Overview

• US news broadcaster's Q1 revenue rose 14% yr/yr, driven by affiliate fees and licensing

• Company's Q1 net loss narrowed to $2.2 mln from $17.2 mln a year earlier

• Newsmax reaffirmed 2026 revenue guidance, projecting 13% growth at midpoint

Outlook

• Newsmax reaffirms 2026 revenue guidance of $212 mln to $216 mln, up 13% at midpoint

• Company expects continued investment in content and distribution to drive long-term growth

• Newsmax says evolving media landscape presents opportunities to expand reach and strengthen monetization

Result Drivers

• AFFILIATE FEES - Revenue growth was primarily driven by a 75% increase in affiliate fee revenue, attributed to new contractual relationships

• LICENSING - Expanded international licensing agreements contributed to higher broadcasting revenue

• HIGHER PRODUCTION AND PROGRAMMING COSTS - Net loss narrowed but was partially offset by increased production headcount, programming and production costs, and continued investment in OTT initiatives

Company press release: ID:nACSb81F5a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$51.65 mln	$48.94 mln (2 Analysts)
Q1 EPS		-$0.02
Q1 Net Income		-$2.20 mln
Q1 Adjusted EBITDA		-$400,000

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the broadcasting peer group is "buy"

• Wall Street's median 12-month price target for Newsmax Inc is $18.50, about 171.7% above its May 13 closing price of $6.81

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