Media company Newsmax Inc (NYSE:NMAX) reported third-quarter financial results Thursday after market close.
Here are the key highlights.
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Q3 Results: Newsmax reported third-quarter revenue of $45.27 million, up 4% year-over-year. The revenue total beat a Street consensus estimate of $43.98 million, according to data from Benzinga Pro.
The company said broadcast revenue was $36.6 million in the quarter, up 10.1% year-over-year. Advertising revenue was $27.6 million in the quarter, down 1.6%, hurt by the comparison of the 2024 presidential election in the prior year period.
Newsmax reported a loss of three cents per share for the quarter, beating a Street consensus estimate of a loss of seven cents per share.
Newsmax had over 28 million quarterly viewers, ranking as the fourth-highest-rated cable news channel.
The company highlighted some new deals in the quarter, including a distribution agreement with a "leading hospitality provider," to bring the network to over 900 hotels and more than 300,000 hotel rooms across the U.S.
The company ended the quarter with $130.4 million in cash, cash equivalents and short-term investments.
"We are pleased to announce another strong quarter that shows the power and consistency of our business, even in a non-election year," Newsmax CEO Christopher Ruddy said.
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What's Next: The company reiterated previous guidance of $180 million to $190 million for the full fiscal year.
"Our strong balance sheet and access to the public markets give us the flexibility to invest strategically, expand our distribution and continue delivering compelling content that resonates with viewers," Ruddy said. "We remain focused on sustainable, long-term growth and on delivering consistent value for our shareholders."
In October, the company implemented its plan to buy up to $5 million in Bitcoin (CRYPTO: BTC) and Trump Coin (CRYPTO: TRUMP). The move will make the company the first NYSE company to buy Trump Coin.
NMAX Price Action: Newsmax stock is up 2.23% to $8.671in after-hours trading on Thursday versus a 52-week trading range of $8.31 to $265.
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