Newsmax Inc. (NMAX) SEC Filings & Earnings Calls

Dominion settlement liability

“As of June 30, 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.” · word for word

Advertising revenue cyclicality

“Advertising revenue decreased by $(1.1) 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.” · word for word

Digital segment losses

“Digital Segment Adjusted EBITDA ($2,357,528) for three months ended June 30, 2026.”

Digital segment revenue decline of 1.3% YoY, with subscription and product sales falling, indicating potential competitive pressure or platform shift.

“Total Digital revenues $8.3 million vs $8.4 million, (1.3)%”

Broadcasting advertising revenue declined 7% YoY, suggesting softness in traditional ad market despite overall growth.

“Advertising $24.4 million vs $26.2 million, (7.0)%”

Digital revenue decline

“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.” · word for word

Gross margin compression

“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.” · word for word

Legal settlement liability

“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.” · word for word

Digital segment revenue declining across all sub-segments; ongoing investment in content and OTT may pressure near-term profitability.

“Digital revenues $8.0 million, -12.7% YoY; adjusted EBITDA worsened by $0.8M”

Controlled company structure

“Because we are a “controlled company” under NYSE rules, we are not required to have a majority independent board of directors, a nominating and governance committee, or a compensation committee.” · word for word

CEO severance obligations

“In the event that his employment is terminated by the Company without cause, or if he resigns for “good reason,” he will be entitled to (i) severance compensation in an amount equal to 24 months of his then-current base salary” · word for word

Material Weaknesses in Internal Controls

“In connection with the preparation of our financial statements, we have identified material weaknesses in our internal control over financial reporting.” · word for word

Legal Settlement Obligations

“On August 15, 2025, Newsmax Media, Inc. and Newsmax Broadcasting, LLC entered into a settlement agreement with Dominion Voting Systems, Inc. ... for a total amount of $67.0 million to be paid in the current and next two fiscal years.” · word for word

Negative Operating Cash Flow

“Net cash used in operating activities for the year ended December 31, 2025 was $104.5 million” · word for word

Dependence on Advertising Revenue

“For the year ended December 31, 2025, we generated revenues of approximately $189.3 million, of which 63.6% was generated from advertising” · word for word

Post-Election Digital Revenue Decline

“Digital Revenues decreased by $4.4 million for the year ended December 31, 2025 ... Such decreases are not unusual in the year after a U.S. presidential election.” · word for word

Digital revenue decline (-10.9% YoY) indicates headwinds in digital advertising and subscription.

“Digital revenues $35.9M vs $40.3M (-10.9%)”

Adjusted EBITDA turned negative in Q4 due to cost increases; profitability pressure.

“Quarterly adjusted EBITDA was $(1.3) million, a decrease of $(3.8) million.” · word for word

Adjusted EBITDA decline due to higher production and public company costs.

“Quarterly Adjusted EBITDA was $(1.8) million, a decrease of $4.4 million from the amount reported in the same quarter last year, primarily due to higher production and programming expenses and increased personnel and public company costs.” · word for word

Legal Settlement Liability

“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.” · word for word

Gross Margin Compression

“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.” · word for word

Digital Segment Decline

“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” · word for word

Negative Operating Cash Flow

“Net cash used in operating activities for the nine months ended September 30, 2025 was $107.1 million” · word for word