Newsmax Inc.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 14, 2026
NMAX$7.77+5.9%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0002026478-25-000042
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0002026478-26-000048
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 137 previous paragraphs and 59 current paragraphs.
30 unchanged; 24 reworded; 4 added; 76 removed; 7 previous and 1 current paragraphs rearranged.
Tables are not compared: 18 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Overview
Current report
We are a global media company delivering news, opinion and entertainment content across multiple television and digital platforms. We serve audiences through our linear television network, streaming and digital properties, and related distribution channels, with a focus on producing compelling programming that builds viewer engagement, deepens loyalty and extends the reach of the Newsmax brand. We seek to enhance the value of our platform by investing in programming, strengthening our digital experience, broadening monetization opportunities and pursuing strategic domestic and international growth initiatives, including distribution and licensing arrangements that extend our content and brand into new markets.
Current report
Net cash used in operating activities for the three months ended March 31, 2026 was $2.6 million and was primarily due to the Company's net loss, non-cash expenses, investment gains, and timing of working capital activity. Operating cash inflows were primarily a result of timing of customer collections. Operating cash outflows were primarily a result of timing of vendor payments. Further, the Company extended its international license contract during February 2026, resulting in increases to other assets and long-term liabilities for the related capitalized contract costs.
Current report
In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measure is useful in evaluating our operating performance.
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Previous report
Overview of the Company’s Business
Previous report
Founded in 1998 as a digital media brand, Newsmax Inc. entered the cable news market in 2014. Since then, the network has had an astonishing rise, climbing into the top tier of cable channels, and has remained the fourth highest-rated cable news channel in the United States, just behind CNN. According to Nielsen, Newsmax Inc. was the only cable news channel to see ratings growth across all day parts in 2025, with prime-time up 42% in total viewers. Q1 2024 also saw an impressive 137% rise in prime-time ratings, compared to the same period last year.
Previous report
In June 2024, a Reuters global survey of media found Newsmax Inc. was one of the nation’s “top news brands,” identifying the network as one of only 12 major media outlets Americans are turning to regularly.
Previous report
Newsmax Inc. is a holding company that owns 100% of the equity interests of its operating company Newsmax Media and the other Subsidiaries operate the businesses described in this Quarterly Report, and none of those businesses are operated by Newsmax Inc.
Previous report
Newsmax Inc. is a television broadcaster and multi-platform content publisher that produces original news and editorial content for consumers through various media outlets, including through its TV news channels, digital and print publications, its popular website Newsmax.com and affiliated sites, its syndicated radio show and podcasts and other platforms in order to sell advertising to third-party marketers as well as offering paid subscriptions to more than a dozen digital and print products sold by Newsmax Media. Newsmax Media content is carried by all major linear cable and satellite pay TV platforms, or multichannel video programming distributors (“MVPDs”) for the Newsmax channel, and most over the top (“OTT”) streaming platforms for its free ad-supported streaming television service (“FAST”) channel Newsmax2, making Newsmax Media content available to over 100 million homes in the U.S. In addition, international companies have licensed Newsmax Media’s channels and brand for regional, national and local television and digital media purposes. Certain licensing agreements currently in place have allowed Newsmax Media’s partners to provide cable television and digital news under the Newsmax Media brand to viewers in eastern Europe.
Previous report
Newsmax Inc. operates several business lines through its subsidiaries and divisions, creating a synergistic effect on audience growth, revenues and customer acquisition. These business lines are grouped into 2 separate reportable segments which consist of Broadcasting and Digital:
Previous report
•Broadcasting - The broadcast segment of our business produces and licenses news, business news and lifestyle content for distribution primarily through MVPDs including cable television systems, direct broadcast satellite operators and telecommunication companies, primarily in the United States, generating revenue through (1) placement of advertisements on our broadcast content, (2) subscriptions to our broadcast content, and (3) affiliate fees from the MVPDs. The components of Broadcasting are as follows:
Previous report
•Newsmax Broadcasting LLC provides programming through three channels, Newsmax, Newsmax2, and World at War. Newsmax and World at War are linear cable channels available on pay TV services, and Newsmax2, is a free streaming channel. Both Newsmax and Newsmax2 offer 24/7 television news and informational programming channels which are distributed through both cable and digital streaming platforms. World at War offers 24/7 historical documentaries and movies that have a primary focus on the wars of the past 150 years and the people who fought them.
