Newsmax (NMAX) Q2 2025 earnings summary

Executive summary

• Revenues for Q2 2025 increased 18.4% year-over-year to $46.4 million, driven by higher broadcast advertising and affiliate fees, with broadcast revenues rising 28.5% to $38.0 million.

• Net loss for Q2 2025 was $75.2 million, significantly higher than the $4.8 million loss in Q2 2024, primarily due to a $67 million legal settlement with Dominion and increased operating expenses.

• The company completed its IPO in March 2025, raising $66.1 million, and a private placement of Series B Preferred Stock, raising $206.7 million.

• Maintained position as the fourth highest-rated cable news channel, reaching over 26 million quarterly viewers and expanding to 60 million U.S. homes and 100+ countries.

• Expanded distribution through partnerships with Fubo, Hulu +, and international carriers, and launched Newsmax en Español with live AI dubbing.

Financial highlights

• Q2 2025 total revenues: $46.4 million (up 18.4% YoY); six months ended June 30, 2025: $91.7 million (up 14.9% YoY).

• Broadcast revenues increased 28.5% to $38.0 million; advertising revenues rose 26.2% to $29.9 million.

• Affiliate revenues up 7.3% to $7.3 million; subscription revenues up 5.2% to $7.0 million; product sales up 5.1% to $1.6 million.

• Gross profit for Q2 2025: $17.6 million (up 5.5% YoY); gross margin: 38.0% (down from 42.6%).

• Adjusted EBITDA for Q2 2025: $(3.8) million, down from $1.9 million in Q2 2024.

Outlook and guidance

• Reiterated full-year 2025 revenue guidance of $180 million to $190 million.

• Management expects continued revenue growth from broadcast advertising and affiliate fees, with ongoing investment in content and distribution.

• Management emphasized strategic flexibility and long-term growth focus, leveraging a strong balance sheet and diversified revenue streams.

• The company believes current liquidity is sufficient for the next 12 months, with no anticipated need for additional capital.