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DJTTrump Media & Technology Group

Crypto · Internet & Software Services · Nasdaq
DJT quote by TradingView
Headquarters
Sarasota, FL
CEO
Kevin McGurn
Next results
around Feb 26, 2027
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10-K 0001140361-26-007174 (2026-02-27) vs 10-K 0001140361-25-004822 (2025-02-14)

SectionCompared textWords nowChanged
Risk FactorsItem 1A50,888 28.4%
MD&AItem 710,402 45.8%
Legal ProceedingsItem 3, via Note 16 – COMMITMENTS AND CONTINGENCIES4,578 45.2%
Accounting Policies10-K text, Note 2 – SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES5,853 48.7%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 214 words changed in this paragraph; it is 46% similar to last year's version.
On November 18, 2024, the Court granted in part the October motion for order to show cause, ordering, inter alia, the appointment of a third-party vendor to re-collect all devices and files from ARC and Mr. Orlando and run search terms and a sanction against ARC and Mr. Orlando of $5,000 per day from September 18 to November 8, 2024. Defendants ARC and Mr. Orlando have filed a motion for leave to amend their petition to appeal the September 18 order to include an appeal of the November 18 order (C.A. No. 2D2024-2364). On November 21, 2024, Third-Party Defendant Shaner filed a motion to dismiss ARC’s third-party complaint, order, which the Court denied on December 13, 2024. On December 6, 2024, the Court granted in part the September 26 motion to compel filed by Defendants ARC and Orlando. On December 16, 2024, Digital World and Private TMTG filed a fee petition to recover attorneys’ fees pursuant to the November 18 contempt order. On December 27, 2024, Defendants ARC and Orlando filed a motion for order to show cause for failure to comply with the December 6 order. On January 3, 2025, Digital World and Private TMTG and Third-Party Defendants Swider, Preble, Andrews, and Smith jointly filed a motion to dismiss ARC’s counterclaims and third-party complaint. On January 8, 2025, Third-Party Defendant Garelick filed a motion to dismiss ARC’s counterclaims and third-party complaint. On January 10, 2025, Defendants ARC and Orlando filed a motion to compel production of documents, which the Court denied for failure to confer on January 22, 2025. On January 10, 2025, Third-Party Defendant Veloso filed a motion to dismiss ARC’s counterclaims and third-party complaint. On January 17, 2025, Defendants ARC and Orlando filed a motion to strike, which the Court denied for failure to confer on January 22, 2025. February 5, 2025 (C.A. No. 2D2024-2364).

Source: Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0001140361-26-007174 vs Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0001140361-25-004822

Risk Factors 197 words changed in this paragraph; it is 58% similar to last year's version.
TMTG plans to roll out its streaming content in three phases: Phase 1: Introduce Truth Social’s content CDN for streaming live TV to the Truth Social app for Android, iOS, and Web. On August 7, 2024, TMTG announced that TV streaming had become available via all three modalities. Phase 2: Release stand-alone Truth Social over-the-top streaming apps for phones, tablets, and other devices. As of October 21, 2024, TMTG had announced that Truth+ streaming had been released as a standalone product on Android, iOS, and Web. Phase 3: Release Truth Social streaming apps for home TV. As of October 23, 2024, TMTG had announced that Truth+ streaming had been released on Apple TV, Android TV, and Amazon Fire TV. As part of the roll out of Truth+, TMTG obtained data center services and related equipment for the project. On March 19, 2025 and May 22, 2025, respectively, TMTG announced the release of Truth+ streaming and on-demand content via Roku. On April 9, 2025, TMTG announced that the Truth+ mobile and streaming TV applications had been made available in Canada and Mexico, as well as the United States. On July 7, 2025, TMTG announced the successful launch of global streaming. Since the initial launch of Truth+, TMTG has steadily added both on-demand content and live 24-hour news streams. TMTG is actively developing various means of monetizing the Truth+ platform, including through advertising. On July 9, 2025, TMTG announced the public beta testing of a subscription plan with premium content, the Patriot Package—and that, in the future, Patriot Package subscribers will accumulate Truth gems, which will eventually be tied to a utility token on both Truth Social and Truth+. On August 7, 2025, TMTG announced that Truth+ launched a slate of on-demand content from the Great American Media broadcaster—home to a wide array of programming and brands, spanning faith, comedies, dramas, classic series, lifestyle content, and more, and on August 7, 2025, TMTG announced that Truth+ has added British news broadcaster GB News to the Truth+ platform.

