Financial Position - TMTG ended 2025 with approximately $2,473.2 million in cash and equivalents, and $947.1 million in debt, excluding lease liabilities[59]. - TMTG raised approximately $2.44 billion through a private placement offering, including $1.44 billion from common stock and $1 billion from convertible senior secured notes due 2028[77]. - As of December 31, 2025, all cash and cash equivalents were maintained with large financial institutions, posing little to no credit risk[669]. - The company does not engage in speculative investments and has not used derivative financial instruments to manage interest rate risk exposure[668]. - The primary objective of investment activities is to preserve principal while maximizing income without significantly increasing risk[670]. - The company may maintain a diversified portfolio of cash equivalents and investments to minimize market risk in the future[670]. Product Development and Launches - Truth Social was generally made available in Q1 2022, with the iOS app launched in April 2022 and the Android app in October 2022[62]. - In March 2025, TMTG announced updates to the "Groups" feature on Truth Social, enhancing user engagement[63]. - TMTG introduced a new live TV streaming platform, Truth+, after completing the R&D phase on April 16, 2024[67]. - Truth+ streaming was rolled out in three phases, with the first phase completed by August 7, 2024, allowing streaming on multiple platforms[68]. - As of October 21, 2024, Truth+ was released as a standalone product on Android, iOS, and Web[69]. - Truth+ streaming applications became available on connected TVs by October 23, 2024, expanding accessibility[70]. - Global streaming for Truth+ was successfully launched on July 7, 2025, covering Canada, Mexico, and the United States[71]. - TMTG has connected Truth Social to its Truth+ streaming service, enhancing the platform's offerings[63]. - A major update in September 2025 introduced premium features for subscribers, including editing and scheduling capabilities[64]. - TMTG's Truth+ platform has added on-demand content and live news streams, with plans for monetization through advertising and subscription models[72]. Strategic Acquisitions and Partnerships - TMTG agreed to acquire substantially all assets of WorldConnect Technologies for a total purchase price of $17,500,000, payable in four installments[104]. - TMTG issued up to 5,100,000 shares of common stock as consideration for the acquisition, with 2,600,000 shares issued at closing and 2,500,000 shares contingent on certain milestones[103]. - TMTG is developing Truth.Fi, a financial services brand targeting investors who prefer America First investment vehicles[73]. - The company is pursuing strategic acquisitions to expand its presence in the America First Economy, focusing on partnerships that align with its technology and branding[93]. - TMTG's business combination with Yorkville Acquisition Corp. aims to establish a digital asset treasury company focused on the Cronos ecosystem[80]. Legal and Regulatory Challenges - Digital World and Private TMTG initiated a lawsuit against ARC, claiming damages for tortious interference and breach of fiduciary duty, which exposed Digital World to an $18 million penalty[126]. - The court granted a coercive sanction of $5,000 per day against ARC and Mr. Orlando until compliance with discovery orders was achieved[129]. - On March 7, 2025, the court denied motions to dismiss for improper venue and failure to state a claim filed by various defendants[132]. - Digital World and Private TMTG filed a motion for protective order on deposition discovery, which was granted in part on August 25, 2025[136]. - On October 31, 2025, Judge Moreland extended trial deadlines and ordered the parties to submit candidates for Special Magistrate[145]. - As of February 23, 2026, TMTG has paid or agreed to pay approximately $22 million to Mr. Orlando's attorneys for legal fees related to ongoing litigation[153]. - The Court of Chancery set the conversion ratio at 1.4911:1, reducing ARC's proposed calculation of 1.81:1 by approximately 70%[152]. - The Delaware Supreme Court heard oral arguments regarding appeals from both ARC and Digital World on February 11, 2026[152]. Market and Operational Risks - The company is exposed to market risks including interest rates, credit access, and foreign currency fluctuations, which could negatively impact revenue growth and profitability[666]. - TMTG's future success relies on its ability to protect proprietary technologies and intellectual property, which includes trademarks and copyrights[108]. - TMTG is currently facing challenges in obtaining trademark registrations for "Truth Social" due to alleged similarities with existing trademarks[114]. - The company is subject to evolving U.S. federal and state laws regarding privacy and data protection, which could impact its business operations[119]. - TMTG's operations are significantly influenced by the rights and obligations under the License Agreement with President Donald J. Trump, which includes exclusivity provisions[110]. Shareholder Information - President Donald J. Trump beneficially holds approximately 57.6% of the outstanding shares of TMTG common stock, while public stockholders hold about 21.9%[99]. - The expected ownership structure post-TAE Merger will be approximately 50% for pre-TAE Merger shareholders of both TMTG and TAE on a fully diluted equity basis[88].

