Newsmax Announces Third Quarter 2025 Financial Results

Company Reports Revenues of $45.3 million, a 4.0% Year-Over-Year Increase, Outpacing Election-Year Comparison

Broadcast Revenues Increase to $36.6 Million, a 10.1% Increase Year-Over-Year

Newsmax Remains the Fourth Highest-Rated Cable News Channel With Over 28 Million Quarterly Viewers

BOCA RATON, FL / ACCESS Newswire / November 13, 2025 / Newsmax Inc. (NYSE:NMAX) ("Newsmax" or the "Company") today announced its financial results for the third quarter ended September 30, 2025.

Management Commentary

"We are pleased to announce another strong quarter that shows the power and consistency of our business, even in a non-election year when news audiences and advertising demand across the industry typically soften," said Christopher Ruddy, Chief Executive Officer of Newsmax. "Our performance this quarter reflects the strength of our diversified revenue model, the growing reach of our cable and FAST channels and the continued engagement of audiences across all of our platforms."

Ruddy continued, "Since going public, we have focused on building a company positioned for sustainable, long-term growth. Our strong balance sheet and access to the public markets give us the flexibility to invest strategically, expand our distribution and continue delivering compelling content that resonates with viewers. We remain focused on sustainable, long-term growth and on delivering consistent value for our shareholders."

Third Quarter 2025 Business and Operational Highlights

Newsmax has significantly expanded its distribution reach through multiple strategic initiatives including:

Secured distribution agreement with a leading hospitality provider, making Newsmax available in 900+ hotels and 300,000 hotel rooms nationwide.

Partnered with Curb to bring Newsmax programming to the Taxi TV platform, reaching over 15,000 screens across 65 U.S. markets generating 2.3 billion annual impressions.

Achieved major international expansion through partnership with Trump Media & Technology Group, making Newsmax available globally on Truth+ streaming platform across multiple devices and connected TV apps.

Extended multi-year carriage partnership with Fubo, launching Newsmax en Español on Fubo's Latino plan and Latino Plus add-on package.

Expanded international news coverage with Carl Higbie broadcasting live from Israel, providing comprehensive coverage and exclusive interviews including with Israeli Prime Minister Benjamin Netanyahu.

Implemented strategic cryptocurrency purchase plan of up to $5 million to acquire Bitcoin and Trump Coin over the next 12 months, positioning Newsmax to be the first NYSE company to purchase Trump Coin.

Partnered with Veritone to modernize newsroom operations and unlock revenue potential from Newsmax's extensive 20-year content archive through AI-powered Digital Media Hub technology.

Appointed David Gandler, Co-Founder and Chief Executive Officer of FuboTV, to the Board of Directors, bringing extensive streaming and media industry expertise.

Third Quarter 2025 Financial Highlights

Newsmax reported total quarterly revenues of $45.3 million for the three-month period ended September 30, 2025, representing a 4.0% year-over-year increase.

Total Broadcasting revenues grew 10.1% year-over-year to $36.6 million for the third 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 an increase in Newsmax+ subscribers.

Advertising Revenues decreased slightly by 1.6% year-over-year to $27.6 million due to a non-election year comparison period.

Affiliate Revenues increased 22.3% year-over-year to $8.1 million driven by new contractual relationships as well as rate increases that went into effect in 2025.

Subscription Revenues of $6.9 million were flat year-over-year, driven by an increase in Newsmax+ subscribers, offset by reductions in publication subscriptions due to election cycle cyclicality.

Product Sales Revenues increased 1.8% year-over-year to $1.5 million.

Newsmax reported a quarterly Net Loss of $(4.1) million as compared to a Net Loss of $(9.8) million reported in the prior year quarter, primarily driven by higher production and programming investments, public company and stock-based compensation costs, offset by reduced legal expenses and higher broadcast revenues.

Quarterly Adjusted EBITDA was $(1.8) million, a decrease of $4.4 million from the amount reported in the same quarter last year, primarily due to higher production and programming expenses and increased personnel and public company costs associated with the Company's continued expansion. (See reconciliation of net loss to adjusted EBITDA below).

The Company ended the quarter with $130.4 million in Cash and short-term investments. Cash and Cash Equivalents were $14.2 million and short-term investments were $116.2 million.

Newsmax is reiterating its previously issued full-year 2025 revenue guidance of $180 million to $190 million.

"Our third quarter results highlight the resilience and momentum of our business," commented Darryle Burnham, Chief Financial Officer. "By expanding our global distribution footprint and modernizing our content monetization strategy, we are laying the foundation for sustainable, long-term growth. We are encouraged by the strong performance we are seeing early in the fourth quarter and remain confident in our previously disclosed full-year revenue guidance. Supported by a solid balance sheet, we continue to invest in strategic opportunities that enhance our reach, strengthen our financial profile and drive shareholder value."

Earnings Call Information

The Company will host an earnings call at 4:30pm ET today to discuss the third quarter 2025 financial results. Participants may access the live webcast at Newsmax's investor relations website at: Investor Relations | Newsmax Inc.

