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USA Today
5 days ago
- Business
- USA Today
Newsmax to Join Russell 2000 and Russell 3000 Indexes
Newsmax Inc. (NYSE:NMAX) ('Newsmax' or the 'Company') today announced that the Company expects to list on the U.S. small-cap Russell 2000® Index, effective after the U.S. market opens on June 30, 2025, as part of the 2025 Russell indexes reconstitution. Membership in the Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. 'The past year has been transformational for Newsmax, and we are pleased to see our shares will soon be added to the Russell 2000® Index, one of the market's leading performance benchmarks in North America,' said Chris Ruddy, CEO of Newsmax. Newsmax, a television and digital media company offering Americans independent news, went public on the NYSE in March. Since then, Newsmax has made several major announcements, including expanded cable / pay TV distribution on Hulu+, putting Newsmax into top-tier penetration of around 60 million U.S. homes. 'We feel this addition of Newsmax on the Russell Index will help raise awareness and ownership of Newsmax within the institutional investment community,' continued Ruddy. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's US indexes. Russell indexes are also part of FTSE Russell, a leading global index provider. About Newsmax Newsmax Media, Inc. operates Newsmax, the nation's fourth highest-rated cable news network, according to Nielsen. Newsmax is carried on all major cable, satellite systems, and virtual pay TV operators. Newsmax reaches more than 40 million Americans regularly through Newsmax TV, the Newsmax+ App, its popular website and publications like Newsmax Magazine. Reuters Institute says Newsmax is one of the top 12 U.S. news brands and Forbes has called us 'a news powerhouse.' For more information, please visit Investor Relations | Newsmax Media, Inc. About FTSE Russell, an LSEG Business FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit FTSE Russell. Forward-Looking Statements This communication contains forward-looking statements. From time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements can be identified by those that are not historical in nature. The forward-looking statements discussed in this communication and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. Newsmax does not guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this communication to conform our prior statements to actual results or revised expectations, and we do not intend to do so. Factors that may cause actual results to differ materially from current expectations include various factors, including but not limited to any changes in indications we have received from FTSE Russell regarding inclusion in certain indexes, our ability to change the direction of Newsmax, our ability to keep pace with new technology and changing market needs, the competitive environment of our business changes in domestic and global general economic and macro-economic conditions and/or uncertainties and factors set forth in the sections entitled 'Risk Factors' in Newsmax's Annual Report on Form 10-K for the twelve months ended December 31, 2024, Newsmax's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and other filings Newsmax makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Undue reliance should not be placed on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Investor Contacts Newsmax Investor Relations ir@ SOURCE: Newsmax Inc. View the original press release on ACCESS Newswire
Miami Herald
16-05-2025
- Business
- Miami Herald
Newsmax Announces First Quarter 2025 Financial Results
Company Reports Revenues of $45.3 million, an 11.6% Increase Year-Over-Year, In First Earnings Report as a Public Company Newsmax Remains the 4th Highest-Rated Cable News Channel With Over 33 Million Quarterly Viewers BOCA RATON, FL / ACCESS Newswire / May 15, 2025 / Newsmax Inc. (NYSE:NMAX) ("Newsmax" or the "Company") today announced its financial results for the first quarter ended March 31, 2025. Management Commentary "We are thrilled to share our first earnings results as a publicly traded company since we listed on the New York Stock Exchange in March," commented Christopher Ruddy, CEO of Newsmax Inc. "This milestone marks the beginning of an exciting new chapter for us as a public company. I want to sincerely thank everyone who participated in both our private raise and IPO - your support made this achievement possible." Ruddy continued, "Newsmax has grown into the fourth highest-rated cable news channel reaching 60 million homes through our main Newsmax channel, our free streaming channel Newsmax2, the Newsmax App and its streaming service Newsmax+, our website and our publications such as Newsmax Magazine. Newsmax now reaches 20 million combined social media followers through our various accounts, with the best per-follower engagement rate in TV news. Our growth is due in part to our continued mission of providing those Americans with balanced coverage, diverse viewpoints and open debates on the issues they care about." "So far in 2025, we are proud to report impressive financial performance, driven by the strength of our brand, audience engagement and our ongoing commitment to independent, values-driven journalism. Our strong relationships with distributors and advertisers, such as our recently announced multi-year agreement with Hulu + Live TV, our broadcasting agreement with the Dominican Republic's Supercanal and our distribution agreements with Cellcom Israel and Telecom Armenia, not only reinforce our position in key international markets but also ensure that our content reaches broader audiences across platforms." "Looking ahead to the rest of 2025, we are well-positioned to continue growing our viewership, securing transformative distribution agreements, expanding our extensive content offerings and bringing onboard quality talent to deliver trusted news to the American people." First Quarter 2025 Business and Operational Highlights The first quarter 2025 Nielsen report ranked Newsmax highly across a number of metrics:Newsmax hit a recent record 33.6 million viewers watching the network in the first quarter of 2025, up 50% from the same period last