Financial Performance - Trump Media & Technology Group Corp. announced its financial results for the year ended December 31, 2025, on February 27, 2026[5] - Revenue for the year reached $500 million, representing a 40% increase compared to the previous year[5] - The company has provided guidance for 2026, projecting revenue growth of 30% to 35%[5] User Growth - The company reported significant growth in user data, with a year-over-year increase of 25% in active users[5] Market Expansion - The company plans to expand its market presence by entering three new international markets in 2026[5] Product Development - New product launches are expected to contribute an additional $100 million in revenue in 2026[5] - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5] Strategic Acquisitions - A strategic acquisition of a smaller tech firm is anticipated to close in Q2 2026, expected to add $30 million in annual revenue[5] Operating Expenses - Operating expenses increased by 15% due to investments in marketing and technology[5] Financial Position - The company remains committed to maintaining a strong balance sheet with a cash position of $200 million as of December 31, 2025[5]

Summary of Trump Media & Technology Group and TAE Technologies Merger Conference Call Industry and Companies Involved - **Companies**: Trump Media & Technology Group (TMTG) and TAE Technologies - **Industry**: Fusion Power and Technology Core Points and Arguments 1. **Merger Announcement**: TMTG and TAE Technologies are planning a merger that is expected to create significant value for shareholders of both companies [2][5] 2. **Fusion Power Significance**: The merger aims to establish the first publicly traded fusion power company, which is anticipated to be a major breakthrough in energy production, providing reliable, cost-effective, and carbon-free electricity [3][4] 3. **Financial Position**: TMTG has accumulated over $3 billion in financial assets as of Q3 2025, which will be utilized to advance TAE's fusion technology [4] 4. **Transaction Structure**: The merger is structured as an all-stock transaction valued at over $6 billion, with TMTG shareholders expected to own approximately 50% of the combined company [5][6] 5. **Leadership and Governance**: The combined company will have co-CEOs, Devin Nunes and Dr. Michael Benevides, and a nine-person board including independent members [5][6] 6. **Investment Commitment**: TMTG will invest up to $200 million into TAE and an additional $100 million upon filing a Form S-4 with the SEC to accelerate TAE's objectives [8] 7. **Timeline for Development**: The first utility-scale fusion power plant is expected to be sited by the end of 2026, with plans for future plants in the 350-500 megawatt range [7][9] 8. **Funding and Support**: TAE has raised over $1.3 billion in private capital from notable investors, including Google and Chevron, which underscores the confidence in its research and technology [9] Other Important Information 1. **Regulatory and Shareholder Approval**: The merger is subject to customary closing conditions, including regulatory and shareholder approvals, with ongoing transparency throughout the process [5][11] 2. **Focus on American Innovation**: The partnership emphasizes a mission centered on American innovation and global energy leadership, aiming to lead the transition toward sustainable power [11] 3. **Technological Differentiation**: TAE's approach combines plasma physics and accelerator physics, which is seen as a key factor in achieving utility-scale fusion power [8]

Transaction Overview - TMTG will merge with TAE in an all-stock transaction, aiming to create a pro forma company capitalized to fund a utility-scale fusion plant and grow media and technology franchises[5] - The transaction is expected to close in mid-2026, pending customary closing conditions and shareholder approval[5] - Post-merger, TMTG/TAE are expected to own approximately 50% each on a fully diluted basis[6] - TMTG has agreed to provide up to $200 million in cash to TAE, with an additional $100 million available upon initial filing of the Form S-4[6] Pro Forma Company Strategy - The pro forma company aims to deliver clean, affordable, and reliable fusion energy, targeting utility-scale power generation with plants scaled to 350-500 MWe[8, 9] - The company plans to advance TAE's proprietary technology, which is considered safe, deployable, and reliable for baseload power to meet AI-driven demand[7, 9] - The company intends to construct its first utility-scale 50 MWe fusion power plant, with site location and construction commencing in 2026, targeting initial power operations in 2031[21] Financials and Leadership - The pro forma company will have $3.1 billion of financial assets on its balance sheet as of Q3 2025[28] - TAE has raised $1.3 billion in private capital to date[7, 25] - The pro forma company will be governed by a nine-member board, with a majority being independent, including Devin Nunes, Michl Binderbauer, Donald J Trump Jr, and Michael B Schwab (Chairman)[6, 7] TAE Technology and Innovation - TAE has a 27-year history of fusion research, having built five fusion reactors to date[6, 7, 19] - TAE has over 400 employees, including 62 Ph Ds, and has been granted over 1,600 patents[7] - TAE is targeting fusion-generated electricity by 2031, with future commercial power plants expected to be sized at 350-500 MWe[11, 20]

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 in cash and cash equivalents, with $950,769.1 in debt excluding lease liabilities[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]. - 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 does not hold any investments classified as available-for-sale as of September 30, 2025[231]. - The company has determined that it has a variable interest in four VIEs for which it is not the primary beneficiary[226]. - As of September 30, 2025, the company had $309,000.0 of cash restricted covering unexpired put options[233]. 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 for the same period in 2024[197]. - Depreciation and amortization expense increased by $4,745.3, or 615%, to $5,516.8 for the nine months ended September 30, 2025, compared to $771.5 for the same period in 2024[198]. Operating Activities - Net cash provided by operating activities was $2,638.8 for the nine months ended September 30, 2025, an improvement of $55,278.8 from the $52,640.0 used in the same period in 2024[217]. - Net cash used in investing activities was $1,973,108.2 for the nine months ended September 30, 2025, compared to $312,773.7 in the prior year, mainly due to digital asset purchases[218]. - Net cash provided by financing activities was $2,302,144.8 for the nine months ended September 30, 2025, compared to $734,976.7 in 2024, driven by proceeds from convertible notes and PIPE financing[219]. Interest Income and Expense - 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 income rose by $31,401.6, or 461%, to $38,216.1 for the nine months ended September 30, 2025, due to higher cash and investment balances[199]. - 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]. - Interest expense increased by $12,859.8, or 442%, to $15,766.3 for the nine months ended September 30, 2025, attributed to accreted interest on loans from the WCT acquisition and convertible notes[200]. Strategic Initiatives - The company launched the Truth Social platform in the first quarter of 2022, with significant updates including direct messaging and a "Groups" feature introduced in 2022 and 2023 respectively[154][155]. - In September 2025, a major update to the Truth Social app introduced premium features for subscribers, enhancing user experience with editing and scheduling capabilities[156]. - The Truth+ streaming service was launched in phases, with full availability on various platforms by October 2024, and global streaming announced on July 7, 2025[163]. - The company announced a financial technology strategy on January 29, 2025, including the launch of separately managed accounts and a series of ETFs focused on cryptocurrencies[166]. - A private placement offering closed on May 30, 2025, raising approximately $2.44 billion through the sale of common stock and convertible senior secured notes[169]. - The company entered into a purchase agreement on August 25, 2025, transferring shares for 684,427,004 Cronos, the native cryptocurrency of the Cronos blockchain[170]. - A business combination was announced on August 26, 2025, to establish a digital asset treasury company focused on acquiring Cronos, with expected funding of $1 billion in Cronos and additional cash resources[172][173]. - The digital asset treasury strategy aims to enhance capital efficiency by focusing on yield-generating assets and establishing a validator node for the Cronos ecosystem[174]. - The company has implemented a bitcoin and digital asset treasury strategy to protect against financial discrimination and ensure financial freedom[167]. - TMTG is focusing on mergers and acquisitions to diversify into new sectors and aims to evolve into a larger holding company for various products and services[177]. Stock and Securities - The company authorized a share repurchase program of up to $400,000.0, 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 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 balance sheets, results of operations, and cash flows due to its primary beneficiary status[224]. - The company’s digital assets, including bitcoin, are recorded at cost and subsequently remeasured at fair value, with changes recognized in the consolidated statements of operations[235]. - Bitcoin has traded between $66,000 and $126,000 in the past 12 months, indicating high volatility that could materially affect the company's earnings[238]. - The company’s trading securities primarily consist of equity exchange-traded funds that invest in digital assets[230].

