CNN  —  Trump Media & Technology Group lost more than $300 million during the first quarter and generated very little revenue, the owner of Truth Social announced in a press release Monday. The results will raise additional questions about the multi-billion dollar valuation on the newly public company, which is majority owned by former President Donald Trump. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company blamed the losses on non-cash expenses from the conversion of promissory notes and the elimination of previous liabilities. Trump Media reported an operating loss of $12.1 million, with a chunk of that being driven by one-time payments related to the closing of its merger with a blank-check company earlier this year. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.