Newsmax (NYSE: NMAX) grows Q1 2026 revenue 14% and narrows net loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Newsmax Inc. reported strong top-line growth for the first quarter of 2026 while remaining modestly loss-making. Revenue rose to $51.7 million, a 14.0% year-over-year increase, driven mainly by broadcasting, where segment revenue grew 20.8% to $43.7 million on higher affiliate fees and licensing.
Digital revenue declined 12.7% to $8.0 million, reflecting lower advertising and subscription revenue. The company’s net loss narrowed significantly to $2.2 million from $17.2 million a year earlier, helped by higher revenue, lower legal expenses and improved other income. Adjusted EBITDA was $(0.4) million, down from $0.4 million, as Newsmax increased spending on programming, production and OTT initiatives.
Newsmax ended the quarter with $129.1 million in cash and short-term investments and reported no long-term debt. Management reaffirmed full‑year 2026 revenue guidance of $212–$216 million, which implies about 13% year‑over‑year growth at the midpoint, supported by affiliate fee expansion, international licensing and continued investment in premium content and digital monetization.
Positive
- None.
Negative
- None.
Insights
Newsmax is growing revenue quickly, narrowing losses, and leaning into higher-margin affiliate and licensing streams.
Newsmax posted Q1 2026 revenue of $51.7 million, up 14.0% year over year, with broadcasting up 20.8% to $43.7 million. Growth was led by affiliate fees and licensing tied to new contracts and expanded international agreements, while digital revenue fell 12.7% to $8.0 million.
Net loss shrank to $2.2 million from $17.2 million, reflecting higher revenue, lower legal expenses and better other income. However, adjusted EBITDA slipped to $(0.4) million from $0.4 million as the company increased spending on programming, production and OTT initiatives to support its multi-platform strategy.
Cash and short-term investments totaled $129.1 million at March 31, 2026, with no long-term debt, giving financial flexibility. Reaffirmed 2026 revenue guidance of $212–$216 million (about 13% growth at the midpoint) depends on continued affiliate fee repricing, licensing expansion and successful monetization of Newsmax+ and Newsmax2.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue Q1 2026: $51.7 million
Broadcasting revenue Q1 2026: $43.7 million
Digital revenue Q1 2026: $8.0 million
+5 more
8 metrics
Total revenue Q1 2026
$51.7 million
Three months ended March 31, 2026; up 14.0% year over year
Broadcasting revenue Q1 2026
$43.7 million
Three months ended March 31, 2026; up 20.8% year over year
Digital revenue Q1 2026
$8.0 million
Three months ended March 31, 2026; down 12.7% year over year
Net loss Q1 2026
$(2.2) million
Three months ended March 31, 2026; improved from $(17.2) million in 2025
Adjusted EBITDA Q1 2026
$(0.4) million
Three months ended March 31, 2026; down from $0.4 million in 2025
Cash and short-term investments
$129.1 million
As of March 31, 2026; includes $17.2M cash and $111.9M investments
2026 revenue guidance
$212–$216 million
Full-year 2026 revenue outlook; about 13% growth at midpoint vs 2025
Total assets
$226.3 million
Total assets as of March 31, 2026 on condensed consolidated balance sheet
Key Terms
Adjusted EBITDA, affiliate fee revenue, OTT initiatives, settlement liability, +2 more
6 terms
Adjusted EBITDA financial
"Quarterly adjusted EBITDA was $(0.4) million, a decrease of $(0.8) million from the amount reported in the same quarter last year"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
affiliate fee revenue financial
"primarily driven by an increase in affiliate fee revenue attributed to timing of new contractual relationships and expanded international licensing agreements"
OTT initiatives financial
"higher production headcount, programming and production costs, continued investment in Newsmax2 and higher stock-based compensation"
settlement liability financial
"Settlement liability | 26,250,513 | | | 26,487,028"
non-GAAP financial measures financial
"This press release contains a financial measure that has not been prepared in accordance with United States Generally Accepted Accounting Principles"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
weighted average common stock outstanding financial
"Weighted average common stock outstanding, basic and diluted | 128,491,597 | | 44,895,546"
Earnings Snapshot
Revenue: $51.7 million · Guidance included
Q1 2026
Revenue
$51.7 million
+14.0% YoY
Broadcasting revenue
$43.7 million
+20.8% YoY
Digital revenue
$8.0 million
-12.7% YoY
Net loss
$(2.2) million
vs. $(17.2) million prior-year quarter
Adjusted EBITDA
$(0.4) million
vs. $0.4 million prior-year quarter
Guidance
Full-year 2026 revenue guidance reaffirmed at $212–$216 million, representing 13% year-over-year growth at the midpoint versus 2025 revenue of $189 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices and zip code)
(561 ) 686-1165
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On May 14, 2026, Newsmax Inc. (the "Company") issued a press release announcing its results of operations for the three months ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
The information in Item 2.02 of this Form 8-K and in the press release attached as Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in each of Item 2.02 of this Form 8-K and Exhibit 99.1 shall not be incorporated by reference in any filing made by the Company or other document under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing or document, except as shall be expressly set forth by specific reference in any such filing or document.
