Financial Position - As of September 30, 2025, the company reported cash and cash equivalents totaling $3,106,527.3 thousand and debt of $950,769.1 thousand[152]. - As of September 30, 2025, the company had $3,106,527.3 million in cash and cash equivalents, with $950,769.1 million in debt[205]. - As of September 30, 2025, the company held trading securities valued at $584,865.1, a significant increase from $0.0 at December 31, 2024[230]. - The company reported a maximum exposure to loss from unconsolidated VIEs limited to $0 as of September 30, 2025, and December 31, 2024[227]. - As of September 30, 2025, the company had $309,000.0 of cash restricted covering unexpired put options[233]. - The company does not hold any investments classified as available-for-sale as of September 30, 2025[231]. Revenue and Expenses - Revenue for the three months ended September 30, 2025 decreased by $38.0 thousand, or 4%, to $972.9 thousand compared to $1,010.9 thousand for the same period in 2024, primarily due to advertising economics and early-stage advertising initiatives[180]. - Revenue for the nine months ended September 30, 2025 increased by $59.1 thousand, or 2%, to $2,677.4 thousand compared to $2,618.3 thousand for the same period in 2024, driven by paid subscriptions to the Truth+ streaming service[192]. - Cost of revenue increased by $323.5 thousand, or 262%, to $446.8 thousand for the three months ended September 30, 2025, driven by content license and data center lease costs for the Truth+ platform[181]. - Cost of revenue for the nine months ended September 30, 2025 rose by $873.5 thousand, or 345%, to $1,126.4 thousand, mainly due to content license and data center lease costs[193]. - The change in fair value of digital assets resulted in an expense of $16,204.6 thousand for the nine months ended September 30, 2025, compared to $0.0 thousand in the prior year, reflecting market price changes of bitcoin and Cronos investments[197]. Operating Activities - Net cash provided by operating activities was $2,638.8 million for the nine months ended September 30, 2025, an improvement of $55,278.8 million compared to the prior year[217]. - Net cash used in investing activities was $1,973,108.2 million for the nine months ended September 30, 2025, significantly higher than $312,773.7 million in the same period of 2024, primarily due to digital asset purchases[218]. - Net cash provided by financing activities was $2,302,144.8 million for the nine months ended September 30, 2025, compared to $734,976.7 million in the prior year, driven by proceeds from convertible notes and PIPE financing[219]. Investment and Digital Assets - The company has filed registration statements for three cryptocurrency ETFs and five equity ETFs, focusing on digital assets and traditional securities[166]. - TMTG's digital asset strategy includes acquiring bitcoin and related securities, with plans to monitor market conditions for future purchases[168][171]. - The company entered into a business combination agreement to establish a digital asset treasury company focused on acquiring Cronos cryptocurrency[172]. - Expected funding for the digital asset treasury includes $1 billion in Cronos and $200 million in cash, aiming to create the largest digital asset treasury company by market cap ratio[173]. - The company plans to implement a forward-looking digital asset treasury strategy centered on the accumulation and management of Cronos, enhancing capital efficiency[174]. - The company has invested in bitcoin and bitcoin-related assets, with bitcoin prices fluctuating between $66,000 and $126,000 in the past 12 months, indicating high volatility[238]. - The company’s digital assets consist of investments in bitcoin and Cronos, with ownership and control retained by the company[234]. - The company’s trading securities primarily consist of equity exchange-traded funds that invest in digital assets[230]. Expenses and Financial Performance - Research and development expenses rose by $4,408.5 thousand, or 113%, to $8,302.2 thousand for the three months ended September 30, 2025, largely due to increased stock-based compensation and IT consulting costs[182]. - General and administration expenses increased by $13,359.1 thousand, or 75%, to $31,056.1 thousand for the three months ended September 30, 2025, attributed to higher stock-based compensation and legal fees[184]. - Interest income surged by $8,731.4 thousand, or 188%, to $13,384.4 thousand for the three months ended September 30, 2025, due to higher cash and investment balances[187]. - Interest expense skyrocketed by $11,227.7 thousand, or 4,551%, to $11,474.4 thousand for the three months ended September 30, 2025, primarily from accreted interest on loans related to acquisitions[188]. - Depreciation and amortization expense increased by $4,745.3, or 615%, to $5,516.8 million for the nine months ended September 30, 2025, compared to $771.5 million for the same period in 2024[198]. - Interest income rose by $31,401.6, or 461%, to $38,216.1 million for the nine months ended September 30, 2025, due to higher cash and investment balances[199]. - Interest expense increased by $12,859.8, or 442%, to $15,766.3 million for the nine months ended September 30, 2025, attributed to accreted interest on loans from acquisitions[200]. - Investment income reached $12,069.5 million for the nine months ended September 30, 2025, a 100% increase from $0.0 million in the prior year[201]. Corporate Strategy - TMTG is focusing on diversifying into new sectors and pursuing mergers and acquisitions to evolve into a larger holding company for various products and services[177]. - The company authorized a Share Repurchase Program of up to $400,000.0 million, having repurchased 355,208 shares at an average price of $18.02 per share[215]. - The Standby Equity Purchase Agreement allows the company to sell up to $2,500,000.0 million of common stock, with no shares sold under this agreement during the nine months ended September 30, 2025[208]. - The company has consolidated Yorkville America in its financial statements, reflecting its status as the primary beneficiary with no material assets or liabilities upon initial consolidation[224]. - The company has not provided any guarantees related to Yorkville America, and no creditors of Yorkville America have recourse to the general credit of the company[225]. - The company has determined that it has a variable interest in four VIEs for which it is not the primary beneficiary[226].

