Trump Media reports $19 million loss in third quarter on TV streaming costs

(Reuters) – Former U.S. President Donald Trump’s media company reported a net loss of $19.2 million in the third quarter, due to legal fees and costs tied to its TV streaming deal.

Trump Media & Technology Group said the figure includes $12.1 million in legal fees in the quarter, stemming from its acquisition of TV streaming technology in August and residual fees related to its SPAC deal in March.

It also reported $3.9 million in research and development spend.

Shares of the company reversed earlier losses in extended trading and were last trading about 2% higher.

The report comes as the U.S. presidential election is in the final stretch, with polls showing Trump and current vice president Kamala Harris running neck and neck, as the world awaits the results of one of the most unusual elections in modern U.S. history.

Shares of Trump Media, which operates the Truth Social media platform, have seen wild swings in recent days with the stock serving as something of a proxy for Trump’s chances of election.

Trump Media said its revenue was $1 million for the quarter ended September and had cash and cash equivalents of $672.9 million, including short-term investments, with no debt.