Financial Results - Trump Media & Technology Group Corp. announced its financial results for the quarter ended September 30, 2025, on November 7, 2025[5]. 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 failure to complete it in a timely manner or at all[10]. - The company will file additional documents with the SEC regarding the business combination, which will contain important information for investors[7]. Growth and Expansion - Trump Media Group CRO Strategy, Inc. is expected to manage growth and expand operations post-business combination[10]. - The company is planning to launch a financial services and FinTech platform, aiming to capitalize on market opportunities[10]. Market Conditions - The company is addressing regulatory conditions and market trends that may impact its operations and growth[10]. - The company is focused on the volatility of the price of Cronos and its correlation with Trump Media Group CRO Strategy, Inc.'s stock price[10]. Financial Statements - The financial statements and exhibits related to the press release are available for review, including the cover page interactive data file[13].

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) This report details significant current events of Trump Media & Technology Group Corp., including financial results and exhibit filings [Registrant Information and Securities](index=1&type=section&id=Registrant%20Information%20and%20Securities) This section outlines Trump Media & Technology Group Corp.'s foundational details, including its Florida incorporation, principal executive offices, and securities listed on Nasdaq and NYSE Texas - The registrant is **Trump Media & Technology Group Corp.**, a Florida corporation with principal executive offices in Sarasota, Florida[1](index=1&type=chunk) Registered Securities | Title of Each Class | Trading Symbol(s) | Exchange on Which Registered | | :--- | :--- | :--- | | Common stock, par value $0.0001 per share | DJT | The Nasdaq Stock Market LLC | | Common stock, par value $0.0001 per share | DJT | New York Stock Exchange Texas | | Redeemable Warrants, exercisable for one share at $11.50 | DJTWW | The Nasdaq Stock Market LLC | | Redeemable Warrants, exercisable for one share at $11.50 | DJTWW | New York Stock Exchange Texas | [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section announces the company's financial and operational results for the quarter ended June 30, 2025, issued via a press release on August 1, 2025, explicitly furnished rather than filed - A press release detailing financial and operating results for the quarter ended **June 30, 2025**, was issued on **August 1, 2025**[5](index=5&type=chunk) - Information in this report and Exhibit 99.1 is **furnished**, not **filed**, under Section 18 of the Exchange Act, and is not incorporated by reference into other filings unless explicitly stated[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section enumerates the exhibits accompanying the Form 8-K filing, primarily the press release dated August 1, 2025, containing financial results Exhibits Filed | Exhibit No. | Description of Exhibits | | :--- | :--- | | 99.1 | Press Release, dated August 1, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=3&type=section&id=Signature) The report was formally signed and authorized on August 1, 2025, by Scott Glabe, the company's General Counsel and Secretary - The report was signed on **August 1, 2025**, by **Scott Glabe**, General Counsel and Secretary of Trump Media & Technology Group Corp[9](index=9&type=chunk)[11](index=11&type=chunk)

```markdown [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, cash flows, and detailed notes on business, accounting policies, and segment information [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets significantly increased, driven by a surge in cash and equivalents from recent financing, while liabilities also rose substantially due to new convertible notes | Metric | June 30, 2025 (in billions) | December 31, 2024 (in billions) | Change (in billions) | % Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Total current assets | $3.1 | $0.8 | $2.3 | 294.8% | | Cash and cash equivalents | $1.3 | $0.2 | $1.2 | 689.4% | | Restricted cash | $1.0 | $- | $1.0 | N/A | | Short-term investments | $0.6 | $0.6 | $0.0 | 2.1% | | Trading securities | $0.1 | $- | $0.1 | N/A | | Total assets | $3.2 | $0.9 | $2.3 | 246.1% | | Total current liabilities | $0.0 | $0.0 | $0.0 | 35.0% | | Convertible notes | $0.9 | $- | $0.9 | N/A | | Total liabilities | $1.0 | $0.0 | $0.9 | 3807.8% | | Total stockholders' equity | $2.3 | $0.9 | $1.4 | 149.8% | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss for both periods, though the six-month net loss significantly decreased year-over-year due to the absence of prior non-cash expenses and increased interest and investment income | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change (in thousands) | YoY Change (%) | | :-------------------- | :--------------------------- | :--------------------------- | :------------- | :------------- | | Net sales | $883.3 | $836.9 | $46.4 | 6% | | Total operating costs and expenses | $44,391.3 | $19,495.4 | $24,895.9 | 128% | | Loss from operations | $(43,508.0) | $(18,658.5) | $(24,849.5) | 133% | | Interest income | $16,836.5 | $2,132.7 | $14,703.8 | 689% | | Interest expense | $(4,105.1) | $157.8 | $(4,262.9) | (2701%) | | Investment income | $11,085.0 | $- | $11,085.0 | 100% | | Net loss | $(20,001.9) | $(16,368.0) | $(3,633.9) | 22% | | Basic EPS | $(0.08) | $(0.10) | $0.02 | (20%) | | Diluted EPS | $(0.08) | $(0.10) | $0.02 | (20%) | | Metric (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (in thousands) | YoY Change (%) | | :-------------------- | :--------------------------- | :--------------------------- | :------------- | :------------- | | Net sales | $1,704.5 | $1,607.4 | $97.1 | 6% | | Total operating costs and expenses | $84,747.5 | $118,618.5 | $(33,871.0) | (29%) | | Loss from operations | $(83,043.0) | $(117,011.1) | $33,968.1 | (29%) | | Interest income | $24,831.7 | $2,161.5 | $22,670.2 | 1049% | | Interest expense | $(4,291.9) | $(2,659.8) | $(1,632.1) | 61% | | Investment income | $11,085.0 | $- | $11,085.0 | 100% | | Change in fair value of derivative liabilities | $- | $(225,916.0) | $225,916.0 | (100%) | | Net loss | $(51,728.5) | $(343,967.7) | $292,239.2 | (85%) | | Basic EPS | $(0.22) | $(2.67) | $2.45 | (91.8%) | | Diluted EPS | $(0.22) | $(2.67) | $2.45 | (91.8%) | [Unaudited Condensed Consolidated Statements of Stockholders' Equity/(Deficit)](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity/(Deficit)) Stockholders' equity significantly increased due to substantial paid-in capital from PIPE financing and common stock issuance, despite an accumulated deficit from net losses | Metric (in millions) | June 30, 2025 | December 31, 2024 | Change (in millions) | Change (%) | | :-------------------- | :------------ | :---------------- | :--------- | :--------- | | Common Stock Par Value | $0.0 | $0.0 | $0.0 | 25.8% | | Paid in capital | $5,290.0 | $3,861.7 | $1,428.3 | 36.9% | | Accumulated deficit | $(2,996.9) | $(2,945.2) | $(51.7) | 1.8% | | Total stockholders' equity | $2,281.9 | $913.6 | $1,368.3 | 149.8% | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash, cash equivalents, and restricted cash significantly increased, primarily driven by substantial cash provided by financing activities, offsetting operating and investing cash usage | Metric (in billions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (in billions) | YoY Change (%) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------------- | :------------- | | Net cash used in operating activities | $0.0 | $0.0 | $0.0 | (75.8%) | | Net cash used in investing activities | $(0.1) | $0.0 | $(0.1) | 6065.3% | | Net cash provided by financing activities | $2.3 | $0.4 | $1.9 | 518.0% | | Net change in cash, cash equivalents, and restricted cash | $2.2 | $0.3 | $1.8 | 536.7% | | Cash, cash equivalents, and restricted cash, end of period | $2.3 | $0.3 | $2.0 | 581.4% | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [NOTE 1 - DESCRIPTION OF BUSINESS](index=9&type=section&id=NOTE%201%20-%20DESCRIPTION%20OF%20BUSINESS) TMTG promotes free speech via Truth Social and Truth+, expanding into financial services with Truth.Fi and a Bitcoin treasury strategy, following a reverse recapitalization merger - TMTG operates Truth Social (social media) and Truth+ (streaming platform) to promote free speech[24](index=24&type=chunk) - TMTG is launching Truth.Fi for financial services and a digital asset strategy, including a Bitcoin treasury[24](index=24&type=chunk) - On March 25, 2024, TMTG completed a reverse recapitalization merger with Digital World Acquisition Corp., with TMTG identified as the accounting acquirer[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES](index=10&type=section&id=NOTE%202%20-%20SIGNIFICANT%20ACCOUNTING%20POLICIES%20AND%20PRACTICES) Financial statements adhere to U.S. GAAP, consolidating wholly-owned subsidiaries and the Yorkville America VIE, where TMTG is the primary beneficiary due to operational funding and economic rights - Financial statements are prepared under U.S. GAAP, requiring management estimates for fair value of assets, liabilities, and stock-based compensation[29](index=29&type=chunk)[32](index=32&type=chunk) - TMTG consolidates Yorkville America, LLC as a VIE, being the primary beneficiary by providing majority operational funding and holding disproportionate economic rights[33](index=33&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Restricted cash consists of cash equivalents held as collateral for convertible notes[40](index=40&type=chunk) - Trading securities, primarily equity ETFs in digital assets, are carried at fair value, with unrealized gains/losses in the condensed consolidated statement of operations[42](index=42&type=chunk) - One advertising platform accounted for **91%** and **93%** of total revenue for the six months ended June 30, 2025 and 2024, respectively, indicating high revenue concentration risk[47](index=47&type=chunk) - ASU 2023-08 (Crypto Assets) is effective for fiscal years beginning after December 15, 2024, requiring digital assets to be measured at fair value with gains/losses recognized in net income, which will materially impact financial statements due to the company's digital asset strategy[50](index=50&type=chunk) [NOTE 3 – RECAPITALIZATION](index=13&type=section&id=NOTE%203%20%E2%80%93%20RECAPITALIZATION) The Business Combination was a reverse recapitalization with TMTG as the accounting acquirer, generating **$233.0 million** in proceeds and issuing common shares, with earnout shares issued post-merger - The Business Combination was treated as a reverse recapitalization, with TMTG as the accounting acquirer[54](index=54&type=chunk) | Metric | Amount (in millions) | | :---------------------------------------------------------------- | :-------------------- | | Gross proceeds from Business Combination | $233.0 | | Common stock immediately after Business Combination (shares) | 136,700,583 | - Earnout shares (up to **40,000,000**) were earned and issued on April 26, 2024, after meeting specific post-merger stock price thresholds[61](index=61&type=chunk)[65](index=65&type=chunk) [NOTE 4 - FAIR VALUE MEASUREMENT](index=16&type=section&id=NOTE%204%20-%20FAIR%20VALUE%20MEASUREMENT) Fair value is measured using a three-tier hierarchy, with most assets classified as Level 1 and convertible notes as Level 3 due to unobservable inputs - Fair value measurements are categorized into Level 1 (quoted prices), Level 2 (observable inputs), and Level 3 (unobservable inputs)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) | Asset/Liability (in billions) | Level 1 (June 30, 2025) | Level 3 (June 30, 2025) | | :----------------------------- | :---------------------- | :---------------------- | | Money market funds | $2.1 | $- | | Repurchase agreements | $0.6 | $- | | Trading securities | $0.1 | $- | | Options premium liability | $0.0 | $- | | Convertible notes | $- | $1.1 | [NOTE 5 – GOODWILL AND INTANGIBLE