Newsmax grew its overall revenue to $45.3 million during the first three months of the year, more than half of which was attributed to advertising sold against its cable news channel, free timeshift stream and print publications.
The data point was one of many released in the company’s first-ever financial earnings report, nearly two months after Newsmax began trading on the New York Stock Exchange following a successful initial public offering (IPO).
Affiliate fees collected from cable and satellite companies for the privilege of carrying the Newsmax cable channel increased 12.5 percent during the first quarter (Q1) of the year, accounting for $7.4 million of the cable network’s overall revenue.
Subscription revenue collected from Newsmax Plus, the company’s direct-to-consumer streaming product, and its print publications clocked in at $7 million, up 10.2 percent on a year-over basis.
Advertising increased 12.5 percent on a year-over basis, with the company collecting $28.9 million from brands who ran spots against Newsmax, the streaming channel Newsmax 2, the Newsmax website and various Newsmax-branded magazines.
Last month, The Desk reported Newsmax added a number of new advertisers over the past few months, including Mass Mutual, Grainger, TikTok, Carvana, Mucinex, Hermana and Tractor Supply Company.
As a business, Newsmax is still not profitable, but its loss narrowed during Q1 to $17.2 million, down from the $50.7 million loss logged during the first three months of 2024. Newsmax said its out-of-court settlement with voting machine manufacturer Smartmatic coupled with certain legal expenses associated with its IPO weighed on the company’s operating costs.
Still, Newsmax executives were pleased with the company’s performance during Q1.
“We are thrilled to share our first earnings results as a publicly traded company since we listed on the New York Stock Exchange in March,” Christopher Ruddy, the CEO of Newsmax, said in a statement. “We are thrilled to share our first earnings results as a publicly traded company since we listed on the New York Stock Exchange in March.”
Newsmax now reaches more than 60 million homes through its cable network and free streaming channel. On Thursday, its reach expanded after the E. W. Scripps Company’s Nuvyyo agreed to distribute Newsmax 2 on its Tablo line of network-connected digital video recorders. Later this year, the Walt Disney Company’s Hulu with Live TV will also add Newsmax, The Desk previously reported.
On cable, Newsmax ranks fourth — ahead of Nexstar’s NewsNation, but behind the Fox News Channel, MSNBC and CNN.
“Newsmax now reaches 20 million combined social media followers through our various accounts, with the best per-follower engagement rate in TV news,” Ruddy continued. “Our growth is due in part to our continued mission of providing those Americans with balanced coverage, diverse viewpoints and open debates on the issues they care about.”
The company has prioritized adding new pay TV distribution partners and expanding its content offerings through 2025.
“We are pleased to report strong quarterly results, highlighted by increased viewer engagement across both linear and digital platforms, growth in advertising partnerships and the successful launch of new programming,” Darryle Burnham, the Chief Financial Officer at Newsmax, said on Thursday. “With enhanced access to capital from our pre-IPO and IPO raises, we are well-positioned to sustain our momentum. As we execute on our financial and strategic priorities, we remain focused on delivering long-term value to our shareholders.”
Shares of Newsmax closed down nearly 1.2 percent, and fell an additional 0.5 percent in after-hours trading.
