Newsmax Inc. Reports Material Event
Newsmax Inc. reported strong revenue growth but a significant loss for 2025.
Accepted by SEC EDGAR
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Form Type
8-K
Rhea-AI Filing Summary
Newsmax Inc. reported strong revenue growth but a significant loss for 2025. Full-year revenues reached $189.3 million, up 10.7% year over year, with broadcast revenues rising 17.3% to $153.3 million on higher advertising, affiliate fees and subscription revenue.
The company posted a 2025 net loss of $(99.5) million, largely due to approximately $79 million in legal settlement expenses and higher stock-based compensation and growth investments. Adjusted EBITDA was $(6.5) million, down from a prior-year profit. For the fourth quarter, revenue grew 9.6% to $52.2 million, while the net loss narrowed to $(3.0) million.
Newsmax ended 2025 with $131.3 million in cash and short‑term investments and no long-term debt, and highlighted continued audience growth, remaining the fourth highest-rated U.S. cable news channel and reaching more than 58 million total viewers. For 2026, the company guided to revenues of $212–$216 million, implying about 13% growth at the midpoint, driven mainly by affiliate fee expansion and digital monetization.
Insights
Newsmax is growing revenue and audience but absorbing heavy legal and growth costs.
Newsmax is showing solid top-line momentum, with 2025 revenue up 10.7% to $189.3 million and broadcast revenue up 17.3%. Fourth-quarter revenue grew 9.6% to $52.2 million, confirming that the underlying business is expanding even in a non-election year.
However, profitability is under pressure. The 2025 net loss of $(99.5) million was driven largely by about $79 million of legal settlement expenses plus stock-based compensation and higher production and personnel costs. Adjusted EBITDA swung from a $10.2 million gain in 2024 to a $(6.5) million loss in 2025, indicating that growth investments and one-time items are outweighing gross profit.
The balance sheet looks comparatively strong, with $131.3 million in cash and short-term investments and no long-term debt as of year-end 2025, supported by IPO and preferred stock proceeds. Management’s 2026 revenue outlook of $212–$216 million (about 13% growth at the midpoint) rests mainly on affiliate-fee repricing and expanding distribution, while they signal an expectation of improved profitability as legal and public-company transition costs subside.
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, or exhibit attachments filed with this report.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 March 26, 2026, Newsmax Inc. (the "Company") issued a press release announcing its results of operations for the three months and full year ended December 31, 2025. 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 March 26, 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 March 26, 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: March 26, 2026
| Newsmax Inc. | ||||||||
| By: | /s/ Darryle Burnham | |||||||
| Name: | Darryle Burnham | |||||||
| Title: | Chief Financial Officer | |||||||
Ex 99.1Newsmax Announces Fourth Quarter and Fiscal Year 2025
Financial Results
Financial Results
Company Reports Record Full-Year Revenues of $189.3 million, a 10.7% Year-Over-Year Increase, Outpacing Election-Year Comparison
Broadcast Revenues Increase to $153.3 million, a 17.3% Increase Year-Over-Year
Newsmax Remains the Fourth Highest-Rated Cable News Channel, Reaching More Than 58 Million Total Viewers
Company Projects Accelerated Revenue Growth in 2026
BOCA RATON, FL – March 26, 2025 – Newsmax Inc. (NYSE: NMAX) (“Newsmax” or the “Company”) today announced its financial results for the fourth quarter and full-year ended December 31, 2025.
2025 Business and Operational Highlights
•Delivered record full-year 2025 revenues of $189.3 million, representing a 10.7% year-over-year increase and achieving results at the high end of the Company’s full-year guidance range, despite a challenging post-election year comparison.
•Expanded domestic distribution through new and renewed multi-year carriage agreements, including a multi-year renewal with YouTube TV, maintaining Newsmax’s placement in the platform’s base package and extending Newsmax+ availability through YouTube Prime-time Channels beginning in 2026.
•Advanced the Company’s international expansion strategy through new multi-year distribution agreements across Europe and the Middle East, including launches in France, Israel and Cyprus, and a brand license agreement to launch Newsmax Ukraine, extending the Company’s reach to more than 100 countries worldwide.
•Continued to scale the Company’s streaming and digital platforms through the expansion of Newsmax2 across major FAST and connected TV platforms and ongoing investment in exclusive content for the Newsmax+ subscription service.