was the fifth highest-rated network in all of cable TV for total remained the fourth highest-rated cable news channel in the U.S., ranking second in engagement (length-of-tune) for all dayparts ages also broke records in Q1 2025, and for all of 2024, becoming No. 1 for all U.S. news networks (broadcast and cable) for per-follower social interaction rate on Facebook, X and signed a multi-year extension with veteran news anchor and broadcaster Greta Van Susteren to host "The Record with Greta Van Susteren." First Quarter 2025 Financial Highlights Newsmax reported total quarterly revenues of $45.3 million for the three-month period ended March 31, 2025, representing an 11.6% year-over-year Revenues increased 13.5% year-over-year to $28.9 million driven by higher linear cable and satellite advertising due to higher Nielsen ratings which translated to higher Revenues increased 12.5% year-over-year to $7.4 million driven by new contractual relationships as well as rate increases that went into effect in Revenues increased 10.2% year-over-year to $7.0 million driven by an increase in Newsmax + Sales Revenues increased 9.1% year-over-year to $1.6 million driven by the new book releases of its Humanix subsidiary, including titles "Pay Zero Taxes", "Turnaround" and "Plan Red", offset slightly by lower nutraceutical reported a quarterly Net Loss of $(17.2) million as compared to a Net Loss of $(50.7) million reported in the prior year quarter. While operating expenses increased this quarter, including regulatory, compliance and reporting costs associated with public company requirements, there were significant legal and settlement expenses in the prior year quarter related to the Smartmatic legal Adjusted EBITDA was $(1.2) million, a decrease of $4.4 million, or 136.5%, from the amount reported in the prior year quarter, primarily due to an increase in cost of revenues and general and administrative costs associated with the continued expansion of the business, costs associated with becoming a public company and costs associated with coverage of the inauguration of President Donald J. Trump on January 20, Company ended the quarter with $126.7 million in Cash and Cash Equivalents, an increase of 426.8% from $24.1 million in December 31, 2024. "We are pleased to report strong quarterly results, highlighted by increased viewer engagement across both linear and digital platforms, growth in advertising partnerships and the successful launch of new programming," commented Darryle Burnham, Chief Financial Officer. "With enhanced access to capital from our pre-IPO and IPO raises, we are well-positioned to sustain our momentum. As we execute on our financial and strategic priorities, we remain focused on delivering long-term value to our shareholders." 1 The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA on page 12. About Newsmax Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation's leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major cable and satellite systems. Newsmax's media properties reach more than 40 million Americans regularly through Newsmax TV, the Newsmax App, its popular website and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches 20 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax "a news powerhouse." For more information, please visit Investor Relations | Newsmax Media, Inc. Investor Contacts Newsmax Investor Relationsir@ FORWARD-LOOKING STATEMENTS: This communication contains forward-looking statements. From time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements can be identified by those that are not historical in nature. The forward-looking statements discussed in this communication and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. The Company does not guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this communication to conform our prior statements to actual results or revised expectations, and we do not intend to do so. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including but not limited to changes in domestic and global general economic and macro-economic conditions and the volatility of the price of Common Stock that may result from, among other things, comments by securities analysts or other third parties, including blogs, articles, message boards and social and other media, large shareholders exiting their position in our Common Stock, any negative public perception of us, sales of shares by Yorkville or other shares we previously registered for resale and/or uncertainties and factors set forth in the sections entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2024, the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Undue reliance should not be placed on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. USE AND DEFINITION OF NON-GAAP FINANCIAL MEASURES This press release contains a financial measure that has not been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). This financial measure is Adjusted EBITDA. Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA1 is defined as revenues less cost of revenues and general and administrative expenses and does not include depreciation and amortization, interest expense, net, impairment charges, unrealized gains (losses) on marketable securities, other corporate matters (consisting primarily of certain litigation expenses, and related fees, for specific legal proceedings that the Company has determined are infrequent and unusual in terms of their magnitude), other, net, and income tax expense. NEWSMAX INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) (1) On March 28, 2025, the Company announced a 6,765.396 for 1 stock split, effective March 31, 2025. This stock split is reflected retroactively in all periods presented for the common shares issued and outstanding. NEWSMAX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE INCOME (LOSS)(Unaudited) (1) On March 28, 2025, the Company announced a 6,765.396 for 1 stock split, effective March 31, 2025. This stock split is reflected retroactively in all periods presented for the common shares issued and outstanding. NEWSMAX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) NEWSMAX INC. AND SUBSIDIARIESADJUSTED EBITDA RECONCILIATION(Unaudited) SOURCE: Newsmax Inc.