Previous report
•Newsmax Radio LLC provides programming through a syndicated radio show as well as widely-available podcasts. These podcasts include “The Newsmax Daily with Tony Marino,” a talk show with radio personality Gerry Callahan and “Greg Kelly Reports” with its TV host Greg Kelly.
Previous report
•Digital - The digital segment generates revenues through (1) online advertising, including online display, email advertising, other online placements and print advertisements, (2) subscriptions, including our collection of specialized health and financial newsletters, Newsmax Magazine and four online membership programs, and (3) e-commerce, primarily through our subsidiaries that sell nutraceuticals and nonfiction books on political, financial and health-related topics. The components of Digital are as follows:
Previous report
•Humanix Publishing LLC is a print and e-book publishing house that publishes books in the areas of politics, health, personal finance, history, religion and current affairs. Under Newsmax ownership, Humanix Publishing has published approximately 100 titles, including a New York Times bestseller. We use published books as free premiums when offering subscriptions to their publications, including Newsmax Magazine and their health and financial newsletters.
Previous report
•Medix Health, LLC offers and sells 21 nutraceutical products. Medix Health’s products are aimed at Newsmax Media’s core demographic of consumers and cross-sold through Newsmax Media’s health newsletters. These supplements have been certified as compliant with current Good Manufacturing Practices by The Natural Products Association and are typically formulated by medical doctors who also write and edit Newsmax Media’s health newsletters. Newsmax Media retains all intellectual property rights to the supplement formulations created for Medix Health. The natural supplements seek to help customers alleviate pain, reduce blood glucose, prevent heart disease, improve energy and mental acuity, and, in general, improve overall wellness. All Medix Health supplements are manufactured at third-party manufacturing facilities that are FDA registered and meet current Good Manufacturing Practices standards. All Medix Health supplements are offered online and are usually purchased as part of a recurring subscription program.
Previous report
•Newsmax Digital Advertising handles advertising and marketing offers and sales to third party companies and agencies associated with our digital segment. Newsmax Digital Advertising sells placements for display and native website ads, email sponsorships in Newsmax News Alerts, sponsorships for SMS/text and push notification, print ads for our magazine, inserts for our newsletters, and podcast offerings.
Previous report
•Newsmax Publications publishes and manages Newsmax Media’s paid subscription business. This subsidiary currently publishes Newsmax Magazine, five health newsletters including Health Radar, Dr. Crandall’s Heart & Health; The Blaylock Wellness Report; financial newsletters including The Dividend Machine, High Income Factor and Financial Intelligence Report, and Newsmax Platinum, our online publication. This subsidiary has over 300,000 subscribers to its paid publications.
Previous report
•ROI Media Strategies LLC provides media buying and strategy services to third party companies and agencies, helping small companies to market their offerings across all channels of marketing, including email, broadcast, podcasts, digital, and print.
Previous report
•Crown Atlantic Insurance LLC is an insurance agency licensed in 50 states of the U.S. and the District of Columbia with an emphasis on life insurance and retirement solutions. Newsmax Media’s subsidiaries use Crown Atlantic Insurance LLC for the purposes of marketing annuities, life insurance and other insurance offerings across their platforms.
Previous report
Growth Strategies and Outlook
Previous report
Maintain and enhance leading position in news and other content production.