Source: Item 1A, 10-K 0001140361-26-007174 vs Item 1A, 10-K 0001140361-25-004822

MD&A 165 words changed in this paragraph; it is 64% similar to last year's version.
Historically, as a private company, we financed operations primarily through cash proceeds from the issuance of Private TMTG Convertible Notes. During 2024, our capitalization was significantly enhanced through receipt of Business Combination proceeds and proceeds from the Initial Business Combination, the conversion of warrants, and the issuance of common stock and debt described in detail in the section below titled, “Standby Equity Purchase Agreement.” Agreement” And “PIPE & Convertible Notes.” As a result, we ended 2024 December 31, 2025 with $776,783.4 $2,473,180.1 of cash, cash equivalents, restricted cash, short-term investments, equity and short-term investments derivative securities, convertible note receivable, digital assets, and just $9,616.7 digital assets pledged, and $947,117.0 of debt (excluding lease liabilities). Cash and cash equivalents consist of interest-bearing non-interest bearing deposits and money market funds held at financial institutions. Cash deposits are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) limitations. Short-term investments consist of a repurchase agreement agreements in which we loan our cash over 1 to 3 days to a seller in exchange for interest earned on debt securities collateralizing the loan. The seller retains a beneficial interest in the securities serving as collateral. Our restricted cash balance consists of $30,378.9 of cash that serves as collateral to our convertible notes, although the collateral may be used to purchase bitcoin and bitcoin related securities. The collateral will be released to us upon payment in full of the principal, together with accrued and unpaid interest, on the Notes (defined below), or following the times upon our request that the outstanding principal balance of the Notes is $500,000.0 or less and $250,000.0 or less. Restricted cash also includes $951.6 that served as collateral on our written put options that were unexpired as of December 31, 2025, and has been or will be released upon expiration of the options.

Source: Item 7, 10-K 0001140361-26-007174 vs Item 7, 10-K 0001140361-25-004822

Accounting Policies 151 words changed in this paragraph; it is 36% similar to last year's version.
In November 2023, May 2025, the FASB issued ASU 2023-07 “Segment Reporting 2025-03, Business Combinations (Topic 280): Improvements to Reportable Segment Disclosures,” or 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. ASU 2023-07. ASU 2023-07 enhances 2025-03 revises current guidance for determining the disclosures accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for reportable segments on an annual and interim basis. determining which entity is the accounting acquirer in other acquisition transactions. The ASU 2023-07 is effective on a retrospective basis for annual reporting periods beginning after December 15, 2023, for 2026, and interim reporting periods within those annual reporting periods. We plan to adopt ASU 2025-03 for our fiscal years year beginning after December 15, 2024. January 1, 2026. We adopted do not expect this ASU 2023-07 for the fiscal year-ended December 31, 2024. The additional disclosure requirements of ASU 2023-07 did not to have a material impact on our consolidated financial statements. statements and disclosures.

Source: 10-K text, Note 2 – SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES, 10-K 0001140361-26-007174 vs 10-K text, Note 1 – DESCRIPTION OF BUSINESS, 10-K 0001140361-25-004822

Every change, by type

Sentences and paragraphs of DJT's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-14. Each links to the text at sec.gov.

