Key Financial Data
- Total revenue: $45.3 million (+4% year-over)
- Broadcast revenue: $36.6 million (+10.1%)
- Advertising revenue: $27.6 million (-1.6%)
- Affiliate revenue: $8.1 million (+22.3%)
- Subscription revenue: $6.9 million (no change)
- Net income: -$4.1 million (58% improvement)
- Cash and related assets: $14.2 million
- Short-term investments: $116.2 million
- Total liquidity: $130.4 million
- Read more Q3 2025 media earnings coverage
Newsmax was able to cut its financial losses in half as the right-of-center news operation posted a 4 percent increase in overall revenue during its third financial quarter (Q3) of the year, the company revealed on Thursday.
For the quarter ending September 30, Newsmax earned $45.3 million in total revenue, with gains attributed to stronger performance in Newsmax’s television division. On a sequential basis, overall revenue was down around 1.5 percent.
Broadcast-related revenue was $36.6 million, up 10.1 percent year-over-year, the direct result of higher fees charged to cable TV, satellite TV and streaming video platforms, executives said.
Advertising revenue, which remains the company’s single largest category, declined slightly to $27.6 million, a 1.6 percent decrease tied to typical industry slowdowns during off-cycle election years. That softness was partly offset by a surge in affiliate revenue, which rose 22.3 percent to $8.1 million, supported by new distribution agreements and contractual rate increases that took effect earlier in 2025.
Subscription revenue reached $6.9 million, essentially flat compared to last year. Newsmax said streaming growth helped hold the line, though cyclicality tied to election-year publications weighed on print subscription activity. Product sales improved modestly to $1.5 million, up 1.8 percent year-over-year.
Stock Price
The company reported a net loss of $4.1 million for the quarter, a notable improvement from the $9.8 million loss recorded during the prior-year period. Management cited stronger broadcasting revenue and reduced legal expenses as key factors in narrowing the loss, even as production, programming, and public-company costs increased. Adjusted EBITDA came in at a loss of $1.8 million, compared to positive adjusted EBITDA of $2.7 million last year.
“We are pleased to announce another strong quarter that shows the power and consistency of our business, even in a non-election year when news audiences and advertising demand across the industry typically soften,” Christopher Ruddy, the CEO of Newsmax, said in a prepared statement. “Our performance this quarter reflects the strength of our diversified revenue model, the growing reach of our cable and FAST channels and the continued engagement of audiences across all of our platforms.”
Ruddy added that going public has allowed Newsmax to position itself “for sustainable, long-term growth,” adding that the company intends to invest strategically to expand distribution and strengthen its content offerings.
Darryle Burnham, the company’s Chief Financial officer, echoed that sentiment in the release, saying the results “highlight the resilience and momentum of our business.” Burnham said Newsmax is encouraged by early fourth-quarter performance and remains confident in its full-year revenue guidance of between $180 million and $190 million.
Newsmax ended the quarter with $130.4 million in cash and short-term investments, supported by IPO proceeds and continued financial discipline.
