President Donald Trump is selling early access to his Truth Social posts, and despite the legally questionable move, his company continues to lose millions.

Trump Media & Technology Group, the parent company of Truth Social, told investors on Monday that its third-quarter revenue tripled from a year earlier, The Washington Post reports, driven largely by subscriptions — including a service that sells fast access to the president's top posts.

The company brought in just $3 million for the quarter, of which $1.8 million came from subscriptions to its Truth+ streaming platform and the Truth API. That service, launched in August, gives paying customers instant access to Trump's Truth Social posts and has already come under legal scrutiny. It also means subscriptions — rather than advertising — are now the primary engine of the company's reported growth, tying much of the business to the legal fate of a product built around a single account's posts.

On paper, the quarter looks healthy. Trump Media reported $409.7 million in net income, a sharp turnaround from a $54.8 million loss the previous year. Nearly all of those earnings, however, came from its crypto and stock holdings, which gained $496.1 million — gains the company itself described as "noncash." Set aside those gains and certain other costs, and the core business lost $12.3 million, by the company's own accounting, according to the Post's report. That gap is the central number in the filing: it shows a company whose profitability currently rests on the market value of its investment holdings rather than on sales of its media products.

The company's stock, widely treated as a stand-in for Trump himself, sank to a record low last week after Democrats took control of both chambers of Congress. Democrats in Congress have also vowed to investigate Trump's businesses over allegations of corruption. Those promised probes would add a congressional layer to the legal scrutiny the early-access service is already facing, compounding the official examinations around the company as it works to reposition its business.

Interim chief executive Kevin McGurn told investors they had nothing to be concerned about. "While the market was trading on headlines, the underlying business didn't flinch," he said, adding that the slide had no effect on the balance sheet. The company pointed to $2.5 billion in total assets.

Advertising also drew attention, including a $175,000 campaign for Freedom 250, an entity within the National Park Foundation. Meredith O'Rourke, a key Trump fundraiser, sits on the boards of both Trump Media and the foundation.

The earnings call comes ahead of the company's planned $6 billion merger with TAE Technologies, a nuclear fusion power firm. Shareholders are scheduled to vote on the merger on Dec. 14, and Trump's trust, which owns 41 percent of the company, has already agreed to back it. The vote is the company's next scheduled milestone, and it will determine whether the social media operator moves forward with its pivot into an energy technology that has yet to reach the commercial market.

Fusion power is not yet commercially available, though Silicon Valley has invested billions in the technology. McGurn told Axios last month that the one thing that could knock the platform out of the game was energy. "So we went out, and we found an energy company," he said.