First quarter earnings for Trump’s Truth Social released

2JW14W7 Truth Social app application is seen on an iPhone in this photo illustration in Warsaw, Poland on 01 September, 2022. (Photo by Jaap Arriens / Sipa US

Photo: Alamy

Trump Media and Technology Group (TMTG), which operates President Donald Trump’s social media platform, Truth Social, announced its earnings results for the first quarter ending on March 31.

TMTG, of which President Trump owns a majority stake, reported a cash balance and its equivalents of $273.7 million on Wednesday.

Interestingly, TMTG’s quarter earnings were more than the president anticipated last month, when he called Truth Social “very liquid,” with no debt and $200 million cash stored in the bank.

The group also claimed $311 million in non-cash expenses shortly before closing its merger with DWAC. According to the company, these expenses derived from the conversion of promissory notes and the elimination of prior liabilities, which resulted in a Generally Accepted Accounting Principles (GAAP) loss of $327.6 million in the first quarter.

However, TMTG earned $770,500 in first-quarter revenue—mainly from the company’s advertising campaign.

Moreover, TMTG reported an operating loss of $12.1 million in the first quarter, over $6 million of which was attributed to one-time payments related to the company’s merger with Digital World Acquisition Corp. (DWAC).

Nonetheless, its operating costs do not appear to subtract from the company’s sufficient working capital, which will finance operations for the coming years. The company is certainly in its early stages and will focus on long-term development.

As part of this development, TMTG revealed they will initiate live-streaming on their platform in three stages, which is set to ultimately lead to their debut to television.

Speaking about the company’s earnings, TMTG CEO Devin Nunes expressed enthusiasm for the platform and celebrated their ability to overcome the recent merger and its related expenses.

“After an unprecedented, years-long process, we have consummated our merger and dispensed with the vast bulk of merger-related expenses, leaving the Company 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,” said Nunes.

Nunes added that despite the platform having “started from scratch not that long ago,” the now publicly traded company is “well-positioned at this early stage to grow,” and “explore and pursue a wide array of initiative and innovations to build out the Truth Social platform…”

Related posts

Usha Vance exemplifies gracefulness and the American Dream in poised RNC speech

JD Vance delivers powerful speech advancing President Trump’s agenda and promoting the working man

WATCH: Usha Chilukuri Vance at 2024 RNC in Milwaukee, WI – 7/17/2024