Trump’s Social Media Company Posts Q1 Revenue of $770,500 and Net Loss of $327.6 Million

variety.com:

Todd Spangler NY Digital Editor Trump Media and Technology Group, the company affiliated with former U.S. president Donald Trump that operates Truth Social, reported $770,500 in revenue for the first quarter of 2024 and a net loss of $327.6 million.

Shares in Sarasota, Fla.-based TMTG — which says it is a “safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations” — began trading on Nasdaq March 26, 2024, following its merger with special purpose acquisition company Digital World Acquisition Corp. (DWAC).

Trump owns about 65% of the outstanding shares in Trump Media & Technology Group, which trade under the ticker “DJT.” In Q1, the company recorded $311 million in non-cash expenses arising from the conversion of promissory notes, and the associated elimination of prior liabilities, immediately before the closing of TMTG’s merger with DWAC.

The company had a first-quarter operating loss of $12.1 million based on adjusted EBITDA calculations; approximately half of that amount — $6.3 million — consisted of one-time payments related to the closing of TMTG’s merger with DWAC. “At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” the company said in announcing first-quarter 2024 results. “By adding features to Truth Social, launching live TV streaming, and building out its ecosystem, the Company aims to first develop a slate of best-in-class products that can then be leveraged to increase revenue and drive long-term value.” TMTG said the its “nascent advertising initiative” will “continue to evolve as TMTG implements its vision.” The company plans to launch a new “live TV streaming platform” for Truth Social’s.