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 22 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

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, 2024, Newsmax's Quarterly Report on Form 10-Q for the three months ended June 30, 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 EBITDA[1] 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.

[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 income (loss) to adjusted EBITDA on page 13.

NEWSMAX INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,

December 31,

2025

2024

14,181,578

24,052,887

20,000,000

116,175,071

58,310,955

30,623,417

28,265,721

1,798,300

1,792,697

9,457,315

8,925,294

192,235,681

121,347,554

6,568,078

6,225,617

4,531,107

7,191,606

9,446,965

10,698,660

549,277

609,426

20,000,000

233,331,108

146,072,863

15,844,429

14,670,846

9,824,063

9,882,720

3,439,899

2,220,872

935,380

1,068,366

10,673,913

13,652,699

3,320,703

3,894,102

156,420

199,237

26,022,450

29,099,265

6,499,821

41,459,418

70,217,257

122,647,346

3,031,812

2,835,218

1,710,473

4,049,256

19,614

129,930

6,407,990

937,500

45,045,400

25,477,941

127,370,046

155,139,691

128,576,901

86,742,045

129,124

(14,622,222

)

429,920,419

18,056,702

810,725

(52,849

)

(324,899,206

)

(227,767,415

)

105,961,062

(137,643,729

)

233,331,108

146,072,863

NEWSMAX INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

September 30,

2025

2024

2025

2024

43,724,758

41,993,774

132,344,306

118,903,244

1,547,938

1,520,178

4,669,841

4,437,085

45,272,696

43,513,952

137,014,147

123,340,329

28,357,890

22,589,117

80,765,038

64,165,716

954,070

1,162,172

3,184,474

3,785,208

15,960,736

19,762,663

53,064,635

55,389,405

8,202,407

6,557,029

24,830,586

18,396,598

4,613,034

4,215,409

14,972,904

12,560,388

2,602,513

1,457,565

9,993,062

3,928,383

1,494,040

1,526,716

4,484,284

4,496,174

690,320

746,206

2,161,785

2,371,299

1,192,312

10,718,880

79,297,013

69,793,233

4,364,669

3,335,633

12,501,789

8,232,579

23,159,295

28,557,438

148,241,423

119,778,654

(7,198,559

)

(8,794,775

)

(95,176,788

)

(64,389,249

)

2,203,611

166,694

5,059,952

220,155

(5,455

)

(25,067

)

(18,966

)

(73,229

)

957,795

136,355

2,042,639

264,929

(17,062

)

(1,253,656

)

(8,359,960

)

(1,285,342

)

3,138,889

(975,674

)

(1,276,335

)

(873,487

)

(4,059,670

)

(9,770,449

)

(96,453,123

)

(65,262,736

)

55,736

(162

)

70,429

20,798

(4,115,406

)

(9,770,287

)

(96,523,552

)

(65,283,534

)

(65,595

)

863,574

(4,181,001

)

(9,770,287

)

(95,659,978

)

(65,283,534

)

128,480,258

41,065,954

100,938,896

41,065,954

(0.03

)

(0.29

)

(1.00

)

(1.71

)

NEWSMAX INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED September 30, 2025 AND 2024

(Unaudited)

2025

2024

(96,523,552

)

(65,283,534

)

4,614,605

4,663,869

8,542,133

1,824,179

6,373,757

6,104,230

871,423

(67,024

)

(398,460

)

(2,042,639

)

(264,929

)

2,575,226

2,696,788

500,000

(2,290,672

)

(3,912,014

)

(5,603

)

1,522,127

(2,470,684

)

(1,510,367

)

(40,000,000

)

(1,201,125

)

60,149

133,017

452,333

(5,513,332

)

1,027,384

9,035,612

(2,826,909

)

(2,818,993

)

16,490,644

36,959,521

937,500

(2,782,192

)

(3,734,657

)

(107,082,017

)

(21,180,172

)

(132,569,436

)

28,250,000

49,361,533

314,432

(1,782,997

)

(497,453

)

(56,740,900

)

(183,021

)

80,742,222

50,471,381

66,359,453

7,829,631

88,500

(915,067

)

(153,132

)

(139,040

)

153,951,608

50,332,341

(9,871,309

)

28,969,148

24,052,887

6,037,211

14,181,578

35,006,359

28,391

76,708

14,982,293

1,829

30,289

721,250

210,737

1,144,976

(1,798,989

)

34,500

NEWSMAX INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

FOR THE THREE MONTHS ENDED September 30, 2025 AND 2024

(Unaudited)

2025

2024

(4,115,406

)

(9,770,287

)

690,320

746,206

(2,198,156

)

(141,627

)

(957,795

)

(136,355

)

3,547,340

1,192,312

10,718,880

17,062

1,253,656

55,736

(162

)

(1,768,587

)

2,670,311

[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" below.

SOURCE: Newsmax Inc.