Trump Media & Technology Group, the company that owns Truth Social, on Monday posted an alarming loss and less than $1 million in revenue in its first quarter since going public.
Trump Media, which began trading in March under the ticker symbol DJT, reported $770,500 in revenue—crediting its “nascent advertising initiative”—down from $1.1 million last year.
However, it also reported a net loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year ago.
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In a press release, CEO Devin Nunes pointed $311 million in non-cash expenses to “merger-related expenses” linked to a company called Digital World Acquisition Corp. earlier this year.
Promising that it had “sufficient working capital to fund operations for the foreseeable future,” Trump Media reported cash and cash equivalents of $273.7 million at the end of the quarter.
It said it was still in an “early stage” of its development, and that it remained “focused on long-term product development,” including a live streaming platform to be launched through Truth Social, “rather than quarterly revenue.”
Dunes said the company was “well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship.”
The quarterly filing comes after the Securities and Exchange Commission charged Trump Media’s former auditor, BF Borgers, with “massive fraud” earlier this month. Trump Media dismissed the accounting firm on May 3, and notified federal regulators last week that the shakeup would delay the filing of its quarterly earnings report.
At the closing bell on Monday, DJT had a price of $48.38 a share. In after-hours trading, it climbed 36 cents to $48.74, still significantly down from its peak of close to $80 upon its debut.
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