Friday, August 14, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A milestone quarter. Newsmax reported record Q2 revenue of $54.1 million, up 16.5%, while Adjusted EBITDA improved to $5.7 million from a loss of $3.8 million, and the company generated its first quarterly net income as a public company. We believe the results provide an important early indication of the operating leverage inherent in the business model.
Higher-margin revenue streams gaining momentum. Affiliate fee revenue increased 81.9% to $13.4 million, while licensing revenue increased 563.5% to $4.6 million. In our view, continued affiliate repricing and licensing growth should improve the company’s revenue mix and provide an increasingly important driver of margin expansion.
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