Previous report
Newsmax Media has been a leader in digital news and with the continued growth of its television service, plans to continue to invest in talent acquisition and programming that we expect to raise the profile and visibility of Newsmax Media to a broader audience. With expanded content offerings, Newsmax Media plans to expand its reach and value to audiences through traditional platform and direct-to-consumer services.
Previous report
Increase revenue growth through the continued delivery of premium content.
Previous report
Newsmax Media will continue to focus on creating high-quality content delivered through diversified publishing platforms that offers value to its audience, advertisers and distribution partners. As a live linear content service, Newsmax Media seeks to offer a unique perspective and voice that resonates with audiences across those platforms and further develop a dedicated and loyal audience.
Previous report
Expand television and digital distribution offerings, increasing complementary sources of revenues.
Previous report
•Newsmax Media’s key goals are to maximize its subscriber penetration on traditional cable platforms, growing its subscription base for Newsmax+, increasing audiences for its news channels, develop its footprint in international markets - all while creating additional revenue opportunities through advertising sales. Newsmax Media will also further develop its delivery strategies on emerging content and social platforms to increase interaction with its audience.
Previous report
•Newsmax, as a relatively new network, has potential for additional distribution growth, and growth of its advertising revenue as well as affiliate fees, which is a revenue stream that started in 2023, where previously we paid for distribution. Linear TV is primarily driven by live sports, news and events, and as media companies continue to focus on expanding their streaming service offerings, news consumption has risen in importance.
Previous report
Trends and Other Factors Impacting Our Performance
Previous report
Our broadcast segment derives the majority of its revenues from advertising. For the three months ended September 30, 2025, the Company generated revenues of approximately $45.3 million, of which 60.9% was generated from advertising in the broadcast and digital segments, 17.8% was generated from affiliate fee revenue, 15.2% was generated from subscriptions for publications including Newsmax+ and 6.1% was generated from other lines of business which are primarily e-commerce sales of nutraceuticals, books and licensing fees.
Previous report
For the three months ended September 30, 2024, we generated revenues of $43.5 million, of which approximately 64.4% was generated from advertising in the broadcast and digital segments, approximately 15.1% was generated from affiliate fees, approximately 15.8% was generated from subscriptions for publications including Newsmax+, approximately 4.6% was generated from other lines of business which are primarily e-commerce sales of nutraceuticals, books and licensing fee.
Previous report
Affiliate fees are a revenue stream that started in November 2023 that primarily include (i) monthly subscriber-based license and retransmission consent fees paid by programming distributors that carry the Newsmax channel. Our revenues are impacted by rate changes, changes in the number of subscribers to MVPD’s and changes in the expenditures by advertisers.
Previous report
The cable network programming and television industries continue to evolve rapidly, with changes in technology leading to alternative methods for the delivery and storage of digital content. These technological advancements have driven changes in consumer behavior as consumers now have more control over when, where and how they consume content. Consumer preferences have evolved toward lower cost alternatives, including direct-to-consumer offerings. These changes in technologies and consumer behavior have contributed to declines in the number of subscribers to MVPD services, and these declines are expected to continue and possibly accelerate in the future.
Previous report
At the same time, technological changes have increased advertisers’ options for reaching their target audiences. There has been a substantial increase in the availability of content with reduced advertising or without advertising at all. As consumers switch to digital consumption of video content, there is still to be developed a consistent, broadly accepted measure of multiplatform audiences across the industry. Furthermore, the pricing and volume of advertising may be affected by shifts in spending from more traditional media and toward digital and mobile offerings, which can deliver targeted advertising more promptly, or toward newer ways of purchasing advertising.
Previous report
We operate in a highly competitive industry and its performance is dependent, to a large extent, on the impact of changes in consumer behavior as a result of new technologies, the sale of advertising, the maintenance, renewal and terms of its carriage, affiliation and content agreements and programming rights, the popularity of its content, general economic conditions (including financial market conditions), our ability to manage the businesses effectively, and its relative strength and leverage in the industry. For more information, see “Risk Factors.”