All 402 Added 298Removed 56Reworded 46Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
Bitcoin and Cronos are highly volatile assets, and fluctuations in the price of bitcoin and Cronos are likely to influence our financial results and the market price of our listed securities.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Our operating results will be dependent on the price of digital assets. If such price declines, our business, operating results, and financial condition would be adversely affected.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Bitcoin, Cronos and other digital assets are relatively novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Our historical financial statements prior to September 30, 2025 do not reflect the potential variability in earnings that we have experienced to date and may experience in the future relating to our bitcoin and other digital asset holdings.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
The recent increase in the availability of alternative ways to gain exposure to bitcoin and other digital assets may adversely affect the market price of our listed securities.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Due to the unregulated nature and lack of transparency surrounding the operations of many bitcoin trading venues, bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in bitcoin trading venues and adversely affect the value of our bitcoin.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Our bitcoin and Cronos holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Regulatory change reclassifying bitcoin as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940 and could adversely affect the market price of bitcoin and the market price of our listed securities.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
Our level and terms of indebtedness could adversely affect our ability to raise additional capital to further execute on our bitcoin strategy, fund other operations, and take advantage of new business opportunities.

Read it in 10-K 2026-02-27 at sec.gov ↗

RemovedRisk Factors
On November 20, 2023, in connection with reporting about Private TMTG’s financial results, Private TMTG filed a lawsuit for defamation and injurious falsehood in Florida state court against 20 media defendants. Private TMTG and one defendant — Nexstar Media, Inc. (“Nexstar”), which owns The Hill — subsequently agreed to resolve their dispute outside of court, to both parties’ mutual satisfaction. In connection with such resolution, The Hill retracted a November 13, 2023 article, and Private TMTG’s lawsuit was dismissed as to Nexstar on December 4, 2023. All other terms of TMTG’s settlement with Nexstar remain confidential, and TMTG’s lawsuit remains pending against all other defendants.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
As a public company, TMTG is required to maintain internal control over financial reporting, to report any material weaknesses in such internal control, and provide management’s attestation on internal control over financial reporting. A “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of an entity’s financial statements will not be prevented or detected on a timely basis. If TMTG is unable to establish or maintain appropriate internal control over financial reporting or implement these requirements in a timely manner or with adequate compliance, it could result in material misstatements in TMTG’s consolidated financial statements, failure to meet TMTG’s reporting obligations on a timely basis, increases in compliance costs, and subject TMTG to adverse regulatory consequences, all of which may adversely affect investor confidence in TMTG and the value of TMTG’s common stock.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
As discussed below in Part II, Item 9A, “Controls and Procedures,” TMTG’s management identified a material weakness in designing and maintaining formal accounting policies, processes, and controls to analyze and account for complex transactions, and it identified a need for additional accounting personnel who have the requisite experience in SEC reporting regulation; moreover, management concluded that its internal control over financial reporting was not effective as of December 31, 2024, due to the material weakness. TMTG historically had limited accounting and financial reporting personnel and other resources with which to address its internal controls and procedures.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
The material weakness did not result in any material misstatements to TMTG’s consolidated financial statements or any changes to previously filed financial statements, and management has concluded that TMTG’s financial statements and other financial information included in this Annual Report, and other periodic filings, fairly and accurately present TMTG’s financial condition, results of operations, and cash flows for the periods in accordance with GAAP.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
TMTG is committed to remediating the material weaknesses described above and continuing remediation efforts during 2025. TMTG intends to initiate and implement several remediation measures including, but not limited to hiring additional accounting staff with the requisite background and knowledge, engaging third parties to assist in complying with the accounting and financial reporting requirements related to significant and complex transactions, and adding personnel to assist TMTG with formalizing its business processes, accounting policies and internal control documentation, strengthening supervisory reviews by TMTG’s Management Team, and evaluating the effectiveness of its internal controls in accordance with the framework established by Internal Control — Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. As part of its remediation measures, to date, TMTG has engaged a third-party advisor to assist with acquisition tax diligence, valuation and purchase price allocation in the context of complex transactions, such as the WCT acquisition, and has enhanced its documentation of formal supervisory reviews of TMTG’s financial statements. While TMTG’s efforts are ongoing, TMTG plans to continue to take additional steps to remediate the material weaknesses, improve its financial reporting systems, and implement new policies, procedures, and controls; however, TMTG cannot guarantee those measures will prevent or detect material weaknesses in the future. If TMTG fails to remediate the material weaknesses or any future deficiencies, or fails to otherwise maintain the adequacy of its internal controls, that could result in a restatement of TMTG’s financial statements for prior periods, a decline in the market price of TMTG’s stock, one or more investigations or enforcement actions by state or federal regulatory agencies, stockholder lawsuits, or other adverse actions requiring TMTG to incur defense costs or pay fines, settlements, or judgments.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
While TMTG does not currently hold any cryptoassets, its Board has authorized the acquisition of cryptoassets, and TMTG may acquire and hold cryptoassets in the future. If TMTG custodies cryptoassets or invests in assets that custody cryptoassets, it could be exposed to additional risks, including high price volatility, theft, loss, fraud and manipulation, and legal and accounting uncertainty, adversely affecting TMTG’s financial condition and business prospects.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
TMTG is a “controlled company” within the meaning of the applicable rules of Nasdaq and, as a result, qualifies for exemptions from certain corporate governance requirements. TMTG relies on these exemptions, and as such its stockholders will not have the same protections afforded to stockholders of companies that are subject to such requirements.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
As of February 12, 2025, the Trust beneficially owned approximately 52.1% of the voting power of the outstanding TMTG common stock and therefore TMTG is a “controlled company” within the meaning of applicable rules of Nasdaq. Under these rules, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including the requirements:

