Newsmax (NMAX) Q3 2025 earnings summary

Executive summary

• Achieved 4.0% year-over-year revenue growth to $45.3 million for Q3 2025, driven by higher affiliate fees, broadcast revenues, and expanded distribution, despite a typically softer non-election year.

• Net loss narrowed to $4.1 million from $9.8 million year-over-year, reflecting lower legal expenses and increased interest income.

• Completed IPO and NYSE listing, raising $66.1 million, and closed a $206.7 million private placement of Series B Preferred Stock, significantly strengthening the capital base.

• Expanded national and international reach, now present in over 100 countries, accessible in 60 million U.S. homes, and reaching over 28 million quarterly viewers.

• Remained the fourth highest-rated cable news channel, with new partnerships in hospitality, taxi, and international streaming platforms.

Financial highlights

• Q3 2025 revenues: $45.3 million (up 4.0% YoY); nine-month revenues: $137.0 million (up 11.1% YoY).

• Broadcast revenues: $36.6 million (up 10.1% YoY); affiliate revenues: $8.1 million (up 22.3% YoY); advertising revenues: $27.6 million (down 1.6% YoY).

• Subscription revenues were flat at $6.9 million; product sales increased 1.8% to $1.5 million.

• Net loss for Q3 2025: $4.1 million (vs. $9.8 million loss in Q3 2024); Adjusted EBITDA: $(1.8) million (down from $4.4 million YoY) due to higher production and public company costs.

• Gross profit margin declined to 35.3% from 45.4% YoY due to higher programming and production costs.

Outlook and guidance

• Full-year 2025 revenue guidance reaffirmed at $180 million–$190 million.

• Management expects continued revenue growth from expanded affiliate agreements and Newsmax+ subscriptions, with strong early Q4 performance.

• Sufficient liquidity for the next 12 months; no anticipated need for additional capital.

• Focus remains on affiliate fee advancement, new distribution partnerships, and expanded channel placement.