Trump Media & Technology Group, the media company founded by former U.S. President Donald Trump, reported a $19.2 million net loss in the third quarter, largely due to expenses related to its streaming service and legal fees.
The company stated that $12.1 million of the loss was tied to legal fees from acquiring streaming technology in August and other residual costs linked to a previous SPAC merger in March. Additionally, Trump Media allocated $3.9 million to research and development for its tech and platform improvements.
Despite these losses, shares of Trump Media rebounded in after-hours trading, gaining around 2%.
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This financial update comes as the U.S. presidential election reaches its final days, with Trump and current Vice President Kamala Harris locked in a close race. The election’s unusual dynamics have led to increased volatility for Trump Media’s stock, particularly for Truth Social, the social media platform it operates, as it is seen by some as a gauge of Trump’s election chances.
In its report, the media noted $1 million in revenue for the third quarter and a total of $672.9 million in cash and cash equivalents, including short-term investments, with no debt obligations.