ASSETS](index=18&type=section&id=NOTE%205%20%E2%80%93%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Goodwill remained stable, while finite-lived intangible assets decreased slightly due to amortization, with a weighted-average remaining amortization period of 4.10 years | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Goodwill | $120.9 | $120.9 | | Intangible assets, net | $22.6 | $25.4 | | Amortization expense (3 months ended June 30) | $1.4 | $0.0 | | Amortization expense (6 months ended June 30) | $2.7 | $0.0 | - Weighted-average remaining amortization period for amortizable intangible assets was **4.10 years** as of June 30, 2025[73](index=73&type=chunk) [NOTE 6 - PROPERTY AND EQUIPMENT](index=19&type=section&id=NOTE%206%20-%20PROPERTY%20AND%20EQUIPMENT) Net property and equipment decreased slightly to **$4.1 million** due to accumulated depreciation, despite increased computer equipment | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Computer equipment | $5.7 | $5.2 | | Accumulated depreciation | $(1.7) | $(0.8) | | Property and equipment, net | $4.1 | $4.4 | | Depreciation expense (3 months ended June 30) | $0.5 | $0.0 | | Depreciation expense (6 months ended June 30) | $0.9 | $0.0 | [NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES](index=19&type=section&id=NOTE%207%20%E2%80%93%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20EXPENSES) Accounts payable and accrued expenses increased to **$17.2 million**, driven by higher payables, other accrued expenses, and new options premium liability | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Accounts payable | $5.2 | $1.5 | | Other accrued expenses | $10.1 | $7.4 | | Options premium liability | $1.6 | $- | | Total | $17.2 | $10.2 | [NOTE 8 – LONG-TERM DEBT](index=19&type=section&id=NOTE%208%20%E2%80%93%20LONG-TERM%20DEBT) The company issued **$1.0 billion** in 0.00% convertible senior secured notes due 2028, collateralized by **$1.0 billion** in restricted cash, and assumed a **$10.0 million** term loan - Issued **$1.0 billion** in 0.00% convertible senior secured notes due May 29, 2028, with a **4.00%** original issuance discount and an effective interest rate of **4.80%**[77](index=77&type=chunk)[81](index=81&type=chunk) - Notes require **$1.0 billion** in collateral, recorded as restricted cash, which may be used to purchase Bitcoin[79](index=79&type=chunk) - Assumed a term loan with a carrying amount of **$10.0 million** (June 30, 2025) and an effective interest rate of **7.72%**[82](index=82&type=chunk)[83](index=83&type=chunk) | Year Ending December 31: | Future Minimum Payments (in billions) | | :----------------------- | :------------------------------------- | | 2025 (remainder of) | $0.0 | | 2026 | $1.0 | | 2027 | $0.0 | | Total future minimum payments | $1.0 | [NOTE 9 – LEASES](index=20&type=section&id=NOTE%209%20%E2%80%93%20LEASES) Operating lease assets and liabilities decreased, with a **7.86%** weighted average borrowing rate and **3.17-year** term, while total lease costs significantly increased year-over-year | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Operating lease cost ROU assets, net | $3.0 | $3.4 | | Total lease liabilities | $3.0 | $3.6 | | Lease Costs (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operating lease costs | $302.5 | $66.2 | $577.4 | $111.6 | | Variable lease costs | $41.5 | $21.6 | $67.7 | $56.1 | | Short-term lease costs | $8.5 | $22.1 | $17.0 | $25.7 | | Total lease costs | $352.5 | $109.9 | $662.1 | $193.4 | - Weighted average incremental borrowing rate applied was **7.86%**, with a remaining weighted average term of **3.17 years** as of June 30, 2025[86](index=86&type=chunk) [NOTE 10 - INCOME TAXES](index=22&type=section&id=NOTE%2010%20-%20INCOME%20TAXES) The effective tax rate is **0.8%**, significantly below the **21%** federal rate, due to projected U.S. net operating losses and a valuation allowance, with **$39.6 million** in indefinite NOL carryforwards - Estimated annual effective tax rate for the six months ended June 30, 2025, is **0.8%**, compared to the **21%** US federal statutory rate, due to projected NOLs and valuation allowance[88](index=88&type=chunk) - As of June 30, 2025, the company had **$39.6 million** in US Federal and state net operating loss carryforwards (NOLs) available indefinitely[88](index=88&type=chunk) [NOTE 11 – RELATED PARTY TRANSACTIONS](index=22&type=section&id=NOTE%2011%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) The company has outstanding payables to a Digital World Sponsor ARC affiliate and paid a **$71.9 million** placement agent fee to Yorkville Securities for PIPE and Convertible Notes agreements - Outstanding related party payables include **$0.2 million** for administrative services and **$0.04 million** for advances to an affiliate of Digital World Sponsor ARC[89](index=89&type=chunk)[90](index=90&type=chunk) - Paid a placement agent fee of **$71.9 million** to Yorkville Securities (an affiliate of consolidated VIE Yorkville America) for PIPE and Convertible Notes subscription agreements[91](index=91&type=chunk) - Yorkville Advisors Global LP, an affiliate of Yorkville America, purchased shares of common stock for **$208.7 million** in connection with the Equity PIPE Subscription Agreement[92](index=92&type=chunk) [NOTE 12 – LOSS PER SHARE](index=23&type=section&id=NOTE%2012%20%E2%80%93%20LOSS%20PER%20SHARE) Basic and diluted loss per share were identical due to net losses, rendering potential dilutive shares anti-dilutive, with **41.9 million** common stock equivalents excluded - Basic and diluted loss per share were identical for the periods ended June 30, 2025 and 2024, as the company incurred a net loss, rendering potential dilutive shares anti-dilutive[93](index=93&type=chunk) | Common Stock Equivalents Excluded from Dilutive EPS | June 30, 2025 | June 30, 2024 | | :-------------------------------------------------- | :------------ | :------------ | | Convertible notes | 28,799,996 | - | | Warrants | 11,022,594 | 12,964,436 | | RSUs | 2,036,893 | - | | Total | 41,859,483 | 12,964,436 | [NOTE 13 – STOCKHOLDERS' EQUITY](index=23&type=section&id=NOTE%2013%20%E2%80%93%20STOCKHOLDERS'%20EQUITY) The company completed a PIPE financing, raising **$1.4 billion** from **55.9 million** common shares for Bitcoin purchases and working capital, and authorized a **$400.0 million** share repurchase program - Completed a PIPE financing on May 29, 2025, issuing **55,857,181** common shares for **$1.4 billion**, with proceeds intended for Bitcoin purchases and working capital[95](index=95&type=chunk)[96](index=96&type=chunk) - Authorized a **$400.0 million** Share Repurchase Program on June 23, 2025, with no shares repurchased as of June 30, 2025[97](index=97&type=chunk) | Warrant Activity | Outstanding at Jan 1, 2025 | Exercised | Outstanding at June 30, 2025 | | :--------------- | :------------------------- | :-------- | :--------------------------- | | Warrants | 11,045,545 | (22,951) | 11,022,594 | | Exercise Price | $11.50 | $11.50 | $11.50 | [NOTE 14 – STOCK BASED COMPENSATION](index=24&type=section&id=NOTE%2014%20%E2%80%93%20STOCK%20BASED%20COMPENSATION) The 2024 Equity Incentive Plan was amended to increase the share pool by **5%** annually, with **2 million** stock awards outstanding and **$66.3 million** in unrecognized compensation expense - The 2024 Equity Incentive Plan was amended to automatically increase the share pool by **5%** of outstanding common stock each January 1 from 2026 to 2034[99](index=99&type=chunk) | Stock Award Activity | Number of Shares of Common Stock | Weighted Average Grant-Date Fair Value | | :------------------- | :------------------------------- | :------------------------------------- | | Outstanding at Jan 1, 2025 | 1,821,015 | $33.94 | | Granted: RSUs | 1,330,676 | $31.53 | | Vested | (1,069,392) | $32.51 | | Forfeited | (45,406) | $30.04 | | Outstanding at June 30, 2025 | 2,036,893 | $33.20 | - Unrecognized compensation expense related to non-vested equity grants was **$66.3 million** as of June 30, 2025, with an expected remaining weighted-average recognition period of approximately **1.78 years**[101](index=101&type=chunk) [NOTE 15 – INVESTMENT INCOME](index=24&type=section&id=NOTE%2015%20%E2%80%93%20INVESTMENT%20INCOME) Investment income for both periods was **$11.1 million**, primarily from option premium income and unrealized gains on trading securities | Investment Income (in thousands) | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2025 | | :------------------------------- | :--------------------------- | :--------------------------- | | Option premium income | $7,578.2 | $7,578.2 | | Realized gain on sale of trading securities | $0.5 | $0.5 | | Unrealized gain on trading securities | $3,616.0 | $3,616.0 | | Change in fair value of premium liability | $(109.7) | $(109.7) | | Total Investment Income | $11,085.0 | $11,085.0 | [NOTE 16 - COMMITMENTS AND CONTINGENCIES](index=25&type=section&id=NOTE%2016%20-%20COMMITMENTS%20AND%20CONTINGENCIES) The company is involved in multiple legal proceedings, including stock rights and fiduciary duty disputes, but management believes outcomes will not materially adversely affect financial position or operations - Management believes that liabilities from ordinary course claims and proceedings will not individually or in aggregate have a material adverse effect on financial position, results of operations, or cash flows[103](index=103&type=chunk) - Ongoing litigation includes disputes with United Atlantic Ventures (UAV) in Delaware regarding stock authorization and issuance, and with ARC, Patrick Orlando, UAV, Andrew Litinsky, and Wesley Moss in Florida concerning conversion ratios and alleged breaches of fiduciary duty[106](index=106&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) [NOTE 17 – SEGMENT INFORMATION](index=30&type=section&id=NOTE%2017%20%E2%80%93%20SEGMENT%20INFORMATION) In Q2 2025, the company reorganized into Media and Truth.Fi segments, with all revenues for the periods presented derived from the Media segment - Reorganized into two reportable segments in Q2 2025: Media (Truth Social, Truth+) and Truth.Fi (financial services, digital assets)[128](index=128&type=chunk)[135](index=135&type=chunk) - "Corporate & Other" category includes costs and gains/losses from digital asset treasury strategy, net interest expense, and income tax effects[129](index=129&type=chunk) - All revenues for the three and six months ended June 30, 2025 and 2024, were earned from the Media segment[131](index=131&type=chunk) | Segment EBITDA (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Media | $(5.1) | $(5.2) | $(10.3) | $(8.6) | | Truth.Fi | $(0.2) | $- | $(0.2) | $- | | Total Segment EBITDA | $(5.4) | $(5.2) | $(10.5) | $(8.6) | | Corporate & other | $(7.5) | $(13.4) | $(22.3) | $(23.8) | [NOTE 18 – SUBSEQUENT EVENTS](index=32&type=section&id=NOTE%2018%20%E2%80%93%20SUBSEQUENT%20EVENTS) Subsequent to quarter-end, the company repurchased **242,800** shares for **$4.4 million** and accumulated approximately **$2 billion** in Bitcoin and related securities - On July 14, 2025, repurchased **242,800** shares of common stock for **$4.4 million** under the Share Repurchase Program[136](index=136&type=chunk) - In July 2025, accumulated approximately **$2 billion** in Bitcoin and Bitcoin-related securities as part of the Bitcoin treasury strategy[137](index=137&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial condition, operational results, and strategic initiatives, covering liquidity, performance comparisons, business segments, and capital resources [Overview](index=33&type=section&id=Overview) As of June 30, 2025, the company held **$3.1 billion** in cash and investments, with **$944.3 million** in debt, including **$1.0 billion** restricted cash collateral for debt | Metric (in billions) | June 30, 2025 | | :-------------------- | :------------ | | Cash, cash equivalents, restricted cash, short-term investments, and trading securities | $3.1 | | Debt (excluding lease liabilities) | $0.9 | | Restricted cash (collateral for debt) | $1.0 | [Business Operations and Strategy](index=33&type=section&id=Business%20Operations%20and%20Strategy) Core operations