Item 7.01 - Regulation FD Disclosure
The Company has prepared presentation materials (the “Presentation Materials”) that management intends to use from time to time on and after May 14, 2026. The Presentation Materials are filed as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in the Presentation Materials is summary information that should be considered within the context of the Company’s filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so.
The information in this Item 7.01 and Exhibit 99.2 of this Current Report on Form 8-K is furnished and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Item 7.01 and Exhibit 99.2 of this Current Report on Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in any such filing.
Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
| Exhibit No. | Description | |||||||
99.1 | Press Release, dated May 14, 2026 | |||||||
99.2 | Investor Relations Deck | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 14, 2026
| Newsmax Inc. | ||||||||
| By: | /s/ Darryle Burnham | |||||||
| Name: | Darryle Burnham | |||||||
| Title: | Chief Financial Officer | |||||||
Newsmax Announces First Quarter 2026
Financial Results
Financial Results
Company Reports Quarterly Revenues of $51.7 million, a 14.0% Year-Over-Year Increase
Broadcast Revenues Increase to $43.7 million, a 20.8% Increase Year-Over-Year
Company Reaffirms Full-Year 2026 Revenue Guidance, Representing Accelerated Year-Over-Year Growth of 13% at the Midpoint
BOCA RATON, FL – 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 a 14.0% 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 $212 million to $216 million, representing 13% year-over-year growth at the midpoint of the range.
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 Inc.
Investor Contacts
Newsmax Investor Relations
ir@newsmax.com
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
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.
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.
NEWSMAX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| 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”.
1Q 2026 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 0123456789@#$%&* Museo Sans 900 The logotype was based on the typeface Museo San Newsmax RedNewsmax Blue Complete color information can be found on page 8. Colors Logotype Typeface Investor Presentation
Investment Highlights Rapidly Expanding News Network with Strong Growth Trajectory Highly Loyal Audience with Significant Reach Diverse Platform Model with Multi-Faceted Revenue Streams World-Class Leadership with Strategic Access Debt-Free Balance Sheet with Capital Strength to Support Growth Platform and Reach Unlocks Monetization Upside 2
On all platforms, for all people Newsmax Overview Scale and Growth 58M+ Total Audience Reach FY25 100+ Countries Available #4 In Cable News FY25 +41% Adults 35-64 1Q26 vs. 4Q25 +22% Newsmax 2 ALL Key Hours 1Q26 vs. 4Q25 Diversified Revenue Strong Growth Current Capital Strength $130M Cash and short-term investments as of 1Q FY26 +28% Revenue CAGR 2019-2025 $189M 81% Broadcast 19% Digital FY2025 Financial Overview 3 Free Streaming Channel Paid Streaming Service Live Cable TV Disclosure: Please note data is aggregated from Nielsen data, streaming dashboard of OTT providers, internal company estimates and other analytic services. The numbers and data are variable and subject to change. Pending Updated financials 60M+ U.S. Homes Footprint Across Pay TV 100M+ Streaming on smartphones, apps and other devices #4 In Cable News 29M+ Newsmax TV Quarterly Viewership Jan-Sep ’25 vs. ‘24 +8% Newsmax TV Audience Reach Jan-Sept '25 vs. ‘24 +25% Newsmax 2 Viewership Growth Jan-Sept '25 vs. ‘24 Add Text Growth vs election cycle? For total viewership? Challenging compare +29% Total Viewers 1Q26 vs. 4Q25
Digital & Social Disruption • Fragmented news outlets and rise of misinformation • Click-driven economics • Market void emerges, trust gap grows Legacy Media Overreach • CNN, Fox lean into entertainment and spectacle • Ratings chase undermines credibility • Audiences overwhelmed by conflict journalism The Return to Trusted Voices • Journalism and informed opinion • Audiences turn away from sensationalism, seeking truth • Newsmax among the most trusted news brands 1 covering issues Americans deeply care about Newsmax – Building The Future Of Journalism Restoring Trust in News Golden Age of News • Select few universally trusted sources • Mass audiences and stable monetization • Proof that audiences reward authoritative journalism Pre-2010 2010-2020 COVID-2025 Future State 4 1. Economist / YouGov annual survey of Trust in Media.