Previous report
Components of our Results of Operations
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Revenue Recognition
Previous report
In accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services.
Previous report
Advertising Revenue
Previous report
Advertising revenue is derived from the sale of advertising on our cable television, email database, in our magazine and related publications, or on our website. Revenue related to the sale of advertising in the broadcast segment is recognized at the time of broadcast. Revenue related to our digital segment is recognized when display or other digital advertisements record impressions on the various digital media. Revenue related to our magazine and related publications is recognized when the ad is displayed in the printed document. Each advertisement insertion order is determined to be a distinct performance obligation that is satisfied at the point in time when such advertisements are published/aired. We record revenue from contracts that are entered into between us and our customers, primarily advertising agencies and direct advertisers, at the amount charged for the services. Advertising contracts, which are generally short-term, are billed monthly for the services provided during the month, with payments due shortly thereafter. Cash payments received prior to services rendered result in deferred revenue, which is then recognized as revenue when the advertising time or space is actually provided.
Previous report
We enter into agreements with over-the-top distribution platforms to distribute our news channel. Pursuant to our distribution agreements, advertising revenues are earned based on an allocation of the fee determined by the number of impressions received. These contracts represent a single performance obligation recognized over time under the series guidance. Revenue is recognized upon delivery of the content over the course of an over-the-top distribution agreement term based on time elapsed, as this best depicts the simultaneous consumption and delivery of the services. We bill OTT customers monthly over the life of the contract. We have an unconditional right to receive payment of the amount billed generally within 30 to 90 days from the invoice date. The invoiced amount to be received is recorded in accounts receivable on our condensed consolidated balance sheets.
Previous report
Affiliate Fee Revenue
Previous report
We generate affiliate fee revenue from agreements with MVPDs for cable network. Affiliate fee revenue is recognized as we continuously make the programming available to the customer over the term of the agreement. For contracts with affiliate fees based on the number of the affiliate’s subscribers, revenues are recognized based on the contractual rate multiplied by the estimated number of subscribers each period. Affiliate contracts are generally multi-year contracts billed monthly with payments due shortly thereafter.
Previous report
Subscription Revenue
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Previous wording
The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the unaudited consolidated financial statements for the three and nine months ended September 30, 2025 and the audited consolidated financial statements for the year ended December 31, 2024, and other information included elsewhere in this Quarterly Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period.
Current wording
The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the unaudited consolidated financial statements for the three months ended March 31, 2026 and the audited consolidated financial statements for the year ended December 31, 2025, and other information included elsewhere in this Quarterly Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as may be amended supplemental or superseded from time to time by other reports we file with the SEC. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period.
Previous wording
We have developed a significant audience, reaching over 40 million Americans each month through our television broadcasts and multi-platform content, and we have demonstrated remarkable growth with revenues up 309% since 2019.
Current wording
We have developed a significant audience, reaching over 50 million Americans each month through our television broadcasts and multi-platform content, and have demonstrated sustainable growth. Revenues are up 27% comparing the three months ended March 31, 2026 compared to the same period in 2024. Newsmax Broadcasting's TV content is now available to over 100 million homes in the U.S. In addition, international companies have licensed Newsmax Broadcasting’s channels and brand for regional, national and local television and digital media purposes. Certain licensing agreements now provide cable television and digital news under the Newsmax brand to viewers in more than 100 countries including several European countries like Republic of Serbia, Republic of Croatia, Bosnia and Herzegovina, Montenegro, North Macedonia, Slovenia, Albania, Hungary, Poland, Bulgaria, Slovakia, Romania, and the Czech Republic. Newsmax Ukraine launched in February 2026.
