Trump Media & Technology Group Corp. (TMTG) reported a challenging financial performance for the fiscal year ending December 31, 2024, with revenues declining by 12% to $3.6 million, down from $4.1 million in 2023. This decrease was attributed primarily to a change in a revenue-sharing agreement with an advertising partner, which was intended to bolster TMTG's short-term financial position prior to its merger with Digital World Acquisition Corp. (DWAC). The company also experienced a significant increase in operating costs, which surged by 844% to $189.7 million, driven by substantial rises in research and development, general and administrative expenses, and marketing costs.
In terms of strategic developments, TMTG completed its merger with DWAC on March 25, 2024, which resulted in a significant capital influx. The company ended the year with approximately $776.8 million in cash and short-term investments, alongside $9.6 million in debt. TMTG has also been actively expanding its product offerings, launching the Truth+ streaming service and planning the introduction of Truth.Fi, a financial services brand. The rollout of Truth+ has been structured in three phases, with the first two phases already implemented by the end of 2024.
Operationally, TMTG's user engagement metrics remain critical as the company seeks to grow its user base on the Truth Social platform. The company has not disclosed specific user statistics but emphasizes that growth in its user base is essential for attracting advertisers and generating revenue. As of December 31, 2024, TMTG employed approximately 29 full-time staff, a number that may need to increase as the company expands its operations and product offerings.
Looking ahead, TMTG's management has indicated that it expects to continue incurring operating losses as it invests in growth initiatives and navigates the complexities of being a public company. The company is also focused on enhancing its internal controls and financial reporting processes, having identified material weaknesses in these areas. TMTG's future performance will depend on its ability to effectively manage these challenges while capitalizing on its strategic initiatives and maintaining user engagement on its platforms.
About Trump Media & Technology Group Corp.
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