Truth Social , the conservative social media network that former President Donald Trump launched in 2022 after being banned from other platforms, lost more than $58 million and generated a mere $4.1 million in revenue last year.

The revelations about Truth Socials current situation came in a Securities and Exchange Commission regulatory filing from Trumps company, Trump Media & Technology Group, on Monday. The financial situation is so dire, an auditor warned in the filing, that it raises a substantial doubt about whether TMTG can continue as a going concern.

In other words, Truth Social may have to shut down, going the way of Parler another conservative social network that had to shutter after just a few years in business.

The news comes a week after TMTG completed a merger with a shell company, Digital World Acquisition, to go public, infusing Truth Social with $300 million. But shares in the company dropped more than 15% following Mondays news.

To put Truth Socials precarious finances into context, Twitter, now known as X, generated more than $660 million in revenue in the year leading up to its going public, and it generated $5 billion in the year before Elon Musk bought it and took the company private.