Newsmax Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Years Ended December 31,
| 2024 | 2023 | |
|---|---|---|
| Revenues: | ||
| Service revenue | $165,006,126 | $128,839,681 |
| Product revenue | 6,010,329 | 6,436,346 |
| Total revenues | 171,016,455 | 135,276,027 |
| Cost of services | 81,716,314 | 74,488,412 |
| Cost of products sold | 5,252,014 | 4,967,584 |
| Gross profit | 84,048,127 | 55,820,031 |
| General and administrative expenses: | ||
| Personnel costs | 31,617,930 | 26,460,464 |
| Advertising costs | 16,872,315 | 16,981,894 |
| Professional fees | 6,714,104 | 5,087,614 |
| Rent and utilities | 5,978,377 | 5,935,762 |
| Depreciation | 3,115,635 | 3,164,254 |
| Asset impairment | — | 23,928,359 |
| Other corporate matters | 76,940,693 | 7,626,122 |
| Other | 12,617,313 | 11,730,832 |
| Total general and administrative expenses | 153,856,367 | 100,915,301 |
| Loss from operations | (69,808,240) | (45,095,270) |
| Other (expense) income, net | ||
| Interest and dividend income | 580,502 | 143,760 |
| Interest expense | (91,540) | (39,461) |
| Unrealized (loss) gain on marketable securities | (290,081) | 46,318 |
| Other, net | (2,562,569) | 3,186,037 |
| Total other (expense) income, net | (2,363,688) | 3,336,654 |
| Net loss before income taxes | (72,171,928) | (41,758,616) |
| Income tax expense | — | 18,550 |
| Net loss | $(72,171,928) | $(41,777,166) |
| Other comprehensive income (loss): | ||
| Unrealized (loss) gain on available for sale debt investments, net of income tax | (52,849) | 93,680 |
| Comprehensive loss | $(72,224,777) | $(41,683,486) |
| Weighted average common stock outstanding, basic and diluted | 41,065,954 | 41,065,954 |
| Net loss per share attributable to common stockholders, basic and diluted (1) | (1.95) | (1.16) |
(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 periods presented for the common shares issued and outstanding. Note 1. Nature of Business.
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