NEWSMAX INC., 10-Q filed on 8/19/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 19, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-42575  
Entity Registrant Name NEWSMAX INC.  
Entity Incorporation, State or Country Code FL  
Entity Tax Identification Number 99-2600308  
Entity Address, Address Line One 750 Park of Commerce Drive  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town Boca Raton  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33487  
City Area Code (561)  
Local Phone Number 686-1165  
Title of 12(g) Security Class B Common Stock, par value $0.001 per share  
Trading Symbol NMAX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Central Index Key 0002026478  
Amendment Flag false  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   39,239,297
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   89,810,499
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 33,842,039 $ 24,052,887
Investments 164,052,830 58,310,955
Accounts receivable, net 29,553,260 28,265,721
Inventories, net 1,640,952 1,792,697
Prepaid expenses and other current assets 8,209,833 8,925,294
Total current assets 237,298,914 121,347,554
Property and equipment, net 6,187,097 6,225,617
Right of use asset, operating lease 5,431,334 7,191,606
Other assets 10,282,124 10,698,660
Security deposits 598,319 609,426
Total assets 259,797,788 146,072,863
Current liabilities    
Accounts payable 15,729,014 14,670,846
Accrued expenses 7,772,710 9,882,720
Accrued payroll 1,973,340 2,220,872
Accrued distribution 895,071 1,068,366
Deferred revenue 11,511,584 13,652,699
Lease liability, operating lease 3,555,150 3,894,102
Lease liability, finance lease 190,239 199,237
Settlement liability 53,231,010 29,099,265
Warrant liability 0 6,499,821
Derivative liability 0 41,459,418
Total current liabilities 94,858,118 122,647,346
Long-term liabilities:    
Deferred revenue, net of current portion 2,926,255 2,835,218
Lease liability, operating lease, net of current portion 2,494,520 4,049,256
Lease liability finance lease, net of current portion 33,933 129,930
Share repurchase liability 5,301,080 0
Other long-term liabilities 1,000,000 0
Settlement liability, net of current portion 46,330,986 25,477,941
Total liabilities 152,944,892 155,139,691
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 June 30, 2025 and December 31, 2024 0 128,576,901
Stockholders’ equity (deficit)    
Convertible and redeemable preferred stock, $0.001 par value; 60,000 shares authorized; and 0 and 27,612 shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 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 89,768,339 shares issued and outstanding at June 30, 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] 129,008 10
Treasury stock, 0 and 27,061,584 shares at cost, respectively 0 (14,622,222)
Additional paid-in capital 426,631,367 18,056,702
Accumulated other comprehensive income (loss) 876,320 (52,849)
Accumulated deficit (320,783,799) (227,767,415)
Total stockholders’ equity (deficit) 106,852,896 (137,643,729)
Total liabilities, convertible and redeemable preferred stock and stockholders’ equity (deficit) $ 259,797,788 $ 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. See Note 1. Nature of Business.
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
Jun. 30, 2025
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Convertible and redeemable preferred stock, par value (in USD per share) | $ / shares $ 0.001 $ 0.001
Convertible and redeemable preferred stock, shares authorized (in shares)   11,034
Convertible and redeemable preferred stock, shares issued (in shares) 0 5,575
Convertible and redeemable preferred stock, shares outstanding (in shares) 0 5,575
Preferred stock, par value (in USD per share) | $ / shares $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 60,000 60,000
Preferred stock, shares issued (in shares) 0 27,612
Preferred stock, shares outstanding (in shares) 0 27,612
Treasury stock (in shares) 0 27,061,584
Common Class A    
Common stock, par value (in USD per share) | $ / shares [1] $ 0.001 $ 0.001
Common stock, shares authorized (in shares) [1] 50,000,000 20,000
Common stock, shares issued (in shares) [1] 39,239,297 68,127,538
Common stock, shares outstanding (in shares) [1] 39,239,297 68,127,538
Common Class B    
Common stock, par value (in USD per share) | $ / shares $ 0.001 [1] $ 0.001
Common stock, shares authorized (in shares) [1] 940,000,000 60,000
Common stock, shares issued (in shares) [1] 89,768,339 0
Common stock, shares outstanding (in shares) [1] 89,768,339 0
[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. See Note 1. Nature of Business.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 46,439,744 $ 39,226,732 $ 91,741,452 $ 79,826,377
Gross profit 17,641,761 16,721,695 37,103,900 35,626,742
General and administrative expenses:        
Personnel costs 8,614,761 6,047,773 16,628,179 11,839,569
Advertising costs 5,941,417 3,852,379 10,359,871 8,344,979
Professional fees 4,766,085 1,132,068 7,390,549 2,470,818
Rent and utilities 1,540,453 1,472,394 2,990,244 2,969,458
Depreciation 734,590 820,044 1,471,465 1,625,093
Other corporate matters 68,437,098 5,838,233 78,104,701 59,074,353
Other 4,012,806 2,309,934 8,137,119 4,896,946
Total general and administrative expenses 94,047,210 21,472,825 125,082,128 91,221,216
Loss from operations (76,405,449) (4,751,130) (87,978,228) (55,594,474)
Other income (expense), net        
Interest and dividend income 1,802,054 26,168 2,856,340 53,461
Interest expense (7,456) (22,377) (13,511) (48,162)
Unrealized (loss) gain on marketable securities (500,736) (34,772) 1,084,844 128,574
Other, net (54,342) (28,461) (8,342,898) (31,686)
Total other income (expense), net 1,239,520 (59,442) (4,415,225) 102,187
Net loss before income taxes (75,165,929) (4,810,572) (92,393,453) (55,492,287)
Income tax expense 9,693 18,988 14,693 20,960
Net loss (75,175,622) (4,829,560) (92,408,146) (55,513,247)
Other comprehensive income:        
Unrealized gain on available for sale debt investments, net of income tax 446,778 0 929,169 0
Comprehensive loss $ (74,728,844) $ (4,829,560) $ (91,478,977) $ (55,513,247)
Weighted average common stock outstanding, basic (in shares) [1] 128,333,356 41,065,954 86,938,585 41,065,954
Weighted average common stock outstanding, diluted (in shares) [1] 128,333,356 41,065,954 86,938,585 41,065,954
Net loss per share attributable to common stockholder, basic (in USD per share) $ (0.59) $ (0.15) $ (1.12) $ (1.42)
Net loss per share attributable to common stockholder, diluted (in USD per share) $ (0.59) $ (0.15) $ (1.12) $ (1.42)
Service revenue        
Revenues:        
Total revenues $ 44,884,207 $ 37,746,093 $ 88,619,548 $ 76,909,470
Cost of services and products sold 27,758,685 21,073,281 52,407,148 41,576,599
Product sales        
Revenues:        
Total revenues 1,555,537 1,480,639 3,121,904 2,916,907
Cost of services and products sold $ 1,039,298 $ 1,431,756 $ 2,230,404 $ 2,623,036
[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. See Note 1. Nature of Business
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)
Mar. 28, 2025
Income Statement [Abstract]  
Stock split 6,765.396
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE AND REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
Total
Common stock
Preferred stock
Common stock
Common stock
Common stock
 [1]
Preferred stock
Preferred stock
Preferred stock
Treasury Stock
Additional 
Paid-In Capital
Additional 
Paid-In Capital
Common stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023 5,575                      
Beginning balance at Dec. 31, 2023 $ 126,018,101                      
Convertible and Redeemable Preferred Stock                        
Dividends accretion $ 636,205                      
Ending balance (in shares) at Mar. 31, 2024 5,575                      
Ending balance at Mar. 31, 2024 $ 126,654,306                      
Common Stock, Beginning balance (in shares) at Dec. 31, 2023       41,065,954 [1]   0            
Beginning balance at Dec. 31, 2023 (149,602,197)     $ 10 [1]   $ 0   $ (14,622,222) [1] $ 18,056,702   $ 0 $ (153,036,687)
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2023 [1]               27,061,584        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of stock 0                      
Dividends accretion (636,205)                     (636,205)
Net loss (50,683,687)                     (50,683,687)
Common Stock, Ending balance (in shares) at Mar. 31, 2024       41,065,954 [1]   0            
Ending balance at Mar. 31, 2024 $ (200,922,089)     $ 10 [1]   $ 0   $ (14,622,222) [1] 18,056,702   0 (204,356,579)
Treasury Stock, Ending balance (in shares) at Mar. 31, 2024 [1]               27,061,584        
Beginning balance (in shares) at Dec. 31, 2023 5,575                      
Beginning balance at Dec. 31, 2023 $ 126,018,101                      
Ending balance (in shares) at Jun. 30, 2024 5,575                      
Ending balance at Jun. 30, 2024 $ 127,290,509                      
Common Stock, Beginning balance (in shares) at Dec. 31, 2023       41,065,954 [1]   0            
Beginning balance at Dec. 31, 2023 (149,602,197)     $ 10 [1]   $ 0   $ (14,622,222) [1] 18,056,702   0 (153,036,687)
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2023 [1]               27,061,584        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (55,513,247)                      
Common Stock, Ending balance (in shares) at Jun. 30, 2024       41,065,954 [1]   1,897            
Ending balance at Jun. 30, 2024 $ (200,720,490)     $ 10 [1]   $ 5,667,362   $ (14,622,222) [1] 18,056,702   0 (209,822,342)
Treasury Stock, Ending balance (in shares) at Jun. 30, 2024 [1]               27,061,584        
Beginning balance (in shares) at Mar. 31, 2024 5,575                      
Beginning balance at Mar. 31, 2024 $ 126,654,306                      
Convertible and Redeemable Preferred Stock                        
Dividends accretion $ 636,203                      
Ending balance (in shares) at Jun. 30, 2024 5,575                      
Ending balance at Jun. 30, 2024 $ 127,290,509                      
Common Stock, Beginning balance (in shares) at Mar. 31, 2024       41,065,954 [1]   0            
Beginning balance at Mar. 31, 2024 (200,922,089)     $ 10 [1]   $ 0   $ (14,622,222) [1] 18,056,702   0 (204,356,579)
Treasury Stock, Beginning balance (in shares) at Mar. 31, 2024 [1]               27,061,584        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of stock (in shares)           1,897            
Issuance of stock 5,667,362         $ 5,667,362            
Dividends accretion (636,203)                     (636,203)
Net loss (4,829,560)                     (4,829,560)
Common Stock, Ending balance (in shares) at Jun. 30, 2024       41,065,954 [1]   1,897            
Ending balance at Jun. 30, 2024 $ (200,720,490)     $ 10 [1]   $ 5,667,362   $ (14,622,222) [1] 18,056,702   0 (209,822,342)
Treasury Stock, Ending balance (in shares) at Jun. 30, 2024 [1]               27,061,584        
Beginning balance (in shares) at Dec. 31, 2024 5,575                      
Beginning balance at Dec. 31, 2024 $ 128,576,901                      
Convertible and Redeemable Preferred Stock                        
Dividends accretion $ 608,238                      
Recapitalization and conversion of preferred stock (in shares) (5,575)                      
Recapitalization and conversion of preferred stock $ (129,185,139)                      
Ending balance (in shares) at Mar. 31, 2025 0                      
Ending balance at Mar. 31, 2025 $ 0                      
Common Stock, Beginning balance (in shares) at Dec. 31, 2024       41,065,954 [1]   27,612            
Beginning balance at Dec. 31, 2024 $ (137,643,729)     $ 10 [1]   $ 86,742,045   $ (14,622,222) [1] 18,056,702   (52,849) (227,767,415)
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2024 27,061,584             27,061,584 [1]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of stock (in shares)         7,500,000   17,379          
Issuance of stock   $ 66,083,411 $ 51,982,894   $ 7,500   $ 51,982,894     $ 66,075,911    
Dividends accretion $ (608,238)                     (608,238)
Other comprehensive income 482,391                   482,391  
Issuance of equity-classified warrants 1,144,976         $ 1,144,976            
Dividends (915,069)               (915,069)      
Recapitalization and conversion of preferred stock (in shares)       79,623,230 [1]   (44,991)   (27,061,584) [1]        
Recapitalization and conversion of preferred stock 204,185,136     $ 120,672 [1]   $ (139,869,915)   $ 14,622,222 [1] 329,312,157      
Stock-based compensation 1,577,109               1,577,109      
Warrant Liability conversion 8,324,000               8,324,000      
Net loss (17,232,524)                     (17,232,524)
Common Stock, Ending balance (in shares) at Mar. 31, 2025       128,189,184 [1]   0            
Ending balance at Mar. 31, 2025 $ 177,380,358     $ 128,182 [1]   $ 0   $ 0 [1] 422,430,811   429,542 (245,608,177)
Treasury Stock, Ending balance (in shares) at Mar. 31, 2025 [1]               0        
Beginning balance (in shares) at Dec. 31, 2024 5,575                      
Beginning balance at Dec. 31, 2024 $ 128,576,901                      
Ending balance (in shares) at Jun. 30, 2025 0                      
Ending balance at Jun. 30, 2025 $ 0                      
Common Stock, Beginning balance (in shares) at Dec. 31, 2024       41,065,954 [1]   27,612            
Beginning balance at Dec. 31, 2024 $ (137,643,729)     $ 10 [1]   $ 86,742,045   $ (14,622,222) [1] 18,056,702   (52,849) (227,767,415)
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2024 27,061,584             27,061,584 [1]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Exercise of stock options into common stock, net of tax withholding (in shares) 809,593                      
Net loss $ (92,408,146)                      
Common Stock, Ending balance (in shares) at Jun. 30, 2025       129,007,636 [1]   0            
Ending balance at Jun. 30, 2025 $ 106,852,896     $ 129,008 [1]   $ 0   $ 0 [1] 426,631,367   876,320 (320,783,799)
Treasury Stock, Ending balance (in shares) at Jun. 30, 2025 0             0 [1]        
Beginning balance (in shares) at Mar. 31, 2025 0                      
Beginning balance at Mar. 31, 2025 $ 0                      
Ending balance (in shares) at Jun. 30, 2025 0                      
Ending balance at Jun. 30, 2025 $ 0                      
Common Stock, Beginning balance (in shares) at Mar. 31, 2025       128,189,184 [1]   0            
Beginning balance at Mar. 31, 2025 177,380,358     $ 128,182 [1]   $ 0   $ 0 [1] 422,430,811   429,542 (245,608,177)
Treasury Stock, Beginning balance (in shares) at Mar. 31, 2025 [1]               0        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of stock (in shares) [1]       8,859                
Issuance of stock 65,000     $ 2 [1]         64,998      
Other comprehensive income 446,778                   446,778  
Stock-based compensation 3,417,685               3,417,685      
Exercise of stock options into common stock, net of tax withholding (in shares) [1]       809,593                
Exercise of stock options into common stock, net of tax withholding 1,406,643     $ 824 [1]         1,405,819      
Offering costs and expenses (1,187,946)               (1,187,946)      
Standby Equity Purchase Agreement commitment fee 500,000               500,000      
Net loss (75,175,622)                     (75,175,622)
Common Stock, Ending balance (in shares) at Jun. 30, 2025       129,007,636 [1]   0            
Ending balance at Jun. 30, 2025 $ 106,852,896     $ 129,008 [1]   $ 0   $ 0 [1] $ 426,631,367   $ 876,320 $ (320,783,799)
Treasury Stock, Ending balance (in shares) at Jun. 30, 2025 0             0 [1]        
[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. See Note 1. Nature of Business.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE AND REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical)
Mar. 28, 2025
Statement of Stockholders' Equity [Abstract]  
Stock split 6,765.396
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (92,408,146) $ (55,513,247)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,089,126 3,153,473
Stock-based compensation 4,994,794 0
Change in fair value of warrant liability 1,824,179 6,373,757
Change in fair value of derivative liability 6,104,230 0
(Recovery of) provision for credit losses (266,076) (458,695)
Unrealized gain on marketable securities (1,084,844) (128,574)
Non-cash lease expense 1,788,532 1,706,637
Non-cash expense related to SEPA Agreement 500,000 0
(Increase) decrease in assets:    
Accounts receivable (1,021,463) (545,163)
Inventory 151,745 1,072,475
Prepaid expenses and other current assets (1,226,532) (1,151,295)
Other asset (1,201,125) 0
Security deposits 11,107 54,989
Increase (decrease) in liabilities:    
Accounts payable 314,683 (1,918,363)
Accrued expenses (2,530,837) 3,677,186
Lease liabilities (1,921,948) (1,753,792)
Settlement liability 44,984,790 40,000,000
Other long-term liabilities 1,000,000 0
Deferred revenue (2,050,078) (1,996,968)
Net cash used in operating activities (38,947,863) (7,427,580)
Cash flows from investing activities:    
Purchase of investments (131,727,862) 0
Proceeds from maturity of investments 28,000,000 0
Sale of investments 0 314,185
Purchase of property and equipment (689,460) (207,489)
Net cash (used in) provided by investing activities (104,417,322) 106,696
Cash flows from financing activities:    
Proceeds from issuance of convertible preferred stock, net 80,742,222 8,025,738
Proceeds from issuance of common stock IPO, net 66,659,453 0
Proceeds from exercise of stock options 6,707,723 0
Proceeds from additional stock issuance 65,000 0
Payment of dividend (915,067) 0
Principal payment under finance lease obligation (104,995) (90,102)
Net cash provided by financing activities 153,154,337 7,935,636
Net change in cash 9,789,152 614,752
Cash and cash equivalents – beginning 24,052,887 6,037,211
Cash and cash equivalents – ending 33,842,039 6,651,963
Supplemental disclosures of cash flow information:    
Operating lease assets obtained in exchange for operating lease liabilities 28,391 76,708
Allocation from equity to derivative liability for Series B Preferred Stock 0 2,358,376
Interest paid 1,829 19,968
Non-cash transactions:    
Property and equipment acquired through accounts payable: 743,485 217,172
Non-cash financing activities:    
Issuance of warrants in connection with the issuance of convertible stock 1,144,976 0
Common stock issuance costs reclassified from prepaid expenses (1,798,989) 0
IPO funds receivable in escrow 34,500 0
Proceeds from exercise of stock options in transit $ 38,320 $ 0
v3.25.2
NATURE OF BUSINESS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF BUSINESS
NOTE 1. NATURE OF BUSINESS
Nature of Business
Newsmax Inc. began as Newsmax Media, Inc., a Nevada corporation, which was incorporated on July 15, 1998, and registered on August 20, 1998, as a foreign corporation in the State of Florida. During 2014, Newsmax Media, Inc. changed its state of domicile from Nevada to Delaware. In connection with the change, the NMX Holdings, LLC entity was dissolved.
On April 14, 2024, Newsmax Media, Inc. consummated a corporate reorganization. Newsmax Inc. (the "Company") was formed as a new holding company that owns all of the outstanding shares of the operating company, Newsmax Media, Inc. The stockholders of Newsmax Media, Inc. exchanged their shares of capital stock in Newsmax Media, Inc. for the same class and number of shares in Newsmax Inc. Subsequently, Newsmax Media, Inc. changed its state of domicile from Delaware to Florida. As a result of this reorganization, Newsmax Inc. became the direct holding company and the sole shareholder of Newsmax Media, Inc. Newsmax Media, Inc.’s ownership of its subsidiaries was not affected or changed as a result of this reorganization.
The Company is a multi-platform media company that provides original news and lifestyle content using a mixed-revenue model that derives income from its linear cable television and over-the-top (“OTT”) news channels, websites, proprietary database, publishing products and e-commerce products. The Company uses original news and editorial content to draw large numbers of readers to its media outlets in order to sell advertising, print and online information products. The Company’s business operations are conducted through two operating segments, Broadcast and Digital.
Private Placement
In June 2024, the Company issued a Private Placement Memorandum ("PPM") to potential investors, aiming to raise capital through the sale of its Series B Preferred Stock in a Private Placement. The initial offering was for up to 30,000 shares of Series B Preferred Stock at $5,000 per share for a base offering amount of $150,000,000, with the option to expand up to 45,000 shares of Series B Preferred Stock for an offering amount of $225,000,000. The PPM was distributed to accredited investors as defined under Regulation D of the Securities Act of 1933. In connection with the PPM, the Company agreed to issue a three-year warrant to Digital Offering, LLC, as placement agent for the Private Placement, exercisable for 900 shares of Series B Preferred Stock with an exercise price per share of $5,000 upon the closing of the PPM. The offering was completed on February 27, 2025 and resulted in net proceeds of $206,660,285.
Public Offering and Listing
On February 27, 2025, the Company completed the sale of the remaining Series B Preferred Stock from the PPM raising approximately $87,000,000 during the period January 1, 2025 through February 27, 2025.
On March 24, 2025, a majority in interest of the shareholders of the Company approved by written consent (1) the amending and restating of the Company's articles of incorporation, the recapitalization of the Company's capital stock and the appointment of directors and (2) the Company's 2025 Omnibus Equity Incentive Plan. See Note 16. Equity-Based Compensation..
On March 28, 2025, the Company completed its initial public offering (the “IPO”). Concurrently with the closing of the IPO and in accordance with the terms of the applicable Certificates of Designation, all shares of the Company’s Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Preferred Stock automatically converted into shares of the Company’s then-existing Class A Common Stock. At the Company’s election, all shares of the Company’s Series A Preferred Stock also converted into shares of the Company’s then-existing Class A Common Stock. All shares of Series B Preferred Stock automatically converted into shares of Class B Common Stock. On March 28, 2025 the Company also amended and restated its Articles of Incorporation (the "Amended and Restated Articles of Incorporation") to reclassify its authorized share capital to implement a dual class of securities. As a result, each share of the Company's then-existing Class A Common Stock that was issued and outstanding immediately prior to the effectiveness of the Amended and Restated Articles of Incorporation, and not held by the Company's CEO, was recapitalized, reclassified, and reconstituted into one fully paid and non-assessable share of Class B Common Stock of Newsmax Inc. Each share of the Company’s then-existing Class A Common Stock held by the Company's CEO immediately before the recapitalization, was recapitalized, reclassified, and reconstituted into one fully paid and non-assessable share of Class A Common Stock of
Newsmax Inc. Following the recapitalization, Class A Common Stock has ten votes per share and Class B Common Stock has one vote per share. Immediately following the recapitalization, the Company completed a 6,765.396:1 forward stock split of its Series A and Series B Common Stock. 27,061,584 shares (post-split) of treasury stock were effectively retired and the embedded derivative liability associated with the Series B Preferred Stock was settled and reclassified to equity. Pursuant to the Amended and Restated Articles of Incorporation, the Company is authorized to issue 50,000,000 shares of Class A Common Stock; 940,000,000 shares of Class B Common Stock; and 10,000,000 shares of Preferred Stock. The par value of all shares is $0.001. The IPO resulted in total net proceeds of $66,083,411.

