Trump Media said its second-quarter revenue fell 30% to less than $900,000.

Trump Media & Technology Group, the social media company owned by former President Donald Trump, said its second-quarter revenue fell 30% to $836,900 compared to a year earlier.

The company, whose main asset is the social network Truth Social, also reported a loss of $16.4 million during the quarter, a narrower deficit than its $22.8 million loss in the year-earlier period, according to a news release on Friday. Regulatory Deposit.

Trump Media, which trades under the ticker DJT — Trump’s initials — has attracted a base of small investors who are followers of the former president, many of whom follow the stock’s rise and fall on Truth Social. While the company’s shares have fallen 51% in the past three months, Trump Media still has a valuation of about $5 billion, according to financial data firm FactSet.

This high valuation, as well as the wild swings in its stock price, has led some analysts to compare the business to meme stocksOr companies that trade on social media instead of traditional financial metrics like revenue growth and profitability.

On Friday statementCEO Devin Nunes said the company’s plans are to build out the Truth+ streaming service and “explore many other possibilities for growth, including mergers and acquisitions.”

In a regulatory filing, the company said all of its second-quarter revenue came from advertising on the Truth Social platform. It also blamed a 30% drop in ad sales on a change in revenue sharing with one of its unnamed advertising partners.

“Additionally, revenues varied as we selectively tested an emerging advertising initiative on the company’s Truth Social platform,” the company added.

Trump Media describes itself as a technology company that has “seen significant growth” since Truth Social’s 2022 debut, according to a regulatory filing. While losses are common among tech startups, institutional investors typically want startups to show strong revenue growth, indicating they will be able to turn a profit at some point.

The regulatory filing warned that the company expects to incur operating losses “for the foreseeable future” as it works to add more users and attract more advertisers.