NEW YORK — The parent organization of Truth Social, the social media platform created by former President Donald Trump, disclosed significant financial challenges, reporting a loss of $400.9 million last year. Annual revenue also experienced a decline, dropping 12% to $3.6 million.

Trump Media & Technology Group released its earnings statement late on Friday, outlining that a revenue-sharing deal with an unidentified advertising partner was partially responsible for the financial setbacks.

Following his victory in the U.S. presidential election in November, Trump transferred all of his holdings in the company—valued at approximately $4 billion at the time—to the Donald J. Trump Revocable Trust in December, designating the transaction as a “bona fide gift.” His shares constituted a majority of the company’s stock.

The older son of Trump, Donald Trump Jr., serves as the trustee and possesses full voting and investment authority over the trust’s securities.

Truth Social was developed as a platform after Trump faced bans from both Twitter and Facebook due to his involvement in the events surrounding the January 6, 2021, riot at the Capitol.

Acknowledging its status as being in the “early development stage,” the company headquartered in Sarasota, Florida, noted that it does not publish “traditional key performance indicators” that are typical for other social media entities—such as the number of users who sign up, engage with the platform on a daily or monthly basis, or are exposed to advertisements.

Trump Media went public earlier this year in March through a merger with a shell company named Digital World Acquisition Corp. This merger is categorized as a special purpose acquisition company, known as a SPAC, providing a more streamlined way for emerging companies to list their shares on public markets.