Friday, June 26, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong operating momentum despite a challenging comparison. First-quarter revenue growth was driven by affiliate fee expansion, licensing growth, and improved distribution economics, while Newsmax maintained strong audience engagement with 30.4 million viewers and posted a 29% sequential increase in total viewership versus Q4 2025.
Meaningfully improving earnings outlook. We are raising our 2026 adjusted EBITDA estimate to a loss of $3.4 million, up from our prior estimate of $16.4 million. While our revenue outlook remains largely unchanged, the improved profitability reflects a more favorable revenue mix, lower operating expense assumptions, and increasing confidence in management’s execution.
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