Trump Media & Technology Group, the media company co-founded by former U.S. President Donald Trump, has reported a net loss of $19.2 million for the third quarter of 2024. This financial setback is largely attributed to significant legal fees and costs associated with its TV streaming technology acquisition. The company, which operates the Truth Social media platform, has been navigating a volatile market environment as the U.S. presidential election unfolds, with Trump himself as a candidate.

The reported loss includes $12.1 million in legal fees, primarily linked to the acquisition of TV streaming technology in August and residual fees from a SPAC deal in March. Additionally, the company spent $3.9 million on research and development during the quarter. Despite these challenges, Trump Media's stock showed resilience, reversing earlier losses and trading about 2% higher in extended trading.

Revenue for the quarter was reported at $1 million, with the company holding $672.9 million in cash and cash equivalents, including short-term investments, and no debt. The company's financial performance is closely watched as its stock is seen as a proxy for Trump's election prospects, with shares experiencing wild swings in recent days.

In terms of strategic initiatives, Trump Media has outlined plans to expand its streaming services through the Truth Social platform. The company has completed the first two phases of its streaming rollout, with the final phase seeing the release of the Truth+ streaming platform on major devices like Apple TV and Amazon Fire TV. Future growth plans include expanding globally and exploring potential mergers and acquisitions, particularly in the fintech sector.

As the election results loom, the company's stock remains volatile, with potential outcomes of the election likely to impact its market performance significantly. A Trump victory is anticipated to boost the stock, while a loss could have the opposite effect.