources within our Unallocated Corporate Overhead category. Total assets arenot used to evaluate the performance of our segments. For thethree andnine months ended* September 30, 2026*, our Media segment earned revenue of $1,424.7 and $3,477.0 from advertising, respectively, and $1,378.4 and $1,750.5 from subscriptions, respectively. Our Truth.Fi segment earned management fees of $164.0 and $280.5 for thethree andnine months ended* September 30, 2026*. Media segment revenue of $901.4 and $2,605.9 for thethree andnine months ended* September 30, 2025*, respectively, was generated from advertising, with $71.5 of revenue coming from subscriptions for thethree andnine months ended* September 30, 2025*.

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.

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

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

NOTE17 - SUBSEQUENT EVENTS

On* October 7, 2026,*pursuant to the Amended and Restated Unsecured Convertible Promissory Note with TAE Technologies, Inc. ("TAE"), TAE borrowed $100,000.0 under the remaining capacity of the Amended and Restated Unsecured Convertible Promissory Note.

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