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Newsmax Inc. Class B (NMAX+13.79%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $171,016,455, an increase from $135,276,027 in the previous year. This growth was driven by a significant increase in affiliate fee revenues, which rose to $26,661,701 from $2,410,039, and subscription revenues, which increased to $26,907,098 from $18,080,467.
Advertising revenues also saw a slight increase to $109,128,471 from $107,322,024. The company attributes this to higher ratings and pricing in its linear cable and satellite advertising.
Cost of revenues for the year was $86,968,328, up from $79,455,996 in the previous year. This increase was primarily due to higher programming and production costs.
General and administrative expenses rose significantly to $153,856,367 from $100,915,301, largely due to legal expenses related to the settlement of a lawsuit with Smartmatic.
The company reported a net loss of $72,171,928 for the year, compared to a net loss of $41,777,166 in the previous year. This was impacted by the settlement expenses and increased operating costs.
Newsmax Inc. completed a private placement of its Series B Preferred Stock, raising net proceeds of approximately $206,660,000. The funds are intended for general corporate purposes and potential business initiatives.
The company identified material weaknesses in its internal control over financial reporting, specifically in areas related to policies and procedures, journal entry reviews, and IT controls.
Newsmax Inc. operates through two main segments: Broadcasting and Digital. Broadcasting revenues increased by 41.0% to $130,708,405, while Digital revenues decreased by 5.4% to $40,308,050.
The company continues to focus on expanding its distribution and content offerings across traditional and digital platforms to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Newsmax Inc. Class B annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.