Yahoo
15-05-2025
- Business
- Yahoo
Newsmax Announces First Quarter 2025 Financial Results
Company Reports Revenues of $45.3 million, an 11.6% Increase Year-Over-Year, In First Earnings Report as a Public Company Newsmax Remains the 4th Highest-Rated Cable News Channel With Over 33 Million Quarterly Viewers BOCA RATON, FL / / May 15, 2025 / Newsmax Inc. (NYSE:NMAX) ("Newsmax" or the "Company") today announced its financial results for the first quarter ended March 31, 2025. Management Commentary "We are thrilled to share our first earnings results as a publicly traded company since we listed on the New York Stock Exchange in March," commented Christopher Ruddy, CEO of Newsmax Inc. "This milestone marks the beginning of an exciting new chapter for us as a public company. I want to sincerely thank everyone who participated in both our private raise and IPO - your support made this achievement possible." Ruddy continued, "Newsmax has grown into the fourth highest-rated cable news channel reaching 60 million homes through our main Newsmax channel, our free streaming channel Newsmax2, the Newsmax App and its streaming service Newsmax+, our website and our publications such as Newsmax Magazine. Newsmax now reaches 20 million combined social media followers through our various accounts, with the best per-follower engagement rate in TV news. Our growth is due in part to our continued mission of providing those Americans with balanced coverage, diverse viewpoints and open debates on the issues they care about." "So far in 2025, we are proud to report impressive financial performance, driven by the strength of our brand, audience engagement and our ongoing commitment to independent, values-driven journalism. Our strong relationships with distributors and advertisers, such as our recently announced multi-year agreement with Hulu + Live TV, our broadcasting agreement with the Dominican Republic's Supercanal and our distribution agreements with Cellcom Israel and Telecom Armenia, not only reinforce our position in key international markets but also ensure that our content reaches broader audiences across platforms." "Looking ahead to the rest of 2025, we are well-positioned to continue growing our viewership, securing transformative distribution agreements, expanding our extensive content offerings and bringing onboard quality talent to deliver trusted news to the American people." First Quarter 2025 Business and Operational Highlights The first quarter 2025 Nielsen report ranked Newsmax highly across a number of metrics: Newsmax hit a recent record 33.6 million viewers watching the network in the first quarter of 2025, up 50% from the same period last year. Newsmax was the fifth highest-rated network in all of cable TV for total day. Newsmax remained the fourth highest-rated cable news channel in the U.S., ranking second in engagement (length-of-tune) for all dayparts ages 35-64. Newsmax also broke records in Q1 2025, and for all of 2024, becoming No. 1 for all U.S. news networks (broadcast and cable) for per-follower social interaction rate on Facebook, X and Instagram. Newsmax signed a multi-year extension with veteran news anchor and broadcaster Greta Van Susteren to host "The Record with Greta Van Susteren." First Quarter 2025 Financial Highlights Newsmax reported total quarterly revenues of $45.3 million for the three-month period ended March 31, 2025, representing an 11.6% year-over-year increase. Advertising Revenues increased 13.5% year-over-year to $28.9 million driven by higher linear cable and satellite advertising due to higher Nielsen ratings which translated to higher rates. Affiliate Revenues increased 12.5% year-over-year to $7.4 million driven by new contractual relationships as well as rate increases that went into effect in 2025. Subscription Revenues increased 10.2% year-over-year to $7.0 million driven by an increase in Newsmax + subscribers. Product Sales Revenues increased 9.1% year-over-year to $1.6 million driven by the new book releases of its Humanix subsidiary, including titles "Pay Zero Taxes", "Turnaround" and "Plan Red", offset slightly by lower nutraceutical sales. Newsmax reported a quarterly Net Loss of $(17.2) million as compared to a Net Loss of $(50.7) million reported in the prior year quarter. While operating expenses increased this quarter, including regulatory, compliance and reporting costs associated with public company requirements, there were significant legal and settlement expenses in the prior year quarter related to the Smartmatic legal settlement. Quarterly