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
that the controlled company has a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
that the controlled company has a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibility.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
TMTG intends to rely on these exemptions going forward. As a result, TMTG’s stockholders will not have the same protections afforded to stockholders of companies that are subject to all of Nasdaq’s corporate governance requirements.

Read it in 10-K 2025-02-14 at sec.gov ↗

RewordedRisk Factors
The Amended Charter Articles provides that, unless TMTG consents in writing to the selection of an alternative forum, a state court located within the 12th Judicial Circuit of the State of Florida (or, if a state court located within the State of Florida does not have jurisdiction, the federal district court for the Middle District of Florida) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on its behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of its directors, officers, or other employees to TMTG or its stockholders, (iii) any action arising pursuant to any provision of the DGCL, FBCA, or the Amended Charter Articles or the Bylaws or (iv) any other action asserting a claim that is governed by the internal affairs doctrine id the Court of Chancery of the State of Delaware except any claim (A) as to which the Court of Chancery of the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a Court or forum other than the Court of Chancery or (C) for which the Court of Chancery does not have subject matter jurisdiction (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware), in all cases subject to the court having jurisdiction over indispensable parties named as defendants.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
The Amended Charter designates Articles designate a state or federal court located within the 12th Judicial Circuit of the State of Florida (or, if a state court located within the State of Delaware Florida does not have jurisdiction, the federal district court for the Middle District of Florida) as the exclusive forum for substantially all disputes between TMTG and its stockholders, and also provides that the U.S.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
As of December 31, 2024, 2025, TMTG has approximately $776.8 $2,473.1 million of cash, cash equivalents, and restricted cash, short-term investments, equity securities, convertible note receivable, digital assets, and $9.6 digital assets pledged, and $947.1 million of debt. debt (excluding lease liabilities).

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Potential users Users and subscribers will access Truth Social and Truth+ through TMTG’s website and related mobile applications, where the title selection process may be integrated with TMTG’s delivery processing systems and software. applications.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
TMTG anticipates starting to generate began generating revenue from this technology during 2025, contingent upon the successful implementation of all three phases. phases and launch of the Patriot Package.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
For reference, as of February 12, 2025, 25, 2026, the closing price of TMTG common stock had been greater than did not exceed $18.00 shares per share for each of the prior 20 trading days.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
As such, Accordingly, TMTG would not have been able to exercise its redemption right at as of that time, and date, although it may be able to do so in the future.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
The Amended Charter, Articles, the Bylaws, and the DGCL FBCA contain provisions that could have the effect of rendering more difficult, delaying or preventing an acquisition deemed undesirable by the TMTG Board and therefore depress the trading price of TMTG’s Common Stock. common stock.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
As of February 12, 2025, 25, 2026, the Trust beneficially owned approximately 52.1% 41.1% of the voting power of the outstanding TMTG common stock.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Since the closing of the Initial Business Combination through February 12, 2025, 25, 2026, TMTG’s Common Stock has traded as low as $11.75 $9.90 and as high as $79.38.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
The industries in which TMTG operates or has announced plans to operate—social operate-social media, streaming video, and financial products—are products-are all highly competitive competitive.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
As of December 31, 2024, 2025, TMTG has approximately $776.8 $470.9 million of cash, cash equivalents, restricted cash, and short-term investments.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 items and comparisons between 2024 and 2023 that are not included in the Annual Report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”).

