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Trump Media & Technology Group Corp. (DJT-2.44%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that the company ended the year with $776.8 million in cash, cash equivalents, and short-term investments, alongside $9.6 million in debt, excluding lease liabilities.
The company operates Truth Social, a social media platform, and Truth+, a TV streaming service. It plans to launch Truth.Fi, a financial services brand, investing up to $250 million with Charles Schwab.
TMTG's growth strategy includes expanding the user base of Truth Social, increasing product offerings like Truth+ and Truth.Fi, and pursuing strategic acquisitions or partnerships.
The company reported a decrease in revenue to $3.6 million from $4.1 million the previous year, attributed to changes in revenue share agreements and selective testing of advertising initiatives.
Operating expenses increased significantly, with research and development costs rising to $49.1 million, mainly due to non-cash stock-based compensation and increased consulting and salary costs.
General and administrative expenses rose to $130.6 million, driven by merger-related costs, stock-based awards, and higher legal and insurance expenses.
TMTG faces competition in the social media and streaming sectors and aims to differentiate itself through a commitment to free speech and unique brand identity.
The company is subject to various legal proceedings, including litigation related to its business combination and intellectual property rights.
TMTG identified material weaknesses in its internal control over financial reporting and plans to implement remediation measures, including hiring additional accounting staff and engaging third-party advisors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trump Media & Technology Group Corp. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.