Adjusted EBITDA was $(1.2) million, a decrease of $4.4 million, or 136.5%, from the amount reported in the prior year quarter, primarily due to an increase in cost of revenues and general and administrative costs associated with the continued expansion of the business, costs associated with becoming a public company and costs associated with coverage of the inauguration of President Donald J. Trump on January 20, 2025. The Company ended the quarter with $126.7 million in Cash and Cash Equivalents, an increase of 426.8% from $24.1 million in December 31, 2024. "We are pleased to report strong quarterly results, highlighted by increased viewer engagement across both linear and digital platforms, growth in advertising partnerships and the successful launch of new programming," commented Darryle Burnham, Chief Financial Officer. "With enhanced access to capital from our pre-IPO and IPO raises, we are well-positioned to sustain our momentum. As we execute on our financial and strategic priorities, we remain focused on delivering long-term value to our shareholders." 1 The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA on page 12. About Newsmax Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation's leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major cable and satellite systems. Newsmax's media properties reach more than 40 million Americans regularly through Newsmax TV, the Newsmax App, its popular website and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches 20 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax "a news powerhouse." For more information, please visit Investor Relations | Newsmax Media, Inc. Investor Contacts Newsmax Investor Relationsir@ FORWARD-LOOKING STATEMENTS: This communication contains forward-looking statements. From time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements can be identified by those that are not historical in nature. The forward-looking statements discussed in this communication and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. The Company does not guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this communication to conform our prior statements to actual results or revised expectations, and we do not intend to do so. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including but not limited to changes in domestic and global general economic and macro-economic conditions and the volatility of the price of Common Stock that may result from, among other things, comments by securities analysts or other third parties, including blogs, articles, message boards and social and other media, large shareholders exiting their position in our Common Stock, any negative public perception of us, sales of shares by Yorkville or other shares we previously registered for resale and/or uncertainties and factors set forth in the sections entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2024, the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Undue reliance should not be placed on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. USE AND DEFINITION OF NON-GAAP FINANCIAL MEASURES This press release contains a financial measure that has not been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). This financial measure is Adjusted EBITDA. Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA1 is defined as revenues less cost of revenues and general and administrative expenses and does not include depreciation and amortization, interest expense, net, impairment charges, unrealized gains (losses) on marketable securities, other corporate matters (consisting primarily of certain litigation expenses, and related fees, for specific legal proceedings that the Company has determined are infrequent and unusual in terms of their magnitude), other, net, and income tax expense. NEWSMAX INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) March 31,2025 December 31,2024 ASSETS Current assets: Cash and cash equivalents $ 126,718,693 $ 24,052,887 Investments 89,801,763 58,310,955 Accounts receivable, net 28,924,345 28,265,721 Inventories, net 1,883,028 1,792,697 Prepaid expenses and other current assets 4,790,037 5,868,534 Total current assets 252,117,866 118,290,794 Property and equipment, net 5,725,250 6,225,617 Right of use asset, operating lease 6,330,521 7,191,606 Other asset 13,489,980 13,755,420 Security deposits 543,699 609,426 Total assets $ 278,207,316 $ 146,072,863 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 15,781,198 $ 14,670,846 Accrued expenses 13,191,197 9,882,720 Accrued payroll 