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
TMTG ended 2025 with approximately $2,473.2 million of cash, cash equivalents, restricted cash, short-term investments, equity securities, convertible note receivable, interest receivable, digital assets, and digital assets pledged as well as approximately $947.1 million of debt (excluding lease liabilities). Our $31,330.5 of restricted cash serves as collateral to our debt, which may be used to purchase bitcoin and bitcoin related securities, and our unexpired cash-covered put options.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
TMTG started from scratch intending to open up the Internet and give the American people their voices back. At the time, with no accountability, unknown censors were squelching social media posts that contradicted the consensus of the corporate media—which, as always, was dutifully acting as a robotic mouthpiece for leftwing disinformation. This had already been going on, through shadow bans and other less overt forms of on-line policing, for some time. But Big Tech eventually lost all restraint, ruthlessly banning dissidents’ accounts for expressing any thought that fell within a rapidly expanding set of unauthorized and unutterable viewpoints. The victims, of course, included the then-sitting President of the United States, Donald Trump.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
TMTG thus developed and launched the Truth Social platform, restoring free speech to millions of Americans who had been suffocated by Big Tech. Anchored by Donald Trump’s restored social media account, Truth Social was stood up as we’d envisioned it—a free-speech haven where everyone, regardless of their political viewpoint, could speak their mind without some faceless tech bureaucrat judging the acceptability of their speech.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
We introduced direct messaging to all versions of Truth Social in 2022, released a “Groups” feature for users in May 2023, and announced the general availability of Truth Social internationally in June 2023. In March 2025, TMTG announced updates and enhancements to the “Groups” feature. TMTG has also connected the Truth Social platform to its Truth+ streaming service, and added additional features including “for you” feed, a “discover” tab to find trending content, and a carousel to recommend other accounts.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
Social media users were not the only casualties of the woke crackdown on free speech—dissident TV programming and news broadcasts were being suppressed by entertainment conglomerates and cable providers. Thus, after reopening the Internet to free speech, TMTG decided to create a TV streaming service to give Americans an alternative to woke Hollywood entertainment and biased news broadcasts, and to provide a safe home for content and newscasters that had been cancelled, were at risk of cancellation, or were being kept off the air for having the wrong perspectives.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
On April 9, 2025, TMTG announced that the Truth+ mobile and streaming TV applications had been made available in Canada and Mexico, as well as the United States. On July 7, 2025, TMTG announced the successful launch of global streaming.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
Since the initial launch of Truth+, TMTG has steadily added both on-demand content and live 24-hour news streams. TMTG is actively developing various means of monetizing the Truth+ platform, including through advertising. On July 9, 2025, TMTG announced the public beta testing of a subscription plan with premium content, the Patriot Package—and that, in the future, Patriot Package subscribers will accumulate Truth gems, which will eventually be tied to a utility token on both Truth Social and Truth+. On August 7, 2025, TMTG announced that Truth+ launched a slate of on-demand content from the Great American Media broadcaster—home to a wide array of programming and brands, spanning faith, comedies, dramas, classic series, lifestyle content, and more, and on August 7, 2025, TMTG announced that Truth+ has added British news broadcaster GB News to the Truth+ platform.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
By expanding into this realm, we aim to serve millions of investors in America and around the world who believe in the greatness of the American economy and want to invest in superior companies while avoiding the giant, woke investment funds and politically motivated debanking problems.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
TMTG has implemented a bitcoin and digital asset treasury strategy to help ensure the Company’s financial freedom and protect against discrimination by financial institutions, and may also consider the acquisition of other, similar cryptocurrencies.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
TMTG’s bitcoin strategy generally involves, from time to time and subject to market conditions, (i) issuing debt or equity securities or engaging in other capital raising transactions and (ii) using the proceeds of such capital raises to acquire bitcoin. TMTG’s bitcoin strategy may also include purchasing bitcoin-related securities or, given certain market conditions, selling bitcoin and investing such proceeds in assets including cash, cash equivalents, or other interest bearing investments.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
On May 30, 2025, TMTG announced that it had closed a private placement offering with approximately 50 investors, previously announced on May 27, 2025, consisting of (i) the sale of the Company’s common stock, for gross proceeds of approximately $1.44 billion and (ii) 0.00% convertible senior secured notes due 2028 in the principal amount of $1.00 billion, for an aggregate purchase price of approximately $2.44 billion. On June 13, 2025, TMTG announced the effectiveness of a registrations statement in connection with such offering.

