- Trump Media and Technology Group (NASDAQ:DJT), a media company majority owned by U.S. president-elect Donald Trump, posted US$19.2 million in net losses in Q3 2024, continuing its unprofitable performance since going public in March
- The streaming and social media-focused operation earned only US$1 million in revenue for the quarter, generating an operating loss of US$23.7 million
- Trump Media & Technology Group describes its mission as ending Big Tech’s assault on free speech by opening up the internet and giving people their voices back
- Trump Media stock has given back 41.47 per cent since inception in March 2024
Trump Media and Technology Group (NASDAQ:DJT), a media company majority owned by U.S. president-elect Donald Trump, posted US$19.2 million in net losses in Q3 2024, continuing its unprofitable performance since going public in March.
The company, most known for its Truth Social platform, earned only US$1 million in revenue for the quarter – in addition to US$4.7 million in interest income – generating an operating loss of US$23.7 million. These underwhelming results were primarily driven by US$12.1 million in legal fees, including costs related to its go-pubic merger and the acquisition of TV streaming technology (now branded as Truth+) in August 2024, in addition to US$3.9 million in research and development costs.
Trump Media ended Q3 with no debt and US$672.9 million in cash and cash equivalents, granting management a position of strength to focus on generating growth and shareholder value. Near-term initiatives include:
- Introducing Truth+ native apps for additional connected TV platforms including Samsung, LG and Roku following releases on Apple TV, Android TV and Amazon Fire TV.
- Expanding the company’s video-on-demand and live TV catalogues with a focus on news, entertainment, faith-based content, weather, documentaries and children’s content.
According to Tuesday’s news release, Trump Media’s growth runway is supported by about 650,000 shareholders, most of which are retail, with only 2,100 investors owning more than 5,000 shares and less than 1,000 investors owning more than 10,000 shares.
This mom-and-pop trend is poised to continue in the coming days, with DJT shares up by over 26 per cent in the pre-market as of 9:05 am ET following Donald Trump’s election as the 46th president of the United States.
Leadership insights
“This has been an extraordinary quarter for the company, for Truth Social users and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the Internet,” Devin Nunes, Trump Media’s chief executive officer, said in a statement. “Since announcing our agreement in July 2024 to acquire TV streaming technology, in less than four months, we’ve built our own nationwide TV content distribution network, introduced live TV streaming on the Truth Social platform and launched our own OTT TV service, Truth+, on the web and with native apps for iOS, Android and connected TVs. Even as we continue to enhance the Truth Social site, we’ve expanded our core ecosystem in our effort to make Truth Social a central hub for news, entertainment and discussion. Additionally, by establishing our proprietary content delivery network and overall tech stack, we are maximizing our independence from Big Tech. These actions are not the end of our expansion but merely the beginning, as Trump Media and Technology Group continues to explore additional possibilities for growth, such as potential mergers and acquisitions with companies that would benefit from Trump Media technology and branding, including in the realm of fintech.”
About Trump Media and Technology Group
Trump Media & Technology Group describes its mission as ending Big Tech’s assault on free speech by opening up the internet and giving people their voices back.
Trump Media stock (NASDAQ:DJT) last traded at US$33.94 per share. The stock has given back 41.47 per cent since inception in March 2024.
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