TMTG Reports Third Quarter 2024 Results
~ Ended Third Quarter with $673 Million in Cash/Investments and No Debt ~
~ Activated Proprietary TV Content Delivery Network in Multiple Nodes Across the Nation ~
~ Released Truth+ TV Streaming Apps for iOS, Android Devices and Connected TV Sets ~
~ Exploring Further Growth Avenues Including Mergers/Acquisitions ~
SARASOTA, Fla., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Trump Media and Technology Group Corp. (NASDAQ:DJT) ("TMTG" or the "Company"), operator of the social media platform Truth Social, is announcing financial results for the fiscal quarter ending on September 30, 2024, and will also file its 10-Q with the Securities and Exchange Commission (the "SEC") today. TMTG's quarterly report and accompanying financial statements were reviewed by its independent registered public accounting firm Semple, Marchal & Cooper, LLP.
In the third quarter, TMTG continued to strengthen its balance sheet. As of September 30, 2024, TMTG's balance of cash, cash equivalents, and short-term investments was $672.9 million with no debt. With its strong balance sheet, the Company believes it is well-positioned to further develop and expand its new TV streaming platform, Truth+. During the third quarter, TMTG rolled out Truth+ rapidly and comprehensively, including the launch of a proprietary multi-site content delivery network to transmit TV streaming programming, the release of Truth+ on the Web, and the release of native apps for iOS devices, Android devices, and several connected TV systems.
As of October 15, 2024, the Company had approximately 650,000 shareholders with a unique profile overwhelmingly comprising retail investors—only roughly 2,100 investors owned more than 5,000 shares, and fewer than 1,000 investors owned more than 10,000 shares.
"This has been an extraordinary quarter for the Company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the Internet," TMTG CEO Devin Nunes said. "Since announcing our agreement in July 2024 to acquire TV streaming technology, in less than four months, we've built our own nationwide TV content distribution network, introduced live TV streaming on the Truth Social platform, and launched our own OTT TV service, Truth+, on the Web and with native apps for iOS, Android, and connected TVs. Even as we continue to enhance the ...
