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10-Q: Q3 2024 Earnings Report

SEC ·  Nov 5, 2024 21:37

Summary by Moomoo AI

Trump Media & Technology Group Corp. reported Q3 2024 revenue of $1.0 million, down 6% year-over-year, while net loss narrowed to $19.2 million from $26.0 million in Q3 2023. The company ended the quarter with $672.9 million in cash and short-term investments, bolstered by $734.9 million raised through financing activities including the DWAC merger and equity sales.Research and development expenses increased 77% to $3.9 million, while general and administrative costs rose to $17.7 million, primarily due to higher legal, software, insurance and merger-related expenses. The company completed the acquisition of WorldConnect Technologies for streaming technology and launched Truth+, its streaming platform across multiple devices.Management identified material weaknesses in internal controls over financial reporting and is implementing remediation measures including hiring additional accounting staff and engaging third parties. The company expects to continue incurring operating losses as it focuses on expanding its user base and developing new features, with full remediation of control issues potentially extending beyond 2024.
Trump Media & Technology Group Corp. reported Q3 2024 revenue of $1.0 million, down 6% year-over-year, while net loss narrowed to $19.2 million from $26.0 million in Q3 2023. The company ended the quarter with $672.9 million in cash and short-term investments, bolstered by $734.9 million raised through financing activities including the DWAC merger and equity sales.Research and development expenses increased 77% to $3.9 million, while general and administrative costs rose to $17.7 million, primarily due to higher legal, software, insurance and merger-related expenses. The company completed the acquisition of WorldConnect Technologies for streaming technology and launched Truth+, its streaming platform across multiple devices.Management identified material weaknesses in internal controls over financial reporting and is implementing remediation measures including hiring additional accounting staff and engaging third parties. The company expects to continue incurring operating losses as it focuses on expanding its user base and developing new features, with full remediation of control issues potentially extending beyond 2024.
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