On March 31, 2025, the Company listed on The New York Stock Exchange under the ticker symbol “NMAX”.

Broadcast
The broadcast segment of the Company’s business produces and licenses news, business news and lifestyle content for distribution primarily through multichannel video programming distributors (“MVPDs”) including cable television systems, direct broadcast satellite operators and telecommunication companies, primarily in the United States.
The Company creates and broadcasts content and distributes such content using a hybrid distribution strategy of linear cable, free OTT channels and free ad-supported streaming television services (“FAST”) channels. The broadcast segment generates revenues from (1) linear TV channels, primarily through advertising sales, (2) OTT and FAST channels, primarily through revenue derived from third-party advertising in connection with services accessed through websites, apps and digital media players, (3) affiliate revenue earned through MDVPs broadcasting the Company’s content to their paid subscribers, and (4) subscription revenue earned via the Company’s new Newsmax+ subscription program which users can sign up to receive the Company’s content directly.
Digital
The digital segment generates revenues through (1) online advertising, including online display, email advertising, other online placements and print advertisements, (2) subscriptions, including our collection of specialized health and financial newsletters, Newsmax Magazine and four online membership programs, and (3) e-commerce, primarily through our subsidiaries that sell nutraceuticals and nonfiction books on political, financial and health-related topics.
The Company also distributes content through its websites and social media accounts, apps, email and newsletters. The Company’s websites and apps provide live and/or on-demand streaming of network-related programming to allow video subscribers of the Company’s participating distribution partners to view Company content via the Internet.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting

The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the annual audited consolidated financial statements and related notes for the fiscal year ended December 31, 2024.

Principles of Consolidation
The condensed consolidated financial statements include the accounts of Newsmax Inc. and its wholly owned subsidiaries Newsmax Media Inc, Medix Health, LLC (“Medix”), Crown Atlantic Insurance, LLC (“Crown”), Newsmax Broadcasting, LLC (“Broadcasting”), Humanix Publishing, LLC (“Humanix”), ROI Media Strategies (“ROI”) and Newsmax Radio LLC (“Radio”). All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions made by management are used for, but not limited to, the allowance for credit losses, carrying value of other assets, and realizability of deferred income taxes.
Immaterial correction of error
During the preparation of the financial statements for the quarter ended June 30, 2025, the Company identified immaterial errors in its previously issued consolidated financial statements as of December 31, 2024, the three months ended March 31, 2025 and 2024, and the three and six months ended June 30, 2024.
Specifically, the Company understated cost of revenues and overstated general and administrative by $2.2 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively, and $1.4 million and $2.8 million for the three and six months ended June 30, 2024, respectively, due to a misclassification of employee payroll costs.
Additionally the Company understated prepaid and other current assets and overstated other assets (non-current) by $3.1 million as of December 31, 2024 due to a misclassification of the current portion of the other assets.
The Company has corrected the account classification in the current period financial statements. The correction had no impact on loss from continuing operations, net loss, earnings per share, total assets, total liabilities, equity or cash flows for any period presented
Investments
Marketable Securities
The Company accounts for its marketable securities in accordance with ASC Topic 321, Investments - Equity Securities. ASC Topic 321 requires companies to measure equity investments at fair value, with changes in fair value recognized in net income (loss). The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense).
The fair market value of marketable equity securities is determined based on quoted market prices in active markets. See Note 3 - Fair Value Measurements, for additional information regarding the valuation of marketable equity securities.
Available-for-Sale Debt Instruments
The Company classifies investments in fixed income securities as available-for-sale debt investments. The Company’s available-for-sale debt investments primarily consist of certificates of deposits and treasury securities. These available-for-sale debt investments are held in the custody of a major financial institution. A specific identification method is used to determine the cost basis of available-for-sale debt investments sold. These investments are recorded in the condensed consolidated balance sheets at fair value. Unrealized gains and losses on these investments are included within other comprehensive income (loss), net of tax. The Company classifies investments as current based on the nature of the investments and their availability for use in current operations.
The Company regularly reviews investment securities for impairment. For debt securities, any impairment relating to credit losses is recorded through an allowance for credit losses. A change in the allowance for credit losses is recorded into earnings in the period of the change.
Revenue Recognition
In accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods are services. The Company records taxes collected from customers and remitted to governmental authorities on a net basis.
Service Revenue
Service revenue is primarily derived from the Company’s original news and lifestyle content, using a mixed-revenue multi-platform model that derives income from digital, linear and OTT news channels, websites, proprietary database, publishing and video subscription services. The Company uses original news, syndicated services and editorial content to draw consumers to its media outlets in order to sell advertising, license fees and video, print and online information services. The Company earns revenue through contractual allocations of fees based on impressions received or subscriber counts. 



The Company’s service revenue is comprised of the following:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Advertising revenue$29,865,890 $23,656,498 $58,753,084 $49,108,844 
Affiliate fee revenue7,343,407 6,844,604 14,771,830 13,445,240 
Subscription revenue6,980,040 6,637,273 13,962,199 12,972,385 
Other694,871 607,718 1,132,435 1,383,001 
Total$44,884,207 $37,746,093 $88,619,548 $76,909,470 
Advertising Revenue
Advertising revenue is derived from the sale of advertising on the Company’s cable television, email database, in the Company’s magazine and related publications, or on the Company’s website. Revenue related to the sale of advertising in the broadcast segment is recognized at the time of broadcast. Revenue related to the Company's digital segment is recognized when display or other digital advertisements record impressions on the various digital media. Revenue related to the Company's magazine and related publications is recognized when the ad is displayed in the printed document. Each advertisement insertion order is determined to be a distinct performance obligation that is satisfied at the point in time when such advertisements are published/aired. The Company records revenue from contracts that are entered into between the Company and its customers, primarily advertising agencies and direct advertisers, at the amount charged for the services. Advertising contracts, which are generally short-term, are billed monthly for the services provided during the month, with payments due shortly thereafter. Cash payments received prior to services rendered result in deferred revenue, which is then recognized as revenue when the advertising time or space is actually provided.
The Company enters into agreements with over-the-top distribution platforms to distribute the Company’s news channel. Pursuant to the Company’s distribution agreements, advertising revenues are earned based on an allocation of the fee determined by the number of impressions received. These contracts represent a single performance obligation recognized over time under the series guidance. Revenue is recognized upon delivery of the content over the course of an over-the-top distribution agreement term based on time elapsed, as this best depicts the simultaneous consumption and delivery of the services. The Company bills OTT customers monthly over the life of the contract. The Company has an unconditional right to receive payment of the amount billed generally within 30 to 90 days from the invoice date. The invoiced amount to be received is recorded in accounts receivable on the balance sheets.
Subscription Revenue
The Company sells magazines to consumers through subscriptions. Each subscription is determined to be a distinct performance obligation that is satisfied over the term of the subscription, normally one (1) to five (5) years. Subscriptions received in advance of the publication are recorded as deferred revenue and recognized as income on a straight line basis over the term, as this best represents the transfer of control of the services to the consumer.
The Company also has Newsmax+ which is a subscription service that provides the Company’s content directly to consumers either on a monthly or annual basis. Monthly subscriptions are recognized as income in the month it was earned. Annual subscriptions are recorded as deferred revenue and recognized as income over the term of the contract each month.
The Company’s deferred subscription revenue balances are shown below along with the corresponding revenue recognized from the prior period:
June 30, 2025December 31, 2024
Deferred subscription revenue, current portion$11,461,643 $13,356,032 
Deferred subscription revenue, net of current portion2,926,255 2,835,218 
Total deferred subscription revenue$14,387,899 $16,191,250 
Deferred subscription revenue recognized in revenue for the three and six months ended June 30, 2025 was $4,046,099 and $7,668,803, respectively, and for the three and six months ended June 30, 2024 was $4,254,462 and $9,065,845, respectively.

