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8-K: TMTG Reports Third Quarter 2024 Results

SEC ·  Nov 5, 2024 21:42

Summary by Moomoo AI

Trump Media & Technology Group reported Q3 2024 financial results with a net loss of $19.2M and operating loss of $23.7M, while maintaining a strong cash position of $672.9M with no debt. The quarter saw $1M in revenue plus $4.7M in interest income. Legal fees accounted for $12.1M, while R&D expenses were $3.9M.The company achieved significant operational milestones by launching Truth+, its TV streaming platform, across multiple devices including iOS, Android, and connected TVs. TMTG established a proprietary nationwide content delivery network to ensure independence from Big Tech, offering features like live TV rewind, catch-up TV, and network DVR capabilities.As of October 15, 2024, the company had approximately 650,000 shareholders, with retail investors forming the majority. TMTG plans to expand its streaming options focusing on news, entertainment, and faith-based content, while exploring growth opportunities through potential mergers and acquisitions, particularly in fintech.
Trump Media & Technology Group reported Q3 2024 financial results with a net loss of $19.2M and operating loss of $23.7M, while maintaining a strong cash position of $672.9M with no debt. The quarter saw $1M in revenue plus $4.7M in interest income. Legal fees accounted for $12.1M, while R&D expenses were $3.9M.The company achieved significant operational milestones by launching Truth+, its TV streaming platform, across multiple devices including iOS, Android, and connected TVs. TMTG established a proprietary nationwide content delivery network to ensure independence from Big Tech, offering features like live TV rewind, catch-up TV, and network DVR capabilities.As of October 15, 2024, the company had approximately 650,000 shareholders, with retail investors forming the majority. TMTG plans to expand its streaming options focusing on news, entertainment, and faith-based content, while exploring growth opportunities through potential mergers and acquisitions, particularly in fintech.
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