Revenue reached $51.7 million in 2026Q1, yet gross margins have compressed to 37.5% from a 2024Q4 peak of 50.0%, reflecting significant volatility in production and fulfillment costs.
| Sales/Revenue | 195.61M | 189.3M | 171.02M | 135.28M | 135.31M |
| Revenue Growth % | 12.66% | 10.69% | 26.42% | -0.03% | - |
| Cost of Goods Sold | 121.98M | 117.62M | 86.97M | 79.46M | 78.94M |
| COGS % of Revenue | - | 62.14% | 50.85% | 58.74% | 58.34% |
| Gross Profit | 73.63M | 71.63M | 84.05M | 55.82M | 56.37M |
| Gross Margin % | 37.64% | 37.84% | 49.15% | 41.26% | 41.66% |
| Gross Profit Growth % | - | -14.77% | 50.57% | -0.98% | - |
| Operating Expenses | 166.38M | 171.49M | 153.86M | 100.92M | 75.85M |
| OpEx % of Revenue | - | 90.59% | 89.97% | 74.6% | 56.05% |
| Selling, General & Admin | 165.02M | 294.56M | 150.74M | 73.82M | 75.85M |
| SG&A % of Revenue | - | 155.61% | 88.14% | 54.57% | 56.05% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 1.36M | -123.08M | 3.12M | 27.09M | 0 |
| Operating Income | -92.75M | -99.85M | -69.81M | -45.1M | -19.47M |
| Operating Margin % | -47.42% | -52.75% | -40.82% | -33.34% | -14.39% |
| Operating Income Growth % | - | -43.04% | -54.8% | -131.56% | - |
| EBITDA | -86.49M | -93.53M | -63.64M | -41.42M | -16.91M |
| EBITDA Margin % | -44.22% | -49.41% | -37.21% | -30.62% | -12.5% |
| EBITDA Growth % | -231.11% | -46.97% | -53.63% | -144.9% | - |
| D&A (Non-Cash Add-back) | 6.26M | 6.33M | 6.17M | 3.67M | 2.56M |
| EBIT | -86.72M | -99.85M | -72.08M | -41.72M | -19.9M |
| Net Interest Income | 7.31M | 7.02M | 488.96K | 104.3K | 281.37K |
| Interest Income | 7.33M | 7.04M | 580.5K | 143.76K | 281.37K |
| Interest Expense | 20.06K | 23.17K | 91.54K | 39.46K | 0 |
| Other Income/Expense | 8.3M | 359.45K | -2.36M | 3.34M | -442.89K |
| Pretax Income | -84.46M | -99.5M | -72.17M | -41.76M | -19.92M |
| Pretax Margin % | -43.18% | -52.56% | -42.2% | -30.87% | -14.72% |
| Income Tax | -5K | 0 | 0 | 18.55K | 19.21K |
| Effective Tax Rate % | 0.01% | 0% | 0% | -0.04% | -0.1% |
| Net Income | -84.45M | -99.5M | -72.17M | -41.78M | -19.94M |
| Net Margin % | -43.17% | -52.56% | -42.2% | -30.88% | -14.73% |
| Net Income Growth % | -110.28% | -37.86% | -72.75% | -109.55% | - |
| Net Income (Continuing) | -84.45M | -99.5M | -72.17M | -41.78M | -19.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.66 | -0.81 | -0.62 | -0.37 | -0.31 |
| EPS Growth % | 65.14% | -30.65% | -67.57% | -19.35% | - |
| EPS (Basic) | - | -0.81 | -0.62 | -0.37 | -0.31 |
| Diluted Shares Outstanding | 128.49M | 129.13M | 128.41M | 128.41M | 82.13M |
| Basic Shares Outstanding | 128.49M | 129.13M | 128.41M | 128.41M | 63.65M |
| Dividend Payout Ratio | - | - | - | - | - |
Persistent Operating Cash Burn
According to the provided quarterly data, Newsmax has demonstrated a consistent revenue growth trend, reaching $51.7 million in 2026Q1, which represents a 14.0% year-over-year increase and suggests the company is successfully scaling its audience reach despite a challenging environment for traditional linear broadcasting.
The double-digit growth trajectory indicates that the company's hybrid model of broadcasting and direct-to-consumer digital sales is gaining traction. However, investors should monitor whether this top-line expansion is sustainable or if it remains overly dependent on cyclical political news cycles that may not provide consistent long-term growth.
As reported in financial statements, the company's gross margin has fluctuated significantly, peaking at 50.0% in 2024Q4 before compressing to 37.5% in 2026Q1, reflecting the inherent cost volatility associated with its nutraceutical fulfillment and content production operations compared to traditional media peers.
The inability to maintain stable gross margins suggests that the company faces significant input cost pressures or pricing challenges within its e-commerce segment. This margin instability complicates the path to profitability, as the company lacks the consistent cost-of-goods-sold control seen in more mature broadcasting incumbents.
Based on the reported figures, Newsmax continues to struggle with operating leverage, as evidenced by a -8.7% operating margin in 2026Q1, which highlights that the company's SG&A expenses are currently scaling in tandem with revenue rather than providing the expected efficiency gains of a mature media firm.
The persistent operating losses suggest that the company is prioritizing aggressive customer acquisition over immediate bottom-line performance. Without a clear inflection point where revenue growth significantly outpaces SG&A, the current operating structure appears to rely heavily on external capital to sustain its ongoing broadcasting and marketing activities.
Data from the income statement reveals that the company has incurred substantial operating losses in nearly every quarter, with a notable -164.5% operating margin in 2025Q2, raising serious questions about the long-term viability of its current high-cost, direct-response marketing strategy for audience monetization.
Short-sellers would likely focus on the disconnect between the company's revenue growth and its inability to generate positive operating income. This pattern suggests that the cost of acquiring new viewers and subscribers may be exceeding their lifetime value, potentially indicating a structural flaw in the business model that warrants further investigation.
Quick answers to the most common questions about buying NMAX stock.
For fiscal year 2025, Newsmax, Inc. (NMAX) reported total revenue of $189.3M. This represents a 39.9% increase compared to $135.3M in 2022.
Newsmax, Inc. (NMAX) reported a net loss of $99.5M for the fiscal year ending 2025.
Newsmax, Inc. (NMAX) reported an operating income of $-99.9M, resulting in an operating profit margin of -52.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Newsmax, Inc. (NMAX) generated $71.6M in gross profit for the year, representing a gross profit margin of 37.8%. This demonstrates the company's core pricing power and production efficiency.