2,889,593 2,220,872 Accrued distribution 1,097,223 1,068,366 Deferred revenue 13,376,709 13,652,699 Lease liability, operating lease 3,678,084 3,894,102 Lease liability, finance lease 194,831 199,237 Settlement liability 20,470,000 29,099,265 Warrant liability - 6,499,821 Derivative liability - 41,459,418 Total current liabilities 70,678,835 122,647,346 Long-term liabilities: Deferred revenue, net of current portion 2,992,697 2,835,218 Lease liability, operating lease, net of current portion 3,287,889 4,049,256 Lease liability finance lease, net of current portion 82,575 129,930 Settlement liability, net of current portion 23,784,963 25,477,941 Total liabilities 100,826,959 155,139,691 Commitments and contingencies (Note 11) Convertible and redeemable preferred stock, $0.001 par value; 11,034 shares authorized; and 0 and 5,575 shares issued and outstanding as of March 31, 2025 and December 31, 2024 - 128,576,901 Stockholders' equity (deficit) Convertible and redeemable preferred stock, $0.001 par value; 60,000 shares authorized; and 0 and 45,014 shares issued and outstanding as of March 31, 2025 and December 31, 2024 - 86,742,045 Class A common stock, $0.001 par value; 50,000,000 shares authorized; 39,239,297 shares issued and outstanding; Class B common stock, $0.001 par value; 940,000,000 shares authorized 88,943,084 shares issued and outstanding at March 31, 2025. Class A common stock, $0.001 par value; 20,000 Class A shares authorized; 68,127,538 Class A shares issued and outstanding at December 31, 2024; 60,000 Class B shares authorized; 0 Class B shares issued and outstanding at December 31, 2024 (1) 128,182 10 Treasury stock, 0 and 27,061,584 shares at cost, respectively - (14,622,222 ) Additional paid-in capital 422,430,811 18,056,702 Accumulated other comprehensive income (loss) 429,542 (52,849 ) Accumulated deficit (245,608,178 ) (227,767,415 ) Total stockholders' equity (deficit) 177,380,357 (137,643,729 ) Total liabilities, convertible and redeemable preferred stock and stockholders' equity (deficit) $ 278,207,316 $ 146,072,863 (1) On March 28, 2025, the Company announced a 6,765.396 for 1 stock split, effective March 31, 2025. This stock split is reflected retroactively in all periods presented for the common shares issued and outstanding. NEWSMAX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE INCOME (LOSS)(Unaudited) For the three months ended March 31, 2025 2024 Revenues: Service revenue $ 43,735,340 $ 39,163,377 Product revenue 1,566,367 1,436,268 Total revenues 45,301,707 40,599,645 Cost of services 22,443,522 19,112,737 Cost of products sold 1,191,106 1,191,280 Gross profit 21,667,079 20,295,628 General and administrative expenses: Personnel costs 10,218,359 7,182,377 Advertising costs 4,418,454 4,492,600 Professional fees 2,624,464 1,338,750 Rent and utilities 1,449,791 1,497,064 Depreciation 736,875 805,049 Other corporate matters 9,667,603 53,236,120 Other 4,124,313 2,587,012 Total general and administrative expenses 33,239,859 71,138,972 Loss from operations (11,572,780 ) (50,843,344 ) Other (expense) income, net Interest and dividend income 1,054,286 27,293 Interest expense (6,055 ) (25,785 ) Unrealized gain on marketable securities 1,585,580 163,346 Other, net (8,288,556 ) (3,225 ) Total other (expense) income, net (5,654,745 ) 161,629 Net loss before income taxes (17,227,525 ) (50,681,715 ) Income tax expense 5,000 1,972 Net loss $ (17,232,525 ) $ (50,683,687 ) Other comprehensive income: Unrealized gain on available for sale debt investments, net of income tax 482,391 - Comprehensive loss $ (16,750,134 ) $ (50,683,687 ) Weighted average common stock outstanding, basic and diluted (1) 44,895,546 41,065,954 Net loss per share attributable to common stockholders, basic and diluted (0.49 ) (1.27 ) (1) On March 28, 2025, the Company announced a 6,765.396 for 1 stock split, effective March 31, 2025. This stock split is reflected retroactively in all periods presented for the common shares issued and outstanding. NEWSMAX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) For the three months ended March 31, 2025 2024 Cash flows from operating activities: Net loss $ (17,232,525 ) $ (50,683,687 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,540,440 1,569,239 Stock-based compensation 1,577,109 Change in fair value of warrant liability 1,824,179 - Change in fair value of derivative liability 6,104,230 - (Recovery of) provision for credit losses (118,266 ) (31,025 ) Unrealized gain on marketable securities (1,585,580 ) (163,346 ) Non-cash lease expense 889,411 