SOCIOGRAPHIC SHIFTS MEDIA SHIFTS Capitalizing On Secular Shifts In Media And Society • National and global interest in politics and society on the rise • Demographics increasingly identify by political ideology • Being “conservative” is more nuanced • Growing need to separate facts from misinformation in the age of AI Strategic Edge • Cable, streaming, web, social and apps are now all viable platforms • Less consolidated news ecosystem with fragmented sources • Viewership and ad dollars increasingly flow to live content • FAST channels lead growth • Streaming driving premium content ✓ Purpose-built for multi- channel, multi-media ✓ Appeals to American values ✓ Not beholden to a media conglomerate ✓ Innovative monetization & audience engagement ✓ Unified, focused leadership and trusted brand 5
6 News Business Today News Consumption Diversifying Trust is in Decline Less Competitive On The Right Proportion that used each as a source of news in the last week in the U.S. Americans’ trust in mass media is at an all time low Top 15 multi-channel news source preferences by political affiliation in the U.S. 13 2 Dem / Lean Dem Rep / Lean RepDem / Le Rep / Rep 1 2 72% 50% 47% 14% 27% 54% 69% 48% 15% 7% TV Print Social and video networks Online news sites/apps News podcasts AI chatbots 72% 28% Source: Reuters Institute. Source: Gallup. Sources: Pew Research.
Battleground Settled Fighting for Basis Points Battleground Open Huge Whitespace The Opportunity ✓ Purpose-built for multi- channel, multi-media ✓ Appeals to American values ✓ Not beholden to a media conglomerate ✓ Innovative monetization & audience engagement ✓ Unified, focused leadership and trusted brand Strategic Edge 7
Newsmax Reach – Now A Growth Amplifier Digital Media / Subscription Expansion Advertising Revenue Growth Affiliate Fee Upside Expand Revenue Opportunities, International and More Significant upside as MVPD / OTT renewals move toward industry benchmarks Leveraging ratings momentum, premium demographics (35–64), and multi-platform campaigns Scaling Newsmax App, Newsmax+, Newsmax2 to capture digital-first audiences International growth and expand audience lifetime value by selectively offering our audience new products and services 8
$2.67 $1.31 $0.66 $0.41 $0.39 Fox News CNN CNBC Fox Business MSNBC NewsMax 60M 58M 59M 58M 60M 57M #1 #3 #5 #6 #2 #4 Affiliate Fees Set To Reprice CAPITALIZING ON REACH AND GROWTH Source: Nielsen as of December 2025, Kagan (*average monthly affiliate fee per subscriber in 2025). Affiliate Fees Significant Opportunity Built-In Growth Catalyst – Expiring contracts reset at market rates High-Margin Upside – Flows directly to bottom line Massive Gap to Peers – Current rates trail peers by average of 7x Distribution Parity – Now in ~60M homes, on par with peers Audience Outperformance – More viewers than CNBC + FOX Business combined in access & prime Affiliate Rate Per Subscriber ($ per month) 9 Nielsen Homes Ratings All Key Dayparts
Accelerating AD Growth NEWSMAX BEATS COMPEITION RECENT NATIONAL AD ADDITIONS Newsmax Broadcast AD Sales $15M $105M 2020 2025 +6x +1% -9% -21% -32% Total Day: Jan - Sep t ' 25 vs. ‘ 24 10 Top Advertisers – Turning To Newsmax Pending Updated Financials
21M+ Newsmax App Downloads 268K+ Newsmax+ Paid Subscribers TELEVISION STREAMING Online / Apps SOCIAL ~25M Social Media Followers On All Platforms, for All People Top 4 Qtr. All-Time +3% 1Q26 vs. 4Q25 +6% 1Q26 vs. 4Q25 ~7M Avg. Monthly Users +14% 1Q26 vs. 4Q25 11 Am ong t he be s t pe r - f o l l ower eng agement ra t e i n T V news Fast-Growing Footprint Broadens & Strengthens Our Brand Disclosure: Please note data is aggregated from Nielsen data, streaming dashboard of OTT providers, internal company estimates and other analytic services. The numbers and data are variable and subject to change. 300+ New Titles for World at War / War & Warriors ALL Key Hours Up Over 22% 1Q26 vs. 4Q25 Growing On All Major Platforms +29% Audience Reach 1Q26 vs. 4Q25
