~ Completed the Business Combination with Digital World Acquisition Corp., Successfully Debuted as Public Company, and Now Has Over 621,000 Retail Shareholders. ~ ~ Commenced Trading on Nasdaq, Under Symbol DJT on March 26, 2024 ~ ~ Company Has Sufficient Working Capital as a Result of a Going Public Event ~ ~ Signs First Contracts for Deployment of its TV Streaming Platform ~ SARASOTA, Fla., May 20, 2024 (GLOBE NEWSWIRE) -- 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 (the "SEC") today. TMTG's quarterly report and financials were reviewed by Semple, Marchal & Cooper, LLP, which the Company appointed as its independent registered public accounting firm, effective May 4, 2024, after a detailed evaluation process. 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. TMTG CEO Devin Nunes said, "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. Having started from scratch not long ago, TMTG debuted Truth Social on the web, iOS, and Android in 2022, and is now a publicly traded company operating an international social media platform. TMTG is well-positioned at this early stage to grow quickly and fulfill our mission. Our positive working capital allows us to explore and pursue a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities. We are particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform." 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. A table further illustrating these results is included in the section below titled "Reconciliation of Non-GAAP Financial Measures."         At this early stage in the Company's development, TMTG remains focused on long-term product development, rather than quarterly revenue. By adding features to Truth Social, launching live TV streaming, and building out its ecosystem, the Company aims to first develop a slate of best-in-class products that can then be leveraged to increase revenue and drive long-term value. TMTG earned $770,500 in revenue in the first quarter, largely from the Company's nascent advertising initiative, which will continue to evolve as TMTG implements its vision. Streaming Update On April 16, 2024, the Company announced that after six months of testing on its Web and iOS platforms, it has finished the research and development phase of its new live TV streaming platform and will begin scaling up its own content delivery network ("CDN"). This roll out of streaming content will occur in three phases: Phase 1: Introduce Truth Social's CDN for streaming live TV to the Truth Social app for Android, iOS, and Web. Phase 2: Release stand-alone Truth Social over-the-top ("OTT") streaming apps for phones, tablets, and other devices. Phase 3: Release Truth Social streaming apps for home TV. In recent weeks, as part of its TV streaming initiative, TMTG signed contracts with its first data center partner to host its own TV content distribution network. The Company also signed contracts with a core hardware vendor to obtain equipment for the project. Shareholders Based on data provided to TMTG, as of April 29, 2024, the Company's stock was held by over 621,000 shareholders, the vast majority of whom are retail investors. Reconciliation of Non-GAAP Financial Measures As noted above, the following table reconciles each non-GAAP financial measure to its most directly comparable GAAP financial measure:     Three Months Ended     March 31,       2024