Cash and cash equivalents were notably lower in Q4 2024 because heavy outflows from investing and operating activities outweighed the positive impact from financing activities. In Q4, significant cash was used in investing activities—for example, **$606,547.3 thousand** was allocated to short-term investments, along with additional spends for acquiring WorldConnect Technologies and launching data centers—and the company also experienced higher cash usage in operating activities due to increased general and administrative, research and development, and marketing expenses. Although there was an inflow from financing activities, these combined outflows resulted in a much lower cash balance of **170,236.1 thousand** in Q4 2024.  **[0001140361-25-004822_ef20039039_10k.htm:164]** **[0001140361-25-004822_ef20039039_10k.htm:126]** **[0001140361-25-004822_ef20039039_10k.htm:127]** 

Why were Cash and cash equivalents so low in Q4 2024?

The significant jump in short-term investments in Q4 2024 was driven primarily by DJT’s decision to allocate a substantial portion of its cash into repurchase agreements—short-duration lending arrangements (1 to 3 days) that generate interest income while preserving principal and minimizing market exposure. This strategic move was complemented by enhanced liquidity resulting from the merger with DWAC and proceeds from the issuance of common stock and warrants, which together provided the company with the necessary capital to invest aggressively in short-term instruments.  **[0001140361-25-004822_ef20039039_10k.htm:161]** **[0001140361-25-004822_ef20039039_10k.htm:167]** **[0001140361-25-004822_ef20039039_10k.htm:126]** **[0001140361-25-004822_ef20039039_10k.htm:127]** 

What drove the significant jump in Short-term investments in Q4 2024?

The surge in **intangible assets** in Q4 2024 was driven by the **acquisition of finite-lived intangible assets** and related business activities. The company recorded **$27,600.0** in gross carrying amounts for these assets during 2024—including **$24,500.0** for source code and technology and **$3,100.0** for exclusivity rights—and incurred **$2,236.9** in amortization, resulting in a net carrying amount of **$25,363.1**. Additionally, the acquisition activities, such as the development of its **Truth+ streaming platform**, played a key role in this significant change.  **[0001140361-25-004822_ef20039039_10k.htm:178]** **[0001140361-25-004822_ef20039039_10k.htm:162]** 

Why did Intangible assets surge in Q4 2024?

According to the documents, there was **no change** in DJT's Goodwill balance during Q4 2024. The balance remained constant at **$120,884.2 thousand** as of December 31, 2024, which indicates that any apparent drop compared to Q3 was not due to an actual change in Goodwill during Q4 2024.  **[0001140361-25-004822_ef20039039_10k.htm:178]** 

What caused the drop in Goodwill in Q4 2024?

The increase in **Accounts payable and accrued expenses** in Q4 2024 is potentially attributed to the company's expanded operations, including the launch of new services like **Truth+** and **Truth.Fi**, which may have led to higher operational costs and liabilities. Additionally, a significant rise in operating costs—evidenced by a **1,371% increase** in general and administration expenses—could have also contributed to the escalation in liabilities.  **[0001140361-25-004822_ef20039039_10k.htm:161]** **[0001140361-25-004822_ef20039039_10k.htm:122]** 

Why did Accounts payable and accrued expenses increase in Q4 2024?

6278e33ba661a2c226e6011d35624f626f92995f80534a8743fcf4c0fe1623f8

Cash and cash equivalents (USD, thousands)

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bab44455d5d080afeec87cce74ba8fdf25256e555b520df8349ac62ccb93afb8

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ce85110cdb021cd014c2f890c542446314b569869bfbab58025927564be60758

Trump Media & Technology Group (DJT)

Financials