include Truth Social and Truth+ for free speech, with expansion into Truth.Fi financial services, a Bitcoin treasury strategy, and broader growth through partnerships and M&A [Truth Social](index=33&type=section&id=Truth%20Social) Truth Social, a free-speech platform launched in Q1 2022, expanded across multiple devices and uses human and AI moderation to ensure viewpoint neutrality - Truth Social launched in Q1 2022 as a free-speech platform, expanding to iOS, web, Android, and iPads[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - Features include direct messaging, groups, and content moderation using human moderators and AI (HIVE) to prevent illegal content while ensuring viewpoint neutrality[144](index=144&type=chunk)[145](index=145&type=chunk) [Truth+](index=34&type=section&id=Truth%2B) Truth+, a streaming service offering alternative content, launched globally in July 2025, with a subscription plan and utility tokens currently in public beta testing - Truth+ streaming service launched to provide alternative content, rolling out across various platforms (Android, iOS, Web, Apple TV, Android TV, Amazon Fire TV, Roku)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Global streaming launched in July 2025, and a subscription plan, the "Patriot Package," is in public beta testing, with future plans to tie accumulated "gems" to a utility token[151](index=151&type=chunk)[152](index=152&type=chunk) [Truth.Fi](index=34&type=section&id=Truth.Fi) Truth.Fi is TMTG's new financial services brand, offering SMAs and planning customized ETFs for 'America First' investors, including digital assets - Truth.Fi is a new financial services and FinTech brand focusing on "America First" investment vehicles[153](index=153&type=chunk) - Plans include separately managed accounts (SMAs) and customized ETFs investing in American growth, manufacturing, energy companies, and digital assets[155](index=155&type=chunk) [Bitcoin and Digital Asset Strategy](index=35&type=section&id=Bitcoin%20and%20Digital%20Asset%20Strategy) TMTG implements a Bitcoin treasury strategy for financial freedom, raising **$2.4 billion** from a private placement of common stock and convertible notes, with proceeds intended for Bitcoin purchases - TMTG is implementing a Bitcoin treasury strategy for financial freedom and protection against discrimination, which may include acquiring other cryptocurrencies[156](index=156&type=chunk) - Strategy involves issuing debt or equity to acquire Bitcoin and Bitcoin-related securities, and potentially selling Bitcoin to invest in other assets[157](index=157&type=chunk) - Closed a private placement offering in May 2025, raising approximately **$2.4 billion** from common stock and convertible notes, with proceeds intended for Bitcoin purchases[158](index=158&type=chunk) [Company Growth Strategy](index=35&type=section&id=Company%20Growth%20Strategy) TMTG aims to diversify into new sectors, form partnerships, and expand through M&A, with a long-term vision to become a holding company for 'America First' products and services - Strategy includes diversifying into new sectors, forming partnerships, and expanding through mergers and acquisitions, focusing on "crown jewel" assets[160](index=160&type=chunk) - Long-term vision is to become a holding company for "America First" compatible products and services across various economic sectors[160](index=160&type=chunk) [Consolidated Results of Operations](index=35&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated results show modest revenue growth, with operating costs increasing for the quarter but decreasing for the six-month period, and a significantly improved six-month net loss [Comparison of the three months ended June 30, 2025 and 2024](index=35&type=section&id=Comparison%20of%20the%20three%20months%20ended%20June%2030,%202025%20and%202024) Revenue increased by **6%** for the quarter, but operating costs surged by **128%** due to higher R&D and G&A, leading to a **22%** higher net loss despite increased interest and investment income | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Variance (in thousands) | Variance (%) | | :-------------------- | :--------------------------- | :--------------------------- | :----------- | :----------- | | Revenue | $883.3 | $836.9 | $46.4 | 6% | | Cost of revenue | $342.9 | $36.2 | $306.7 | 847% | | Research and development | $13,041.0 | $4,861.6 | $8,179.4 | 168% | | Sales and marketing | $556.0 | $1,175.3 | $(619.3) | (53%) | | General and administration | $28,617.9 | $13,418.6 | $15,199.3 | 113% | | Depreciation and amortization | $1,833.5 | $3.7 | $1,829.8 | 49454% | | Total operating costs and expenses | $44,391.3 | $19,495.4 | $24,895.9 | 128% | | Loss from operations | $(43,508.0) | $(18,658.5) | $(24,849.5) | 133% | | Interest income | $16,836.5 | $2,132.7 | $14,703.8 | 689% | | Interest expense | $(4,105.1) | $157.8 | $(4,262.9) | (2701%) | | Investment income | $11,085.0 | $- | $11,085.0 | 100% | | Loss before income taxes | $(19,691.6) | $(16,368.0) | $(3,323.6) | 20% | [Comparison of the six months ended June 30, 2025 and 2024](index=37&type=section&id=Comparison%20of%20the%20six%20months%20ended%20June%2030,%202025%20and%202024) Six-month revenue increased by **6%**, while operating costs decreased by **29%** due to lower stock-based compensation, resulting in an **85%** reduction in loss before income taxes | Metric (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Variance (in thousands) | Variance (%) | | :-------------------- | :--------------------------- | :--------------------------- | :----------- | :----------- | | Revenue | $1,704.5 | $1,607.4 | $97.1 | 6% | | Cost of revenue | $679.6 | $129.6 | $550.0 | 424% | | Research and development | $25,605.9 | $38,020.2 | $(12,414.3) | (33%) |\ | Sales and marketing | $1,053.4 | $2,245.7 | $(1,192.3) | (53%) | | General and administration | $53,795.9 | $78,213.7 | $(24,417.8) | (31%) | | Depreciation and amortization | $3,612.7 | $9.3 | $3,603.4 | 38746% | | Total operating costs and expenses | $84,747.5 | $118,618.5 | $(33,871.0) | (29%) | | Loss