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s-gaap:CommonClassAMember2026-01-012026-03-310002026478us-gaap:CommonClassAMember2025-01-012025-03-310002026478us-gaap:CommonClassBMember2026-01-012026-03-310002026478us-gaap:CommonClassBMember2025-01-012025-03-310002026478us-gaap:WarrantMember2026-01-012026-03-310002026478us-gaap:WarrantMember2025-01-012025-03-310002026478us-gaap:EmployeeStockOptionMember2026-01-012026-03-310002026478us-gaap:EmployeeStockOptionMember2025-01-012025-03-310002026478nmax:UnvestedEarlyExercisedOptionsMember2026-01-012026-03-310002026478nmax:UnvestedEarlyExercisedOptionsMember2025-01-012025-03-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______________ to _______________\n\nCommission file number 001-42575\n\nNEWSMAX INC.\n\n(Exact name of registrant as specified in its charter)\n\nFlorida99-2600308\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n750 Park of Commerce Drive, Suite 100, Boca Raton, Florida\n\n33487\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(561) 686-1165\n\nRegistrant’s telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nClass B Common Stock, par value $0.001 per shareNMAXNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\no\n\nEmerging growth company\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes o No x\n\nAs of May 8, 2026, a total of 39,239,297 shares of Class A common stock, par value $0.001 per share, and 89,921,348 shares of Class B common stock, par value $0.001 per share were issued and outstanding.\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I - Financial Information](#i9d3d9a3b195846e3b1feea33eaf7a756_10)\n\n[1](#i9d3d9a3b195846e3b1feea33eaf7a756_10)\n\n[Item 1. Financial Statements](#i9d3d9a3b195846e3b1feea33eaf7a756_13)\n\n[2](#i9d3d9a3b195846e3b1feea33eaf7a756_13)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9d3d9a3b195846e3b1feea33eaf7a756_85)\n\n[19](#i9d3d9a3b195846e3b1feea33eaf7a756_85)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i9d3d9a3b195846e3b1feea33eaf7a756_118)\n\n[25](#i9d3d9a3b195846e3b1feea33eaf7a756_118)\n\n[Item 4. Controls and Procedures](#i9d3d9a3b195846e3b1feea33eaf7a756_121)\n\n[25](#i9d3d9a3b195846e3b1feea33eaf7a756_121)\n\n[Part II - Other Information](#i9d3d9a3b195846e3b1feea33eaf7a756_124)\n\n[28](#i9d3d9a3b195846e3b1feea33eaf7a756_124)\n\n[Item 1. Legal Proceedings](#i9d3d9a3b195846e3b1feea33eaf7a756_127)\n\n[28](#i9d3d9a3b195846e3b1feea33eaf7a756_127)\n\n[Item 1A. Risk Factors](#i9d3d9a3b195846e3b1feea33eaf7a756_130)\n\n[29](#i9d3d9a3b195846e3b1feea33eaf7a756_130)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i9d3d9a3b195846e3b1feea33eaf7a756_133)\n\n[29](#i9d3d9a3b195846e3b1feea33eaf7a756_133)\n\n[Item 3. Defaults Upon Senior Securities](#i9d3d9a3b195846e3b1feea33eaf7a756_136)\n\n[29](#i9d3d9a3b195846e3b1feea33eaf7a756_136)\n\n[Item 4. Mine Safety Disclosures](#i9d3d9a3b195846e3b1feea33eaf7a756_139)\n\n[29](#i9d3d9a3b195846e3b1feea33eaf7a756_139)\n\n[Item 5. Other Information](#i9d3d9a3b195846e3b1feea33eaf7a756_142)\n\n[29](#i9d3d9a3b195846e3b1feea33eaf7a756_142)\n\n[Item 6. Exhibit and Financial Statement Schedules](#i9d3d9a3b195846e3b1feea33eaf7a756_145)\n\n[30](#i9d3d9a3b195846e3b1feea33eaf7a756_145)\n\n[Signatures](#i9d3d9a3b195846e3b1feea33eaf7a756_148)\n\n[31](#i9d3d9a3b195846e3b1feea33eaf7a756_148)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA\n\nThis Quarterly Report on Form 10-Q contains certain forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this Quarterly Report on Form 10-Q about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “believes,” “will,” “expects,” “anticipates,” “estimates,” “predicts,” “potential,” “continues” “intends,” “plans” and “would” or the negative of these terms or other comparable terminology. For example, statements concerning financial condition, possible or assumed future results of operations, growth opportunities, and plans are all forward-looking statements. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding:\n\n•current or future financial performance;\n\n•management’s plans and objectives for future operations;\n\n•uncertainties associated with product research and development;\n\n•uncertainties associated with dependence upon the actions of government regulatory agencies;\n\n•product plans and performance;\n\n•management’s assessment of market factors; and statements regarding our strategy and plans.\n\nAll of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.\n\nThis Quarterly Report on Form 10-Q may include market data and certain industry data and forecasts, which we may obtain from internal company surveys, market research, consultant surveys, publicly available information, reports of governmental agencies and industry publications, articles and surveys. Industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. While we believe that such studies and publications are reliable, we have not independently verified market and industry data from third-party sources.\n\n1\n\nPart I - Financial Information"}