Newsmax Inc.

The following risk updates the risk factors previously disclosed in our most recent Annual Report. Please refer to Part I, Item 1.A Risk Factors in our Annual Report for the year ended December 31, 2025 for other risks related to our business.

Risks Relating to Legal and Regulatory Matters

Our continued expansion into international markets through licensing arrangements exposes us to legal, regulatory, commercial, and reputational risks that could adversely affect our business, financial condition and results of operations.

As we expand internationally through agreements that permit non-U.S. counterparties to distribute, market, or monetize our content and brand, we become increasingly exposed to laws, regulations and government actions in the jurisdictions in which those activities occur. These legal and regulatory regimes may govern, among other things, media and broadcast content, content quotas, censorship,advertising, consumer protection, privacy and data protection, intellectual property, sanctions, export controls, anti-corruption, taxes, currency transfers and local commercial practices. Such requirements may change rapidly, may be interpreted inconsistently by courts and regulators, and may be enforced unevenly or unpredictably, particularly in emerging markets where the legal and regulatory environment is less predictable.

In addition, because we may rely on third-party licensees, distributors, agents or other counterparties in these markets, we may have limited ability to control or monitor full compliance with applicable local legal and regulatory requirements, contractual restrictions, contents, and brand standards and operational practices. If a foreign counterparty fails to maintain quality or integrity of our content, engages in unethical or illegal practices, or fails to comply with applicable law or with the terms of its arrangement with us, or if local law limits our ability to enforce our contractual or intellectual property rights, we could experience business interruptions, disputes, the inability of counterparties to meet minimum guarantee or other payment obligations, delayed payments, loss of expected revenues, impairment of valuable commercial relationships, brand or reputational harm, fines, penalties or other liabilities. Furthermore, the laws of some foreign jurisdictions do not protect intellectual property rights to the same extent as the laws of the United States, and inadequate protection of our intellectual property could allow third parties to exploit our content or brand without authorization.

Additionally, new or changing laws, regulations or government policies in foreign jurisdictions could require us to modify, restrict or terminate certain international licensing activities, delay market entry, increase compliance, monitoring and enforcement costs, or make certain arrangements commercially impracticable. Any of these developments could materially adversely affect our business, financial condition and results of operations.