Affiliate Fee Revenue
The Company generates affiliate fee revenue from agreements with MVPDs for cable networks. Affiliate fee revenue is recognized over time as we continuously make the programming available to the customer over the term of the agreement using the output method. For contracts with affiliate fees based on the number of the affiliate’s subscribers, revenues are recognized based on the contractual rate multiplied by the estimated number of subscribers each period. Consideration payable to a customer is treated as a cost of sale when distinct. If a distinct service is not received, such costs are recorded as a reduction to revenues. Affiliate contracts are generally multi-year contracts billed monthly with payments due shortly thereafter.
Other
Other primarily includes revenue generated from the Company’s content licensing agreements. Revenue from content licensing agreements is recognized when the content is made available under the content licensing agreements.
Deferred revenue related to licensing agreements amounts to $34,375 and $291,667 as of June 30, 2025 and December 31, 2024, respectively.
Product Revenue
Product sales are derived from the sales of books, audio and video, dietary supplements, and other items advertised on the Company’s website. Supplement, books, media and other product sales are recognized at the point in time control transfers to the customer, which is when the product is shipped. Allowances are considered for estimated returns and refunds at the point in time when revenue is recognized. As of June 30, 2025 and December 31, 2024, the refund liability was $470,782 and $424,278, respectively and is classified as a reduction in accounts receivable. Product revenue is comprised of the following:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Supplement sales$1,194,709 $1,271,687 $2,309,649 $2,559,037 
Books, media and other product sales561,670 418,806 1,220,393 670,320 
Product returns and allowances(200,842)(209,854)(408,138)(312,450)
Total$1,555,537 $1,480,639 $3,121,904 $2,916,907 
Incremental Costs to Obtain a Contract
The revenue standard requires capitalization of the incremental costs to obtain a contract, which the Company has identified as certain sales commissions. These costs are deferred and then amortized over the expected customer life. Amortization expense is included within sales and marketing on the accompanying condensed consolidated statements of
operations. As of June 30, 2025, we have $1,395,719 of unamortized capitalized costs to obtain a contract, of which $283,875 is recorded within prepaid expenses and other current assets and $1,111,844 is recorded within other assets on our unaudited condensed consolidated balance sheet. During the six months ended June 30, 2025, we recorded approximately $89,281 of amortization of capitalized costs, which is recorded within professional fees on our unaudited condensed consolidated statement of operations and comprehensive loss. During the six months ended June 30, 2024, we had no unamortized capitalized costs to obtain a contract and we recorded no amortization of capitalized costs.
Practical Expedient
As a practical expedient, the Company recognizes any incremental costs of obtaining contracts as expense when the amortization period is considered to be a year or less.
As a practical expedient, the Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products.
Shipping and Handling Costs
Amounts billed to third-party customers for shipping and handling are included as a component of revenue. Shipping and handling costs incurred are included as a component of cost of products sold. Shipping and handling charges recorded as revenue amounted to $90,741 and $91,741 for the three and six months ended June 30, 2025, respectively, and $173,888 and $166,882 for the three and six months ended June 30, 2024, respectively.
Stock-Based Compensation
Stock options granted to employees under the Company’s 2025 Omnibus Incentive Plan vest over 18 months based on continued service and are subject to forfeiture, repurchase, or clawback during this period. Although the awards allow for early exercise in 30-day increments starting after grant, the shares remain subject to repurchase and do not substantively vest until the end of the service period. Compensation expense is recognized using the straight-line method over the 18-month service period.
The fair value of stock options is determined on the grant date using the Black-Scholes option pricing model. The model incorporates assumptions including the $10 grant-date fair value of the underlying stock, the risk-free interest rate, and expected volatility based on a peer group. The Company applied the simplified method to estimate the expected term. Based on its review of contemporaneous public filings, the Company concluded that the awards were not “spring-loaded” under SEC Staff Accounting Bulletin No. 120.
Stock-based compensation expense is included in cost of sales and selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. The Company accounts for forfeitures as they occur.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable is presented net of an allowance for credit losses of $2,122,157 and $2,308,612 at June 30, 2025 and December 31, 2024, respectively. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses and doubtful accounts. The Company’s allowance for credit losses is estimated based on historical loss rates, current conditions, reasonable economic forecasts that affect collectability, and known credit issues with specific customers. Provisions (recoveries) for credit losses totaled approximately $(147,809) and $(266,076) for the three and six months ended June 30, 2025, respectively, and $(271,630) and $(458,695) for the three and six months ended June 30, 2024, respectively .
Impairment of Long-Lived Assets
The Company continually evaluates factors, events and circumstances that include, but are not limited to, historical and projected operating performance of the Company, specific industry trends and general economic conditions to assess whether the remaining estimated useful lives of long-lived assets may warrant revision or that the remaining balance of long-lived assets may not be recoverable. When such factors, events or circumstances indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of undiscounted cash flows over the remaining lives of the long-lived assets in measuring their recoverability. The Company measures asset impairment loss as the amount by which the carrying amount exceeds the fair market value of the asset.
Other Assets
During 2023, the Company capitalized a separate payment obligation of $41.3 million associated with a commercial counterparty to resolve various claims. The Company accounted for the payment as a reduction to the transaction price in accordance with the guidance in ASC 606-10-32-25 and 32-26 and is amortizing the asset as a contra-revenue item. In connection with the signing of this agreement, the Company identified indicators that the carrying value of these upfront costs were not fully recoverable based on estimated cash flows related to the customer relationship. As a result, the Company’s broadcast segment recognized a partial impairment of the upfront cost during 2023 with no additional impairment recognized for the six months ended June 30, 2025 and 2024.
Amortization of the capitalized costs of the asset is recorded on a straight-line basis over the life of the agreement which ends June 30, 2029 as contra revenue in the accompanying condensed consolidated statements of operations and comprehensive (loss) income. Amortization expense amounted to $764,190 and $1,528,380 for the three and six months ended June 30, 2025, respectively, and $764,190 and $1,528,380 for the three and six months ended June 30, 2024, respectively.
Other assets also include $1.40 million for costs to obtain a contract, which the Company has identified as certain sales commissions
The Company evaluates these other assets for impairment each reporting period based upon its estimate of recoverability of the assets. Recoverability of the assets is based upon estimated cash flows including reductions for direct and allocable costs attributable to the underlying business arrangement.
Fair Value Measurements
The Company carries certain assets and/or liabilities at fair value in the condensed consolidated balance sheets. The Company applies accounting guidance that defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements under the accounting guidance are classified based on the following fair value hierarchy:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. We use inputs such as actual trade data, benchmark yields, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of assets or liabilities.
Level 3: Unobservable inputs that are not corroborated by market data.
The fair value of a financial instrument is the amount for which the instrument could be exchanged in a current transaction between willing parties. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, accrued payroll and accrued distribution approximate fair value due to their short-term nature and observable inputs.
Net Loss Per Share
Basic and diluted loss per share is computed as net loss available to common stockholders divided by the weighted average number of shares outstanding for the period. For the three and six months ended June 30, 2025 and 2024, all dilutive securities have been excluded as their inclusion would have had an antidilutive effect on loss per share. Potentially dilutive common shares include warrants, convertible preferred stock, and stock options.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for fiscal years beginning after December 15, 2023, and for
interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented. The adoption of this standard for interim periods beginning with the three and six months ended June 30, 2025 did not have a material impact on the Company's unaudited condensed consolidated financial results, but resulted in enhanced disclosures as included in Note 9. Segment Information.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires additional disclosures of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on a prospective basis, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its disclosures.
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods with those annual reporting periods. The Company is currently evaluating the effects of this ASU on its calculation for credit losses.
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3. FAIR VALUE MEASUREMENTS
The Company accounts for its investments at fair value and classifies these assets within the fair value hierarchy (Level 1, Level 2, or Level 3).
Assets and liabilities subject to fair value measurements are as follows:
As of June 30, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
U.S. Treasury securities$— $- $- $— 
Money market$26,908,287 $- $- $26,908,287 
Certificates of deposit$— $- $- $— 
Total cash and cash equivalents$26,908,287 $— $— $26,908,287 
Investments
Equity securities$19,301,067 $- $- $19,301,067 
U.S. Treasury securities$— $141,250,431 $- $141,250,431 
Certificates of deposit$— $3,501,333 $- $3,501,333 
Total investments$19,301,067 $144,751,763 $— $164,052,830 
Total assets$46,209,353 $144,751,763 $— $190,961,116 
As of December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
U.S. Treasury securities$— $4,959,350 $— $4,959,350 
Money market$12,615,549 $- $- $12,615,549 
Certificates of deposit$— $2,250,628 $- $2,250,628 
Total cash and cash equivalents$12,615,549 $7,209,978 $— $19,825,527 
Investments
Equity securities$7,553,725 $- $- $7,553,725 
U.S. Treasury securities$9,923,100 $36,580,580 $- $46,503,680 
Certificates of deposit$— $4,253,550 $- $4,253,550 
Total investments$17,476,825 $40,834,130 $— $58,310,955 
Total assets$30,092,374 $48,044,108 $— $78,136,482 
Liabilities
Warrant liability$— $- $6,499,821 $6,499,821 
Derivative liability$— $- $41,459,418 $41,459,418 
Total liabilities$— $— $47,959,239 $47,959,239 
The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. For the year ended December 31, 2024, the transfers of assets between levels was a total of $9.9 million from Level 1 to Level 2 for U.S. treasury notes and bills that are considered Level 2 investments when they were issued before the most recent issue and were still outstanding at measurement day (off-the-run). There were no transfers in or out of Level 3 investments for the six months ended June 30, 2025.
The valuation methodologies and significant unobservable inputs for Level 3 investments were as follows:
As of December 31, 2024
Fair ValueValuation MethodologySignificant Unobservable InputsRangeWeighted Average
Warrant liability$6,499,821Modified Black ScholesExpected volatility65%65%
Risk-free interest rate
4.17% - 4.28%
4.18%
Expected term
2.5 - 4.8 years
2.7 years
Derivative liability$41,459,418Scenario-based discounted cash flowTiming of conversion
0.18 - 4.42 years
0.70 years
Discount rate20%20%
Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2025 were as follows:
As of June 30, 2025
Warrant LiabilityDerivative Liability
Opening Balance$6,499,821 $41,459,418 
Total losses for the period
Included in earnings (or changes in net assets)1,824,179 6,104,230 
Purchases, issues, sales, and settlements
Issuances— 27,436,352 
Settlement of derivative liability(75,000,000)
Reclassification of warrant liability$(8,324,000)
Closing Balance$— $— 
v3.25.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
NOTE 4. PROPERTY AND EQUIPMENT
Major classes of property and equipment are as follows:
Estimated Useful
Lives		June 30, 2025December 31, 2024
Furniture and fixtures7 years$2,156,375 $2,022,586 
Computer, office and production equipment
3-8 years
13,440,910 12,145,337 
Leasehold improvementsLesser of Useful
Life or Term of
Lease		10,202,002 10,178,386 
25,799,287 24,346,310 
Less: Accumulated depreciation(19,612,191)(18,120,692)
$6,187,097 $6,225,617 
Depreciation of property and equipment amounted to $734,590 and $1,471,465 for the three and six months ended June 30, 2025, respectively, and $820,044 and $1,625,093 for the three and six months ended June 30, 2024, respectively.
Included in property and equipment are finance lease assets of $364,969 and $493,297 as of June 30, 2025 and 2024, respectively.
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
NOTE 5. INVESTMENTS
Investments on the condensed consolidated balance sheets consisted of the following:
June 30, 2025December 31, 2024
Equity securities$19,301,067 $7,553,725 
Debt securities$144,751,763 $50,757,230 
   Total investments$164,052,830 $58,310,955 
Available-for-Sale Securities
The major classes of the Company's available-for-sale debt securities and their respective fair values at June 30, 2025, were as follows:
Available-for-sale debt securities
Amortized CostGross Unrealized gainGross Unrealized LossFair Value
Certificate of deposit$3,500,000 $1,333 $— $3,501,333 
U.S. Treasury securities$140,375,443 $874,988 $141,250,431 
Total$143,875,443 $876,320 $— $144,751,763 
The maturity distribution based on the contractual terms of the Company's available-for-sale debt securities at June 30, 2025 was as follows:
Amortized CostFair Value
Due within 1 year$78,882,040 $79,504,396 
Due after 1 year through 5 years$64,993,403 $65,247,368 
Total$143,875,443 $144,751,763 
The Company had 15 investments mature during the six months ended June 30, 2025. There were no material realized gains or losses from available for sale securities that were reclassified out of accumulated other comprehensive income for the six months ended June 30, 2025.
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES
NOTE 6. LEASES
The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are included in the Company’s condensed consolidated balance sheets within the right of use asset, net, and operating lease liability, current portion and net of current portion. Finance lease assets are included in Property and equipment, net and Finance lease liability, current portion and net of current portion. The Company generally uses the base, non-cancelable, lease term when determining the lease assets and liabilities.
Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s leases:
Other supplemental information:June 30, 2025December 31, 2024
Operating leases:
Weighted average of remaining lease term (in years)22
Weighted average discount rate4.35%4.35%
Finance leases:
Weighted average of remaining lease term (in years)12
Weighted average discount rate10.83%10.96 %
Operating lease expense is recognized on a straight-line basis over the lease term within operating expenses in the Company’s unaudited condensed consolidated statements of operations and comprehensive (loss) income. Finance lease expense is recognized over the lease term within interest expense and amortization in the Company’s unaudited condensed consolidated statements of operations and comprehensive (loss) income. The Company’s total operating and finance lease expense all relate to lease costs and amounted to $1,300,620 and $2,539,315 for the three months and six months ended June 30, 2025, respectively, and $1,245,114 and $2,528,932 for the three and six months ended June 30, 2024, respectively.
Future minimum lease payments at June 30, 2025 were as follows:
OperatingFinanceTotal
2025$2,075,417 $103,897 $2,179,315 
20263,210,308 130,605 3,340,912 
2027614,950 4,999 619,949 
2028297,892 - 297,892 
202972,447 - 72,447 
Total lease payments$6,271,014 $239,501 $6,510,515 
Less: imputed interest(221,344)(15,330)(236,674)
Present value of lease liability$6,049,670 $224,172 $6,273,841 
LEASES
NOTE 6. LEASES
The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are included in the Company’s condensed consolidated balance sheets within the right of use asset, net, and operating lease liability, current portion and net of current portion. Finance lease assets are included in Property and equipment, net and Finance lease liability, current portion and net of current portion. The Company generally uses the base, non-cancelable, lease term when determining the lease assets and liabilities.
Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s leases:
Other supplemental information:June 30, 2025December 31, 2024
Operating leases:
Weighted average of remaining lease term (in years)22
Weighted average discount rate4.35%4.35%
Finance leases:
Weighted average of remaining lease term (in years)12
Weighted average discount rate10.83%10.96 %
Operating lease expense is recognized on a straight-line basis over the lease term within operating expenses in the Company’s unaudited condensed consolidated statements of operations and comprehensive (loss) income. Finance lease expense is recognized over the lease term within interest expense and amortization in the Company’s unaudited condensed consolidated statements of operations and comprehensive (loss) income. The Company’s total operating and finance lease expense all relate to lease costs and amounted to $1,300,620 and $2,539,315 for the three months and six months ended June 30, 2025, respectively, and $1,245,114 and $2,528,932 for the three and six months ended June 30, 2024, respectively.
Future minimum lease payments at June 30, 2025 were as follows:
OperatingFinanceTotal
2025$2,075,417 $103,897 $2,179,315 
20263,210,308 130,605 3,340,912 
2027614,950 4,999 619,949 
2028297,892 - 297,892 
202972,447 - 72,447 
Total lease payments$6,271,014 $239,501 $6,510,515 
Less: imputed interest(221,344)(15,330)(236,674)
Present value of lease liability$6,049,670 $224,172 $6,273,841 
v3.25.2
LINE OF CREDIT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LINE OF CREDIT
NOTE 7. LINE OF CREDIT
In 2024 the Company had a $9,000,000 available line of credit which expired in October 2024. In May 2025 the Company renewed the existing line of credit with an available balance of $1,000,000 and a maturity date of January 04, 2026. The Company also established a new line of credit in May 2025 with an available balance of $8,000,000 maturing April 26, 2026. Both lines of credit bear interest at the greater of (i) one percent (1.000%) or (ii) the Prime Rate minus seventy five hundredths percent (-0.750%). There were no borrowings outstanding as of June 30, 2025 and December 31, 2024.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 8. INCOME TAXES
Effective income tax rates for interim periods are based on the Company’s estimate of the applicable annual income tax rate. The Company’s effective income tax rate varies based upon the estimate of the Company’s annual taxable earnings and the allocation of those taxable earnings across the various states in which we operate. Changes in the annual allocation of the Company’s activity among these jurisdictions results in changes to the effective tax rate utilized to measure the Company’s income tax provision and deferred tax assets and liabilities.