•Maintained Newsmax’s position as the fourth highest-rated cable news channel in the United States while expanding total audience reach across cable, streaming, digital and social media platforms, reaching more than 58 million total viewers in 2025 and finishing #6 among all cable channels in total day ratings, according to Nielsen.
Management Commentary
“Fiscal year 2025 was a defining year for Newsmax,” said Christopher Ruddy, Chief Executive Officer of Newsmax. “In our first year as a public company, we delivered double digit revenue growth and expanded our audience reach across cable, FAST and digital platforms, even in a non-election year when industry-wide viewership and advertising demand typically normalize. We broadened both our domestic and international distribution footprint, extending Newsmax to new platforms and markets around the world, while reinforcing our position as the fourth highest-rated cable news network. These achievements underscore the strength of our multi-platform model and diversified revenue streams that benefit from the continued demand for independent, values-driven journalism, which resonates with audiences across all of our platforms.”
Ruddy continued, “Looking ahead, with key milestones completed and the costs of becoming a public company largely absorbed, we are well positioned to accelerate our growth trajectory with strategic investment initiatives across content, distribution and technology. As we enter 2026 , we believe Newsmax is entering this next chapter from a position of strength, supported by a solid financial foundation, expanding distribution and a clear focus on sustainable, long-term growth for our shareholders.”
Financial Results:
Revenue by Segment by Component Summary Table (unaudited):
| ($ in millions) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||||||||
| Broadcasting | ||||||||||||||||||||||||||||||||||||||||||||
| Advertising | $29.8 | $27.0 | 10.5 | % | $104.3 | $89.4 | 16.7 | % | ||||||||||||||||||||||||||||||||||||
| Affiliate fee | 7.8 | 6.6 | 17.9 | % | 30.6 | 26.7 | 14.9 | % | ||||||||||||||||||||||||||||||||||||
| Subscription | 3.6 | 3.7 | (0.7) | % | 14.9 | 12.4 | 20.2 | % | ||||||||||||||||||||||||||||||||||||
| Other | 1.2 | 0.4 | 176.9 | % | 3.6 | 2.3 | 53.9 | % | ||||||||||||||||||||||||||||||||||||
| Total Broadcast revenues | $42.5 | $37.8 | 12.6 | % | $153.3 | $130.7 | 17.3 | % | ||||||||||||||||||||||||||||||||||||
| Digital | ||||||||||||||||||||||||||||||||||||||||||||
| Advertising | $4.1 | $5.0 | (17.3) | % | $16.0 | $19.7 | (19.0) | % | ||||||||||||||||||||||||||||||||||||
| Subscription | 3.0 | 3.4 | (10.2) | % | 12.7 | 14.5 | (13.0) | % | ||||||||||||||||||||||||||||||||||||
| Product sales | 2.6 | 1.6 | 64.2 | % | 7.3 | 6.0 | 20.7 | % | ||||||||||||||||||||||||||||||||||||
| Total Digital revenues | $9.7 | $9.9 | (2.0) | % | $35.9 | $40.3 | (10.9) | % | ||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 52.2 | $ | 47.7 | 9.6 | % | $ | 189.3 | $ | 171.0 | 10.7 | % | ||||||||||||||||||||||||||||||||
Fourth Quarter 2025 Financial Highlights:
•Newsmax reported total quarterly revenues of $52.2 million for the three-month period ended December 31, 2025, representing a 9.6% year-over-year increase.
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•Total broadcasting revenues grew 12.6% year-over year to $42.5 million for the fourth quarter of 2025, underscoring continued growth even in a non-election year. This was driven by affiliate fee revenue growth, higher ratings and pricing for broadcasting ad revenue, and licensing growth.
•Newsmax reported a quarterly Net Loss of $(3.0) million as compared to a net loss of $(6.9) million reported in same quarter in the prior year, primarily driven by higher strategic investments in headcount, programming and production capabilities to support the ongoing expansion and enhancement of our content offering, stock-based compensation costs, offset by higher broadcasting advertising, affiliate fees, book sales and licensing revenue.
•Quarterly adjusted EBITDA was $(1.3) million, a decrease of $(3.8) million from the amount reported in the same quarter last year, primarily due to higher production and programming expense, increased personnel, increase legal, consulting and public company costs. (See reconciliation of net loss to adjusted EBITDA below).