848,007 Changes in operating assets and liabilities: (Increase) decrease in assets: Accounts receivable (540,358 ) (899,890 ) Inventory (90,331 ) 541,788 Prepaid expenses and other current assets (758,633 ) (704,998 ) Other asset (538,125 ) - Security deposits 65,727 (29,519 ) Increase (decrease) in liabilities: Accounts payable 577,173 (3,114,787 ) Accrued expenses 4,006,055 10,651,609 Lease liabilities (1,005,711 ) (820,112 ) Settlement liability (10,322,243 ) 40,000,000 Deferred revenue (118,511 ) (471,103 ) Net cash used in operating activities (15,725,959 ) (3,307,824 ) Cash flows from investing activities: Purchase of investments (36,672,837 ) - Proceeds from maturity of investments 7,250,000 - Sale of investments - 314,039 Purchase of property and equipment (73,077 ) (85,121 ) Net cash (used in) provided by investing activities (29,495,914 ) 228,919 Cash flows from financing activities: Proceeds from issuance of convertible preferred stock 87,073,000 - Payments of issuance costs on convertible preferred stock (6,330,778 ) - Proceeds from issuance of common stock IPO 74,250,000 - Payments of issuance costs on common stock IPO (6,780,143 ) - Payment of dividend (304,930 ) - Principal payment under finance lease obligation (19,470 ) (17,486 ) Net cash provided by (used in) financing activities 147,887,679 (17,486 ) Net change in cash 102,665,806 (3,096,391 ) Cash and cash equivalents - beginning 24,052,887 6,037,211 Cash and cash equivalents - ending $ 126,718,693 $ 2,940,820 Supplemental disclosures of cash flow information: Operating lease assets obtained in exchange for operating lease liabilities $ 28,391 $ - Interest paid $ 586 $ 9,795 Non-cash transactions: Property and equipment acquired through accounts payable: $ 195,722 $ 171,356 Non-cash financing activities: Common stock issuance costs reclassified from prepaid expenses $ (1,798,989 ) $ - Common stock issuance costs acquired through accounts payable $ (337,458 ) $ - Preferred stock cancellations to be refunded $ (115,000 ) $ - Accrued dividends payable $ 610,139 $ - IPO funds receivable in escrow $ 750,000 $ - NEWSMAX INC. AND SUBSIDIARIESADJUSTED EBITDA RECONCILIATION(Unaudited) For the three months ended March 31, 2025 2024 Net loss $ (17,232,525 ) $ (50,683,687 ) Add Depreciation 736,875 805,049 Interest, net (1,048,231 ) (1,508 ) Unrealized (gain) loss on marketable securities (1,585,580 ) (163,346 ) Other corporate matters 9,667,603 53,236,120 Other, net 8,288,556 3,225 Income tax expense 5,000 1,972 Adjusted EBITDA $ (1,168,302 ) $ 3,197,825 SOURCE: Newsmax Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Times
05-05-2025
- Irish Times
Northern Ireland teachers in Qatar: ‘We're 25 and middle management. A lot of friends at home are still sub teaching'
When her alarm goes off at 5.30am, Emma Ruddy wakes to sunlight peeking through the curtains in her Qatar apartment. The Co Down -born teacher looks out on to the blue waters of Lusail marina from her bedroom window; directly below is an infinity pool. 'It's an early start but when you pull the blind open and see that view, it's an instant mood booster,' she says, beaming. It is a vista far removed from the Holylands student area of Belfast , where she once shared a house that had 'little bits of mould and damp in our rooms' and broken heating. Ruddy (25) is among a growing number of Northern graduates opting to move to the Middle East for work and a new life. Tax-free salaries, perpetual sunshine (it rains for about a week each year) and free accommodation are tempting newly qualified teachers away from home. READ MORE The package enticements – free healthcare is also offered – have led Ruddy and her friend and colleague Niamh McAleer to agree an extension to their contract at a school in the coastal city of Lusail, the second largest after Doha. [ A €2,000 refund for teaching graduates may just go towards their flight to Australia Opens in new window ] Today, the pair are speaking to The Irish Times from outside their classrooms during a free period; they had a 6.40am start will finish at 2.30pm. It is midmorning and 38 degrees but they look relaxed, wearing long-sleeved tops in the air-conditioned building. Platters of Greek food are being prepared behind them for school assembly, with dozens of children dressed in traditional Greek costumes for the day's theme. McAleer, who grew up on Boa Island, at the northern end of Lough Erne in Co Fermanagh, initially signed up for a short-term job after graduating from St Mary's University College, a teacher training college in west Belfast, three years ago. 