Friday, November 13, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
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.
Q3 Operating Results. The company reported Q3 revenue of $69.0 million, up 52.5% year-over-year, including a $14.0 million nonrecurring contract termination payment. Excluding the payment, revenue increased 21.6% to $55.0 million, above our $52.1 million estimate. Adj. EBITDA reached $19.0 million, excluding the payment, adj. EBITDA was $5.0 million, substantially higher than our $0.2 million loss estimate.
Underlying Business Trends. Affiliate fee revenue increased 77.4% to $14.3 million, supported by higher rates and new distribution agreements. Licensing revenue grew 343.1% to $5.4 million, including $0.6 million from media and AI content agreements, and Broadcasting advertising increased 3.1%. While Digital segment revenue declined 4.1%, Newsmax+ engagement time per account increased 19%.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.