•The Company ended the quarter with $131.3 million in cash and short-term investments. cash and cash equivalents were $20.4 million and short-term investments were $110.9 million.
Fiscal Year 2025 Financial Highlights:
•Newsmax reported total revenues of $189.3 million for the year ended December 31, 2025, representing a 10.7% year-over-year increase.
oTotal broadcasting revenues increased 17.3% year-over-year to $153.3 million, driven by an increase in advertising revenue due to higher ratings and pricing, timing of new affiliate contractual relationships and growth of subscription revenue from Newsmax+.
•Newsmax reported a net loss of $(99.5) million for full year 2025, largely driven by approximately $79 million in legal settlement expenses, along with stock-based compensation costs, non-cash derivative and warrant liability adjustment and higher production and programming investments, partially offset by higher Broadcasting advertising revenues, affiliate fees and licensing fees.
•Full-year adjusted EBITDA was $(6.5) million, reflecting continued strategic investments in content, talent, technology and public company infrastructure. (See reconciliation of net loss to adjusted EBITDA below).
Fiscal Year 2026 Outlook
The Company is issuing full-year 2026 guidance as follows:
•Full-year revenue of $212 million to $216 million, representing 13% year-over-year growth at the midpoint of the range.
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“Our full-year 2025 results reflect disciplined execution across the business, with revenue performance at the high end of our guidance range despite a challenging post-election comparison,” commented Darryle Burnham, Chief Financial Officer of Newsmax. “We ended the year with a strong balance sheet and increased financial flexibility following our transition to a public company, and as we look ahead, we are confident in our financial outlook and are focused on prudent investment in content, technology and distribution initiatives that support sustainable, long-term shareholder value.”
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 24 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
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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 and amortization, interest expense, net, impairment charges, unrealized gains (losses) on marketable securities, 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 income (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 on page 11.
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NEWSMAX INC.
CONSOLIDATED BALANCE SHEET
(unaudited)
| December 31, 2025 | December 31, 2024 | ||||||||||
ASSETS | |||||||||||
| Current assets | |||||||||||
Cash and cash equivalents | $ | 20,433,021 | $ | 24,052,887 | |||||||
| Funds held in escrow | 20,000,000 | - | |||||||||
Investments | 110,895,693 | 58,310,955 | |||||||||
Accounts receivable, net | 33,414,435 | 28,265,721 | |||||||||
Inventories, net | 2,027,168 | 1,792,697 | |||||||||
Prepaid expenses and other current assets | 8,690,490 | 8,925,294 | |||||||||
Total current assets | 195,460,807 | 121,347,554 | |||||||||
Property and equipment, net | 6,264,885 | 6,225,617 | |||||||||
Right-of-use assets - operating leases | 8,823,716 | 7,191,606 | |||||||||
Other assets | 8,711,807 | 10,698,660 | |||||||||
Security deposits | 581,863 | 609,426 | |||||||||
Funds held in escrow | 20,000,000 | - | |||||||||
Total assets | $ | 239,843,078 | $ | 146,072,863 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 16,770,777 | $ | 14,670,846 | |||||||
Accrued expenses | 11,837,167 | 9,882,720 | |||||||||
Accrued payroll | 2,826,595 | 2,220,872 | |||||||||
Accrued distribution | 231,187 | 1,068,366 | |||||||||
Deferred revenue | 12,599,119 | 13,652,699 | |||||||||
Operating lease liability | 3,938,001 | 3,894,102 | |||||||||
Finance lease liability | 124,970 | 199,237 | |||||||||
Settlement liability | 26,487,028 | 29,099,265 | |||||||||
| Share repurchase liability | 6,461,320 | - | |||||||||
| Warrant liability | - | 6,499,821 | |||||||||
| Derivative liability | - | 41,459,418 | |||||||||
Total current liabilities | 81,276,164 | 122,647,346 | |||||||||
Long-term liabilities | |||||||||||
Deferred revenue - non-current | 3,148,945 | 2,835,218 | |||||||||
Operating lease liability - non-current | 5,287,134 | 4,049,256 | |||||||||
Finance lease liability - non-current | 4,961 | 129,930 | |||||||||
| Other long-term liabilities | 925,000 | - | |||||||||
Settlement liability - non-current | 43,152,322 | 25,477,941 | |||||||||
Total liabilities | $ | 133,794,526 | $ | 155,139,691 | |||||||
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NEWSMAX INC.