'When I came out to Qatar, I always thought it would be for one year. I've now signed on for my fourth year, I've loved it so much,' says McAleer, who shares the apartment with Ruddy. Northen teachers Niamh McAleer and Emma Ruddy. Of the 76 teaching staff at their school, almost 30 are Irish, mainly from the North 'You're on a timetable with set subjects. You might have an Arabic teacher for your second lesson, meaning they will come into your class and take your children. You'll have 50 minutes for prep time or to take a breather. So I have three free periods today; I've time to prepare lessons and courses for next week. 'We start early but there's so much to do in the evening. We go to the beach, the pool, jet-ski – there's so many water sports – and the food is amazing. Whereas at home, you're not finishing until 5pm and your evening is done. Because the days are longer [here], you tend to fill them more.' Making the move was a 'no-brainer' for the pair after they failed to secure permanent teaching jobs in Northern Ireland, according to Ruddy. The North's education sector has been beset by funding cuts for more than a decade, leading to teachers taking industrial action over pay and conditions. 'There was a bit of a whisper around college about Doha for a while. My brother had moved out and a couple of others the year above us,' says Ruddy. 'Towards the end of uni, you start to realise that you might have to go sub teaching. Having a job with a tax-free salary is one of the main benefits out here. Accommodation is paid for too. If you were getting a house in Dublin or Belfast, you have to pay your deposit and rent. 'Waking up in the sunshine, having an earlier start and an earlier finish with work, was automatic appeal.' Prof Peter Finn, who heads St Mary's University College, first noticed the emerging trend in 2016 when a company that owns schools in Qatar 'found their way to our Open Day on the Falls Road'. When these people eventually come home, just think of the competencies and the insights they will bring to work as teachers on their return ... These graduates have lived with Islam for the last three years and understand it in a very positive way — Prof Peter Finn 'The story goes that at the graduation that summer, I was going around shaking hands, asking where they were going and I heard 'Qatar'. So I let one go, and then after about six, I thought, 'there's something going on here that I need to know about',' he says. Finn went to Qatar last year to visit the school where more than 20 of his former students had worked. One of the first to approach him was Niamh McAleer. 'This young woman from Boa Island came bounding toward me, and it was just the incongruity of the situation. She was as natural. That's what I really liked – she was completely and absolutely at home at where she was.' While concerns have been raised about increasing numbers of Northern graduates working abroad, Finn points to the benefits. [ More than 4,600 Irish teachers working abroad as schools at home struggle with staff shortages - study Opens in new window ] 'When these people eventually come home, just think of the competencies and the insights they will bring to work as teachers on their return. We're now living in a multicultural Ireland. 'Can you imagine their understanding of Islam compared to the understanding of the average man on the street? These graduates have lived with Islam for the last three years and understand it in a very positive way.' Missing her family is the biggest downside for McAleer and she travels home up to four times a year during term leave. She admits her parents were 'a bit hesitant' about the move. 'Then they came out to visit me and saw how settled I was,' she says. Accusations of human rights abuses and violation of migrant workers before Qatar hosting the 2022 World Cup dogged the country throughout the tournament. Religious and cultural differences were also a concern for the two friends before their departure. [ More than a million call on Fifa to finally compensate migrant workers in Qatar Opens in new window ] 'We were apprehensive at the beginning but became familiar with the customs very quickly. It's really only if you're going to certain places, like a mosque or school or cultural areas, then you know you have to cover your shoulders and knees,' Ruddy says. A visit by Ruddy's parents during her first year resulted in them leaving their own jobs and moving out; her father – a vice-principal in Co Down for 30 years – is now a