Read it in 10-K 2026-02-27 at sec.gov ↗

RemovedMD&A
TMTG ended 2024 with $776,783.4 of cash, cash equivalents, and short-term investments, as well as $9,616.7 of debt (excluding lease liabilities) arising from the WCT transaction.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
TMTG aspires to build a media and technology powerhouse to rival the liberal media consortium and promote free expression. TMTG was founded to fight back against the Big Tech companies-Meta (Facebook, Instagram, and Threads), X (formerly Twitter), Netflix, Alphabet (Google), Amazon and others-that it believes have colluded to curtail debate in America and censor voices that contradict “woke” ideology. TMTG aims to safeguard public debate and open dialogue, and to provide a platform for all users to freely express themselves.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
TMTG Sub Inc. (formerly known as Trump Media & Technology Group Corp.) (“Private TMTG”) was incorporated on February 8, 2021, and launched its first product, Truth Social, which is a social media platform aiming to end Big Tech’s assault on free speech by opening up the internet and giving the American people their voices back. It is a public, real-time platform where any user can create content, follow other users, and engage in an open and honest global conversation without fear of being censored or cancelled due to their political viewpoints. TMTG does not restrict whom a user can follow, which it believes will greatly enhance the breadth and depth of available content. Additionally, users can be followed by other users without requiring a reciprocal relationship, enhancing the ability of TMTG users to reach a broad audience.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
During 2024, our capitalization was significantly enhanced through receipt of Business Combination proceeds and proceeds from the issuance of common stock described in detail in the section below titled, “Standby Equity Purchase Agreement.” As a result, we ended 2024 with $776,783.4 of cash, cash equivalents, and short-term investments and just $9,616.7 of debt (excluding lease liabilities).

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Grow Truth Social. TMTG believes that growth in Truth Social’s user base will drive more unique content, which in turn will drive the viral, organic promotion of content on Truth Social, thereby attracting more platform partners and advertisers. TMTG also plans to grow Truth Social through the addition and refinement of user-friendly features — including the integration of video — and continued global expansion. As Truth Social attracts more users, the value proposition for advertisers increases, thereby incentivizing advertisers to develop unique and compelling content for the platform.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Increase Product Offerings and Services. Organically and/or in partnership with third parties, TMTG intends to continue developing additional cutting-edge products and/or services, including Truth+ and Truth.Fi, to complement the Truth Social platform and expand the Truth ecosystem.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
With cancel culture having swept through corporate America, businesses have faced increasing pressure to silence or disavow certain customers and/or have often taken controversial stands on political issues that alienated many consumers.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Concurrently, an increasing number of entrepreneurs are catering to conservatives across various industries. TMTG will continue to explore opportunities to partner, merge with and/or acquire other participants in this growing America

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
First Economy that would benefit from TMTG’s technology and branding—and that are able to function effectively if TMTG evolves into a holding company with numerous, largely autonomous subsidiaries in a variety of industries.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Such initiatives and acquisitions are subject to material changes and risks, some of which are beyond TMTG’s control. Given these uncertainties, TMTG believes it is premature for TMTG to predict when it will attain profitability and positive cash flows from its operations.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Private TMTG issued TMTG Executive & Consultant Promissory Notes to certain executives and consultants prior to the Closing Date. The principal amounts of the executive notes were as follows: $1,150.0 for Devin Nunes, our Chief Executive Officer, $4,900.0 for Phillip Juhan, our Chief Financial Officer, and $200.0 for Andrew Northwall, our former Chief Operating Officer, and the aggregate amount of such notes for other executives and one former director of Private TMTG was $4,650.0. Private TMTG was not required to pay any interest pursuant to such notes. Upon the closing of the Merger, such notes automatically converted in whole, without any further action by the holders thereof, into 1,090,000 shares of TMTG common stock. In addition, the aggregate principal amount of other consultant notes totaled $7,500.0, which converted into 750,000 shares of TMTG common stock at Closing.

