# Newsmax Inc. (NMAX) Q2 2025 Financial Results Summary
On August 19, 2025, Newsmax Inc. (NYSE: NMAX) announced its financial results for the second quarter ended June 30, 2025. Below is a summary of the key metrics and operational highlights from their report.
## Financial Highlights
– **Total Revenues**: $46.4 million
– Increase of **18.4%** compared to $39.2 million in Q2 2024.
– **Broadcast Revenues**: $38.0 million
– Up **28.5%** from $29.6 million in the same quarter last year.
– **Advertising Revenues**: $29.9 million
– Increased by **26.2%**, up from $23.7 million the previous year.
– **Affiliate Revenues**: $7.3 million
– Growth of **7.3%** over $6.8 million in Q2 2024.
– **Subscription Revenues**: $7.0 million
– Increased by **5.2%** from $6.6 million in the prior year quarter.
– **Product Sales Revenues**: $1.6 million
– Increased marginally by **5.1%** over $1.5 million from Q2 2024.
### Business Performance
– **Net Loss**: $(75.2) million
– This marks a significant increase in losses compared to $(4.8) million in Q2 2024, largely due to a settlement with Dominion Voting Systems, recognized during this quarter.
– **Adjusted EBITDA**: $(3.8) million
– Decrease of **300.1%**, down from $1.9 million in the same quarter last year, primarily due to rising costs linked to its expansion and public company expenses.
– **Cash and Short-term Investments**: $197.9 million
– Cash and cash equivalents stand at $33.8 million, with short-term investments totaling $164.1 million.
## Operational Highlights
– Newsmax expanded its reach to **over 60 million U.S. homes** and distributed content to **over 100 countries**.
– A multi-year carriage partnership was established with Fubo, also announcing “Newsmax en Español,” leveraging AI for live dubbing.
– Distribution was broadened through pay TV Hulu+, achieving an approximate household penetration of **60 million U.S. homes**.
– New strategic partnerships were formed with telecom companies in Israel, Armenia, and the Dominican Republic.
– Expanded streaming availability across various Comcast devices.
– Contract renewal with anchor Greta Van Susteren for prime-time programming.
– Social media following grew to **20 million** with **over 16 million downloads** of the Newsmax App.
– Appointed new board members, including Ambassador Paula J. Dobriansky and former U.S. Secretary of Labor Alex Acosta.
– Inclusion in the Russell 2000® and Russell 3000® indexes, enhancing visibility to institutional investors.
## Shareholder Actions
– Newsmax announced it would pay a dividend of **$0.008 per share** during the quarter.
– A **share repurchase liability** of **$5.3 million** was also noted in the financial statements.
## Forward Guidance
– Newsmax reiterated its full-year revenue guidance for 2025 at **$180 million to $190 million**.
This report illustrates a robust performance amidst challenges, affirming Newsmax’s strategic position in the evolving media landscape while aiming for sustainable, long-term growth.
### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
> **Amounts in thousands**
| Revenues: | For the three months ended | For the six months ended | ||
|---|---|---|---|---|
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |
| Service revenue | $ 44,884,207 | $ 37,746,093 | $ 88,619,548 | $ 76,909,470 |
| Product revenue | 1,555,537 | 1,480,639 | 3,121,904 | 2,916,907 |
| Total revenues | 46,439,744 | 39,226,732 | 91,741,452 | 79,826,377 |
| Cost of services | 27,758,685 | 21,073,281 | 52,407,148 | 41,576,599 |
| Cost of products sold | 1,039,298 | 1,431,756 | 2,230,404 | 2,623,036 |
| Gross profit | 17,641,761 | 16,721,695 | 37,103,900 | 35,626,742 |
| General and administrative expenses: | ||||
| Personnel costs | 8,614,761 | 6,047,773 | 16,628,179 | 11,839,569 |
| Advertising costs | 5,941,417 | 3,852,379 | 10,359,871 | 8,344,979 |
| Professional fees | 4,766,085 | 1,132,068 | 7,390,549 | 2,470,818 |
| Rent and utilities | 1,540,453 | 1,472,394 | 2,990,244 | 2,969,458 |
| Depreciation | 734,590 | 820,044 | 1,471,465 | 1,625,093 |
| Other corporate matters | 68,437,098 | 5,838,233 | 78,104,701 | 59,074,353 |
| Other | 4,012,806 | 2,309,934 | 8,137,119 | 4,896,946 |