principal at a large school and her mother works for an Irish company remotely. Sport is a passion for McAleer, a former player with St Joesph's GAC in Ederney, Co Fermanagh, and she joined Qatar GAA on arrival. Training is twice a week, with up to 100 people attending at 8am on Friday mornings (the school weekends are Friday and Saturday). We both got head-of-year jobs recently, so you do have the opportunity for career development. A lot of our friends are still sub teaching – that's three years on from graduating — Niamh McAleer Ruddy, who grew up in Newry, had never played Gaelic football but signed up; tournaments regularly take them to Dubai, a 30-minute plane journey away. 'There is a big Irish community out here now. At weekends, you have football, camogie, hurling, Irish language committees and coffee mornings,' she says. Of the 76 teaching staff at their school, almost 30 are Irish and mainly from the North. There has also been a recent influx of graduates from the Republic. 'It sounds as if we only socialise with Irish people, but we've met people from all over the world,' laughs McAleer. 'People have the mindset of 'let's travel'. So on your March or October midterm holidays, you do travel.' Zanzibar, Bali, South Africa, Abu Dhabi and Oman have been among their trips. 'Because Dubai is so close, we'll go there for the weekend,' says Ruddy. Job promotions have cemented their decision to remain for at least another year. 'We both got head-of-year jobs recently, so you do have the opportunity for career development. We're 25 years old and now middle management in our school,' says McAleer. 'A lot of our friends are still sub teaching – that's three years on from graduating.' Finishing their week, the pair are making plans for the weekend now that the football season is over. Brunch lasts from 12.30pm to 4pm on a Friday, says Ruddy with a smile. 'At home you get up in the winter, it's cold, and have to defrost your car. It's lovely to wake up now, throw on your swimwear, hop in the lift and go down to the pool. 'It was the job security in Qatar that drew us – and then of course the lifestyle. It's hard to leave that.'
BBC News
22-04-2025
- Business
- BBC News
Lydney chip shop owner has nothing 'to fall back on' after flood
A chip shop owner has said he has nothing "to fall back on" after his business flooded during a Ruddy, who owns Ruddy's Fish & Chips in Lydney, Gloucestershire, said he was "lucky" to have flood insurance when Storm Bert hit the town in November 2024, but he is unable to get the same cover businesses say they are still being affected by the impact of the storm, which includes the partial closure of the bridge on Newerne Street which was damaged by flooding and then struck by a car nine days County Council said the bridge would be repaired between 28 July and 15 August - more than eight months after it was damaged. Mr Ruddy, who reopened his chip shop in March, said it had been "frustrating" not to know whether flood prevention steps would be taken."Whether they fix the bridge or not, it might just happen again," he said."We can't even get flood insurance now... so, if it were to happen again, we don't have that to fall back on."We have to get separate flood insurance, which is a lot of money and they only end up paying 25% of what you lost." Emma Kemsley, who owns Newerne Street businesses The Dressing Room and Élan, said shoppers were being put off coming into the town by the closure and were "using other high streets"."It's such a shame when we're still not seeing all the businesses reopened yet, people are still waiting for insurance money and to be refitted," she said."So it's just waiting for life to be fed back into the town."The bridge was fully closed from November until January, at which point one lane was reopened under traffic light Joseph Wayne, a resident, said it had been "dangerous" for pedestrians to walk near the bridge due to issues with the traffic lights."The temporary traffic lights have been malfunctioning so pedestrians have found it hard to cross the road," he added. However, fellow resident Mike Davis said, while the traffic lights were "inconvenient", it had made things "better for pedestrians"."It's stopped a lot of commercial vehicles running through the town... since it's been shut, it's forcing them [to use the bypass]. That's good, isn't it?"A spokesperson for Gloucestershire County Council said repair works might be brought forward if consent from the Environment Agency "is received sooner", and thanked residents for their patience.