Previous wording
The results of operations presented below should be reviewed in conjunction with the unaudited condensed consolidated financial statements and notes included elsewhere in this Quarterly Report. The following table sets forth our results of operations data for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024:
Current wording
The following table sets forth our results of operations data for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025:
Previous wording
Revenues increased by approximately $1.8 million, or 4.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Advertising revenue decreased by approximately $(0.5) million due to reductions in digital advertising revenue (given that 2024 was an election year) offset by higher linear cable and satellite advertising revenue due to expanded reach from new affiliate agreements. Affiliate fee revenues increased by approximately $1.5 million due to new contractual relationships as well as rate increases which took effect in 2025. Subscription revenue remained flat due to an increase in subscribers of the Newsmax+ streaming service but was offset by reductions in publication subscriptions due to decreased new customer acquisition. Other revenue increased by approximately $0.7 million due to an amendment of one of our licensing agreements that increased the rate and duration of the partnership.
Current wording
Revenues increased by $6.4 million, or 14.0%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Affiliate fee revenues increased by $5.6 million due to new contractual relationships as well as rate increases which took effect in late 2025 and 2026. Licensing revenue increased by $3.0 million due to an amendment of one of our licensing agreements that increased the rate and duration of the partnership in February 2026. Advertising revenue decreased by $(1.7) million due to reductions in digital advertising revenue and a decline in linear cable and satellite advertising, as the same quarter last year benefited from election-related demand. Subscription revenue decreased by $(0.6) million due to lower new customer acquisition offset by gains from expanded affiliate agreements making Newsmax available on more linear cable providers.
Previous wording
Cost of revenues increased by approximately $5.6 million, or 23.4%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was due to increased headcount, programming and production costs on our main Newsmax TV channel as well as continued investment into Newsmax 2 for OTT to build out the programming to better monetize Newsmax 2 on FAST channels. Other drivers related to the increase include stock-based compensation expense, additional costs for remote shoots to cover news events and increase in SMS messaging.
Current wording
Cost of revenues increased by $5.9 million, or 22.8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was due to increased production headcount, programming and production costs on our main Newsmax TV channel as well as continued investment into Newsmax 2 for OTT to build out the programming to better monetize Newsmax 2 on FAST channels. Other drivers related to the increase include stock-based compensation expense, additional costs for remote shoots to cover global news events and increase in advertising service platform costs.
Previous wording
Gross profit decreased by approximately $(3.8) million, or (19.2)%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Gross profit as a percent of revenues decreased to 35.3% for the three months ended September 30, 2025 from 45.4% for the three months ended September 30, 2024. Gross profit decreased mainly due to an increase in cost of revenues.
Current wording
Gross profit increased by $0.5 million, or 2.4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Gross profit as a percent of revenues decreased to 38.6% for the three months ended March 31, 2026 from 43.0% for the three months ended March 31, 2025. Gross profit percentage decreased mainly due to costs of revenues increasing at a faster rate than total revenues. The decline is also attributable to higher production and content costs, as well as changes in the product mix.
Previous wording
General and administrative expense decreased by approximately $(5.4) million or (18.9)%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily driven by the reduction of legal expenses related to Dominion now that the case is settled.
Current wording
General and administrative expense decreased by $(6.6) million or (21.4)%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily driven by the reduction of legal expenses related to the settlement of legal matters in 2025.
Previous wording
Other income (expense), net increased by approximately $4.1 million, or 421.7%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily driven by interest and dividend income as well as a reduction of one-time expenses related to becoming a publicly traded company.
Current wording
Other income (expense), net increased by $7.9 million, or 140.3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily driven by interest and dividend income as well as a reduction of one-time expenses incurred in 2025 related to becoming a publicly traded company.
Previous wording
Broadcast Revenues increased by $3.4 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, due to an increase in advertising revenue of approximately $0.8 million due to higher rates, affiliate fee revenue of approximately $1.5 million, which is attributed to new contractual relationships starting later in 2024 as well as rate increases for 2025, and subscription revenue of approximately $0.4 million from Newsmax+ due to an increase in subscribers.