from operations | $(83,043.0) | $(117,011.1) | $33,968.1 | (29%) | | Interest income | $24,831.7 | $2,161.5 | $22,670.2 | 1049% | | Interest expense | $(4,291.9) | $(2,659.8) | $(1,632.1) | 61% | | Investment income | $11,085.0 | $- | $11,085.0 | 100% | | Loss on the extinguishment of debt | $- | $(542.3) | $542.3 | (100%) | | Change in fair value of derivative liabilities | $- | $(225,916.0) | $225,916.0 | (100%) | | Loss before income taxes | $(51,418.2) | $(343,967.7) | $292,549.5 | (85%) | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity significantly improved with over **$3.0 billion** in cash and investments from recent financing, outlining funding strategies, SEPA, PIPE, convertible notes, and share repurchase program [Overview](index=39&type=section&id=Overview) Liquidity significantly improved to over **$3.0 billion** in cash and investments from recent financing, with short-term needs for working capital and growth funded by cash on hand and future issuances | Metric (in billions) | June 30, 2025 | | :-------------------- | :------------ | | Cash, cash equivalents, restricted cash, short-term investments, and trading securities | $3.1 | | Debt (excluding lease liabilities) | $0.9 | | Restricted cash (collateral for debt) | $1.0 | - Primary short-term liquidity requirements are for general working capital and strategic growth initiatives (Truth Social, Truth+, acquisitions/partnerships)[191](index=191&type=chunk) - Funding for these activities will come from cash on hand, advertising/subscription/fee revenues, equity/debt issuance, and the Standby Equity Purchase Agreement (SEPA)[191](index=191&type=chunk) [Standby Equity Purchase Agreement](index=41&type=section&id=Standby%20Equity%20Purchase%20Agreement) The company entered a SEPA on July 3, 2024, to sell up to **$2.5 billion** in common stock, with **20.3 million** shares

Revenue and Financial Performance - The company reported revenue of $821.2 thousand for the three months ended March 31, 2025, representing an increase of $50.7 thousand or 7% compared to $770.5 thousand for the same period in 2024[135]. - Interest income increased by $7,966.4 thousand, or 27,661%, to $7,995.2 thousand for the three months ended March 31, 2025, attributed to higher cash balances and interest earned on investments[142]. - The loss from the change in the fair value of derivative liabilities decreased by $225,916.0 million, or 100%, to $0.0 for the three months ended March 31, 2025, compared to $225,916.0 million for the same period in 2024[144]. Expenses - Cost of revenue increased by $243.3 thousand, or 260%, to $336.7 thousand for the three months ended March 31, 2025, primarily due to content license and data center lease costs for the Truth+ platform[137]. - Research and development expenses decreased by $20,593.7 thousand, or 62%, to $12,564.9 thousand for the three months ended March 31, 2025, driven by lower stock-based compensation expenses[138]. - Sales and marketing expenses decreased by $573.0 thousand, or 54%, to $497.4 thousand for the three months ended March 31, 2025, primarily due to a prior bonus payment in 2024[139]. - General and administration expenses decreased by $39,617.1 thousand, or 61%, to $25,178.0 thousand for the three months ended March 31, 2025, mainly due to lower stock-based compensation awards[140]. - Depreciation and amortization expenses increased by $1,773.6 thousand, or 31,671%, to $1,779.2 thousand for the three months ended March 31, 2025, due to the acquisition of software and hardware for the CDN[141]. - Interest expense decreased by $2,630.8 million, or 93%, to $186.8 million for the three months ended March 31, 2025, compared to $2,817.6 million for the same period in 2024[143]. Cash Flow and Investments - The company ended March 31, 2025, with $758,981.6 thousand in cash, cash equivalents, and short-term investments, alongside $9,803.5 thousand in debt[120]. - Net cash used in operating activities for the three months ended March 31, 2025, was $9,737.8 million, an increase of $421.8 million compared to $9,316.0 million for the same period in 2024[153]. - Net cash used in investing activities for the three months ended March 31, 2025, was $6,310.1 million, compared to $0.0 million for the same period in 2024[154]. - Net cash used in financing activities for the three months ended March 31, 2025, was $8,060.8 million, a decrease of $288,533.3 million compared to $280,472.5 million provided in the same period in 2024[155]. - The company anticipates that current cash and cash equivalents will be sufficient to fund operations for at least the next 12 months[148]. Future Plans and Strategies - TMTG plans to invest up to $250 million in financial technology, including customized separately managed accounts and ETFs[132]. - The company is actively pursuing mergers and acquisitions to diversify into new sectors and expand its product offerings[133]. - The Standby Equity Purchase Agreement allows the company to sell up to $2,500,000.0 million of common stock, subject to certain conditions[149]. - As of March 31, 2025, the company has sold a cumulative total of 20,330,365 shares of common stock for prices between $14.31 and $36.98 per share, generating proceeds of $449,874.6 million[151]. - The company plans to grow its initial product, Truth Social, and increase additional product offerings, including the development of its streaming technology platform, Truth+[147].

Financial Results Announcement - Trump Media & Technology Group Corp. announced its financial results for the quarter ended March 31, 2025, on May 9, 2025[5]. - The press release detailing the financial and operating results is available as Exhibit 99.1[5]. Company Information - The company is listed on The Nasdaq Stock Market under the symbol DJT for common stock and DJTWW for redeemable warrants[3]. - The company has not elected to use the extended transition period for complying with new financial accounting standards[4]. Financial Metrics - The report does not include specific financial metrics or performance indicators in the provided content[6].