Newsmax Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Newsmax (NYSE:NMAX) reported first quarter 2026 revenue of $51.7 million, up 14.0% year over year. Broadcasting revenue rose to $43.7 million, a 20.8% increase, driven mainly by higher affiliate fees and licensing, while digital revenue declined to $8.0 million.
Net loss narrowed to $2.2 million from $17.2 million a year earlier. Adjusted EBITDA was $(0.4) million. Cash and short-term investments totaled $129.1 million. Newsmax reaffirmed full‑year 2026 revenue guidance of $212–$216 million, implying about 13% growth at the midpoint.
AI-generated analysis. Not financial advice.
Positive
- Total revenue grew 14.0% year over year to $51.7 million
- Broadcasting revenue increased 20.8% to $43.7 million
- Affiliate fee revenue rose $5.6 million, up 75.2% year over year
- Licensing revenue increased $3.0 million, up 697.1% year over year
- Net loss narrowed from $17.2 million to $2.2 million
- Cash and short-term investments totaled $129.1 million at quarter end
- Company reaffirmed 2026 revenue guidance of $212–$216 million (~13% growth midpoint)
Negative
- Digital revenues declined 12.7% year over year to $8.0 million
- Broadcast advertising revenue fell 3.7% to $23.7 million
- Digital advertising revenue decreased 18.1% to $3.5 million
- Broadcast subscription revenue declined 5.9% and digital subscription 10.1%
- Adjusted EBITDA was negative at $(0.4) million, a $0.8 million decrease year over year
- Company remained unprofitable with a quarterly net loss of $2.2 million
News Market Reaction – NMAX
On the day this news was published, NMAX gained 4.05%, reflecting a moderate positive market reaction. Argus tracked a peak move of +12.1% during that session. Argus tracked a trough of -4.5% from its starting point during tracking. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $36M to the company's valuation, bringing the market cap to $929.80M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NMAX gained 4.13% while peers were mixed: SBGI +1.01%, FUBO +2.74%, IHRT +5.89%, GTN -4.81%. The move appears stock-specific, not sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 26 | FY 2025 earnings | Positive | -1.7% | Reported record 2025 revenue and set 2026 guidance despite large net loss. |
| Nov 13 | Q3 2025 earnings | Positive | -6.9% | Delivered Q3 revenue growth and narrower net loss while reiterating 2025 guidance. |
| Aug 19 | Q2 2025 earnings | Neutral | +0.1% | Strong revenue and broadcasting growth offset by large legal-driven net loss. |
| May 15 | Q1 2025 earnings | Neutral | +2.5% | First post-IPO quarter with double-digit revenue growth but ongoing net loss. |
| Apr 07 | Audience update, IPO | Positive | +4.7% | Reported 50% audience growth and highlighted recent IPO capital raise. |
Earnings releases have typically produced modest moves, with a slight negative average reaction despite generally growing revenues and reiterated guidance.
Over the past year, Newsmax has repeatedly reported revenue growth and reiterated guidance. Q1 2025 and later quarters showed higher broadcasting revenues but persistent net losses and negative adjusted EBITDA. Full-year 2025 revenue reached $189.3 million with a net loss of $(99.5) million, largely tied to legal settlements. Audience and distribution metrics have been strong, and guidance for 2026 of $212–$216 million revenue has been maintained, with today’s Q1 2026 results tracking that outlook.
Historical Comparison
In the past year, NMAX earnings-related headlines averaged a -0.24% move. Today’s 4.13% gain on Q1 2026 results is meaningfully stronger than typical earnings reactions.
Earnings releases have shown a progression from early post-IPO double-digit revenue growth to record 2025 revenues and now Q1 2026 results that support the maintained $212–$216 million full-year revenue guidance.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $51.7 million, up 14.0% year-over-year, and strong broadcasting growth of 20.8% to $43.7 million, while net loss narrowed to $(2.2) million. Management reaffirmed 2026 revenue guidance of $212–$216 million and emphasized investments in OTT, Newsmax+, and international licensing. Investors may track whether these initiatives move adjusted EBITDA, currently $(0.4) million, toward profitability while preserving audience momentum and cash of $129.1 million.
Key Terms
adjusted EBITDA financial
ott technical
affiliate fee financial
AI-generated analysis. Not financial advice.