Current wording
Broadcasting Revenues increased by $7.5 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, due to an increase in affiliate fee revenue of $5.6 million, which is attributed to new contractual relationships starting later in 2025 as well as rate increases in late 2025 and 2026, an expansion of our international license agreement in February 2026, offset by a decrease in advertising revenue of $(0.9) million due to lower customer insertion order volume and lower subscription revenue of $(0.2) million from Newsmax+ due to change in subscriber mix.
Previous wording
Broadcast Segment Adjusted EBITDA decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to increases in cost of revenues and SG&A expense related to increased headcount, programming and production costs on our main Newsmax TV channel as well as continued investment into Newsmax 2 for OTT to build out the programming to better monetize Newsmax 2 on FAST channels. Additional cost increases consisted of marketing for TV, audit, and consulting fees
Current wording
Broadcasting Segment Adjusted EBITDA increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due costs of revenues increasing at a faster rate than total revenues.Increases in affiliate fee and licensing revenue were offset by increases in cost of revenues and SG&A expense related to increased headcount, programming and production costs on our Newsmax TV channel as well as continued investment into Newsmax 2 for OTT to build out the programming to better monetize Newsmax 2 on FAST channels.
Previous wording
Digital Revenues decreased by $1.6 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, due to decreases in advertising revenue due to 2024 being an election year which drives digital advertising revenue as well as subscription revenue as a result of decreased marketing for new customer acquisitions.
Current wording
Digital Revenues decreased by $1.2 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, due to decreases in advertising revenue as well as subscription revenue.
Previous wording
Digital Segment Adjusted EBITDA decreased for the three months ended September 30, 2025, as compared to three months ended September 30, 2024, due to a decrease in advertising and subscription revenues offset by decreases in cost of revenues and general and administrative due to decreased marketing spend.
Current wording
Digital Segment Adjusted EBITDA decreased for the three months ended March 31, 2026, as compared to three months ended March 31, 2025, due to a decrease in advertising and subscription revenues, partially offset by decreases in cost of revenues, further impacted by increases in personnel and marketing expense.
Previous wording
On August 15, 2025, Newsmax Media, Inc. and Newsmax Broadcasting, LLC entered into a settlement agreement with Dominion Voting Systems, Inc. and certain of its affiliates (“Dominion”), pursuant to which such parties agreed to resolve the lawsuit among them for a total amount of $67.0 million to be paid in the current and next two fiscal years. The payments will be made in three installments: (1) $27 million paid on August 15, 2025; (2) $20.0 million on or before January 15, 2026; and (3) $20.0 million on or before January 15, 2027.
Current wording
We had $17.2 million of cash and cash equivalents and $111.9 million in investments as of March 31, 2026. Our primary sources of liquidity include cash on hand and available-for-sale investments. On August 15, 2025, Newsmax Media, Inc. and Newsmax Broadcasting, LLC entered into a settlement agreement with Dominion Voting Systems, Inc. and certain of its affiliates (“Dominion”), pursuant to which such parties agreed to resolve the lawsuit among them for a total amount of $67.0 million to be paid in the current and next fiscal year. As of March 31, 2026, there remains one final installment of $20.0 million due on or before January 15, 2027, for which the Company, maintains a fully funded escrow amount.
Previous wording
The principal uses of cash that affect our liquidity position include the following: operational expenditures including production cost, marketing and promotional expenses, expenses related to broadcasting our programming, employee and facility costs, capital expenditures, income taxes, interest payments and legal fees and settlements.
Current wording
The principal uses of cash that affect our liquidity position include the following: operational expenditures including production costs, marketing and promotional expenses, expenses related to broadcasting our programming, employee and facility costs, and capital expenditures to modernize our production studios.
Previous wording
We believe these sources of liquidity are sufficient to meet its business operating requirements and its capital expenditures for the next 12 months from the issuance date of these condensed consolidated financial statements.
Current wording
We believe these sources of liquidity are sufficient to meet our business operating requirements and our capital expenditures for the next 12 months from the issuance date of these condensed consolidated financial statements.
