Executive Summary

Completed DWAC business combination and debuted as public company; ended the quarter with $273.7M cash and equivalents ($233.7M unrestricted; $40.0M restricted tied to S‑1 effectiveness) .
Reported GAAP net loss of $327.6M driven by $311.0M non‑cash items from note conversions and derivative revaluation around the merger; Adjusted EBITDA loss was $12.1M, including $6.3M one‑time merger‑related payments .
Revenue was $0.771M, primarily nascent advertising; management emphasized long‑term product development over near‑term revenue and does not disclose typical user KPIs .
Announced live TV streaming initiative; first data center and core hardware contracts signed; rollout planned in three phases with a custom CDN .
Media coverage noted meme‑like volatility; shares fell after the print, reflecting low revenue and large non‑cash loss (context) .

What Went Well and What Went Wrong

Liquidity: $273.7M cash and equivalents post‑merger, sufficient working capital to fund operations for at least the next 12 months per management .
Strategic progress: Signed initial data‑center partner and hardware vendor; confirmed phased rollout for in‑house CDN/live TV streaming .
Organizational completion: Business combination consummated, transition to audited public reporting (independent auditor appointed May 4, 2024) .

Revenue decline: Q1 revenue fell 31% YoY to $0.771M due to revenue‑share changes and early‑stage ad testing .
Heavy non‑cash losses: $311.0M non‑cash expenses from promissory note conversions and $225.9M loss from change in fair value of derivative liabilities tied to the merger .
Elevated operating costs: General & administrative spiked to $64.8M (incl. $54.4M stock‑based comp for executive notes); R&D rose to $33.2M (incl. $30.1M vendor stock comp for streaming platform) .

Metric	Q1 2023	Q1 2024
Revenue ($USD Millions)	$1.116	$0.771
Gross Profit ($USD Millions)	$1.075	$0.677
Net Loss ($USD Millions, GAAP)	$(0.210)	$(327.600)
Diluted EPS ($USD)	$(0.00)	$(3.61)
Adjusted EBITDA ($USD Millions)	$(3.627)	$(12.119)
One‑time merger related payments included in Adjusted EBITDA ($USD Millions)	N/A	$6.3

Segment breakdown

Segment/Source	Q1 2024 Revenue ($USD Millions)
Advertising (Truth Ads; agency‑managed)	$0.771

Non‑GAAP reconciliation context

Adjusted EBITDA excludes depreciation, stock‑based comp, interest, merger costs, derivative fair value changes, and loss on extinguishment of debt .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q2 onward	None provided	None provided; focus on product build and long‑term value, revenue “secondary” near‑term	Maintained (no formal guidance)
Liquidity/Working Capital	Next 12 months	N/A	Sufficient working capital to fund operations “for the foreseeable future” (Q1)	New qualitative
Streaming rollout	2024+ (phased)	N/A	Phase 1: CDN live TV in apps; Phase 2: stand‑alone OTT; Phase 3: home TV apps; contracts signed with first data center and core hardware vendors	New operational plan

No earnings call transcript was available for Q1 2024; management narrative derived from press release and 10‑Q.

Topic	Previous Mentions (Q-2, Q-1)	Current Period (Q1 2024)	Trend
Product roadmap (Streaming CDN)	Streaming plan announced April 16, 2024; 3‑phase rollout outlined in press release	Reiterated phases; signed data center and hardware contracts	Execution progressing
Liquidity/Going concern	DWAC Q3’23 noted going‑concern uncertainty pre‑merger	Post‑merger liquidity $273.7M; going concern doubt mitigated	Improved
Legal/Regulatory matters	DWAC Q3’23 SEC settlement and litigation disclosures	Ongoing litigation disclosures (ARC, UAV, Orlando, etc.)	Continued overhang
KPIs disclosure	Company did not rely on MAU/ARPU; limited KPI collection	Reaffirms no traditional KPIs; focus on long‑term development	Unchanged
Revenue model (Ads)	Agency models (Rumble/TAME) in place	Early‑stage ad initiative continues; revenue share changes impacted YoY	Optimization phase

“After an unprecedented, years-long process, we have consummated our merger… leaving the Company well‑capitalized… We are particularly excited to move forward with live TV streaming by developing our own content delivery network…” — CEO Devin Nunes .
Strategy: “At this early stage… TMTG remains focused on long‑term product development, rather than quarterly revenue.” .
Streaming phases and vendor engagements detailed in the release’s Streaming Update .

No earnings call transcript found for Q1 2024; no Q&A to report.

Wall Street consensus via S&P Global: Not available due to missing CIQ mapping for DWAC/DJT at the time of query. As a result, estimate comparisons are unavailable. Values would have been retrieved from S&P Global.*

Liquidity anchor: $273.7M cash/equivalents plus positive working capital supports execution of streaming and platform investments without immediate capital raises .
Revenue still de minimis: $0.771M and down YoY; near‑term narrative hinges on feature launches, not monetization metrics .
Non‑cash complexity: Massive GAAP loss reflects merger accounting (derivative liabilities, note conversions); Adjusted EBITDA loss of $12.1M better reflects operating run‑rate but includes $6.3M one‑time items .
Execution watchpoints: Streaming CDN rollout milestones (Phase 1–3) and vendor build‑outs are the primary operational catalysts .
Litigation/regulatory overhang: Multiple matters disclosed; monitor for resolutions and potential share escrow releases .
KPI opacity: No disclosure of MAUs/ARPU/ad impressions; investors must rely on product/newsflow and revenue prints rather than typical platform KPIs .
Trading implication: With low revenue and heavy non‑cash GAAP loss, stock may remain volatility‑driven by narrative and headline risk; execution on streaming and monetization could reset sentiment .

KPI	Disclosure
MAUs/DAUs	Not disclosed; company does not rely on traditional KPIs at this stage
ARPU/Ad impressions	Not disclosed
Signups	Historical cumulative signups referenced (context), but not used for decision‑making; controls not designed for KPI reporting

Cash and Equivalents: $233.7M cash; $40.0M restricted cash (Convertible Notes control account; release contingent on registration/effects) .
Convertible Debt: $50.2M outstanding DWAC Convertible Notes at Q1; due March 2025 if not converted .
Stock‑based compensation: $84.6M in Q1, split between $54.4M executive promissory notes and $30.1M vendor convertible notes for streaming development .
Agencies: Revenue recognized as agent under ASC 606 through Rumble and TAME arrangements .

* S&P Global disclaimer: Estimates data were not available due to mapping constraints at query time.

Citations: Primary filings and press release: Streaming press release: Media/trading context: