(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 related to the company's TV streaming deal.
Trump Media & Technology Group said the figure included $12.1 million in legal fees in the quarter, stemming from its acquisition of a TV streaming technology in August and residual costs related to a SPAC deal in March.
It also reported research and development expenditures of $3.9 million.
Shares of the company reversed earlier losses in extended trading and last traded about 2% higher.
The report comes as the US presidential election is in its final stages, with polls showing Trump and current vice president Kamala Harris neck and neck, while the world awaits the results of one of the most unusual elections in modern US history.
Shares of Trump Media, which operates the media platform Truth Social, have seen big swings in recent days as the stock serves as a proxy for Trump's chances of being elected.
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.