Company Reports Quarterly Revenues of
Broadcast Revenues Increase to
Company Reaffirms Full-Year 2026 Revenue Guidance, Representing Accelerated Year-Over-Year Growth of
BOCA RATON, FL / ACCESS Newswire / May 14, 2026 / Newsmax Inc. (NYSE:NMAX) ("Newsmax" or the "Company") today announced its financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Business and Operational Highlights
Delivered broad first quarter audience reach, with 30.4 million total viewers and 13.3 million Adults 35-64, reinforcing Newsmax's position as the fourth highest-rated cable news channel and a top fifteen cable network across key dayparts.
Continued to strengthen the Company's multi-platform audience ecosystem, with social media followers rising to 24.7 million as of March 31, 2026.
Increased content offering through continued investment in Newsmax+ and in premium programming, including the expansion of World at War / War & Warriors, where available titles increased more than
200% .Continued to advance our international growth strategy by expanding our licensing agreement with Telecom Serbia and Newsmax Poland.
Management Commentary
"Newsmax delivered a strong start to 2026, with broad audience reach across cable, streaming and digital while continuing to strengthen the scale of our platform," said Christopher Ruddy, Chief Executive Officer of Newsmax. "In the first quarter, we increased viewership, gained traction with younger demographics and saw continued momentum across Newsmax2, Newsmax+ and social media. While the industry is lapping unusually high election-driven news consumption from early 2025, our first quarter rankings demonstrate that Newsmax continues to perform strongly in a more normalized environment. We are also making further strides as a global news brand and continuing to attract unique viewers that reinforce the significant opportunity we see in the under-served center-right market. These results reflect the strength of our brand, the loyalty of our audience and the value of our multi-platform strategy."
"Looking ahead, we see meaningful opportunity to build on this momentum through continued investment in content, broader distribution and deeper audience engagement across all of our platforms," Ruddy continued. "As the media landscape evolves, we believe Newsmax is well positioned to expand its reach, strengthen monetization and deliver sustainable long-term growth by providing independent, values-driven journalism that resonates with viewers in the United States and around the world."
"Our first quarter results reflect continued progress in executing our growth strategy," commented Darryle Burnham, Chief Financial Officer of Newsmax. "We saw solid revenue growth driven by affiliate fees and licensing, while we continue to invest behind this growth in programming, production and our OTT initiatives to support long-term expansion. With a strong balance sheet and disciplined approach to capital allocation, we remain confident in our financial outlook and are maintaining our full-year guidance as we continue to invest in initiatives that drive sustainable, long-term shareholder value."
Financial Results:
Revenue by Segment by Component Table (unaudited):
($ in millions) | Three Months Ended March 31, | ||||||||||||||||
2026 | 2025 | $ Change | % Change | ||||||||||||||
Broadcasting | |||||||||||||||||
Advertising | $ | 23.7 | $ | 24.6 | $ | (0.9 | ) | (3.7 | )% | ||||||||
Affiliate fee | 13.0 | 7.4 | 5.6 | 75.2 | % | ||||||||||||
Subscription | 3.5 | 3.7 | (0.2 | ) | (5.9 | )% | |||||||||||
Licensing | 3.5 | 0.4 | 3.0 | 697.1 | % | ||||||||||||
Total Broadcasting revenues | $ | 43.7 | $ | 36.2 | $ | 7.5 | 20.8 | % | |||||||||
Digital | |||||||||||||||||
Advertising | $ | 3.5 | $ | 4.3 | $ | (0.8 | ) | (18.1 | )% | ||||||||
Subscription | 3.0 | 3.3 | (0.3 | ) | (10.1 | )% | |||||||||||
Product sales | 1.5 | 1.6 | (0.1 | ) | (3.5 | )% | |||||||||||
Total Digital revenues | $ | 8.0 | $ | 9.1 | $ | (1.2 | ) | (12.7 | )% | ||||||||
Total Revenues | $ | 51.7 | $ | 45.3 | $ | 6.4 | 14.0 | % | |||||||||
First Quarter 2026 Financial Highlights:
Newsmax reported total quarterly revenues of
$51.7 million for the three-month period ended March 31, 2026, representing a14.0% year-over-year increase.Total broadcasting revenues grew
20.8% year-over year to$43.7 million for the first quarter of 2026, primarily driven by an increase in affiliate fee revenue attributed to timing of new contractual relationships and expanded international licensing agreements.Newsmax reported a quarterly net loss of
$(2.2) million as compared to a net loss of$(17.2) million reported in same quarter in the prior year, primarily driven by higher total revenue, lower legal expenses and improved other income, partially offset by higher production headcount, programming and production costs, continued investment in Newsmax2 and higher stock-based compensation.Quarterly adjusted EBITDA was
$(0.4) million , a decrease of$(0.8) million from the amount reported in the same quarter last year, primarily due to higher production, programming and personnel costs to support ongoing content and OTT investment, partially offset by growth in affiliate fee revenue in the broadcast segment. See reconciliation of net loss to adjusted EBITDA below.The Company ended the quarter with
$129.1 million in cash and short-term investments. Cash and cash equivalents were$17.2 million and short-term investments were$111.9 million .
