Trump Media & Technology Group (TMTG) reported that its net sales for the full year 2024 were $3.6 million, decreasing 12.4% year over year. The media company's net loss for the same year amounted to $401 million, worsening from a $58 million loss in 2023.
At the same time, TMTG said it ended the previous year with $777 million in cash, skyrocketing from $2.6 million posted in 2023. In addition, the company said the increase in its legal expenses was due to "Biden-era" Securities and Exchange (SEC) "obstruction" of its merger with a special-purpose acquisition company.
"The Company has established a strong cash position to pursue further expansions and acquisitions, has opened up new frontiers for an iconic brand and has attracted approximately 650,000, largely retail, shareholders, as of October 15, 2024," TMTG said in a press release.
The company's shares increased 0.60% in the after-hours trade following the reports release.