The Company’s effective income tax rate for the six months ended June 30, 2025 and 2024 was 0% for both periods. This was different than the expected federal income tax rate of 21% primarily due to the Company operating at a loss with a full valuation allowance. The Company had insignificant state income taxes for the six months ended June 30, 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

.
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 9. SEGMENT INFORMATION
The Company has two operating segments: (1) Broadcasting and (2) Digital, which also qualify as reportable segments. In accordance with ASC 280, “Segment Reporting,” the operating segments reflect how the chief operating decision maker, which the Company defines as the chief executive officer, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. We continually review our operating segment classifications to align with operational changes in our business and may make changes as necessary. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment Adjusted EBITDA.
Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.
Segment Adjusted EBITDA is defined as revenues less cost of revenues and general and administrative expenses and does not include depreciation, interest, net, asset impairment, unrealized gain (loss) on marketable securities, stock-based compensation, other corporate matters, other, net and income tax expense. Other corporate matters represent certain litigation expenses, and related fees, for specific proceedings that the Company has determined are infrequent and unusual in terms of their magnitude. Management believes that Segment Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s business. We do not present asset information for our segments as this information is not used to allocate resources.
The following tables set forth the Company’s Revenues and Segment Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Revenues
Broadcasting$38,029,015 $29,599,348 $74,216,193 $59,710,252 
Digital8,410,729 9,627,384 17,525,259 20,116,125 
Total revenues$46,439,744 $39,226,732 $91,741,452 $79,826,377 
Segment expenses and operating performance
Broadcasting
Adjusted cost of sales (1)
21,558,033 16,623,892 41,520,756 33,152,437 
Adjusted general and administrative expenses (2)
14,887,874 9,144,018 27,960,839 18,953,040 
Broadcasting adjusted EBITDA1,583,108 3,831,438 4,734,598 7,604,775 
Digital
Adjusted cost of sales (1)
5,137,983 5,881,145 10,362,681 11,047,197 
Adjusted general and administrative expenses (2)
8,671,929 5,670,530 15,304,444 11,568,731 
Digital adjusted EBITDA(5,399,183)(1,924,291)(8,141,866)$(2,499,803)
Total reportable adjusted EBITDA(3,816,075)1,907,147 (3,407,268)5,104,972 
Corporate and unallocated
Depreciation(734,590)(820,044)$(1,471,465)(1,625,093)
Interest, net1,794,598 3,791 $2,842,829 5,299 
Unrealized gain (loss) on marketable securities(500,736)(34,772)$1,084,844 128,574 
Stock-based compensation(3,417,686)— $(4,994,794)— 
Other corporate matters(68,437,098)(5,838,233)$(78,104,701)(59,074,353)
Other, net(54,342)(28,461)$(8,342,898)(31,686)
Loss before income tax expense(75,165,929)(4,810,572)(92,393,453)(55,492,287)
Income tax expense9,693 18,988 14,693 20,960 
Net loss $(75,175,622)$(4,829,560)$(92,408,146)$(55,513,247)

(1) Adjusted cost of sales includes cost of sales less stock-based compensation.

(2) Adjusted general and administrative expenses includes general and administrative expenses less depreciation, stock-based compensation and other corporate matters.
Revenues by Segment by Component
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Broadcast
Advertising$26,225,117 $19,231,906 $50,856,696 $39,535,301 
Affiliate fee7,343,407 6,844,604 $14,771,830 $13,445,240 
Subscription3,765,699 2,915,276 $7,455,375 $5,347,149 
Other694,792 607,562 1,132,292 1,382,562 
Total Broadcast revenues38,029,015 29,599,348 74,216,193 59,710,252 
Digital
Advertising$3,640,773 $4,424,593 $7,896,388 $9,573,544 
Subscription3,214,341 3,721,997 $6,506,824 $7,625,236 
Product sales1,555,537 1,480,638 $3,121,904 $2,916,906 
Other78 156 143 439 
Total Digital revenues8,410,729 9,627,384 17,525,259 20,116,125 
Total revenues$46,439,744 $39,226,732 $91,741,452 $79,826,377 
v3.25.2
CONCENTRATIONS OF CREDIT RISKS
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF CREDIT RISKS
NOTE 10. CONCENTRATIONS OF CREDIT RISKS
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, short-term investments available-for-sale and accounts receivable. Management believes the financial risks associated with these financial instruments are minimal.
The Company places its cash, and its short-term investments with high credit quality financial institutions. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses due to this policy. The Company's short-term investments are generally deemed to be low risk; however, the longer the duration of a security, the more susceptible it is to changes in market interest rates and bond yields. As the balance of the Company's short-term investments has grown, the market risk related to those investments has grown as well.
Concentrations of credit risk with respect to accounts receivable are limited because a large number of geographically diverse customers make up the Company’s customer base, thus spreading the trade credit risk. The Company controls credit risk through credit approvals, credit limits and monitoring procedures. The Company performs credit evaluations of its commercial customers but generally does not require collateral to support accounts receivable.
No single customer accounted for over 10% of the Company’s unaudited condensed consolidated net revenues during either of the six months ended June 30, 2025 or 2024. No single customer accounted for over 10% of the Company’s condensed consolidated accounts receivable as of June 30, 2025 or December 31, 2024.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 11. COMMITMENTS AND CONTINGENCIES
The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The following table summarizes the Company’s material firm commitments for contracts that run through 2027 as of June 30, 2025:

Payments Due by Period
Total202520262027
Distribution agreements$6,892,280 $6,892,280 $- $- 
Other commitments11,837,083 4,283,750 5,392,500 2,160,833 
Total commitments and contractual obligations$18,729,363 $11,176,030 $5,392,500 $2,160,833 
Distribution Agreements
The Company has entered into several Affiliation/Distribution Agreements with the MVPDs. These agreements typically have a five-year term beginning as early as December 2014 and ending as late as December 2025. The Company is required to make payments under certain agreements which have payment terms that are generally over a three-to-four-year period and as such will shift between accrued distribution fees or prepaid distribution fees.
Other Commitments
The Company has entered into several other contractual commitments over the next three years ending in December 2027 primarily related to talent costs and other service agreements.
v3.25.2
LEGAL
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
LEGAL
NOTE 12. LEGAL
Legal Matters
From time to time, the Company may be involved in various claims, lawsuits, and disputes with third parties, actions involving allegations of discrimination or breach of contract incidental to the ordinary operations of the business. In the opinion of management, the amount of ultimate liability with respect to these actions will not have a material adverse impact on the Company’s condensed consolidated financial position or results of condensed consolidated operations or condensed consolidated cash flows. The Company accrues for loss contingencies that are probable and reasonably estimable. The Company generally does not accrue for legal costs expected to be incurred with a loss contingency until those services are provided.
Defamation and Disparagement Claims
From time to time, the Company is subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) filed during 2023. The Smartmatic complaint sought an unspecified amount of damages while the Dominion complaint is seeking $1.6 billion in damages.

On September 26, 2024, the Company entered into a settlement agreement with Smartmatic pursuant to which the parties agreed to resolve the lawsuits among them. The Company agreed to pay a settlement of approximately $40 million payable over time and granted a five year warrant to purchase 2,000 shares of Series B preferred stock at an exercise price of $5,000 per share. Refer to Note 15. Equity for details of the warrant. The settlement expense, inclusive of the warrant, is included in other corporate matters in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the six months ended June 30, 2024. The $40 million payable over time is recorded within settlement liability on the Unaudited Condensed Consolidated Balance Sheet. As of June 30, 2025 the outstanding balance was fully satisfied.
On August 15, 2025, Newsmax Media, Inc. and Newsmax Broadcasting, LLC entered into a settlement agreement with Dominion Voting Systems, Inc. and certain of its affiliates ("Dominion"), pursuant to which such parties agreed to resolve the lawsuit among them for a total amount of $67 million to be paid in the current and next two fiscal years. The payments will be made in three installments: (1) $27 million paid on August 15, 2025; (2) $20 million on or before January 15, 2026;
and (3) $20 million on or before January 15, 2027. The settlement expense is included in other corporate matters in the Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2025. The $67 million payable over time is recorded within settlement liability on the Unaudited Condensed Consolidated Balance Sheet. As of August 19, 2025 the outstanding balance of the settlement is $40 million.
In 2023, the Company entered into a settlement agreement with a commercial counterparty for $41.3 million. As of June 30, 2025, and pursuant to the payment schedule associated with this settlement agreement, the Company has a total of approximately $32.6 million remaining to be paid over time. The fair value of the settlement agreement as of June 30, 2025 and 2024 was $26.7 million and $30.9 million, respectively, which assumes a discount rate of 9.75% and making quarterly payments for 51 and 60 months, respectively. The fair value measurement is disclosed for information purposes and is not reflected in the carrying amount on the unaudited condensed consolidated balance sheet.
The table below represents the estimated timing of payments over the term of the agreements.
As of June 30, 2025
Payments Due by Period
Total20252026202720282029
Settlement agreements$99,561,996 $30,817,838 $24,610,093 $24,075,591 $3,603,061 $16,455,413 
v3.25.2
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 13. EMPLOYEE BENEFIT PLANS
The Company maintains a 401(k) Salary Savings Plan (the “Plan”) covering those employees who meet eligibility requirements set forth in the Plan. The matching contribution is at the discretion of the Company’s Board of Directors. The Company’s policy is to match 100% of the first 1% of employee contributions and 50% on the next 2 to 6% of employee contributions. Total expense for the Plan amounted to $394,519 and $776,881 for the three and six months ended June 30, 2025, respectively, and $317,983 and $569,061 for the three and six months ended June 30, 2024, respectively..
v3.25.2
CONVERTIBLE AND REDEEMABLE PREFERRED STOCK
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
CONVERTIBLE AND REDEEMABLE PREFERRED STOCK
NOTE 14. CONVERTIBLE AND REDEEMABLE PREFERRED STOCK
Convertible and Redeemable Preferred Stock
Prior to the March 28, 2025 initial public offering, the Company had outstanding Convertible and Redeemable Preferred Stock, which converted in connection with the initial public offering. The conversion included accumulated dividends on the Redeemable Preferred Stock except for those shares held by two preferred stockholders who elected to receive their accumulated dividends in cash on the initial public offering date. As of June 30, 2025, the Company does not have Convertible and Redeemable Preferred Stock outstanding. Convertible and Redeemable Preferred Stock as of December 31, 2024 (71,034 total shares authorized and all classes are $0.001 par value per share) was as follows. The conversion prices and conversion ratios presented in this footnote have not been adjusted for the stock split disclosed in Note 1. Nature of Business:
SeriesShares
Authorized		Shares
Issued and
Outstanding		Per Unit
Issue
Price		December 31, 2024
Conversion
Price		Liquidation
Preference		Carrying
Amount
Series A3,965611$22,500 $22,500 $13,747,500 $14,726,570 
Series A (with redemption rights)3535$22,500 $22,500 787,500 1,296,850 
Series A-12,4451,222$20,451 $20,451 25,000,000 32,147,260 
Series A-23,1762,647$18,891 $18,891 50,000,000 50,000,000 
Series A-31,4131,060$23,619 $23,619 25,036,140 30,406,221 
Series B60,00027,612$5,000 $50,741 138,060,000 86,742,045 
71,03433,187$252,631,140 $215,318,946 
Prior to the March 28, 2025 initial public offering, the Company’s Series A convertible preferred stock was classified as mezzanine equity and Series B convertible preferred stock was classified as permanent equity in our condensed consolidated financial statements.
The Company measured the preferred stock where redemption was probable at its maximum redemption value plus dividends not declared or paid but which would be payable upon redemption. On December 31, 2024, the preferred stock was remeasured, resulting in a maximum redemption value of $128,576,901 and accretion of $12,814,190, included in Accumulated Deficit on the condensed consolidated balance sheets as of December 31, 2024.
The Series B preferred stock included certain redemption rights that were solely in the control of the Company, including redemption upon sale or liquidation of the Company, and an in-substance redemption feature associated with the conversion terms of the Series B preferred stock upon IPO. The stock was recorded in permanent equity on the condensed consolidated balance sheets as of December 31, 2024. The redemption features were bifurcated as an embedded derivative and were accounted for as a derivative liability on the condensed consolidated balance sheet. The fair value of the embedded derivative was estimated using a scenario-based discounted cash flow method. The valuation methodology included assumptions and judgments regarding discount rates and timing of conversion, which were primarily level 3 assumptions. The embedded derivative was measured at fair value on a recurring basis and any changes in fair value in a subsequent period were be recorded to other income (expense). For the six months ended June 30, 2025, the Company recognized a loss of $6.1 million in fair value adjustments in other, net on the unaudited condensed consolidated statements of operations and comprehensive (loss) income related to the change in net fair value between the beginning of the year and the conversion of the Series B preferred stock upon IPO.
v3.25.2
EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY
NOTE 15. EQUITY
Common Stock A – As of June 30, 2025 and December 31, 2024, the Company was authorized to issue 50,000,000 shares of common stock, with a par value of $0.001 per share and 20,000 shares of common stock (pre-stock split), with a par value of $0.001 per share, respectively.
Common Stock B - As of June 30, 2025 and December 31, 2024, the Company was authorized to issue 940,000,000 shares of common stock, with a par value of $0.001 per share and 60,000 shares of common stock (pre-stock split), with a par value of $0.001 per share, respectively.
Settlement Warrant - On September 26, 2024, the Company granted a five year warrant to purchase 2,000 shares of Series B preferred stock at an exercise price of $5,000 per share in connection with a settlement agreement with Smartmatic. Following the conversion of the underlying Series B preferred stock into Class B common stock in connection with the Company's March 28, 2025 initial public offering, Smartmatic has a five year warrant to purchase 1,333,333 shares of Class B common stock at an exercise price of $7.50 per share. Refer to Note 12. Legal for details of the settlement. The exercise price and the number of shares of the warrants are subject to adjustment for standard anti-dilution provisions. Exercise of the warrant would result in the Company recognizing a $10 million increase in gross proceeds. Prior to conversion of the underlying Series B preferred stock into Class B common stock, the settlement warrant did not meet the conditions to be classified in equity, and therefore the Company assessed and confirmed it met the definition of a liability under ASC 815 and ASC 480 and it was recognized on the balance sheet at fair value. Following the conversion of the underlying Series B preferred shares to Class B common shares as a result of the Company's March 28, 2025 offering, the warrant meets the conditions for equity classification. As a result, the warrant has been recorded in equity at its March 28, 2025 fair value of $8,324,000 with a final fair value adjustment loss of $1,824,179 recorded in other, net on the June 30, 2025 unaudited condensed consolidated statements of operations and comprehensive (loss) income.
Agent Warrants - The Company agreed to issue a three-year warrant to the placement agent associated with the Private Placement of shares of the Company's Series B convertible preferred Stock. The number of shares under the warrant is equal to 2% of the total shares raised under the private placement with an exercise price of $5,000 per share. Following the conversion of the underlying Series B preferred stock into Class B common stock in connection with the Company's March 28, 2025 initial public offering, the exercise price is $7.50 per share. The warrant holder has the option to elect net share settlement. The effective date of the warrant is the date of the final close of the private placement offering. The Company evaluated the warrant under ASC 718, Compensation - Stock Compensation and determined that the award was non-employee share-based compensation that does not meet the criteria for liability classification. As a result, the warrant was classified in equity in the Company's unaudited condensed consolidated balance sheets as of June 30, 2025.
On April 4, 2025, the Company entered into a $1.2 billion Standby Equity Purchase Agreement ("SEPA") with Yorkville pursuant to which the Company has the right to direct Yorkville during the 24 month term of the agreement to purchase common stock subject to certain limitations and conditions set forth in the SEPA. There were no purchases of common stock during the six months ended June 30, 2025.
As consideration under the SEPA, the Company paid to Yorkville (i) a structuring fee in the amount of $25,000 and (ii) a commitment fee of $500,000 of shares of common stock equal to the commitment fee divided by the daily VWAP of the common shares during the trading day immediately prior to the effective date of the SEPA. The structuring fee and commitment fee were expensed in full immediately following the consummation of the SEPA, according to ASC 815, and recorded within the professional fees line item in the consolidated statements of operations and comprehensive loss for the period ended June 30, 2025.
v3.25.2
EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION
NOTE 16. EQUITY-BASED COMPENSATION
On March 28, 2025, the Board adopted our 2025 Omnibus Equity Incentive Plan (the “2025 Plan”) and it was approved by our shareholders on March 24, 2025 (the “Effective Date”). Under the 2025 Plan, 6,500,000 shares of Class B Common Stock are initially available for grant. Our administrator may grant incentive stock options (“ISOs”), non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to participants to acquire shares of common stock under the 2025 Plan. The Plan was administered by the Board. On March 28, 2025, the Company granted stock options to employees and certain service providers to purchase an aggregate of 3,382,000 shares of common stock at an exercise price of $10.00 per share, which was the fair market value on the grant date. These options allow for early exercise after 90 days, vest over 1.5 years, and expire 10 years from the grant date.
As of June 30, 2025, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees under the 2025 Plan was approximately $17.2 million and is expected to be recognized over a weighted average period of 1.3 years.
The Company’s equity-based awards are settled in Class B Common Stock. As of June 30, 2025, the Company had 4.1 million shares of Class B common stock reserved for future issuance as equity-based compensation.
The Company granted 703,507 opening balance options under the previous equity incentive plan which were fully vested as of June 30, 2025.
The following table summarizes the activities for our stock options for the six months ended June 30, 2025:
Number of SharesWeighted-Average Exercise Price per Share
Outstanding at December 31, 2024703,507 4.99 
Granted3,377,813 10.01 
Exercised(809,593)8.29 
Forfeited(14,500)10.00 
Expired— — 
Outstanding at June 30, 20253,257,227 9.36 
 Exercisable as of June 30, 20253,180,865 9.33 
The table below summarizes the resulting weighted average inputs used to calculate the estimated fair value of options awarded under the "2025 Plan" for the six months ended June 30, 2025:
For the period ended
June 30, 2025
Expected term (in years)5.75
Volatility65 %
Risk free interest rate4.04 %
Weighted-average grant date fair value6.14
The following table shows summary information for outstanding options and options that are exercisable (including 420,640 vested options and 2,760,225 options which are early exercisable) as of June 30, 2025:
Options OutstandingOptions Exercisable
Number of options3,257,227 3,180,865 
Weighted average remaining contractual term (years)9.419.40
Weighted average exercise price9.36 9.33 
Aggregate intrinsic value18,829,704 18,449,295 
The equity-based compensation expense was recorded in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024 as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Cost of services$2,101,966 $— $2,754,116 $— 
Personnel costs1,315,720 — 2,240,678 — 
Total equity-based compensation expense$3,417,686 $— $4,994,794 $— 
v3.25.2
LOSS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
LOSS PER SHARE
NOTE 17. LOSS PER SHARE
The holders of our Class A and Class B common stock have identical liquidation and dividend rights but different voting rights. Accordingly, we present the loss per share for Class A and Class B common stock together. Basic loss per share is computed by dividing net loss by the weighted-average number of shares of our Class A and Class B common stock outstanding. Loss per share for Class B common stock is not presented separately as under the two-class method Class A and Class B loss per share is not meaningfully different. The following table illustrates the reconciliation of the basic and diluted loss per share computations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Basic and diluted loss per share:
Numerator:
Net loss $(75,175,622)(4,829,560)$(92,408,146)(55,513,247)
Cumulative dividends on preferred stock
— 1,456,449 4,667,803 2,900,184 
Net loss attributable to common stockholders
$(75,175,622)$(6,286,009)$(97,075,949)$(58,413,431)
Denominator:
Weighted average common stock outstanding, basic and diluted1
128,333,35641,065,95486,938,58541,065,954
Per share:
Net loss per share attributable to common stockholders, basic and diluted
$(0.59)$(0.15)$(1.12)$(1.42)
1 Includes 39.2 million and 41.1 million shares of Class A common stock and 89.2 million and 0 shares of Class B common stock, for the three months ended June 30, 2025 and 2024, respectively. Includes 39.2 million and 41.1 million shares of Class A common stock and 89.2 million and 0 shares of Class B common stock, for the six months ended June 30, 2025 and 2024, respectively.
The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
Six Months Ended
June 30,
20252024
Warrants1,933,333 — 
Stock options4,095,133 759,348 
Preferred shares— 38,981,749 
Total6,028,466 39,741,097 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 18. SUBSEQUENT EVENTS
See Note 12 regarding legal matters.
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act including accelerated tax expensing of qualifying domestic research costs, 100% bonus depreciation on qualifying capital expenditures, and enhancements to the business interest expense limitation. We are evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Accounting
Basis of Accounting