HIGHLY ENGAGED AUDIENCE UNLOCKING SUBSTANTIAL SPEND Expanding Audience Lifetime Value Enhance Product Execution: Podcasts, radio, Newsmax.com, app, books, magazine, social, talent development, new digital media channels, seeking family friendly content Global Growth: New international licensing deals, live AI dubbing, broader global footprint and more correspondents worldwide Cross-Platform Integration: E-commerce, subscription bundles and digital ad growth Underleveraged Verticals: Finance, insurance, health and retirement services High income earners High net worth retirees Active and actionable families Socially responsible and community driven Highly digitally involved base, TV generation, social media savvy Loyal, action-oriented audience 12 Opportunities to Expand Our Offering
Global Growth Providing Enhanced Monetization Opportunities 13 100+ Countries Available N ew D ist r ibut ion Pa r t ne rsh ips : ✓ F r e e T V ( F r a n c e ) ✓ H O T ( I s r a e l ) ✓ P r i m e t e l ( C y p r u s ) ✓ D G O ( D I R E C T V L a t A m ) ✓ L G ( M e x i c o – N e w s m a x e n E s p a ñ o l ) ✓ P l e x ( S o u t h A m e r i c a , S p a i n – N e w s m a x e n E s p a ñ o l ) First and only live dubbed news channel U.S. Channel Carriage U.S. Channel Carriage & Live AI dubbing Brand L i censing Pa r t ne rsh ips : ✓ U k r a i n e ✓ P o l a n d ✓ R e p u b l i c o f S e r b i a ✓ R e p u b l i c o f C r o a t i a ✓ B o s n i a & H e r z e g o v i n a ✓ A l b a n i a ✓ S l o v e n i a ✓ N o r t h M a c e d o n i a ✓ M o n t e n e g r o
World-Class Leadership With Strategic Access CHRISTOPHER RUDDY Chief Executive Officer • Founded Newsmax in 1998 • Former Journalist at New York Post, Pittsburgh Tribune-Review • Served as Media Fellow, Hoover Institution • Mult ichannel News’ “News Titans”: Top 10 People to Know in TV News • Named Cablefax’s Top 100 Power Players Leadership Team Board A L E X A C O S T A • Served as 27 th U.S. Secretary of Labor • 30+ years of legal expertise across government, academia and private practice N A N C Y B R I N K E R • Philanthropist, Founder of Susan G. Komen for the Cure • Anchor for Newsmax TV P A U L A D O B R I A N S K Y • Vice Chair of the Atlantic Council's Scowcroft Center for Strategy and Security • Former SVP and Global Head of Government and Regulatory Affairs at Thomson Reuters D A V I D G A N D L E R • Co-Founder and Chief Executive Officer of FuboTV Inc. • 15+ years in video sales in local broadcast and cable TV C H R I S N I X O N C O X • CEO of Lightswitch Capital, Argali Carbon Corporation and BioSource Feeds Corporation • Co-Founder and Managing Partner of OC Global Partners 14 D A R R Y L E B U R N H A M Chief Financial Officer • 35+ years of experience in corporate finance, treasury and operational management L A U R A V A I L Vice President of Marketing • 34+ years in marketing with an expertise in business growth and acquisition A N D Y B I G G E RS SVP of Content Distribution • 25+ years of experience overseeing content distribution across broadcast and cable platforms R A L P H R E N Z I E CEO of Newsmax Radio • 25+ years as a broadcast and media executive G A R Y K A N O F S K Y SVP of News & Operations • 45+ years in broadcast and media operations R O N A L D W I N D I S C H EVP of Corporate Finance • 35+ years of experience in corporate finance, investment banking, and capital markets L O K E S H T I W A R I Chief Information Officer • 15+ years of experience leading IT, software development, broadcast, and OTT D A V I D E V A N S • Former COO & CFO of Salem Media Group • 25+ years of executive leadership in the Media industry