| Total general and administrative expenses | 94,047,210 | 21,472,825 | 125,082,128 | 91,221,216 |
| Loss from operations | (76,405,449) | (4,751,130) | (87,978,228) | (55,594,474) |
| Other income (expense), net | ||||
| Interest and dividend income | 1,802,054 | 26,168 | 2,856,340 | 53,461 |
| Interest expense | (7,456) | (22,377) | (13,511) | (48,162) |
| Unrealized (loss) gain on marketable securities | (500,736) | (34,772) | 1,084,844 | 128,574 |
| Other, net | (54,342) | (28,461) | (8,342,898) | (31,686) |
| Total other income (expense), net | 1,239,520 | (59,442) | (4,415,225) | 102,187 |
| Net loss before income taxes | (75,165,929) | (4,810,572) | (92,393,453) | (55,492,287) |
| Income tax expense | 9,693 | 18,988 | 14,693 | 20,960 |
| Net loss | (75,175,622) | (4,829,560) | (92,408,146) | (55,513,247) |
| Other comprehensive income: | ||||
| Unrealized gain on available for sale | 446,778 | — | 929,169 | — |
| debt investments, net of income tax | ||||
| Comprehensive loss | (74,728,844) | (4,829,560) | (91,478,977) | (55,513,247) |
| Weighted average common stock outstanding, basic and diluted (1) | 128,333,356 | 41,065,954 | 86,938,585 | 41,065,954 |
| Net loss per share attributable to common stockholders, basic and diluted | (0.59) | (0.15) | (1.12) | (1.42) |
—
### CONDENSED CONSOLIDATED BALANCE SHEETS
> **Amounts in thousands**
| ASSETS | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 33,842,039 | $ 24,052,887 |
| Investments | 164,052,830 | 58,310,955 |
| Accounts receivable, net | 29,553,260 | 28,265,721 |
| Inventories, net | 1,640,952 | 1,792,697 |
| Prepaid expenses and other current assets | 8,209,833 | 8,925,294 |
| Total current assets | 237,298,914 | 121,347,554 |
| Property and equipment, net | 6,187,097 | 6,225,617 |
| Right of use asset, operating lease | 5,431,334 | 7,191,606 |
| Other assets | 10,282,124 | 10,698,660 |
| Security deposits | 598,319 | 609,426 |
| Total assets | $ 259,797,788 | $ 146,072,863 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||
| Current liabilities | ||
| Accounts payable | $ 15,729,014 | $ 14,670,846 |
| Accrued expenses | 7,772,710 | 9,882,720 |
| Accrued payroll | 1,973,340 | 2,220,872 |
| Accrued distribution | 895,071 | 1,068,366 |
| Deferred revenue | 11,511,584 | 13,652,699 |
| Lease liability, operating lease | 3,555,150 | 3,894,102 |
| Lease liability, finance lease | 190,239 | 199,237 |
| Settlement Liability | 53,231,010 | 29,099,265 |
| Warrant liability | – | 6,499,821 |
| Derivative liability | – | 41,459,418 |
| Total current liabilities | 94,858,118 | 122,647,346 |
| Long-term liabilities: | ||
| Deferred revenue, net of current portion | 2,926,255 | 2,835,218 |
| Lease liability, operating lease, net of current portion | 2,494,520 | 4,049,256 |
| Lease liability finance lease, net of current portion | 33,933 | 129,930 |
| Share repurchase liability | 5,301,080 | – |
| Other long-term liabilities | 1,000,000 | – |
| Settlement liability, net of current portion | 46,330,986 | 25,477,941 |
| Total liabilities | 152,944,892 | 155,139,691 |
| Commitments and contingencies (Note 11) | ||
| Convertible and redeemable preferred stock, $0.001 par value; 11,034 shares authorized; and 0 and 5,575 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | – | 128,576,901 |
| Stockholders’ equity (deficit) | ||
| Convertible and redeemable preferred stock, $0.001 par value; 60,000 shares | – | 86,742,045 |
| authorized; and 0 and 27,612 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | ||
| Class A common stock, 0.001 par value; 50,000,000 shares authorized; 39,239,297 shares issued and outstanding; Class B common stock, 0.001 par value; 940,000,000 shares | 129,008 | 10 |
| authorized 89,768,339 shares issued and outstanding at June 30, 2025. Class A common stock, 0.001 par value; 20,000 Class A shares authorized; 68,127,538 Class A shares | ||
| issued and outstanding at December 31, 2024; 60,000 Class B shares authorized; 0 Class B shares issued and outstanding | ||
| at December 31, 2024 (1) | ||
| Treasury stock, 0 and 27,061,584 shares at cost, respectively | – | (14,622,222) |
| Additional paid |