Financial Performance - Trump Media (DJT) total assets amounted to $3.1 billion [1] - Trump Media (DJT) operating cash flow reached $10.1 million [1] - Trump Media (DJT) generated $61.1 million in revenue [1] - Trump Media (DJT) posted a net loss of $54.8 million [1] Key Factors - Net loss primarily due to digital asset valuation changes [1] - Net loss also due to legal costs [1]

Financial Results - Trump Media & Technology Group Corp. announced its financial results for the quarter ended September 30, 2025, on November 7, 2025[5]. - The financial results and operational strategies will be detailed in the definitive proxy statement and other relevant documents filed with the SEC[7]. Business Combination - The company is involved in a business combination with Yorkville Acquisition Corp., which will include a preliminary proxy statement and prospectus[7]. - The anticipated benefits and timing of the completion of the business combination are highlighted, with a focus on potential merger and acquisition activity[10]. - There are risks associated with the business combination, including the potential for delays and the need for shareholder approval[10]. - The company emphasizes the importance of reading the preliminary proxy statement/prospectus for critical information regarding the business combination[7]. Future Plans - The company is planning to launch a financial services and FinTech platform, aiming to capitalize on market opportunities[10]. - Trump Media Group CRO Strategy, Inc. is expected to manage growth and expand operations post-business combination[10]. Market Conditions - The company is addressing regulatory conditions and market trends that may impact its future operations[10]. - The company is focused on the volatility of the price of Cronos and its implications for stock performance[10].

Core Insights - Trump Media and Technology Group Corp. reported financial assets of $3.1 billion as of September 30, 2025, reflecting strong strategic momentum and expansion across its platforms [2][11] - The company achieved its second consecutive quarter of positive operating cash flow, totaling $10.1 million for the third quarter [4][11] - Trump Media is actively pursuing a mergers and acquisitions strategy, leveraging its financial strength and unique market position [11] Financial Performance - The company generated $15.3 million in realized income from bitcoin-related securities and $13.4 million in interest income from other financial holdings, totaling $61.1 million in combined realized income year-to-date [3] - Despite the positive cash flow, Trump Media reported a net loss of $54.8 million in the third quarter, primarily due to non-cash losses and elevated legal expenses of $20.3 million related to its SPAC merger [11] Strategic Partnerships and Expansion - Trump Media formed a strategic partnership with Crypto.com to invest in Cronos (CRO), positioning itself as an early adopter and investor in this blockchain asset [5][7] - The company integrated CRO into its Truth Social and Truth+ platforms as part of a rewards system and purchased approximately 684.4 million CRO for its balance sheet [6][7] - Trump Media is enhancing its flagship products, Truth Social and Truth+, by introducing new features and capabilities, including a unique content delivery network and embedded prediction markets [8][10] Product Development - The company is on track to launch Truth.Fi, a financial services brand, in 2025, targeting non-woke, America-First investors with various investment vehicles [10][13] - Truth Social and Truth+ have undergone significant upgrades, including the addition of new content and features aimed at enhancing user experience and engagement [8][12]

Core Viewpoint - The ESG rating of Trump Media & Technology Group (DJT.US) has been downgraded from BBB to BB by MSCI as of November 5, 2025 [1] Group 1 - The downgrade indicates a significant shift in the company's environmental, social, and governance performance metrics [1]

Core Insights - Trump Media & Technology Group is set to launch a prediction market feature called Truth Predict on its platform Truth Social, in collaboration with Crypto.com [1][2] - The feature will allow users to bet on various outcomes, including elections and sports events, aiming to democratize information and empower users [3][2] - Truth Predict will utilize Crypto.com's native token, CRO, for trading event contracts, and will also allow conversion of in-app reward tokens into CRO [4][5] Company Developments - Truth Predict is expected to begin beta testing soon, with a full launch planned for the U.S. and subsequent global availability [5] - The partnership with Crypto.com is not new, as CRO has been used as a utility token on Truth Social and its streaming service, Truth+ [6] Industry Context - Prediction markets have gained popularity, especially during the last presidential election, with platforms like Polymarket and Kalshi seeing significant betting volumes [7] - Truth Predict will position Trump Media in competition with established platforms like Polymarket and Kalshi, where Donald Trump Jr. is an adviser [8]

