“Trump Media and Technology Group Corp. (Nasdaq: DJT) (‘TMTG’ or the ‘Company’), operator of the social media platform Truth Social, is announcing financial results for the fiscal quarter ending on March 31, 2024, and will also file its 10-Q with the Securities and Exchange Commission today.”

“As of March 31, 2024, TMTG’s balance of cash and cash equivalents was $273.7 million. This comprises $233.7 million in unrestricted cash accounts and $40.0 million held in restricted accounts pending the effectiveness of TMTG’s registration statement on form S-1, which was filed with the SEC on April 15, 2024. The Company had a first-quarter operating loss of $12.1 million based on non-GAAP 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 Digital World Acquisition Corp. (‘DWAC’). TMTG believes it has sufficient working capital to fund operations for the foreseeable future. In the first quarter, the Company recorded $311.0 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 on March 25, 2024. These non-cash expenses resulted in a GAAP loss of $327.6 million for the first quarter,” says a press release from the Trump Media and Technology Group, whose stock is still worth about $48 a share.