特朗普媒体科技集团 2025年度报告

(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission File Number: 001-40779 Trump Media & Technology Group Corp.(Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.) 401 N. Cattlemen Rd., Ste. 200Sarasota, Florida(Address of principal executive offices) 34232(Zip Code) (941) 735-7346(Registrant’s telephone number, including area code) Not applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period thatthe registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of June 30, 2025, the last business day of the registrant’s last completed second quarter, the aggregate market value of the commonstock held by non-affiliates of the registrant was approximately $2.9 billion based on the closing price per share of the registrant’scommon stock, on June 30, 2025, as reported by the Nasdaq Stock Market. For the purposes of this disclosure, shares of commonstock held by each executive officer, director and affiliate based on public filings and other information known to the registrant havebeen excluded since such persons may be deemed affiliates. This determination of affiliate status is not necessarily a conclusivedetermination for other purposes. As of February 25, 2026, there were 276,731,315 shares of the registrant’s common stock, par value $0.0001 per share (the “commonstock”), issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE Specified portions of the registrant’s proxy statement with respect to the registrant’s 2026 Annual Meeting of Stockholders (the “ProxyStatement”), which is to be filed pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year endedDecember 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS PagePart IItem 1.Business6Item 1A.Risk Factors20Item 1B.Unresolved Staff Comments84Item 1C.Cybersecurity84Item 2.Properties85Item 3.Legal Proceedings85Item 4.Mine Safety Disclosures86Part IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities86Item 6.[Reserved]87Item 7.Management’s Discussion and Analysis of Financial Condition and Results