NMAX Newsmax Inc.

Overview and Growth

Newsmax Inc. generated $189.25M of revenue in fiscal 2025, with net loss of $99.50M and an operating cash outflow of $104.45M. The $189.25M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 10.7% from $171.02M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$0.96, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 108.21M; this is the reported share base over which the company’s diluted per-share earnings were spread. At period end, total assets were $239.84M, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.79x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $74.42M as gross profit before recognizing operating expenses and other items. Gross margin was 39.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $99.85M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 52.8%, showing the shortfall after operating costs. The company ended the period with a net loss of $99.50M, extending the operating result through all remaining items. The net loss equaled 52.6% of revenue, showing the bottom-line deficit relative to the company’s sales base. Negative EBITDA totaled $93.53M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $99.50M, bridging the operating result to the final net loss. The pretax loss equaled 52.6% of revenue, measuring the pre-tax deficit against sales. Income tax expense totaled $0.00, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-equity relationship was 93.8%, placing the bottom-line deficit against shareholder capital. The net loss equaled 41.5% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $99.50M from $72.17M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $239.84M asset base was financed through $133.79M of liabilities and $106.05M of equity. The near-term balance sheet paired $195.46M of current assets with $81.28M of current liabilities at the reporting date. Current assets covered current liabilities by 2.4x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $20.43M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 25.1%, excluding receivables and other current assets. Equity equaled 44.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 55.8%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 8.5% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $146.07M in fiscal 2024, the current asset base moved 64.2% and finished higher. The reported cash balance changed 15.0% from $24.05M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $104.45M, rather than cash generation from operations. The company spent $2.65M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $107.11M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 56.6%. Relative to total assets, the post-investment cash deficit measured 44.7%. Compared with a $48.69M operating cash outflow in fiscal 2024, the current outflow increased to $104.45M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.