STRONG QUARTERLY RESULTS REALIZING STRONG REVENUE GROWTH AND OPERATIONAL MOMENTUM 1Q FY26 Highlights Revenues of $51.7M, up 14.0% YoY Broadcast Revenues of $43.7M, up 20.8% YoY Remains Fourth Highest-Rated Cable News Channel 15 $45.3 $51.7 1Q FY25 1Q FY26 Revenue ($ in millions) Accelerated International: Telecom Serbia and Newsmax Poland expansion +14.0% No Long-Term Debt and Strong Cash Position Broadcast Revenue ($ in millions) $36.2 $43.7 1Q FY25 1Q FY26 +20.8% Scaled streaming and digital platforms: N2 delivered 22% news- hour growth and more than 200% increase in content on N+
DRIVEN BY STRUCTURAL GROWTH Reaffirms FY26 Guidance: Accelerating Revenue Growth 16 • Company is reaffirming full-year 2026 guidance with Revenues of $212M to $216M, up 13% YoY at the midpoint of the range • Political advertising is not expected to be a meaningful contributor to growth • Top-line growth primarily driven by affiliate fee expansion, reflecting rate increases and new distribution channels, along with licensing partnerships • Continued investment in premium content and digital monetization • Expect improved profitability profile driven by operating leverage and reduced non-recurring legal and public company transition expenses FY25A FY26E YoY Change at Midpoint of Range Total Revenue $189M $212M - $216M +13%
Positioned to Generate Long-Term Shareholder Value Rapidly Expanding News Network with Strong Growth Trajectory Highly Loyal Audience with Significant Reach Diverse Platform Model with Multi-Faceted Revenue Streams World-Class Leadership with Strategic Access Debt-Free Balance Sheet with Capital Strength to Support Growth Platform and Reach Unlocks Monetization Upside 17
FAQ
How did Newsmax Inc. (NMAX) perform financially in Q1 2026?
Newsmax generated $51.7 million in Q1 2026 revenue, a 14.0% year-over-year increase. Broadcasting grew strongly, but digital declined. The company reported a net loss of $2.2 million, significantly improved from a $17.2 million loss in the prior-year quarter.
What drove Newsmax’s revenue growth in the first quarter of 2026?
Revenue growth was mainly driven by broadcasting, where revenue rose to $43.7 million, up 20.8% year over year. Management attributed this to higher affiliate fee revenue from new contractual relationships and expanded international licensing agreements, partially offset by weaker digital advertising and subscription trends.
Did Newsmax Inc. remain profitable in Q1 2026 and how did losses change?
Newsmax was not yet profitable in Q1 2026, but its net loss narrowed to $2.2 million from $17.2 million a year earlier. The improvement was mainly due to higher total revenue, lower legal expenses and better other income, despite increased programming, production and personnel costs.
What was Newsmax’s adjusted EBITDA for Q1 2026?
Adjusted EBITDA for Q1 2026 was $(0.4) million, compared with $0.4 million in the same quarter of 2025. The decline reflects higher production, programming and personnel spending to support content and OTT investment, partially offset by growth in broadcast affiliate fee revenue.
What guidance did Newsmax Inc. (NMAX) give for full-year 2026 revenue?
Newsmax reaffirmed full-year 2026 revenue guidance of $212 million to $216 million. This range represents about 13% year-over-year growth at the midpoint versus 2025 revenue of $189 million, supported by affiliate fee expansion and licensing partnerships rather than political advertising.
What is Newsmax’s cash position and balance sheet strength after Q1 2026?
At March 31, 2026, Newsmax held $129.1 million in cash and short-term investments, including $17.2 million in cash and $111.9 million in short-term investments. The company reported no long-term debt, describing a debt-free balance sheet supporting its growth strategy.
How are Newsmax’s broadcasting and digital segments performing?
In Q1 2026, broadcasting revenue increased to $43.7 million, up 20.8% year over year, while digital revenue declined to $8.0 million, down 12.7%. Broadcasting benefited from affiliate fees and licensing, whereas digital saw weaker advertising, subscription and product sales.