Previous wording
As of September 30, 2025, cash and cash equivalents balance was approximately $14.2 million. Cash and cash equivalents consist of interest-bearing deposit accounts and money market accounts managed by third-party financial institutions, and highly liquid investments with maturities of three months or less. The existing cash and cash equivalents, along with projected cash flows, are sufficient to fund our liquidity needs for the next 12 months. At this time, we do not anticipate the need to raise additional capital.
Current wording
As of March 31, 2026, cash and cash equivalents balance was $17.2 million. Cash and cash equivalents consist of interest-bearing deposit accounts and money market accounts managed by third-party financial institutions, and highly liquid investments with maturities of three months or less.
Previous wording
The following table shows our cash flows from operating activities, investing activities and financing activities for the stated periods:
Current wording
The following table shows our cash flows from operating activities, investing activities and financing activities:
Previous wording
Net cash used in operating activities for the nine months ended September 30, 2024 was $21.2 million and was primarily due to a net loss and offset by the change in fair value of warrant liability and increases in settlement liability.
Current wording
Net cash used in operating activities for the three months ended March 31, 2025 was $15.7 million and was primarily due to a net loss and offset by the change in fair value of warrant and derivative liability.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2025 was $56.7 million primarily due to the purchase and sale of investments.
Current wording
Net cash used in investing activities for the three months ended March 31, 2026 was $0.6 million primarily due to the purchase of property and equipment and investments.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2024 was $(0.18) million primarily due to an increase in the sale of investments offset by purchases of fixed assets.
Current wording
Net cash used in investing activities for the three months ended March 31, 2025 was $29.5 million primarily due to an increase in the purchase of investments offset by the maturity of certain investments.
Previous wording
Net cash provided by financing activities for the nine months ended September 30, 2024 was $50.33 million primarily due to a proceeds received from issuances of convertible stock.
Current wording
Net cash provided by financing activities for the three months ended March 31, 2026 was $2.8 thousand due to proceeds received from the exercise of stock options offset by principal payments made under finance lease obligations.
Previous wording
Net cash provided by financing activities for the nine months ended September 30, 2025 was $154.0 million primarily due to a proceeds received from issuances of convertible stock and common stock in the initial public offering.
Current wording
Net cash provided by financing activities for the three months ended March 31, 2025 was $147.9 million primarily from issuances of convertible stock and common stock in the initial public offering.
Previous wording
Adjusted EBITDA 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, stock-based compensation, other corporate matters (consisting primarily of certain litigation expenses, and related fees, for specific legal proceedings that we have determined are infrequent and unusual in terms of their magnitude), other, net, and income tax expense.
Current wording
Adjusted EBITDA 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 and settlements that we have determined are not representative of the Company's core operating performance), other, net, and income tax expense.
Previous wording
Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a registration statement declared effective under the Securities Act of 1933, as amended, or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies and we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Current wording
Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a registration statement declared effective under the Securities Act of 1933, as amended, or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies and we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Nine months ended September 30, 2025, versus September 30, 2024
Previous report — wording carried elsewhere
out the programming to better monetize Newsmax 2 on FAST channels. Other drivers related to the increase include stock-based compensation expense, additional costs for remote shoots to cover news events and increase in SMS messaging.
Previous report — wording carried elsewhere
The following tables set forth our Revenues and Segment EBITDA for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024:
Previous report — wording carried elsewhere
The following table reconciles Net loss to Adjusted EBITDA for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024:
Previous report — wording carried elsewhere
We had approximately $14.2 million of cash and cash equivalents and $116.2 million in investments as of September 30, 2025. Our primary sources of liquidity include cash on hand and available-for-sale investments.
Previous report — wording carried elsewhere
6 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.
Previous report — wording carried elsewhere
7 Comprised of miscellaneous items such as derivative adjustments, income tax credits, and unrealized gains on securities