The Company is reiterating its previously issued full-year 2026 revenue guidance of
About Newsmax
Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation's leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major pay TV providers. Newsmax's media properties reach more than 50 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches over 25 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax "a news powerhouse."
For more information, please visit Investor Relations | Newsmax Media, Inc.
Investor Contacts
Newsmax Investor Relations
ir@newsmax.com
Forward-Looking Statements
This communication contains forward-looking statements. From time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements can be identified by those that are not historical in nature. The forward-looking statements discussed in this communication and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. Newsmax does not guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this communication to conform our prior statements to actual results or revised expectations, and we do not intend to do so. Factors that may cause actual results to differ materially from current expectations include various factors, including but not limited changes in domestic and global general economic and macro-economic conditions and the volatility of the price of Common Stock that may result from, among other things, comments by securities analysts or other third parties, including blogs, articles, message boards and social and other media, large shareholders exiting their position in our Common Stock, any negative public perception of us, sales of shares previously registered for resale, or other uncertainties and the factors set forth in the sections entitled "Risk Factors" in Newsmax's Annual Report on Form 10-K for the twelve months ended December 31, 2025 and other filings Newsmax makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Undue reliance should not be placed on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.
USE AND DEFINITION OF NON-GAAP FINANCIAL MEASURES
This press release contains a financial measure that has not been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). This financial measure is Adjusted EBITDA.
Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies.
Adjusted EBITDA1 is defined as revenues less cost of revenues and general and administrative expenses and does not include depreciation, amortization related to the incremental costs to obtain a contract, interest expense, net, impairment charges, unrealized gains (losses) on marketable securities, stock-based compensation, other corporate matters (consisting primarily of certain litigation expenses, and related fees, for specific legal proceedings that the Company has determined are infrequent and unusual in terms of their magnitude), other, net, and income tax expense.
You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measure and the reasons we consider our non-GAAP financial measure appropriate for supplemental analysis. In evaluating our non-GAAP financial measure, you should be aware that in the future we may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measure has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of our non-GAAP financial measure should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our non-GAAP financial measure may not be comparable to other companies. Please see a historical reconciliation of this measure to the most comparable GAAP measure presented in our consolidated financial statements below.
1 The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net loss, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net loss to adjusted EBITDA.