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited)
| December 31, 2025 | December 31, 2024 | ||||||||||
Commitments and contingencies (Note 11) | |||||||||||
Convertible and redeemable preferred stock, $0.001 par value; 11,034 shares authorized; and 0 and 5,575 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $ | - | $ | 128,576,901 | |||||||
Stockholders’ equity (deficit) | |||||||||||
Convertible and redeemable preferred stock, $0.001 par value; 60,000 shares authorized; and 0 and 27,612 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | - | 86,742,045 | |||||||||
Class A common stock, 0.001 par value; 50,000,000 shares authorized; 39,239,297 shares issued and outstanding; Class B common stock, 0.001 par value; 940,000,000 shares authorized 89,889,822 shares issued and outstanding at December 31, 2025. Class A common stock, 0.001 par value; 50,000,000 Class A shares authorized; 68,127,538 Class A shares issued and outstanding at December 31, 2024; 940,000,000 Class B shares authorized; 0 Class B shares issued and outstanding at December 31, 2024 (1) | 129,129 | 10 | |||||||||
Treasury stock, 0 and 27,061,584 shares at cost, respectively | - | (14,622,222) | |||||||||
Additional paid-in capital | 433,325,830 | 18,056,702 | |||||||||
Accumulated other comprehensive income (loss) | 464,365 | (52,849) | |||||||||
Accumulated deficit | (327,870,772) | (227,767,415) | |||||||||
Total stockholders’ equity (deficit) | 106,048,552 | (137,643,729) | |||||||||
Total liabilities, convertible and redeemable preferred stock and stockholders’ equity (deficit) | $ | 239,843,078 | $ | 146,072,863 | |||||||
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NEWSMAX INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Years Ended December 31,
(unaudited)
| 2025 | 2024 | ||||||||||
| Revenues | |||||||||||
| Service revenue | $ | 182,001,581 | $ | 165,006,126 | |||||||
| Product revenue | 7,253,340 | 6,010,329 | |||||||||
| Total revenues | 189,254,921 | 171,016,455 | |||||||||
| Cost of services | 110,417,854 | 87,769,267 | |||||||||
| Cost of products sold | 4,414,694 | 5,252,014 | |||||||||
| Gross profit | 74,422,373 | 77,995,174 | |||||||||
| General and administrative expenses | |||||||||||
| Personnel costs | 32,937,356 | 25,564,977 | |||||||||
| Advertising costs | 21,673,886 | 16,872,315 | |||||||||
| Professional fees | 13,441,528 | 6,714,104 | |||||||||
| Rent and utilities | 6,003,909 | 5,978,377 | |||||||||
| Depreciation | 2,789,875 | 3,115,635 | |||||||||
| Other corporate matters | 78,612,413 | 76,940,693 | |||||||||
| Other | 18,817,975 | 12,617,313 | |||||||||
| Total general and administrative expenses | 174,276,942 | 147,803,414 | |||||||||
| Loss from operations | (99,854,569) | (69,808,240) | |||||||||
| Other income (expense), net | |||||||||||
| Interest and dividend income | 7,038,731 | 580,502 | |||||||||
| Interest expense | (23,167) | (91,540) | |||||||||
| Unrealized gain (loss) on marketable securities | 1,594,221 | (290,081) | |||||||||
| Other, net | (8,250,335) | (2,562,569) | |||||||||
| Total other income (expense), net | 359,450 | (2,363,688) | |||||||||
| Net loss before income taxes | (99,495,119) | (72,171,928) | |||||||||
| Income tax expense | — | — | |||||||||
| Net loss | $ | (99,495,119) | $ | (72,171,928) | |||||||
| Other comprehensive income (loss) | |||||||||||
| Unrealized gain (loss) on available for sale debt investments, net of income tax | 517,214 | (52,849) | |||||||||
| Comprehensive loss | $ | (98,977,905) | $ | (72,224,777) | |||||||
| Weighted average common stock outstanding, basic and diluted | 108,205,893 | 41,065,954 | |||||||||
Net loss per share attributable to common stockholders, basic and diluted (1) | (0.96) | (1.95) | |||||||||
(1) On March 28, 2025, the Company announced a 6,765.396 for 1 stock split, effective March 31, 2025. This stock split is reflected retroactively in all periods presented for the common shares issued and outstanding.
