Trump Media and Technology Group (NASDAQ: DJT) plummeted last week after the SPAC reported some pretty underwhelming numbers for Q3 2025.

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Revenues came in at $972 million, down 3.8% year-over-year, while net loss widened to a whopping $54.8 million, up from $19.2 million just one year ago.

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DJT has long been a bit of an enigma.  From a technical standpoint, the stock has never been particularly attractive.  And Trump’s track record of launching side companies or taking them public has rarely worked out in favor of shareholders. 

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I actually opined on this in 2024, writing …

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… you can tell a lot about how well or how poorly a company will perform based on historical record.  And Trump’s record cannot be considered a flex.  In fact, many of his companies went out of business shortly after they launched. Here are 13 specific examples:

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• Trump University / Trump Entrepreneur Initiative 
• Trump Airlines
• Trump Beverages
• Trump Steaks
• Trump Game
• Trump Mortgage 
• Trump Magazine
• Trumpnet
• Trump Tower Tampa
• Trump Fragrances
• Trump Mattresses
• Trump Vodka

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And, of course, Trump Casinos, which filed for bankruptcy three times before Trump himself was forced out of his position of chairman.  In total, Trump has six bankruptcies under his belt.  The man made his first investment at age 23. This means he has averaged around one bankruptcy every nine years he’s been in business.

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That being said, when DJT started trading, plenty of analysts admitted that, despite Trump’s dismal history of launching companies and all the technical red flags regarding the stock, the Trump name always puts the proverbial asses in the seats. Thus, all the enthusiasm over the stock when it first hit the Nasdaq.

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Of course, when it comes to public equities, not even Trump can magically alter the data that provide an obvious view of why DJT is nothing more than a dog – and with a lot of fleas.

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Indeed, we got a reminder of this last week after seeing a more than doubling of the quarterly net loss (sparking questions about the business model, burn rate, and lack of profitability) and a worrisome $20 million hit on legal expenses.

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Truth is, this wasn’t just a random bad quarter.  This was just one more disappointment in a long line of disappointments for those long on the stock.  To be sure, the stock is down more than 61%, YTD.  

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Meanwhile, the Nasdaq is up 19% YTD.

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Those who are still bullish on the stock really need to ask if the company’s growth trajectory is still intact.  I don’t believe it is, and I’m not sure that trajectory was ever facilitated by anything more than the Trump name.  But if you still like the stock, here are a few things you want to see in the near-term …

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• Stabilization or growth in revenues (especially ad- or subscription-related).
  
  
• Shrinking or at least contained losses.
  
  
• Clear path to monetization of platforms and assets.
  
  
• Reduced reliance on high-risk strategies (like digital-asset treasury) or costly litigation.
  
  

While these latest numbers don’t kill the stock, they do make things a bit riskier.  Invest accordingly.

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