The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the annual audited consolidated financial statements and related notes for the fiscal year ended December 31, 2024.
Principles of Consolidation
Principles of Consolidation
The condensed consolidated financial statements include the accounts of Newsmax Inc. and its wholly owned subsidiaries Newsmax Media Inc, Medix Health, LLC (“Medix”), Crown Atlantic Insurance, LLC (“Crown”), Newsmax Broadcasting, LLC (“Broadcasting”), Humanix Publishing, LLC (“Humanix”), ROI Media Strategies (“ROI”) and Newsmax Radio LLC (“Radio”). All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions made by management are used for, but not limited to, the allowance for credit losses, carrying value of other assets, and realizability of deferred income taxes.
Reclassifications
Immaterial correction of error
During the preparation of the financial statements for the quarter ended June 30, 2025, the Company identified immaterial errors in its previously issued consolidated financial statements as of December 31, 2024, the three months ended March 31, 2025 and 2024, and the three and six months ended June 30, 2024.
Specifically, the Company understated cost of revenues and overstated general and administrative by $2.2 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively, and $1.4 million and $2.8 million for the three and six months ended June 30, 2024, respectively, due to a misclassification of employee payroll costs.
Additionally the Company understated prepaid and other current assets and overstated other assets (non-current) by $3.1 million as of December 31, 2024 due to a misclassification of the current portion of the other assets.
The Company has corrected the account classification in the current period financial statements. The correction had no impact on loss from continuing operations, net loss, earnings per share, total assets, total liabilities, equity or cash flows for any period presented
Investments
Investments
Marketable Securities
The Company accounts for its marketable securities in accordance with ASC Topic 321, Investments - Equity Securities. ASC Topic 321 requires companies to measure equity investments at fair value, with changes in fair value recognized in net income (loss). The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense).
The fair market value of marketable equity securities is determined based on quoted market prices in active markets. See Note 3 - Fair Value Measurements, for additional information regarding the valuation of marketable equity securities.
Available-for-Sale Debt Instruments
The Company classifies investments in fixed income securities as available-for-sale debt investments. The Company’s available-for-sale debt investments primarily consist of certificates of deposits and treasury securities. These available-for-sale debt investments are held in the custody of a major financial institution. A specific identification method is used to determine the cost basis of available-for-sale debt investments sold. These investments are recorded in the condensed consolidated balance sheets at fair value. Unrealized gains and losses on these investments are included within other comprehensive income (loss), net of tax. The Company classifies investments as current based on the nature of the investments and their availability for use in current operations.
The Company regularly reviews investment securities for impairment. For debt securities, any impairment relating to credit losses is recorded through an allowance for credit losses. A change in the allowance for credit losses is recorded into earnings in the period of the change.
Revenue Recognition and Shipping and Handling Costs
Revenue Recognition
In accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods are services. The Company records taxes collected from customers and remitted to governmental authorities on a net basis.
Service Revenue
Service revenue is primarily derived from the Company’s original news and lifestyle content, using a mixed-revenue multi-platform model that derives income from digital, linear and OTT news channels, websites, proprietary database, publishing and video subscription services. The Company uses original news, syndicated services and editorial content to draw consumers to its media outlets in order to sell advertising, license fees and video, print and online information services. The Company earns revenue through contractual allocations of fees based on impressions received or subscriber counts. 



The Company’s service revenue is comprised of the following:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Advertising revenue$29,865,890 $23,656,498 $58,753,084 $49,108,844 
Affiliate fee revenue7,343,407 6,844,604 14,771,830 13,445,240 
Subscription revenue6,980,040 6,637,273 13,962,199 12,972,385 
Other694,871 607,718 1,132,435 1,383,001 
Total$44,884,207 $37,746,093 $88,619,548 $76,909,470 
Advertising Revenue
Advertising revenue is derived from the sale of advertising on the Company’s cable television, email database, in the Company’s magazine and related publications, or on the Company’s website. Revenue related to the sale of advertising in the broadcast segment is recognized at the time of broadcast. Revenue related to the Company's digital segment is recognized when display or other digital advertisements record impressions on the various digital media. Revenue related to the Company's magazine and related publications is recognized when the ad is displayed in the printed document. Each advertisement insertion order is determined to be a distinct performance obligation that is satisfied at the point in time when such advertisements are published/aired. The Company records revenue from contracts that are entered into between the Company and its customers, primarily advertising agencies and direct advertisers, at the amount charged for the services. Advertising contracts, which are generally short-term, are billed monthly for the services provided during the month, with payments due shortly thereafter. Cash payments received prior to services rendered result in deferred revenue, which is then recognized as revenue when the advertising time or space is actually provided.
The Company enters into agreements with over-the-top distribution platforms to distribute the Company’s news channel. Pursuant to the Company’s distribution agreements, advertising revenues are earned based on an allocation of the fee determined by the number of impressions received. These contracts represent a single performance obligation recognized over time under the series guidance. Revenue is recognized upon delivery of the content over the course of an over-the-top distribution agreement term based on time elapsed, as this best depicts the simultaneous consumption and delivery of the services. The Company bills OTT customers monthly over the life of the contract. The Company has an unconditional right to receive payment of the amount billed generally within 30 to 90 days from the invoice date. The invoiced amount to be received is recorded in accounts receivable on the balance sheets.
Subscription Revenue
The Company sells magazines to consumers through subscriptions. Each subscription is determined to be a distinct performance obligation that is satisfied over the term of the subscription, normally one (1) to five (5) years. Subscriptions received in advance of the publication are recorded as deferred revenue and recognized as income on a straight line basis over the term, as this best represents the transfer of control of the services to the consumer.
The Company also has Newsmax+ which is a subscription service that provides the Company’s content directly to consumers either on a monthly or annual basis. Monthly subscriptions are recognized as income in the month it was earned. Annual subscriptions are recorded as deferred revenue and recognized as income over the term of the contract each month.
The Company’s deferred subscription revenue balances are shown below along with the corresponding revenue recognized from the prior period:
June 30, 2025December 31, 2024
Deferred subscription revenue, current portion$11,461,643 $13,356,032 
Deferred subscription revenue, net of current portion2,926,255 2,835,218 
Total deferred subscription revenue$14,387,899 $16,191,250 
Deferred subscription revenue recognized in revenue for the three and six months ended June 30, 2025 was $4,046,099 and $7,668,803, respectively, and for the three and six months ended June 30, 2024 was $4,254,462 and $9,065,845, respectively.