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NEWSMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
(unaudited)
| 2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
| Net loss | $ | (99,495,119) | $ | (72,171,928) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 6,327,229 | 6,172,395 | |||||||||
| Stock-based compensation | 11,955,882 | - | |||||||||
| Change in fair value of warrant liability | 1,824,179 | 6,499,821 | |||||||||
| Change in fair value of derivative liability | 6,104,230 | 2,380,393 | |||||||||
(Recovery of) provision for credit losses | (186,031) | 259,269 | |||||||||
| Unrealized (gain) loss on marketable securities | (1,594,221) | 290,081 | |||||||||
Lease expense | 3,615,173 | 3,453,550 | |||||||||
| Commitment fee - standby equity purchase agreement | 500,000 | - | |||||||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in assets: | |||||||||||
Accounts receivable | (4,971,013) | (6,553,234) | |||||||||
Inventory | (234,471) | 2,042,009 | |||||||||
Prepaid expenses and other current assets | (1,703,859) | (3,517,375) | |||||||||
| Funding of settlement escrow | (40,000,000) | - | |||||||||
| Other assets | (1,550,501) | - | |||||||||
Security deposits | 27,563 | 176,452 | |||||||||
Increase (decrease) in liabilities: | |||||||||||
Accounts payable | 1,921,304 | (5,087,528) | |||||||||
Accrued expenses | 1,722,991 | 7,400,084 | |||||||||
Lease liabilities | (3,965,506) | (3,686,910) | |||||||||
Settlement liability | 15,062,144 | 15,139,668 | |||||||||
| Other long-term liabilities | 925,000 | - | |||||||||
Deferred revenue | (739,853) | (1,484,180) | |||||||||
| Net cash used in operating activities | (104,454,878) | (48,687,432) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchase of investments | (148,947,833) | (57,432,300) | |||||||||
| Proceeds from maturity of investments | 48,700,000 | - | |||||||||
Sale of investments | 49,774,530 | - | |||||||||
Purchase of property and equipment | (2,650,515) | (996,291) | |||||||||
| Net cash used in investing activities | (53,123,819) | (58,428,592) | |||||||||
Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of convertible preferred stock, net | 80,742,222 | 125,821,070 | |||||||||
| Proceeds from issuance of common stock IPO, net | 67,469,857 | - | |||||||||
| Proceeds from exercise of stock options | 7,882,962 | - | |||||||||
| Proceeds from additional stock issuance | 88,500 | - | |||||||||
| Payment of dividend | (915,069) | - | |||||||||
| Payment of line of credit | - | (500,000) | |||||||||
Principal payment under finance lease obligation | (199,237) | (189,370) | |||||||||
| Net cash provided by financing activities | 153,958,832 | 125,131,700 | |||||||||
9
NEWSMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
Years Ended December 31,
(unaudited)
| 2025 | 2024 | ||||||||||
Net change in cash | $ | (3,619,865) | $ | 18,015,676 | |||||||
Cash and cash equivalents – beginning | 24,052,887 | 6,037,211 | |||||||||
Cash and cash equivalents – ending | $ | 20,433,022 | $ | 24,052,887 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Operating lease assets obtained in exchange for operating lease liabilities | $ | 5,248,175 | $ | 38,955 | |||||||
| Taxes paid | 28,160 | 16,374 | |||||||||
Interest paid | 1,829 | 42,300 | |||||||||
Non-cash transactions: | |||||||||||
Property and equipment acquired through accounts payable | $ | 178,627 | $ | 151,415 | |||||||
Non-cash financing activities: | |||||||||||
Issuance of warrants resulting in recognition of warrant liabilities | $ | - | $ | 6,373,757 | |||||||
Issuance of warrants in connection with the issuance of convertible stock | 1,144,976 | 1,738,886 | |||||||||
| Common stock issuance costs reclassified from prepaid expenses | (1,798,989) | - | |||||||||
| Conversion of preferred stock Series A to common stock | 129,185,139 | - | |||||||||
| Conversion of derivative liability to equity | 75,000,000 | - | |||||||||
| Conversion of warrant liability to equity | 8,324,000 | - | |||||||||
10
NEWSMAX INC.
