Trump Media’s second-quarter revenue falls 30%, posts $16 million net loss as streaming expands

Trump Media and Technology Group revenue fell 30% in Q2 2024, totaling $836,900, while the company reported a net loss of $16 million. Despite these financial challenges, TMTG continues to expand its Truth Plus streaming service with new features and strategic acquisitions.

Trump Media’s second-quarter revenue falls 30%, net loss narrows as streaming service Truth Plus grows

Trump Media and Technology Group (NASDAQ: DJT) stock is currently being monitored for potential volatility after reporting disappointing second-quarter 2024 financial results despite the company’s recent announcements of a number of positive developments.

Trump Media’s revenue for the latest quarter was $836,900, down about 30% from the $1.192 million in revenue that parent company Truth Social reported for the same quarter in 2023.

According to Wccftech, the company’s net loss was $16.368 million, which is lower than the $22.768 million disclosed in the second quarter of 2023. This is a positive development.

Additionally, Trump Media and Technology Group had a cash position of $343.954 million as of June 30, 2024, resulting from the de-SPAC of Digital World, its merger with TMTG and the exercise of cash rights on related warrants.

At the time of writing, Trump Media shares were essentially unchanged, suggesting the August 9 financial disclosure has already been priced into the stock.

Meanwhile, TMTG is rolling out new features to its Truth Plus content streaming service.

Trump Media Expands Truth+ Streaming Service Across Platforms, Plans New Features and Smart TV Integration

The company officially launched its Truth+ streaming service on the web version of the Truth Social app last week. The progressive distribution has since been rolled out to Android and iOS platforms.

Trump Media and Technology Group plans to roll out features to the Truth Social app in future phases including an “interactive 14-day E-guide, instant access to TV shows aired in the last 7 days, a network DVR, video on demand, and more.”

The organization intends to leverage new advertising capabilities to help launch a streaming service for smart TVs. The company believes its Truth Plus streaming service cannot be disrupted by Big Tech because it is powered by a private CDN and a custom technology delivery stack.

In July, Trump Media and Technology Group entered into an equity agreement with WorldConnect Technologies, WorldConnect IPTV Solutions and JedTec to acquire key assets, including the source code, for the private CDN Truth Plus.

At that time, Trump Media also entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville, a Cayman Islands tax-exempt limited partnership. During the term of the SEPA, Yorkville may periodically purchase $2.5 billion worth of shares from the Truth Social parent entity.