TMTG Reports Q2 2024 Results, Closes Broadcasting Agreement

~ Ends Q2 with $344M in cash on balance sheet and no debt ~

~ Opening First Data Center to Power Custom Content Delivery Network ~

~ Adds TV Streaming Platform to Truth Social on iOS, Android and Web ~

SARASOTA, Fla., Aug. 9, 2024 (GLOBE NEWSWIRE) — Trump Media and Technology Group Corp. (Nasdaq: DJT) (“TMTG” or the “Company”), operator of the Truth Social social media platform, announces financial results for the fiscal quarter ended June 30, 2024 and that it filed its Form 10-Q with the Securities and Exchange Commission (“SEC” today). TMTG’s quarterly report and financial data have been independently audited by Semple, Marchal & Cooper, LLP, a registered public accounting firm.

TMTG continued to strengthen its balance sheet during the second quarter. As of June 30, 2024, TMTG had $344 million in cash and cash equivalents with no debt. The Company believes its strong balance sheet will enable it to expand and enhance its new television streaming platform, Truth+, which launched in August 2024 on the Company’s custom content delivery network (“CDN”).

The timely launch of TMTG’s new CDN and the subsequent launch of streaming TV on Android, iOS and the Truth Social web platform allowed TMTG to officially close the streaming technology transaction today, giving the Company the right to secure the source code going forward.

TMTG CEO Devin Nunes said, “TMTG has opened up the Truth Social platform domestically and internationally, listed on the NASDAQ Stock Exchange, amassed a strong, debt-free balance sheet, built our own hardware and software infrastructure to support our unique content delivery network, and launched fast, reliable, high-quality TV streaming across the entire Truth Social platform — all in less than three years since our founding. In addition to our plans to expand Truth+ with a range of new features, we continue to explore many other growth opportunities, including mergers and acquisitions. From the beginning, our intention has been to make Truth Social an impenetrable outpost of free speech, and by taking extraordinary steps to minimize our dependence on Big Tech, we are doing just that.”

The Company had a second-quarter GAAP net loss of $16.4 million. Approximately half of the net loss, $8.3 million, consisted of legal costs, including costs related to TMTG’s merger with Digital World Acquisition Corp, which was completed in March 2024. Additionally, the Company incurred $3.1 million of IT consulting and software licensing costs, primarily related to a software license agreement for a new streaming television service.

Other significant expenses included $828,000 in Securities and Exchange Commission filing fees; $602,000 in accounting fees, including the cost of re-auditing TMTG’s results for fiscal years 2022 and 2023 after the company hired a new auditor; and $441,000 in other expenses, primarily related to upfront television streaming fees.

TMTG earned $837,000 in revenue in the second quarter, in addition to recording $2.3 million in interest income. With the launch of TV streaming in August 2024, the Company believes it has laid the foundation for a major long-term revenue and value driver. However, at this early stage of the Company’s development, TMTG remains focused on long-term product development, optimizing platform performance, and testing new technologies as key strategies to create solid and sustainable shareholder value. By adding features to Truth Social, expanding live TV streaming, and building its overall ecosystem, the Company aims to first develop a set of best-in-class products that can then be leveraged to drive revenue and long-term value.

Given its strong balance sheet and zero debt, the Company believes it has sufficient working capital to fund its operations for the foreseeable future.

TV Streaming Update

Following the second quarter, TMTG launched its Truth+ TV streaming platform, available across the entire Truth Social platform – iOS, Android and the web.

The streaming service is powered by TMTG’s purpose-built CDN, which operates through a newly opened data center as the company works to launch more data centers. TMTG’s ultra-fast streaming technology is powered by a purpose-built infrastructure with its own servers, routers, and software stack. As such, TMTG expects to gain full control over its streaming tech delivery stack via a private CDN, in line with its goal of making the service impossible to cancel by Big Tech.

The Company also plans to introduce streaming applications integrated with the Truth Social platform that will offer cutting-edge features including an interactive 14-day e-guide, the ability to instantly watch any program broadcast in the last 7 days, a network DVR, video on demand, subscription video on demand, a marketplace and more.

TMTG also plans to unveil apps that will allow users to watch streaming content on their home TVs and introduce new advertising opportunities.

TMTG expects to expand its streaming offerings as development progresses, with a focus on news, Christian content and family-friendly programming.

TMTG anticipates that as the rollout progresses, the company will continue to stress test and beta test the streaming technology while gathering feedback from users, and will then announce when testing is complete and the rollout is complete.

About TMTG

TMTG’s mission is to end Big Tech’s attacks on free speech by opening up the internet and giving people a voice. TMTG operates Truth Social, a social media platform established as a safe haven for free speech amidst increasingly stringent censorship by Big Tech corporations.

Contact for investors

Shannon Devine (MZ Group | Managing Director – MZ North America) Email: [email protected]

Media contact

[email protected]

Warning Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of TMTG. We have based these forward-looking statements on our current expectations and projections regarding future events, including the future plans and potential success of the streaming services within the CDN. Although we believe that our plans, intentions and expectations reflected or implied by these forward-looking statements are reasonable, we can give no assurance that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements regarding possible or assumed future actions, business strategies, events or operating results, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that could cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Events that we cannot accurately predict or control may occur in the future.