Core Viewpoint - Trump Media & Technology Group Corp. (NASDAQ:DJT) shares experienced a slight increase following allegations that federal investigators accessed its banking information without consent [1]. Group 1: Legal and Regulatory Issues - Trump Media's chief Devin Nunes stated that the company discovered a subpoena for financial records from JPMorgan Chase issued by Special Counsel Jack Smith's team, which he claims exceeds the investigation's scope and targets a private business with numerous shareholders [2]. - Nunes labeled the subpoena as an "abuse of power," revealing that the company learned about it through the Senate Judiciary Committee and accused Smith's office of surveilling over 400 Trump-connected individuals or entities [3]. - Nunes emphasized that Trump Media was not in existence during the events under investigation and is seeking clarification from the SEC and JPMorgan regarding their awareness of the subpoena and any potential disclosure of confidential information [3]. Group 2: Product Development and Expansion - Amid the ongoing controversy, Trump Media announced the launch of a new product called Truth Predict, which will be integrated into its Truth Social platform, allowing users to trade regulated prediction contracts related to elections, interest rates, commodities, and major sports [4]. - The platform will utilize Crypto.com Derivatives North America, a CFTC-regulated exchange and clearinghouse, for its operations [5]. - Initial testing of the Truth Predict feature will occur in the U.S., with plans for global access in the future, marking Truth Social as the first major platform to incorporate a prediction market regulated under U.S. rules [6].

Core Insights - Trump Media Technology Group is entering the prediction market business through a partnership with Crypto.com, launching the Truth Predict service on its social platform Truth Social, allowing users to bet on various event outcomes [1][2] - The timing of this move is notable, as Trump's trading activities have faced scrutiny due to suspicious stock price movements and insider trading allegations involving him and his family [1][4] - The prediction market is gaining traction on Wall Street, with a record trading volume exceeding $2.3 billion recently, attracting investments from major financial institutions [1][8] Company Developments - Truth Predict will be tested on Truth Social before a full rollout in the U.S. and eventually globally, as the company aims to deepen its ties with the cryptocurrency industry [2][3] - The collaboration with Crypto.com is not the first; earlier this year, they formed a joint venture to accumulate the native token CRO, further solidifying their connection to the crypto sector [3] Industry Trends - The prediction market is evolving from a niche concept to a mainstream financial avenue, with platforms like Polymarket and Kalshi leading the charge, attracting significant venture capital interest [8][9] - Major financial players, including the Chicago Mercantile Exchange, are planning to introduce financial contracts linked to sports events and economic indicators, indicating a shift towards broader acceptance of prediction markets [8][9] - The recent surge in trading volume and valuation of platforms like Polymarket, which received a $2 billion investment from the parent company of the New York Stock Exchange, highlights the growing legitimacy of prediction markets [8][9]

Core Viewpoint - Trump Media and Technology Group has been identified as a target in a broad investigation led by Special Counsel Jack Smith, raising concerns about the misuse of power against private businesses and their investors [2]. Group 1: Company Overview - Trump Media operates Truth Social, a social media platform aimed at promoting free speech, Truth+, a family-friendly streaming service, and is launching Truth.Fi, a FinTech brand focused on America First investment vehicles [3]. Group 2: Recent Developments - Devin Nunes, CEO of Trump Media, announced that the company was among over 400 Trump-related entities subjected to surveillance, with a subpoena issued for their banking records by Jack Smith [2]. - Nunes expressed the need for clarity on what the SEC and J.P. Morgan Chase knew regarding the subpoena and any potential leaks of their banking information [2].

Group 1: Trade Deals and Market Reactions - President Trump announced a nearly finalized trade deal with South Korea, involving $350 billion in investments, including $200 billion in direct cash and $150 billion for the U.S. shipbuilding industry in exchange for lower tariffs [2][3] - The South Korean won appreciated by 0.54% against the dollar, and Seoul's Kospi index rose by 1.2% on October 29, with further gains exceeding 1% on October 30, reflecting market relief and optimism [3] - Chinese stocks surged to a decade high, and the yuan reached a near one-year peak against the dollar on October 30, driven by hopes of easing trade tensions [6] Group 2: Market Volatility and Economic Indicators - The Dow dropped 1.9%, the S&P 500 fell 2.7%, and the Nasdaq declined 3.5% on October 10-11 due to Trump's threats of new tariffs on Chinese imports, indicating the market's sensitivity to trade rhetoric [7] - Despite the volatility caused by tariffs, major indexes continued to hit fresh highs, suggesting resilience in the economy [7] - The International Monetary Fund raised its GDP growth forecast for 2025 to 3.2% from 2.8%, reflecting a degree of optimism despite earlier tariff concerns [13] Group 3: Company-Specific Impacts - Boeing faced potential export controls on parts to China, which could jeopardize a significant 500-aircraft contract, highlighting the direct impact of trade tensions on specific companies [9] - Boeing reported an expected loss of $0.51 per share for Q3 2025, yet its shares gained over 24% year-to-date, indicating market confidence despite operational challenges [9] Group 4: Emerging Ventures and Market Sentiment - Trump Media & Technology Group announced plans for "Truth Predict," a prediction markets platform, which led to a 6% increase in DJT stock in premarket trading on October 28 [10][11] - The stock closed at $15.98 on October 29, with a notable increase in call options, reflecting investor enthusiasm driven by Trump's popularity rather than traditional financial metrics [11]