Noble Capital Sees Newsmax as 'Buy,' Bullish Outlook

Noble Capital Markets has reaffirmed its "Outperform" rating on Newsmax (NYSE: NMAX), saying the company continues to demonstrate strong operating momentum, an improving financial outlook, and a rapidly expanding base of recurring revenue.

In a new research report released Friday, veteran media analyst Michael Kupinski, director of research and equity research analyst for digital, media and technology, said Newsmax's first-quarter performance exceeded expectations despite operating in a more challenging post-election news environment.

The analysts affirmed Newsmax had a target price of $17 a share as they highlighted that the company has successfully diversified beyond advertising by expanding cable affiliate fees, licensing agreements, streaming platforms, digital publishing, and international operations.

"We continue to view Newsmax as an attractive long-term growth story," the report said, pointing to affiliate fee monetization, expanding international licensing opportunities, and increasing operating leverage as the company's principal growth drivers.

Perhaps the most significant change in the report was Noble's dramatically improved earnings outlook.

The firm raised its forecast for 2026 adjusted EBITDA from a projected $16.4 million loss to just a $3.4 million loss, reflecting a stronger revenue mix, lower expected operating expenses, and growing confidence in management's execution.

The analysts also cited Newsmax's growing audience, noting the company reached 30.4 million viewers during the first quarter, while total viewership increased 29% from the fourth quarter of 2025, maintaining its position as the nation's fourth-highest-rated cable news network.

Noble said recurring revenue continues to strengthen as recently negotiated distribution agreements, higher affiliate fees, and expanding international licensing partnerships increasingly replace lower-margin advertising revenue.

The report also emphasized Newsmax's financial strength, noting the company ended the quarter with approximately $129 million in cash and short-term investments and no debt, providing significant flexibility to continue investing in programming, streaming initiatives, and global expansion.

Key findings from Noble Capital Markets:

• Maintained "Outperform" rating on Newsmax

• Raised 2026 adjusted EBITDA forecast from a $16.4 million loss to a $3.4 million loss

• Affiliate fee revenue forecast increased to $53 million for 2026

• International licensing revenue forecast nearly tripled to $16.2 million, reflecting expanding global partnerships

• First-quarter audience reached 30.4 million viewers, with total viewership rising 29% sequentially

• Maintains approximately $129 million in cash and investments with zero debt

The analysts said Newsmax's transition toward higher-margin recurring revenue through affiliate fees and licensing should continue to improve profitability over the coming years.

The report concludes that Newsmax remains well positioned to capitalize on changing media consumption trends through its multiplatform strategy spanning cable television, streaming services, digital publishing, social media, and international licensing, while continuing to benefit from what Noble views as significant untapped affiliate fee opportunities.

See Newsmax Investor Information

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 pay TV providers. Newsmax's media properties reach more than 50 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches over 25 million combined followers. Reuters Institute has said Newsmax is one of the top U.S. news brands and Forbes has called Newsmax "a news powerhouse."

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding expected international revenue growth, anticipated partner launches, advertising and licensing opportunities, distribution expansion, geographic growth, future business performance, timing of localized channel launches, partner performance, and anticipated benefits of international distribution and licensing arrangements. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including delays or changes in partner launches, failure of partners to launch or operate localized channels as expected, termination or modification of agreements, lower-than-expected advertising demand, changes in distribution arrangements, foreign currency fluctuations, regulatory, political and geopolitical risks, local market conditions, competitive conditions, revenue recognition timing, collection risk, and the other risks described in the Company's filings with the SEC. The Company undertakes no obligation to update forward-looking statements except as required by law.