Trump Media & Technology Group Corp. (TMTG) reported its financial results for the third quarter of 2025, revealing a net loss of $54.8 million, compared to a loss of $19.2 million in the same period last year. Revenue for the quarter decreased by 4% to $972.9 thousand, down from $1.01 million in Q3 2024. The decline in revenue was attributed to fluctuations in advertising economics and the early-stage testing of a new advertising initiative on the Truth Social platform. Despite the revenue drop, TMTG noted that it began generating income from paid subscriptions to its Truth+ streaming service, which partially offset the decline.
Operating expenses surged significantly, with total costs rising to $58.6 million from $24.7 million year-over-year. The cost of revenue increased by 262% to $446.8 thousand, primarily due to content licensing and data center lease costs associated with the Truth+ platform. Research and development expenses also rose by 113% to $8.3 million, driven by higher stock-based compensation and IT consulting costs. General and administrative expenses increased by 75% to $31.1 million, largely due to legal fees and stock-based compensation.
In terms of operational metrics, TMTG reported a significant increase in its cash and cash equivalents, totaling $166.1 million as of September 30, 2025, compared to $170.2 million at the end of 2024. The company also held $335.8 million in restricted cash, primarily serving as collateral for its convertible notes. TMTG's total assets increased to $3.27 billion, up from $938.3 million at the end of 2024, reflecting the consolidation of its variable interest entity, Yorkville America, which was established to manage investment vehicles focusing on American growth and digital assets.
Looking ahead, TMTG is focused on expanding its product offerings, particularly through its Truth+ streaming service and the newly announced Truth Predict prediction markets, which will allow users to trade contracts on major events. The company aims to leverage its digital asset strategy, which includes significant investments in bitcoin and Cronos, to enhance its financial position. However, TMTG acknowledged the inherent risks associated with the volatility of digital assets and the potential regulatory changes that could impact its operations and financial results. The company remains committed to addressing its material weaknesses in internal controls and enhancing its financial reporting processes as it navigates these challenges.
About Trump Media & Technology Group Corp.
Trump Media & Technology Group Corp. develops media and technology platforms focused on free speech, including Truth Social, a social media network promoting open dialogue, and Truth+, a streaming service for family-friendly content. It also plans to launch Truth.Fi, a FinTech brand offering investment and cryptocurrency services. The company aims to build an integrated ecosystem, competing in social media, streaming, and financial sectors with a focus on free expression and alternative technology solutions.
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