Trump Media & Technology Group, the company majority-owned by President Donald Trump that operates the Truth Social social-media platform, reported earnings for the first quarter of 2025.
The company reported $821,200 in net sales for Q1, up 6.6% year over year, and a net loss of $31.7 million, an improvement over its net loss of $327.6 million in the year-ago quarter, according to its 10-Q filing Friday with the SEC. The Q1 2024 net loss included $311 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 March 2024 merger with special purpose acquisition company Digital World Acquisition Corp. (DWAC) to become a publicly traded entity.
In a press release filed with the SEC, TMTG said the company had a low operating cash outflow of $9.7 million including combined interest income and revenue of $8.8 million for the quarter.
During Q1, Trump Media incurred $10.9 million in legal fees, including costs related to the company’s merger with DWAC. The fees “include those incurred in litigation aiming to recoup merger-related damages from those individuals and entities that the Company alleges caused the delay of the SPAC through their wrongful acts, as well as expenses related to the Company’s reincorporation from Delaware to Florida,” TMTG said.
Additionally, Trump Media had net losses including $19.6 million in non-cash expenses for stock-based compensation, depreciation and amortization, resulting in a GAAP (generally accepted accounting principles) net loss of $31.7 million and a GAAP operating loss of $39.5 million for the first quarter of 2025.
As of Feb. 20, 2025, Trump owned 114.75 million of TMTG’s outstanding shares through a revocable trust, representing 52% of total outstanding shares, according to the company’s 2025 proxy statement filed with the SEC.
As of close of market trading Friday, Trump’s stake is worth about $2.86 billion. Shares of TMTG have declined about 27% year to date.
TMTG does not disclose the number of users for Truth Social. President Trump has 9.71 million followers on Truth Social, which he uses to make major announcements as well as to post rants and memes (like an image of himself dressed as the pope). As of Dec. 31, 2024, TMTG had approximately 29 full-time employees, according to its most recent 10-K filing with the SEC.
In addition to Truth Social, TMTG operates the streaming platform Truth+ and the fin-tech brand Truth.Fi. In the first quarter, the company said, it “continued to focus on building out its ecosystem, improving its existing platforms, and diversifying into financial services.”
“Trump Media believes its robust and uncancellable infrastructure, expanding range of services, and strong balance sheet that includes $759.0 million of cash and investments strongly positions the Company to begin implementing monetization plans on its platforms, fully launch Truth.Fi financial products, and continue pursuing new assets and/or partnerships, including via potential mergers and acquisitions,” TMTG said in the Q1 earnings press release.
The mission of Trump Media is “to end Big Tech’s assault on free speech by opening up the internet and giving people their voices back,” the company says.
