Key Points:
Newsmax Q2 revenue rose 18.4% to $46.4 million, with broadcast revenue jumping 28.5% to $38.0 million and ad sales up 26.2% to $29.9 million.
The company reported a $75.2 million net loss, compared with a $4.8 million loss last year, largely due to its Dominion Voting Systems lawsuit settlement.
Newsmax expanded to 60 million U.S. homes, launched Newsmax en Español on Fubo, renewed Greta Van Susteren’s contract, and grew app downloads to 16 million.
Newsmax reported higher revenue during the second quarter of 2025, though expenses related to the settlement of a defamation lawsuit with Dominion Voting Systems pushed the company deeper into the red.
On Thursday, Newsmax said its total revenue for the three-month period ending June 30 was $46.4 million, an increase of 18.4 percent compared to $39.2 million reported during the same quarter last year.
Broadcast revenue made up the majority of Newsmax’s income, reaching $38 million, up 28.5 percent from $29.6 million in the second quarter of 2024. Advertising revenue climbed 26.2 percent year-over-year to $29.9 million, driven by higher linear cable and satellite ad sales tied to stronger Nielsen ratings.
Affiliate revenue improved 7.3 percent to $7.3 million, helped by new contractual relationships and rate increases. Subscription revenue rose 5.2 percent to $7 million, supported by growth in Newsmax Plus streaming subscriptions. Product sales revenue ticked up 5.1 percent to $1.6 million.
Despite higher revenue across all categories, Newsmax recorded a quarterly net loss of $75.2 million, compared with a $4.8 million net loss during the same period in 2024. The company attributed the widened loss primarily to the settlement of litigation with Dominion Voting Systems, which was finalized on August 18 but recognized in its second-quarter results under generally accepted accounting principles. (The settlement, reported on Monday, was also the reason for Newsmax delaying the release of its Q2 earnings.)
Adjusted EBITDA was reported at a loss of $3.8 million, a decrease of 300 percent from the prior-year quarter, reflecting higher costs tied to revenue expansion, administrative expenses and costs associated with Newsmax’s public listing.
Chief Executive Officer Christopher Ruddy said the quarter reflected the “strength of our business model and the resonance of our content with American audiences,” pointing to gains in cable and streaming distribution. He added that access to public markets following Newsmax’s initial public offering provides the “strategic flexibility to capitalize on the significant opportunities in the evolving media landscape.”
Chief Financial Officer Darryle Burnham echoed the sentiment, noting that growth across advertising, affiliate and subscription revenue combined with a “strong balance sheet and access to capital markets positions us well to execute on our long-term strategic vision.”
As of June 30, Newsmax reported cash and short-term investments totaling $197.9 million, which included $33.8 million in cash and $164.1 million in short-term investment holdings. The company reiterated its full-year 2025 revenue guidance of between $180 million and $190 million.
The settlement with Dominion concludes all election-related litigation faced by Newsmax stemming from its coverage of the 2020 presidential race. Ruddy said the agreement “enables us to move forward from the litigation and remain focused on delivering the trusted news and analysis our viewers rely on every day.”
Operationally, Newsmax said it expanded distribution in the U.S. and abroad during the quarter. The network grew its domestic footprint to more than 60 million homes, including through new carriage agreements with Hulu with Live TV and Fubo, where it launched Newsmax en Español using artificial intelligence-powered dubbing.
Internationally, the company signed distribution agreements with Cellcom Israel, Telecom Armenia and Supercanal in the Dominican Republic.
Newsmax Plus expanded its reach through Comcast’s Xfinity X1 and Flex platforms, along with Xumo devices. The company also secured a contract renewal with veteran anchor Greta Van Susteren, who continues to host “The Record” during prime time.
On the digital front, Newsmax said its free app has surpassed 16 million downloads, while its social media following grew to 20 million across platforms.
The company strengthened its governance with the appointment of former U.S. Ambassador Paula J. Dobriansky and former U.S. Secretary of Labor Alex Acosta to its board of directors. Newsmax was also added to the Russell 2000 and Russell 3000 stock indexes this year, which track more than $10 trillion in institutional assets.
Newsmax remains the fourth highest-rated cable news channel in the United States, with more than 26 million viewers each quarter, the company said.