Affiliate Fee Revenue
The Company generates affiliate fee revenue from agreements with MVPDs for cable networks. Affiliate fee revenue is recognized over time as we continuously make the programming available to the customer over the term of the agreement using the output method. For contracts with affiliate fees based on the number of the affiliate’s subscribers, revenues are recognized based on the contractual rate multiplied by the estimated number of subscribers each period. Consideration payable to a customer is treated as a cost of sale when distinct. If a distinct service is not received, such costs are recorded as a reduction to revenues. Affiliate contracts are generally multi-year contracts billed monthly with payments due shortly thereafter.
Other
Other primarily includes revenue generated from the Company’s content licensing agreements. Revenue from content licensing agreements is recognized when the content is made available under the content licensing agreements.
Deferred revenue related to licensing agreements amounts to $34,375 and $291,667 as of June 30, 2025 and December 31, 2024, respectively.
Product Revenue
Product sales are derived from the sales of books, audio and video, dietary supplements, and other items advertised on the Company’s website. Supplement, books, media and other product sales are recognized at the point in time control transfers to the customer, which is when the product is shipped. Allowances are considered for estimated returns and refunds at the point in time when revenue is recognized. As of June 30, 2025 and December 31, 2024, the refund liability was $470,782 and $424,278, respectively and is classified as a reduction in accounts receivable. Product revenue is comprised of the following:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Supplement sales$1,194,709 $1,271,687 $2,309,649 $2,559,037 
Books, media and other product sales561,670 418,806 1,220,393 670,320 
Product returns and allowances(200,842)(209,854)(408,138)(312,450)
Total$1,555,537 $1,480,639 $3,121,904 $2,916,907 
Incremental Costs to Obtain a Contract
The revenue standard requires capitalization of the incremental costs to obtain a contract, which the Company has identified as certain sales commissions. These costs are deferred and then amortized over the expected customer life. Amortization expense is included within sales and marketing on the accompanying condensed consolidated statements of
operations. As of June 30, 2025, we have $1,395,719 of unamortized capitalized costs to obtain a contract, of which $283,875 is recorded within prepaid expenses and other current assets and $1,111,844 is recorded within other assets on our unaudited condensed consolidated balance sheet. During the six months ended June 30, 2025, we recorded approximately $89,281 of amortization of capitalized costs, which is recorded within professional fees on our unaudited condensed consolidated statement of operations and comprehensive loss. During the six months ended June 30, 2024, we had no unamortized capitalized costs to obtain a contract and we recorded no amortization of capitalized costs.
Practical Expedient
As a practical expedient, the Company recognizes any incremental costs of obtaining contracts as expense when the amortization period is considered to be a year or less.
As a practical expedient, the Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products.
Shipping and Handling Costs
Amounts billed to third-party customers for shipping and handling are included as a component of revenue. Shipping and handling costs incurred are included as a component of cost of products sold. Shipping and handling charges recorded as revenue amounted to $90,741 and $91,741 for the three and six months ended June 30, 2025, respectively, and $173,888 and $166,882 for the three and six months ended June 30, 2024, respectively.
Stock-Based Compensation
Stock-Based Compensation
Stock options granted to employees under the Company’s 2025 Omnibus Incentive Plan vest over 18 months based on continued service and are subject to forfeiture, repurchase, or clawback during this period. Although the awards allow for early exercise in 30-day increments starting after grant, the shares remain subject to repurchase and do not substantively vest until the end of the service period. Compensation expense is recognized using the straight-line method over the 18-month service period.
The fair value of stock options is determined on the grant date using the Black-Scholes option pricing model. The model incorporates assumptions including the $10 grant-date fair value of the underlying stock, the risk-free interest rate, and expected volatility based on a peer group. The Company applied the simplified method to estimate the expected term. Based on its review of contemporaneous public filings, the Company concluded that the awards were not “spring-loaded” under SEC Staff Accounting Bulletin No. 120.
Stock-based compensation expense is included in cost of sales and selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. The Company accounts for forfeitures as they occur.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Accounts receivable is presented net of an allowance for credit losses of $2,122,157 and $2,308,612 at June 30, 2025 and December 31, 2024, respectively. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses and doubtful accounts. The Company’s allowance for credit losses is estimated based on historical loss rates, current conditions, reasonable economic forecasts that affect collectability, and known credit issues with specific customers.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company continually evaluates factors, events and circumstances that include, but are not limited to, historical and projected operating performance of the Company, specific industry trends and general economic conditions to assess whether the remaining estimated useful lives of long-lived assets may warrant revision or that the remaining balance of long-lived assets may not be recoverable. When such factors, events or circumstances indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of undiscounted cash flows over the remaining lives of the long-lived assets in measuring their recoverability. The Company measures asset impairment loss as the amount by which the carrying amount exceeds the fair market value of the asset.
Other Assets
Other Assets
During 2023, the Company capitalized a separate payment obligation of $41.3 million associated with a commercial counterparty to resolve various claims. The Company accounted for the payment as a reduction to the transaction price in accordance with the guidance in ASC 606-10-32-25 and 32-26 and is amortizing the asset as a contra-revenue item. In connection with the signing of this agreement, the Company identified indicators that the carrying value of these upfront costs were not fully recoverable based on estimated cash flows related to the customer relationship. As a result, the Company’s broadcast segment recognized a partial impairment of the upfront cost during 2023 with no additional impairment recognized for the six months ended June 30, 2025 and 2024.
Amortization of the capitalized costs of the asset is recorded on a straight-line basis over the life of the agreement which ends June 30, 2029 as contra revenue in the accompanying condensed consolidated statements of operations and comprehensive (loss) income. Amortization expense amounted to $764,190 and $1,528,380 for the three and six months ended June 30, 2025, respectively, and $764,190 and $1,528,380 for the three and six months ended June 30, 2024, respectively.
Other assets also include $1.40 million for costs to obtain a contract, which the Company has identified as certain sales commissions
The Company evaluates these other assets for impairment each reporting period based upon its estimate of recoverability of the assets. Recoverability of the assets is based upon estimated cash flows including reductions for direct and allocable costs attributable to the underlying business arrangement.
Fair Value Measurements
Fair Value Measurements
The Company carries certain assets and/or liabilities at fair value in the condensed consolidated balance sheets. The Company applies accounting guidance that defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements under the accounting guidance are classified based on the following fair value hierarchy:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. We use inputs such as actual trade data, benchmark yields, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of assets or liabilities.
Level 3: Unobservable inputs that are not corroborated by market data.
The fair value of a financial instrument is the amount for which the instrument could be exchanged in a current transaction between willing parties. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, accrued payroll and accrued distribution approximate fair value due to their short-term nature and observable inputs.
Net Loss Per Share
Net Loss Per Share
Basic and diluted loss per share is computed as net loss available to common stockholders divided by the weighted average number of shares outstanding for the period. For the three and six months ended June 30, 2025 and 2024, all dilutive securities have been excluded as their inclusion would have had an antidilutive effect on loss per share. Potentially dilutive common shares include warrants, convertible preferred stock, and stock options.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for fiscal years beginning after December 15, 2023, and for
interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented. The adoption of this standard for interim periods beginning with the three and six months ended June 30, 2025 did not have a material impact on the Company's unaudited condensed consolidated financial results, but resulted in enhanced disclosures as included in Note 9. Segment Information.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires additional disclosures of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on a prospective basis, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its disclosures.
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods with those annual reporting periods. The Company is currently evaluating the effects of this ASU on its calculation for credit losses.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule Of Disaggregation of Revenue
The Company’s service revenue is comprised of the following:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Advertising revenue$29,865,890 $23,656,498 $58,753,084 $49,108,844 
Affiliate fee revenue7,343,407 6,844,604 14,771,830 13,445,240 
Subscription revenue6,980,040 6,637,273 13,962,199 12,972,385 
Other694,871 607,718 1,132,435 1,383,001 
Total$44,884,207 $37,746,093 $88,619,548 $76,909,470 
Product revenue is comprised of the following:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Supplement sales$1,194,709 $1,271,687 $2,309,649 $2,559,037 
Books, media and other product sales561,670 418,806 1,220,393 670,320 
Product returns and allowances(200,842)(209,854)(408,138)(312,450)
Total$1,555,537 $1,480,639 $3,121,904 $2,916,907 
Schedule of Deferred Subscription Revenue
The Company’s deferred subscription revenue balances are shown below along with the corresponding revenue recognized from the prior period:
June 30, 2025December 31, 2024
Deferred subscription revenue, current portion$11,461,643 $13,356,032 
Deferred subscription revenue, net of current portion2,926,255 2,835,218 
Total deferred subscription revenue$14,387,899 $16,191,250 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements Assets and Liabilities
Assets and liabilities subject to fair value measurements are as follows:
As of June 30, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
U.S. Treasury securities$— $- $- $— 
Money market$26,908,287 $- $- $26,908,287 
Certificates of deposit$— $- $- $— 
Total cash and cash equivalents$26,908,287 $— $— $26,908,287 
Investments
Equity securities$19,301,067 $- $- $19,301,067 
U.S. Treasury securities$— $141,250,431 $- $141,250,431 
Certificates of deposit$— $3,501,333 $- $3,501,333 
Total investments$19,301,067 $144,751,763 $— $164,052,830 
Total assets$46,209,353 $144,751,763 $— $190,961,116 
As of December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
U.S. Treasury securities$— $4,959,350 $— $4,959,350 
Money market$12,615,549 $- $- $12,615,549 
Certificates of deposit$— $2,250,628 $- $2,250,628 
Total cash and cash equivalents$12,615,549 $7,209,978 $— $19,825,527 
Investments
Equity securities$7,553,725 $- $- $7,553,725 
U.S. Treasury securities$9,923,100 $36,580,580 $- $46,503,680 
Certificates of deposit$— $4,253,550 $- $4,253,550 
Total investments$17,476,825 $40,834,130 $— $58,310,955 
Total assets$30,092,374 $48,044,108 $— $78,136,482 
Liabilities
Warrant liability$— $- $6,499,821 $6,499,821 
Derivative liability$— $- $41,459,418 $41,459,418 
Total liabilities$— $— $47,959,239 $47,959,239 
Schedule of Valuation Methodologies and Significant Unobservable Inputs
The valuation methodologies and significant unobservable inputs for Level 3 investments were as follows:
As of December 31, 2024
Fair ValueValuation MethodologySignificant Unobservable InputsRangeWeighted Average
Warrant liability$6,499,821Modified Black ScholesExpected volatility65%65%
Risk-free interest rate
4.17% - 4.28%
4.18%
Expected term
2.5 - 4.8 years
2.7 years
Derivative liability$41,459,418Scenario-based discounted cash flowTiming of conversion
0.18 - 4.42 years
0.70 years
Discount rate20%20%
Schedule of Changes Liabilities Measured at Fair Value On Recurring Basis
Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2025 were as follows:
As of June 30, 2025
Warrant LiabilityDerivative Liability
Opening Balance$6,499,821 $41,459,418 
Total losses for the period
Included in earnings (or changes in net assets)1,824,179 6,104,230 
Purchases, issues, sales, and settlements
Issuances— 27,436,352 
Settlement of derivative liability(75,000,000)
Reclassification of warrant liability$(8,324,000)
Closing Balance$— $— 
v3.25.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Major Classes of Property and Equipment
Major classes of property and equipment are as follows:
Estimated Useful
Lives		June 30, 2025December 31, 2024
Furniture and fixtures7 years$2,156,375 $2,022,586 
Computer, office and production equipment
3-8 years
13,440,910 12,145,337 
Leasehold improvementsLesser of Useful
Life or Term of
Lease		10,202,002 10,178,386 
25,799,287 24,346,310 
Less: Accumulated depreciation(19,612,191)(18,120,692)
$6,187,097 $6,225,617 
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
Investments on the condensed consolidated balance sheets consisted of the following:
June 30, 2025December 31, 2024
Equity securities$19,301,067 $7,553,725 
Debt securities$144,751,763 $50,757,230 
   Total investments$164,052,830 $58,310,955 
Schedule of Available-for-Sale Investment Securities and Fair Values
The major classes of the Company's available-for-sale debt securities and their respective fair values at June 30, 2025, were as follows:
Available-for-sale debt securities
Amortized CostGross Unrealized gainGross Unrealized LossFair Value
Certificate of deposit$3,500,000 $1,333 $— $3,501,333 
U.S. Treasury securities$140,375,443 $874,988 $141,250,431 
Total$143,875,443 $876,320 $— $144,751,763 
Schedule of Maturity Distribution on Contractual Terms
The maturity distribution based on the contractual terms of the Company's available-for-sale debt securities at June 30, 2025 was as follows:
Amortized CostFair Value
Due within 1 year$78,882,040 $79,504,396 
Due after 1 year through 5 years$64,993,403 $65,247,368 
Total$143,875,443 $144,751,763 
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Weighted-Average Discount Rate and Remaining Lease Terms
Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s leases:
Other supplemental information:June 30, 2025December 31, 2024
Operating leases:
Weighted average of remaining lease term (in years)22
Weighted average discount rate4.35%4.35%
Finance leases:
Weighted average of remaining lease term (in years)12
Weighted average discount rate10.83%10.96 %
Schedule of Operating Lease Future Minimum Lease Payments
Future minimum lease payments at June 30, 2025 were as follows:
OperatingFinanceTotal
2025$2,075,417 $103,897 $2,179,315 
20263,210,308 130,605 3,340,912 
2027614,950 4,999 619,949 
2028297,892 - 297,892 
202972,447 - 72,447 
Total lease payments$6,271,014 $239,501 $6,510,515 
Less: imputed interest(221,344)(15,330)(236,674)
Present value of lease liability$6,049,670 $224,172 $6,273,841 
Schedule of Finance Lease Future Minimum Lease Payments
Future minimum lease payments at June 30, 2025 were as follows:
OperatingFinanceTotal
2025$2,075,417 $103,897 $2,179,315 
20263,210,308 130,605 3,340,912 
2027614,950 4,999 619,949 
2028297,892 - 297,892 
202972,447 - 72,447 
Total lease payments$6,271,014 $239,501 $6,510,515 
Less: imputed interest(221,344)(15,330)(236,674)
Present value of lease liability$6,049,670 $224,172 $6,273,841 
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables set forth the Company’s Revenues and Segment Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Revenues
Broadcasting$38,029,015 $29,599,348 $74,216,193 $59,710,252 
Digital8,410,729 9,627,384 17,525,259 20,116,125 
Total revenues$46,439,744 $39,226,732 $91,741,452 $79,826,377 
Segment expenses and operating performance
Broadcasting
Adjusted cost of sales (1)
21,558,033 16,623,892 41,520,756 33,152,437 
Adjusted general and administrative expenses (2)
14,887,874 9,144,018 27,960,839 18,953,040 
Broadcasting adjusted EBITDA1,583,108 3,831,438 4,734,598 7,604,775 
Digital
Adjusted cost of sales (1)
5,137,983 5,881,145 10,362,681 11,047,197 
Adjusted general and administrative expenses (2)
8,671,929 5,670,530 15,304,444 11,568,731 
Digital adjusted EBITDA(5,399,183)(1,924,291)(8,141,866)$(2,499,803)
Total reportable adjusted EBITDA(3,816,075)1,907,147 (3,407,268)5,104,972 
Corporate and unallocated
Depreciation(734,590)(820,044)$(1,471,465)(1,625,093)
Interest, net1,794,598 3,791 $2,842,829 5,299 
Unrealized gain (loss) on marketable securities(500,736)(34,772)$1,084,844 128,574 
Stock-based compensation(3,417,686)— $(4,994,794)— 
Other corporate matters(68,437,098)(5,838,233)$(78,104,701)(59,074,353)
Other, net(54,342)(28,461)$(8,342,898)(31,686)
Loss before income tax expense(75,165,929)(4,810,572)(92,393,453)(55,492,287)
Income tax expense9,693 18,988 14,693 20,960 
Net loss $(75,175,622)$(4,829,560)$(92,408,146)$(55,513,247)

(1) Adjusted cost of sales includes cost of sales less stock-based compensation.

