Newsmax Inc.

For the period ended Dec 31, 2025. Filed Mar 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 26, 2026

NMAX$7.55-2.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

	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	-
Payments of third-party IPO issuance costs	(1,110,404)	-
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
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

2025 · 2024
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 preferred stock Series B to common stock	139,869,915		-
Conversion of derivative liability to equity	75,000,000		-
Conversion of warrant liability to equity	8,324,000		-

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.