NON-GAAP ADJUSTED EBITDA RECONCILIATION
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net loss | $ | (2,971,568) | $ | (6,888,395) | $ | (99,495,119) | $ | (72,171,929) | |||||||||||||||
| Add | |||||||||||||||||||||||
| Depreciation | 628,090 | 744,336 | 2,789,875 | 3,115,635 | |||||||||||||||||||
| Interest, net | (1,974,578) | (342,036) | (7,015,564) | (488,962) | |||||||||||||||||||
| Unrealized (gain) loss on marketable securities | 448,418 | 555,010 | (1,594,221) | 290,081 | |||||||||||||||||||
| Stock-based compensation | 3,413,748 | — | 11,955,881 | — | |||||||||||||||||||
Other corporate matters (1) | (684,600) | 7,147,460 | 78,612,413 | 76,940,693 | |||||||||||||||||||
Other, net (2) | (109,625) | 1,277,227 | 8,250,335 | 2,562,569 | |||||||||||||||||||
| Income tax expense | (70,429) | (20,798) | — | — | |||||||||||||||||||
| Adjusted EBITDA | $ | (1,320,544) | $ | 2,472,804 | $ | (6,496,400) | $ | 10,248,087 | |||||||||||||||
(1) For the years ended December 31, 2025 and 2024, primarily relates to the settlement of two lawsuits. See Footnote 12 - Legal in the notes to the consolidated financial statements in Newsmax's Annual Report on Form 10-K for the twelve months ended December 31, 2025 for additional background on these legal matters.
(2) For the year ended December 31, 2025, Other, net primarily consisted of the final fair market adjustments of the warrant liability and derivative liability totaling $1.8 million and $6.1 million, respectively.
11
March 2026 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 0123456789@#$%&* 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 100+ Countries Available #4 In Cable News Total Audience Reach Versus Election Year ’25 vs. ‘24 +21% Social Media Followers Jan-Dec '25 vs. ‘24 +24% Newsmax 2 Viewership Growth Extended Day Jan-Dec '25 vs. ‘24 Diversified Revenue Strong Growth Current Capital Strength $131M Cash and short-term investments as of 4Q FY25 +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 Old 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 UP
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 $104M 2020 2025 +6x +1% -9% -21% -32% Total Day: Jan - Sep t ' 25 vs. ‘ 24 10 Top Advertisers – Turning To Newsmax Remove Pending Updated Financials
58M+ Newsmax TV Total Audience Reach 20M+ Newsmax App Downloads 260K+ Newsmax+ Paid Subscribers TELEVISION STREAMING Online / Apps SOCIAL 23M+ Social Media Followers On All Platforms, for All People UP versus Election Year +11% as of Dec '25 vs. ‘24 +21% as of Dec '25 vs. ‘24 ~8M Avg. Monthly Users +6% Jan-Dec '25 vs. ‘24 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. +200 Hours Added on-demand content News Hours Surge Double Digits in ’25 vs. ’24 Election year Growing On All Major Platforms
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 IN A NON-ELECTION YEAR 4Q FY25 Highlights Revenues of $52.2M, up 9.6% YoY Broadcast Revenues of $42.5M, up 12.6% YoY Remains Fourth Highest-Rated Cable News Channel 15 $47.7 $52.2 4Q FY24 4Q FY25 Revenue ($ in millions) Expanded domestic distribution through new/renewed multi-year carriage deals, including YouTube TV renewal and upcoming Newsmax+ extension on YouTube Primetime Channels in 2026. Accelerated international expansion with new multi-year agreements across Europe and the Middle East, including launches in France, Israel, Cyprus, and Newsmax Ukraine. +9.6 % No Long-Term Debt and Strong Cash Position Broadcast Revenue ($ in millions) $37.8 $42.5 4Q FY24 4Q FY25 +12.6% Scaled streaming and digital platforms by expanding Newsmax2 across major FAST/CTV platforms and investing in exclusive Newsmax+ content.
DRIVEN BY STRUCTURAL GROWTH Initiates FY26 Guidance: Accelerating Revenue Growth 16 • Company is issuing full-year 2026 guidance range 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. • Continued investment in premium content and digital monetization. • Expect improved profitability profile driven by operating leverage and reduced 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