NEWSMAX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, | December 31, | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,198,760 | $ | 20,433,021 | ||||
Funds held in escrow | 20,000,000 | 20,000,000 | ||||||
Investments | 111,896,268 | 110,895,693 | ||||||
Accounts receivable, net | 38,293,087 | 33,414,435 | ||||||
Inventories, net | 2,010,130 | 2,027,168 | ||||||
Prepaid expenses and other current assets | 10,704,282 | 8,690,490 | ||||||
Total current assets | 200,102,527 | 195,460,807 | ||||||
Property and equipment, net | 6,902,752 | 6,264,885 | ||||||
Right of use assets | 7,893,359 | 8,823,716 | ||||||
Other assets | 11,359,217 | 9,293,670 | ||||||
Funds held in escrow | - | 20,000,000 | ||||||
Total assets | $ | 226,257,855 | $ | 239,843,078 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 16,277,687 | $ | 16,770,777 | ||||
Accrued expenses | 20,008,943 | 14,894,949 | ||||||
Deferred revenue | 13,480,873 | 12,599,119 | ||||||
Lease liability | 3,643,566 | 4,062,971 | ||||||
Settlement liability | 26,250,513 | 26,487,028 | ||||||
Share repurchase liability | 6,461,320 | 6,461,320 | ||||||
Total current liabilities | 86,122,902 | 81,276,164 | ||||||
Long-term liabilities: | ||||||||
Deferred revenue, net of current portion | 2,522,836 | 3,148,945 | ||||||
Lease liability, net of current portion | 4,681,137 | 5,292,095 | ||||||
Other long-term liabilities | 3,879,167 | 925,000 | ||||||
Settlement liability, net of current portion | 22,027,017 | 43,152,322 | ||||||
Total liabilities | 119,233,059 | 133,794,526 | ||||||
Stockholders' equity | ||||||||
Class A common stock, 0.001 par value; 50,000,000 shares authorized; 39,239,297 shares issued and outstanding at par as of March 31, 2026 and December 31, 2025; Class B common stock, 0.001 par value; 940,000,000 shares authorized 89,899,158 and 89,889,822 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 129,138 | 129,129 | ||||||
Additional paid-in capital | 436,731,324 | 433,325,830 | ||||||
Accumulated other comprehensive income | 223,316 | 464,365 | ||||||
Accumulated deficit | (330,058,982 | ) | (327,870,772 | ) | ||||
Total stockholders' equity | 107,024,796 | 106,048,552 | ||||||
Total liabilities and stockholders' equity | $ | 226,257,855 | $ | 239,843,078 | ||||
NEWSMAX INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED MARCH 31,
(Unaudited)
2026 | 2025 | |||||||
Revenues: | ||||||||
Service revenue | $ | 50,146,781 | $ | 43,735,340 | ||||
Product revenue | 1,511,710 | 1,566,367 | ||||||
Total revenues | 51,658,491 | 45,301,707 | ||||||
Cost of services | 30,761,471 | 24,648,465 | ||||||
Cost of products sold | 968,292 | 1,191,106 | ||||||
Gross profit | 19,928,728 | 19,462,136 | ||||||
General and administrative expenses: | ||||||||
Personnel costs | 9,048,634 | 8,013,416 | ||||||
Advertising costs | 5,361,998 | 4,418,454 | ||||||
Depreciation | 566,819 | 736,875 | ||||||
Other corporate matters | - | 9,667,603 | ||||||
Other | 9,420,361 | 8,198,568 | ||||||
Total general and administrative expenses | 24,397,812 | 31,034,916 | ||||||
Loss from operations | (4,469,084 | ) | (11,572,780 | ) | ||||
Other income (expense), net | ||||||||
Interest and dividend income | 1,343,812 | 1,054,286 | ||||||
Interest expense | (2,950 | ) | (6,055 | ) | ||||
Unrealized gain on marketable securities | 978,911 | 1,585,580 | ||||||
Other, net | (38,899 | ) | (8,288,556 | ) | ||||
Total other income (expense), net | 2,280,874 | (5,654,745 | ) | |||||
Net loss before income taxes | (2,188,210 | ) | (17,227,525 | ) | ||||
Income tax expense | - | 5,000 | ||||||
Net loss | $ | (2,188,210 | ) | $ | (17,232,525 | ) | ||
Other comprehensive income: | ||||||||
Unrealized (loss) gain on available for sale debt investments, net of income tax | (241,049 | ) | 482,391 | |||||
Comprehensive loss | $ | (2,429,259 | ) | $ | (16,750,134 | ) | ||
Weighted average common stock outstanding, basic and diluted | 128,491,597 | 44,895,546 | ||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.02 | ) | $ | (0.49 | ) | ||
NEWSMAX INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31,
(Unaudited)
2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (2,188,210 | ) | $ | (17,232,525 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,523,571 | 1,540,440 | ||||||
