Trump Media had less than $1 million in revenue during the first quarter

By Emily Bary

Revenue total came largely from 'nascent advertising initiative'

Trump Media and Technology Group Corp. generated under $1 million in revenue during its latest quarter, while saying that it's more focused on elements other than its top line.

The company, which operates Truth Social, on Monday reported $770,500 in revenue for its March quarter. That sum came "largely from the company's nascent advertising initiative, which will continue to evolve as TMTG implements its vision," it said in a release.

"At this early stage in the company's development, TMTG remains focused on long-term product development, rather than quarterly revenue," Trump Media (DJT) said in that release. The company is hopeful that elements such as live streaming and new Truth Social features will enable it to "develop a slate of best-in-class products that can then be leveraged to increase revenue and drive long-term value."

Trump Media had a $12.1 million operating loss for the first quarter, on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), which is a non-GAAP metric. Roughly half of that total represented one-time payments related to the closure of the company's special-purpose-acquisition-company merger.

Its net loss for the quarter was $327.6 million, versus a loss of $210.3 million a year before. The adjusted figure excludes stock-based compensation and a sizable change in fair value of derivative liabilities, among other factors.

The company "believes it has sufficient working capital to fund operations for the foreseeable future," it said.

Trump Media had $273.7 million in cash and equivalents as of March 31.

-Emily Bary

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05-20-24 1655ET

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