(2) Adjusted general and administrative expenses includes general and administrative expenses less depreciation, stock-based compensation and other corporate matters.
Revenues by Segment by Component
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Broadcast
Advertising$26,225,117 $19,231,906 $50,856,696 $39,535,301 
Affiliate fee7,343,407 6,844,604 $14,771,830 $13,445,240 
Subscription3,765,699 2,915,276 $7,455,375 $5,347,149 
Other694,792 607,562 1,132,292 1,382,562 
Total Broadcast revenues38,029,015 29,599,348 74,216,193 59,710,252 
Digital
Advertising$3,640,773 $4,424,593 $7,896,388 $9,573,544 
Subscription3,214,341 3,721,997 $6,506,824 $7,625,236 
Product sales1,555,537 1,480,638 $3,121,904 $2,916,906 
Other78 156 143 439 
Total Digital revenues8,410,729 9,627,384 17,525,259 20,116,125 
Total revenues$46,439,744 $39,226,732 $91,741,452 $79,826,377 
v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of the Company's Material Firm Commitments The following table summarizes the Company’s material firm commitments for contracts that run through 2027 as of June 30, 2025:
Payments Due by Period
Total202520262027
Distribution agreements$6,892,280 $6,892,280 $- $- 
Other commitments11,837,083 4,283,750 5,392,500 2,160,833 
Total commitments and contractual obligations$18,729,363 $11,176,030 $5,392,500 $2,160,833 
v3.25.2
LEGAL (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Estimated Timing of Payments
The table below represents the estimated timing of payments over the term of the agreements.
As of June 30, 2025
Payments Due by Period
Total20252026202720282029
Settlement agreements$99,561,996 $30,817,838 $24,610,093 $24,075,591 $3,603,061 $16,455,413 
v3.25.2
CONVERTIBLE AND REDEEMABLE PREFERRED STOCK (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Convertible and Redeemable Preferred Stock The conversion prices and conversion ratios presented in this footnote have not been adjusted for the stock split disclosed in Note 1. Nature of Business:
SeriesShares
Authorized		Shares
Issued and
Outstanding		Per Unit
Issue
Price		December 31, 2024
Conversion
Price		Liquidation
Preference		Carrying
Amount
Series A3,965611$22,500 $22,500 $13,747,500 $14,726,570 
Series A (with redemption rights)3535$22,500 $22,500 787,500 1,296,850 
Series A-12,4451,222$20,451 $20,451 25,000,000 32,147,260 
Series A-23,1762,647$18,891 $18,891 50,000,000 50,000,000 
Series A-31,4131,060$23,619 $23,619 25,036,140 30,406,221 
Series B60,00027,612$5,000 $50,741 138,060,000 86,742,045 
71,03433,187$252,631,140 $215,318,946 
v3.25.2
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Activities for Stock Options
The following table summarizes the activities for our stock options for the six months ended June 30, 2025:
Number of SharesWeighted-Average Exercise Price per Share
Outstanding at December 31, 2024703,507 4.99 
Granted3,377,813 10.01 
Exercised(809,593)8.29 
Forfeited(14,500)10.00 
Expired— — 
Outstanding at June 30, 20253,257,227 9.36 
 Exercisable as of June 30, 20253,180,865 9.33 
Schedule of Weighted Average Inputs Used to Calculate Estimated Fair Value of Options
The table below summarizes the resulting weighted average inputs used to calculate the estimated fair value of options awarded under the "2025 Plan" for the six months ended June 30, 2025:
For the period ended
June 30, 2025
Expected term (in years)5.75
Volatility65 %
Risk free interest rate4.04 %
Weighted-average grant date fair value6.14
Schedule of Summary Information for Outstanding and Exercisable Options
The following table shows summary information for outstanding options and options that are exercisable (including 420,640 vested options and 2,760,225 options which are early exercisable) as of June 30, 2025:
Options OutstandingOptions Exercisable
Number of options3,257,227 3,180,865 
Weighted average remaining contractual term (years)9.419.40
Weighted average exercise price9.36 9.33 
Aggregate intrinsic value18,829,704 18,449,295 
Schedule of Equity-Based Compensation Expense
The equity-based compensation expense was recorded in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024 as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Cost of services$2,101,966 $— $2,754,116 $— 
Personnel costs1,315,720 — 2,240,678 — 
Total equity-based compensation expense$3,417,686 $— $4,994,794 $— 
v3.25.2
LOSS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following table illustrates the reconciliation of the basic and diluted loss per share computations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Basic and diluted loss per share:
Numerator:
Net loss $(75,175,622)(4,829,560)$(92,408,146)(55,513,247)
Cumulative dividends on preferred stock
— 1,456,449 4,667,803 2,900,184 
Net loss attributable to common stockholders
$(75,175,622)$(6,286,009)$(97,075,949)$(58,413,431)
Denominator:
Weighted average common stock outstanding, basic and diluted1
128,333,35641,065,95486,938,58541,065,954
Per share:
Net loss per share attributable to common stockholders, basic and diluted
$(0.59)$(0.15)$(1.12)$(1.42)
1 Includes 39.2 million and 41.1 million shares of Class A common stock and 89.2 million and 0 shares of Class B common stock, for the three months ended June 30, 2025 and 2024, respectively. Includes 39.2 million and 41.1 million shares of Class A common stock and 89.2 million and 0 shares of Class B common stock, for the six months ended June 30, 2025 and 2024, respectively.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
Six Months Ended
June 30,
20252024
Warrants1,933,333 — 
Stock options4,095,133 759,348 
Preferred shares— 38,981,749 
Total6,028,466 39,741,097 
v3.25.2
NATURE OF BUSINESS (Details)
 1 Months Ended 2 Months Ended 6 Months Ended
Mar. 28, 2025
USD ($)
$ / shares
shares
Feb. 27, 2025
USD ($)
Jun. 30, 2024
USD ($)
$ / shares
shares
Feb. 27, 2025
USD ($)
Jun. 30, 2025
USD ($)
segment
program
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Subsidiary or Equity Method Investee [Line Items]              
Number of operating segments | segment         2    
Stock split 6,765.396            
Retirement of treasury stock (in shares) | shares 27,061,584            
Preferred stock, shares authorized (in shares) | shares         60,000   60,000
Common stock, par value (in USD per share) | $ / shares $ 0.001            
Preferred stock, par value (in USD per share) | $ / shares $ 0.001       $ 0.001   $ 0.001
Proceeds from issuance of common stock IPO, net | $ $ 66,083,411       $ 66,659,453 $ 0  
Number of online membership programs | program         4    
Digital Offering Warrants              
Subsidiary or Equity Method Investee [Line Items]              
Warrants and rights outstanding (in years)     3 years     3 years  
Private Placement              
Subsidiary or Equity Method Investee [Line Items]              
Remaining sale from issuance of preferred stock and preference stock | $   $ 206,660,285          
Series B Preferred Stock              
Subsidiary or Equity Method Investee [Line Items]              
Offering price per share (in USD per share) | $ / shares     $ 5,000     $ 5,000  
Remaining sale from issuance of preferred stock and preference stock | $       $ 87,000,000      
Series B Preferred Stock | Private Placement              
Subsidiary or Equity Method Investee [Line Items]              
Shares available in offering (in shares) | shares     30,000        
Remaining sale from issuance of preferred stock and preference stock | $     $ 150,000,000        
Series B Preferred Stock | Private Placement | Digital Offering Warrants              
Subsidiary or Equity Method Investee [Line Items]              
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares     900     900  
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares     $ 5,000     $ 5,000  
Series B Preferred Stock | Over-Allotment Option              
Subsidiary or Equity Method Investee [Line Items]              
Shares available in offering (in shares) | shares     45,000        
Remaining sale from issuance of preferred stock and preference stock | $     $ 225,000,000        
Common Class B              
Subsidiary or Equity Method Investee [Line Items]              
Stock split 1            
Common stock, votes (votes per share) | $ / shares $ 1            
Common stock, shares authorized (in shares) | shares 940,000,000       940,000,000 [1]   60,000 [1]
Common stock, par value (in USD per share) | $ / shares         $ 0.001 [1]   $ 0.001
Common Class A              
Subsidiary or Equity Method Investee [Line Items]              
Stock split 1            
Common stock, votes (votes per share) | $ / shares $ 10            
Common stock, shares authorized (in shares) | shares 50,000,000       50,000,000 [1]   20,000 [1]
Common stock, par value (in USD per share) | $ / shares [1]         $ 0.001   $ 0.001
Preferred stock              
Subsidiary or Equity Method Investee [Line Items]              
Preferred stock, shares authorized (in shares) | shares 10,000,000            
[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. See Note 1. Nature of Business.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Service Revenue (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues $ 46,439,744 $ 39,226,732 $ 91,741,452 $ 79,826,377
Service revenue        
Disaggregation of Revenue [Line Items]        
Total revenues 44,884,207 37,746,093 88,619,548 76,909,470
Advertising revenue        
Disaggregation of Revenue [Line Items]        
Total revenues 29,865,890 23,656,498 58,753,084 49,108,844
Affiliate fee revenue        
Disaggregation of Revenue [Line Items]        
Total revenues 7,343,407 6,844,604 14,771,830 13,445,240
Subscription revenue        
Disaggregation of Revenue [Line Items]        
Total revenues 6,980,040 6,637,273 13,962,199 12,972,385
Other        
Disaggregation of Revenue [Line Items]        
Total revenues $ 694,871 $ 607,718 $ 1,132,435 $ 1,383,001
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]                  
Decrease to general and administrative expenses   $ (94,047,210)   $ (21,472,825)   $ (125,082,128) $ (91,221,216)    
Increase to prepaid expenses and other current assets $ 8,209,833 8,209,833       8,209,833   $ 8,925,294  
Decrease in other assets (10,282,124) (10,282,124)       (10,282,124)   (10,698,660)  
Refund liability 470,782 470,782       470,782   424,278  
Capitalized contract cost 1,395,719 1,395,719   0   1,395,719 0    
Capitalized contract cost, current 283,875 283,875       283,875      
Capitalized contract cost, noncurrent $ 1,111,844 1,111,844       1,111,844      
Amortization of capitalized costs           89,281 0    
Total revenues   46,439,744   39,226,732   91,741,452 79,826,377    
Grant date fair value (in USD per share) $ 10                
Allowance for credit loss $ 2,122,157 2,122,157       2,122,157   2,308,612  
(Recovery of) provision for credit losses   (147,809)   (271,630)   (266,076) (458,695)    
Separate payment obligation asset                 $ 41,300,000
Impairment of separate payment obligation asset           0 0    
Amortization of separate payment obligation asset   764,190   764,190   $ 1,528,380 1,528,380    
Stock options                  
Disaggregation of Revenue [Line Items]                  
Vesting period           18 months      
Early exercise period           30 days      
Service period           18 months      
Grant date fair value (in USD per share)           $ 6.14      
Subscription revenue                  
Disaggregation of Revenue [Line Items]                  
Amounts included in deferred subscription revenue at the beginning of the period   4,046,099   4,254,462   $ 7,668,803 9,065,845    
Deferred revenue 14,387,899 14,387,899       14,387,899   16,191,250  
Total revenues   6,980,040   6,637,273   13,962,199 12,972,385    
Licensing agreements                  
Disaggregation of Revenue [Line Items]                  
Deferred revenue $ 34,375 34,375       34,375   291,667  
Shipping and handling                  
Disaggregation of Revenue [Line Items]                  
Total revenues   $ 90,741   173,888   $ 91,741 166,882    
Minimum                  
Disaggregation of Revenue [Line Items]                  
Expected timing 1 year 1 year       1 year      
Maximum                  
Disaggregation of Revenue [Line Items]                  
Expected timing 5 years 5 years       5 years      
Reclassification adjustments                  
Disaggregation of Revenue [Line Items]                  
Increase to cost of revenues     $ 2,200,000 1,400,000 $ 1,400,000   2,800,000    
Decrease to general and administrative expenses     $ 2,200,000 $ 1,400,000 $ 1,400,000   $ 2,800,000    
Increase to prepaid expenses and other current assets               3,100,000  
Decrease in other assets               $ 3,100,000  
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Subscription Revenue (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Deferred subscription revenue, current portion $ 11,511,584 $ 13,652,699
Deferred subscription revenue, net of current portion 2,926,255 2,835,218
Subscription revenue    
Disaggregation of Revenue [Line Items]    
Deferred subscription revenue, current portion 11,461,643 13,356,032
Deferred subscription revenue, net of current portion 2,926,255 2,835,218
Total deferred subscription revenue $ 14,387,899 $ 16,191,250
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Revenue (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues $ 46,439,744 $ 39,226,732 $ 91,741,452 $ 79,826,377
Product sales        
Disaggregation of Revenue [Line Items]        
Total revenues 1,555,537 1,480,639 3,121,904 2,916,907
Product returns and allowances (200,842) (209,854) (408,138) (312,450)
Supplement sales        
Disaggregation of Revenue [Line Items]        
Total revenues 1,194,709 1,271,687 2,309,649 2,559,037
Books, media and other product sales        
Disaggregation of Revenue [Line Items]        
Total revenues $ 561,670 $ 418,806 $ 1,220,393 $ 670,320
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements Assets and Liabilities (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 26,908,287 $ 19,825,527
Equity securities 19,301,067 7,553,725
Debt securities 144,751,763 50,757,230
Investments 164,052,830 58,310,955
Total assets 190,961,116 78,136,482
Warrant liability 0 6,499,821
Derivative liability   41,459,418
Total liabilities   47,959,239
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 141,250,431 46,503,680
Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 3,501,333 4,253,550
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 4,959,350
Money market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 26,908,287 12,615,549
Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 2,250,628
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 26,908,287 12,615,549
Equity securities 19,301,067 7,553,725
Investments 19,301,067 17,476,825
Total assets 46,209,353 30,092,374
Warrant liability   0
Derivative liability   0
Total liabilities   0
Level 1 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 9,923,100
Level 1 | Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Level 1 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Level 1 | Money market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 26,908,287 12,615,549
Level 1 | Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 7,209,978
Equity securities 0 0
Investments 144,751,763 40,834,130
Total assets 144,751,763 48,044,108
Warrant liability   0
Derivative liability   0
Total liabilities   0
Level 2 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 141,250,431 36,580,580
Level 2 | Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 3,501,333 4,253,550
Level 2 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 4,959,350
Level 2 | Money market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Level 2 | Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 2,250,628
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Equity securities 0 0
Investments 0 0
Total assets 0 0
Warrant liability   6,499,821
Derivative liability   41,459,418
Total liabilities   47,959,239
Level 3 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Level 3 | Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Level 3 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Level 3 | Money market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Level 3 | Certificate of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
U.S. Treasury securities  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Transfers of assets into Level 2 $ 9.9
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Valuation Methodologies and Significant Unobservable Inputs (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability $ 6,499,821 $ 0
Derivative liability 41,459,418  
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability 6,499,821  
Derivative liability $ 41,459,418  
Level 3 | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, measurement input 0.65  
Level 3 | Discount rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.20  
Level 3 | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, term 2 months 4 days  
Level 3 | Minimum | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, measurement input 0.0417  
Warrants and rights outstanding (in years) 2 years 6 months  
Level 3 | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, term 4 years 5 months 1 day  
Level 3 | Maximum | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, measurement input 0.0428  
Warrants and rights outstanding (in years) 4 years 9 months 18 days  
Level 3 | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, term 8 months 12 days  
Level 3 | Weighted Average | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, measurement input 0.65  
Level 3 | Weighted Average | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, measurement input 0.0418  
Warrants and rights outstanding (in years) 2 years 8 months 12 days  
Level 3 | Weighted Average | Discount rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.20  
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Changes Liabilities Measured at Fair Value On Recurring Basis (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
