After a controversy forced Trump Media and Technology Group (NASDAQ: DJT) to delay the announcement of its first quarterly earnings since going public back in March, the company has now finally unveiled its financial metrics for the just-concluded quarter, delivering a predictably underwhelming result.
To wit, Trump Media and Technology Group has now reported that it earned just $770,500 in revenue in the first quarter of 2024. The company has also recorded an operating loss of $12.1 million for the three months that ended on the 31st of March, 2024. As a rare bright spot, do note that the company's quarterly loss was aggravated by around $6.3 million in "one-time payments related to the closing of TMTG’s merger with Digital World."
Trump Media and Technology Group recorded a GAAP loss of $327.6 million in Q1 2024. On the positive side, the company does have relatively copious liquidity, as indicated by $273.7 million in cash and cash equivalents at the end of the quarter.
In November 2023, a number of media outlets reported that Truth Social - Trump's X-like social media platform that is now controlled by Trump Media and Technology Group - lost $73 million since its inception, managing to bring in cumulative revenues of just $3.7 million. After factoring in $0.77 million in revenue for Q1 2024, Trump Media's cumulative top-line figure now maxes out at $4.47 million.
Meanwhile, as we noted in a dedicated post earlier in May, the SEC recently charged Trump Media and Technology Group's audit firm - BF Borgers - with "deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023."
Trump Media and Technology Group had engaged BF Borgers for the first time in January 2022 for a fee of $150,000 to perform its first annual audit. The firm was slated to perform an audit of Trump Media's consolidated financial statements for the 2024 financial year. However, Trump Media was forced to seek an alternate audit firm after BF Borgers reached a settlement with the SEC, which included a permanent disbarment clause in relation to all accounting- and audit-related functions.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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