Read it in 10-K 2025-02-14 at sec.gov ↗

RewordedMD&A
(in thousands) For the year ended Variance December 31, 2025 For year ended Variance December 31, 2024 December 31, 2023 Net cash used in provided by/(used in) operating activities $14,758.1 $ (60,982.7) $ (9,733.5) $ (51,249.2) $75,740.8 Net cash used in investing activities (2,267,283.0) (618,581.1) (2.2) (618,578.9) (1,648,701.9) Net cash provided by financing activities $2,248,176.9 $ 847,227.2 $ 2,500.0 $ 844,727.1 $1,400,949.7

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Research and development expense increased $39,388.6 or 405%, decreased $6,330.5 to $42,773.8 for the year ended December 31, 2025 compared to $49,104.3 for the year ended December 31, 2024 compared to $9,715.7 for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Sales and marketing expense increased decreased by $5,104.1, or 399%, $3,883.7 to $2,500.0 for the year ended December 31, 2025 compared to $6,383.7 for the year ended December 31, 2024 compared to $1,279.6 for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
General and administration expense increased decreased by $121,738.1, or 1,371%, $11,483.4 to $119,133.4 for the year ended December 31, 2025 compared to $130,616.8 for the year ended December 31, 2024 compared to $8,878.7 for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
As a result, we ended 2024 December 31, 2025 with $776,783.4 $2,473,180.1 of cash, cash equivalents, restricted cash, short-term investments, equity and short-term investments derivative securities, convertible note receivable, digital assets, and just $9,616.7 digital assets pledged, and $947,117.0 of debt (excluding lease liabilities).

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Cost of revenue increased $454.1, or 275%, $1,056.2 to $1,675.2 for the year ended December 31, 2025 compared to $619.0 for the year ended December 31, 2024 compared to $164.9 for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Depreciation and amortization expense increased $2,874.3, or 4,823%, $4,487.4 to $7,421.3 for the year ended December 31, 2025 compared to $2,933.9 for the year ended December 31, 2024 compared to $59.6 for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The increase decrease was primarily driven by a $4,064.6 increase $3,268.2 reduction in marketing expense following access to additional capital related expenses and a one-time $600.0 bonus paid during 2024 to an entity owned by a former director of and consultant to Private TMTG, as further described herein. TMTG.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The increase was due to During the year ended December 31, 2024, cash provided by financing activities comprised of cash proceeds of $233,017.5 from the merger Initial Business Combination with DWAC, $47,455.0 from the issuance of convertible notes, $119,788.8 from the exercise of warrants, and $446,965.9 from the issuance of common stock (net of repurchases of $2,908.7).

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
During 2024, our capitalization was significantly enhanced through receipt of Business Combination proceeds and proceeds from the Initial Business Combination, the conversion of warrants, and the issuance of common stock and debt described in detail in the section below titled, “Standby Equity Purchase Agreement. Agreement” And “PIPE & Convertible Notes.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The loss from the change in the fair value of the derivative liabilities of the Private TMTG Convertible Notes increased decreased by $223,124.4, or 7,993%, $225,916.0 to $225,916.0 $0 for the year ended December 31, 2024, compared to $2,791.6 for the year ended December 31, 2023. 2025.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
This section includes a comparison of certain 2024 2025 financial information results to the same information for 2023, and a comparison of 2023 financial information to the same information for 2022. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

Quiet changesMD&A
For the reasons described below, TMTG expects to may continue to incur operating losses and negative cash flows from operating activities for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers.

Read it in 10-K 2026-02-27 at sec.gov ↗

Work on DJT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DJT/export.csv") into a cell.