Stock-based compensation | 3,355,369 | 1,577,109 | ||||||
Change in fair value of warrant liability | - | 1,824,179 | ||||||
Change in fair value of derivative liability | - | 6,104,230 | ||||||
Provision for (recovery of) credit losses | 331,760 | (118,266 | ) | |||||
Unrealized gain on investments | (890,275 | ) | (1,585,580 | ) | ||||
Lease expense | 930,357 | 889,411 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (5,210,412 | ) | (540,358 | ) | ||||
Inventory | 17,038 | (90,331 | ) | |||||
Prepaid expenses and other current assets | (2,013,792 | ) | (758,633 | ) | ||||
Funds released from escrow | 20,000,000 | - | ||||||
Other asset | (3,022,299 | ) | (472,398 | ) | ||||
Accounts payable | (1,407,567 | ) | 577,173 | |||||
Accrued expenses | 5,113,994 | 4,006,055 | ||||||
Lease liabilities | (1,030,363 | ) | (1,005,711 | ) | ||||
Settlement liability | (21,361,820 | ) | (10,322,243 | ) | ||||
Other long-term liabilities | 2,954,167 | - | ||||||
Deferred revenue | 255,645 | (118,511 | ) | |||||
Net cash used in operating activities | (2,642,837 | ) | (15,725,959 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of investments | (351,349 | ) | (36,672,837 | ) | ||||
Proceeds from maturity of investments | - | 7,250,000 | ||||||
Purchase of property and equipment | (242,854 | ) | (40,786 | ) | ||||
Net cash used in investing activities | (594,203 | ) | (29,463,622 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of convertible preferred stock, net | - | 80,742,222 | ||||||
Proceeds from issuance of common stock IPO, net | - | 67,469,857 | ||||||
Proceeds from exercise of stock options | 50,134 | - | ||||||
Payment of dividend | - | (304,930 | ) | |||||
Principal payment under finance lease obligation | (47,355 | ) | (51,761 | ) | ||||
Net cash provided by financing activities | 2,779 | 147,855,388 | ||||||
Net change in cash | (3,234,261 | ) | 102,665,806 | |||||
Cash and cash equivalents - beginning | 20,433,021 | 24,052,887 | ||||||
Cash and cash equivalents - ending | $ | 17,198,760 | $ | 126,718,693 | ||||
NEWSMAX INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31,
(Unaudited)
2026 | 2025 | |||||||
Supplemental disclosures of cash flow information: | ||||||||
Operating lease assets obtained in exchange for operating lease liabilities | $ | - | $ | 28,391 | ||||
Interest paid | $ | - | $ | 586 | ||||
Non-cash investing transactions: | ||||||||
Property and equipment acquired through accounts payable: | $ | 914,477 | $ | 195,722 | ||||
Non-cash financing activities: | ||||||||
Common stock issuance costs acquired through accounts payable | $ | - | $ | (337,458 | ) | |||
Common stock issuance costs reclassified from prepaid expenses | $ | - | $ | (1,798,989 | ) | |||
Issuance of warrants in connection with the issuance of convertible stock | $ | - | $ | 1,144,976 | ||||
Preferred stock cancellations to be refunded | $ | - | $ | (115,000 | ) | |||
Accrued dividends payable | $ | - | $ | 610,139 | ||||
IPO funds receivable in escrow | $ | - | $ | 750,000 | ||||
NEWSMAX INC.
NON-GAAP ADJUSTED EBITDA RECONCILIATION
FOR THE THREE MONTHS ENDED MARCH 31,
(Unaudited)
2026 | 2025 | |||||||
Net loss | $ | (2,188,210 | ) | $ | (17,232,525 | ) | ||
Add | ||||||||
Depreciation | 566,819 | 736,875 | ||||||
Amortization | 192,562 | 39,375 | ||||||
Interest, net | (1,340,862 | ) | (1,048,231 | ) | ||||
Unrealized gain on marketable securities | (978,911 | ) | (1,585,579 | ) | ||||
Stock-based compensation | 3,355,369 | 1,577,110 | ||||||
Other corporate matters2 | - | 9,667,603 | ||||||
Other, net3 | 38,899 | 8,288,556 | ||||||
Income tax expense | - | 5,000 | ||||||
Adjusted EBITDA4 | $ | (354,336 | ) | $ | 448,184 | |||
2 Comprised of certain litigation expenses, and related fees, for specific legal proceedings that we have determined are infrequent and unusual in terms of their magnitude.
3 Comprised of miscellaneous items such as derivative adjustments, income tax credits, and unrealized gains on securities
4 For a discussion of Adjusted EBITDA, see "Non-GAAP Financial Measures".
SOURCE: Newsmax Inc.
View the original press release on ACCESS Newswire