A phone screen displays the Truth Social

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The owner of Truth Social, Trump Media & Technology Group, revealed in a press release on Monday that the company lost more than $300 million in the first quarter and brought in very little money.

With relatively little income, Trump Media lost more than $300 million in the most recent quarter.

the freshly listed business, of which former President Donald Trump owns a majority.

Compared to a loss of $210,300 during the same period last year, Trump Media (DJT) recorded a loss of $327.6 million in the first three months of this year.

In the press release, Trump Media said that at this “early stage” of its development, the company “remains focused on long-term product development rather than quarterly revenue.

Although it acknowledged that its advertising segment is still in its early stages, it expressed hope that new products like streaming could help it perform better in the future.

With relatively little income, Trump Media lost more than $300 million in the most recent quarter.

The corporation attributed the losses to the reduction of prior liabilities and non-cash expenses related to the conversion of promissory notes.

“We have successfully completed our merger and eliminated the majority of merger-related costs after an extraordinary, multi-year journey, which has left the company well-funded and backed by numerous individual shareholders who share our vision of offering a free-speech buffer against Big Tech censorship,” stated Devin Nunes, CEO of Trump Media, in a statement. ~

A significant portion of Trump Media’s $12.1 million operating loss was attributed to one-time payments made in connection with the completion of its merger with a company that issued blank checks earlier this year.

The company’s revenue for the second consecutive quarter was less than $1 million, coming in at just $770,500.

According to Trump Media, it has “enough” cash on hand to support operations “for the foreseeable future.” As of the end of March, the company reported a cash balance of $274 million, which was increased by its arrangement to go public.

Nunes went so far as to say that Trump Media can investigate possible mergers and acquisitions with the money.

Trump Media announced that its recently engaged accounting firm, Semple, Marchal & Cooper, had examined its financial statements. Federal officials accused the company’s former accounting firm of “massive fraud” this month.

(Trump Media was not mentioned in the charges against the auditor, and regulators made no allegations of wrongdoing against them.)

Experts claim that, considering Trump Media’s modest social media presence and financial performance, the stock price makes no sense.

Truth Social is still a relatively small participant in the social networking space, even with all the excitement around its public listing earlier this year.

According to market research firm SimilarWeb, the conservative-friendly social network saw a 19% year-over-year decline in average daily active US members on iOS and Android in April, to just 113,000. Instagram’s Threads had 3.5 million users, while Rival X (formerly known as Twitter) boasted over 34 million users across iOS and Android platforms.