Warrant Liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Opening Balance $ 6,499,821
Included in earnings (or changes in net assets) 1,824,179
Purchases, issues, sales, and settlements  
Issuances 0
Reclassification of warrant liability (8,324,000)
Closing Balance 0
Derivative liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Opening Balance 41,459,418
Included in earnings (or changes in net assets) 6,104,230
Purchases, issues, sales, and settlements  
Issuances 27,436,352
Settlement of derivative liability (75,000,000)
Closing Balance $ 0
v3.25.2
PROPERTY AND EQUIPMENT - Schedule of Major Classes of Property and Equipment (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 25,799,287 $ 24,346,310
Less: Accumulated depreciation (19,612,191) (18,120,692)
Property and equipment, net $ 6,187,097 6,225,617
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 7 years  
Property and equipment, gross $ 2,156,375 2,022,586
Computer, office and production equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 13,440,910 12,145,337
Computer, office and production equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Computer, office and production equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 8 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 10,202,002 $ 10,178,386
v3.25.2
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation $ 734,590 $ 820,044 $ 1,471,465 $ 1,625,093
Finance lease assets $ 364,969 $ 493,297 $ 364,969 $ 493,297
v3.25.2
INVESTMENTS - Schedule of Investments (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Equity securities $ 19,301,067 $ 7,553,725
Debt securities 144,751,763 50,757,230
Total investments $ 164,052,830 $ 58,310,955
v3.25.2
INVESTMENTS - Schedule of Available-for-Sale Investment Securities and Fair Values (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 143,875,443  
Gross Unrealized gain 876,320  
Gross Unrealized Loss 0  
Fair Value 144,751,763 $ 50,757,230
Certificate of deposit    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 3,500,000  
Gross Unrealized gain 1,333  
Gross Unrealized Loss 0  
Fair Value 3,501,333 $ 4,253,550
U.S. Treasury securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 140,375,443  
Gross Unrealized gain 874,988  
Gross Unrealized Loss  
Fair Value $ 141,250,431  
v3.25.2
INVESTMENTS - Schedule of Maturity Distribution On Contractual Terms (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
Due within 1 year $ 78,882,040  
Due after 1 year through 5 years 64,993,403  
Amortized Cost 143,875,443  
Fair Value    
Due within 1 year 79,504,396  
Due after 1 year through 5 years 65,247,368  
Fair Value $ 144,751,763 $ 50,757,230
v3.25.2
INVESTMENTS - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
investment
Investments, Debt and Equity Securities [Abstract]  
Number of investments matured | investment 15
Realized gains or losses from available for sale securities | $ $ 0
v3.25.2
LEASES - Schedule of Weighted-Average Discount Rate and Remaining Lease Term (Details)
Jun. 30, 2025
Dec. 31, 2024
Operating leases:    
Weighted average of remaining lease term (in years) 2 years 2 years
Weighted average discount rate 4.35% 4.35%
Finance leases:    
Weighted average of remaining lease term (in years) 1 year 2 years
Weighted average discount rate 10.83% 10.96%
v3.25.2
LEASES - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Lease costs $ 1,300,620 $ 1,245,114 $ 2,539,315 $ 2,528,932
v3.25.2
LEASES - Schedule of Future Minimum Lease Payments (Details)
Jun. 30, 2025
USD ($)
Operating  
2025 $ 2,075,417
2026 3,210,308
2027 614,950
2028 297,892
2029 72,447
Total lease payments 6,271,014
Less: imputed interest (221,344)
Present value of lease liability 6,049,670
Finance  
2025 103,897
2026 130,605
2027 4,999
2028 0
2029 0
Total lease payments 239,501
Less: imputed interest (15,330)
Present value of lease liability 224,172
Total  
2025 2,179,315
2026 3,340,912
2027 619,949
2028 297,892
2029 72,447
Total lease payments 6,510,515
Less: imputed interest (236,674)
Present value of lease liability $ 6,273,841
v3.25.2
LINE OF CREDIT (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
May 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Line of Credit Facility [Line Items]        
Borrowings outstanding $ 0   $ 0  
Line of Credit        
Line of Credit Facility [Line Items]        
Interest rate floor 1.00%      
Spread on variable interest rate (minus) (0.75%)      
Line of Credit | Line Of Credit, Maturing October 2024        
Line of Credit Facility [Line Items]        
Bank line of credit, maximum borrowing capacity       $ 9,000,000
Line of Credit | Line Of Credit, Maturing January 2026        
Line of Credit Facility [Line Items]        
Bank line of credit, maximum borrowing capacity   $ 1,000,000    
Line of Credit | Line Of Credit, Maturing April 2026        
Line of Credit Facility [Line Items]        
Bank line of credit, maximum borrowing capacity   $ 8,000,000    
v3.25.2
INCOME TAXES (Details)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]    
Effective tax rate 0.00% 0.00%
v3.25.2
SEGMENT INFORMATION - Schedule of Revenue and Segment Adjusted EBITDA (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]            
Number of operating segments | segment         2  
Segment Reporting Information [Line Items]            
Total revenues $ 46,439,744   $ 39,226,732   $ 91,741,452 $ 79,826,377
Segment adjusted EBITDA (3,816,075)   1,907,147   (3,407,268) 5,104,972
Depreciation (734,590)   (820,044)   (1,471,465) (1,625,093)
Interest, net 1,794,598   3,791   2,842,829 5,299
Unrealized (loss) gain on marketable securities (500,736)   (34,772)   1,084,844 128,574
Stock-based compensation (3,417,686)   0   (4,994,794) 0
Other corporate matters (68,437,098)   (5,838,233)   (78,104,701) (59,074,353)
Other, net (54,342)   (28,461)   (8,342,898) (31,686)
Loss before income tax expense (75,165,929)   (4,810,572)   (92,393,453) (55,492,287)
Income tax expense 9,693   18,988   14,693 20,960
Net loss (75,175,622) $ (17,232,524) (4,829,560) $ (50,683,687) (92,408,146) (55,513,247)
Broadcasting            
Segment Reporting Information [Line Items]            
Total revenues 38,029,015   29,599,348   74,216,193 59,710,252
Adjusted cost of sales 21,558,033   16,623,892   41,520,756 33,152,437
Adjusted general and administrative expenses 14,887,874   9,144,018   27,960,839 18,953,040
Segment adjusted EBITDA 1,583,108   3,831,438   4,734,598 7,604,775
Digital            
Segment Reporting Information [Line Items]            
Total revenues 8,410,729   9,627,384   17,525,259 20,116,125
Adjusted cost of sales 5,137,983   5,881,145   10,362,681 11,047,197
Adjusted general and administrative expenses 8,671,929   5,670,530   15,304,444 11,568,731
Segment adjusted EBITDA $ (5,399,183)   $ (1,924,291)   $ (8,141,866) $ (2,499,803)
v3.25.2
SEGMENT INFORMATION - Schedule of Revenue by Segment by Component (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total revenues $ 46,439,744 $ 39,226,732 $ 91,741,452 $ 79,826,377
Advertising        
Segment Reporting Information [Line Items]        
Total revenues 29,865,890 23,656,498 58,753,084 49,108,844
Affiliate fee        
Segment Reporting Information [Line Items]        
Total revenues 7,343,407 6,844,604 14,771,830 13,445,240
Product sales        
Segment Reporting Information [Line Items]        
Total revenues 1,555,537 1,480,639 3,121,904 2,916,907
Broadcasting        
Segment Reporting Information [Line Items]        
Total revenues 38,029,015 29,599,348 74,216,193 59,710,252
Broadcasting | Advertising        
Segment Reporting Information [Line Items]        
Total revenues 26,225,117 19,231,906 50,856,696 39,535,301
Broadcasting | Affiliate fee        
Segment Reporting Information [Line Items]        
Total revenues 7,343,407 6,844,604 14,771,830 13,445,240
Broadcasting | Subscription        
Segment Reporting Information [Line Items]        
Total revenues 3,765,699 2,915,276 7,455,375 5,347,149
Broadcasting | Other        
Segment Reporting Information [Line Items]        
Total revenues 694,792 607,562 1,132,292 1,382,562
Digital        
Segment Reporting Information [Line Items]        
Total revenues 8,410,729 9,627,384 17,525,259 20,116,125
Digital | Advertising        
Segment Reporting Information [Line Items]        
Total revenues 3,640,773 4,424,593 7,896,388 9,573,544
Digital | Subscription        
Segment Reporting Information [Line Items]        
Total revenues 3,214,341 3,721,997 6,506,824 7,625,236
Digital | Product sales        
Segment Reporting Information [Line Items]        
Total revenues 1,555,537 1,480,638 3,121,904 2,916,906
Digital | Other        
Segment Reporting Information [Line Items]        
Total revenues $ 78 $ 156 $ 143 $ 439
v3.25.2
COMMITMENTS AND CONTINGENCIES - Schedule of the Company's Material Firm Commitments (Details)
Jun. 30, 2025
USD ($)
Distribution agreements  
Total $ 6,892,280
2025 6,892,280
2026 0
2027 0
Other commitments  
Total 11,837,083
2025 4,283,750
2026 5,392,500
2027 2,160,833
Total commitments and contractual obligations 18,729,363
2025 11,176,030
2026 5,392,500
2027 $ 2,160,833
v3.25.2
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
Jun. 30, 2025
Other Commitments [Line Items]  
Distribution agreement, term 5 years
Other commitments, term 3 years
Minimum  
Other Commitments [Line Items]  
Distribution agreement, payment period 3 years
Maximum  
Other Commitments [Line Items]  
Distribution agreement, payment period 4 years
v3.25.2
LEGAL - Narrative (Details)
 12 Months Ended
Jan. 15, 2027
USD ($)
Jan. 15, 2026
USD ($)
Aug. 15, 2025
USD ($)
installment
Sep. 26, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Aug. 19, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 28, 2025
$ / shares
shares
Jun. 30, 2024
USD ($)
Loss Contingencies [Line Items]                  
Settlement payable             $ 99,561,996    
Settlement Warrant                  
Loss Contingencies [Line Items]                  
Warrants and rights outstanding (in years)       5 years       5 years  
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares       2,000       1,333,333  
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares       $ 5,000       $ 7.50  
Dominion complaint                  
Loss Contingencies [Line Items]                  
Damages sought         $ 1,600,000,000        
Settlement payable             67,000,000    
Dominion complaint | Subsequent Event                  
Loss Contingencies [Line Items]                  
Settlement loss     $ 67,000,000            
Number of installments | installment     3            
Settlement installment payment term     2 years            
Payments for Legal Settlements     $ 27,000,000            
Settlement payable           $ 40,000,000      
Dominion complaint | Subsequent Event | Forecast                  
Loss Contingencies [Line Items]                  
Payments for Legal Settlements $ 20,000,000 $ 20,000,000              
Smartmatic complaint                  
Loss Contingencies [Line Items]                  
Settlement loss       $ 40,000,000          
Warrants and rights outstanding (in years)       5 years          
Smartmatic complaint | Settlement Warrant                  
Loss Contingencies [Line Items]                  
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares       2,000          
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares       $ 5,000          
Commercial Counterparty                  
Loss Contingencies [Line Items]                  
Settlement payable             32,600,000    
Settlement amount         $ 41,300,000        
Settlement agreement, fair value             $ 26,700,000   $ 30,900,000
Loss contingency accrual, discount rate             9.75%    
Loss contingency, payment period             51 months   60 months
v3.25.2
LEGAL - Schedule of Estimated Timing of Payments (Details)
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Total $ 99,561,996
2025 30,817,838
2026 24,610,093
2027 24,075,591
2028 3,603,061
2029 $ 16,455,413
v3.25.2
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Defined Contribution Plan Disclosure [Line Items]        
Contributions $ 394,519 $ 317,983 $ 776,881 $ 569,061
Defined Contribution Plan, Tranche One        
Defined Contribution Plan Disclosure [Line Items]        
Employer matching contribution     100.00%  
Employee contribution     1.00%  
Defined Contribution Plan, Tranche Two        
Defined Contribution Plan Disclosure [Line Items]        
Employer matching contribution     50.00%  
Defined Contribution Plan, Tranche Two | Minimum        
Defined Contribution Plan Disclosure [Line Items]        
Employee contribution     2.00%  
Defined Contribution Plan, Tranche Two | Maximum        
Defined Contribution Plan Disclosure [Line Items]        
Employee contribution     6.00%  
v3.25.2
CONVERTIBLE AND REDEEMABLE PREFERRED STOCK - Narrative (Details)
 6 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Mar. 28, 2025
stockholder
$ / shares
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Equity [Abstract]              
Number of preferred stockholders that elected to receive accumulated dividends in cash | stockholder       2      
Shares authorized (in shares) | shares 71,034 0          
Convertible and redeemable preferred stock, par value (in USD per share) | $ / shares $ 0.001 $ 0.001          
Preferred stock, par value (in USD per share) | $ / shares $ 0.001 $ 0.001   $ 0.001      
Redemption value $ 128,576,901 $ 0 $ 0   $ 127,290,509 $ 126,654,306 $ 126,018,101
Accretion $ 12,814,190            
Loss in fair value adjustments   $ 6,100,000          
v3.25.2
CONVERTIBLE AND REDEEMABLE PREFERRED STOCK - Schedule of Convertible and Redeemable Preferred Stock (Details) - USD ($)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]            
Convertible and redeemable preferred stock, shares authorized (in shares)     11,034      
Preferred stock, shares authorized (in shares) 60,000   60,000      
Shares authorized (in shares) 0   71,034      
Convertible and redeemable preferred stock, shares issued (in shares) 0   5,575      
Preferred stock, Shares Issued (in shares) 0   27,612      
Shares Issued (in shares)     33,187      
Convertible and redeemable preferred stock, shares outstanding (in shares) 0 0 5,575 5,575 5,575 5,575
Preferred stock, Shares Outstanding (in shares) 0   27,612      
Shares Outstanding (in shares)     33,187      
Liquidation Preference     $ 252,631,140      
Convertible and redeemable preferred stock, Carrying Amount $ 0 $ 0 128,576,901 $ 127,290,509 $ 126,654,306 $ 126,018,101
Preferred Stock, Carrying Amount $ 0   86,742,045      
Carrying Amount     $ 215,318,946      
Series A            
Class of Stock [Line Items]            
Convertible and redeemable preferred stock, shares authorized (in shares)     3,965      
Convertible and redeemable preferred stock, shares issued (in shares)     611      
Convertible and redeemable preferred stock, shares outstanding (in shares)     611      
Convertible and redeemable preferred stock, Per Unit Issue Price (in dollars per share)     $ 22,500      
Convertible and redeemable preferred stock, Conversion Price (in dollars per share)     $ 22,500      
Convertible and redeemable preferred stock, Liquidation Preference     $ 13,747,500      
Convertible and redeemable preferred stock, Carrying Amount     $ 14,726,570      
Series A (with redemption rights)            
Class of Stock [Line Items]            
Convertible and redeemable preferred stock, shares authorized (in shares)     35      
Convertible and redeemable preferred stock, shares issued (in shares)     35      
Convertible and redeemable preferred stock, shares outstanding (in shares)     35      
Convertible and redeemable preferred stock, Per Unit Issue Price (in dollars per share)     $ 22,500      
Convertible and redeemable preferred stock, Conversion Price (in dollars per share)     $ 22,500      
Convertible and redeemable preferred stock, Liquidation Preference     $ 787,500      
Convertible and redeemable preferred stock, Carrying Amount     $ 1,296,850      
Series A-1            
Class of Stock [Line Items]            
Convertible and redeemable preferred stock, shares authorized (in shares)     2,445      
Convertible and redeemable preferred stock, shares issued (in shares)     1,222      
Convertible and redeemable preferred stock, shares outstanding (in shares)     1,222      
Convertible and redeemable preferred stock, Per Unit Issue Price (in dollars per share)     $ 20,451      
Convertible and redeemable preferred stock, Conversion Price (in dollars per share)     $ 20,451      
Convertible and redeemable preferred stock, Liquidation Preference     $ 25,000,000      
Convertible and redeemable preferred stock, Carrying Amount     $ 32,147,260      
Series A-2            
Class of Stock [Line Items]            
Convertible and redeemable preferred stock, shares authorized (in shares)     3,176      
Convertible and redeemable preferred stock, shares issued (in shares)     2,647      
Convertible and redeemable preferred stock, shares outstanding (in shares)     2,647      
Convertible and redeemable preferred stock, Per Unit Issue Price (in dollars per share)     $ 18,891      
Convertible and redeemable preferred stock, Conversion Price (in dollars per share)     $ 18,891      
Convertible and redeemable preferred stock, Liquidation Preference     $ 50,000,000      
Convertible and redeemable preferred stock, Carrying Amount     $ 50,000,000      
Series A-3            
Class of Stock [Line Items]            
Convertible and redeemable preferred stock, shares authorized (in shares)     1,413      
Convertible and redeemable preferred stock, shares issued (in shares)     1,060      
Convertible and redeemable preferred stock, shares outstanding (in shares)     1,060      
Convertible and redeemable preferred stock, Per Unit Issue Price (in dollars per share)     $ 23,619      
Convertible and redeemable preferred stock, Conversion Price (in dollars per share)     $ 23,619      
Convertible and redeemable preferred stock, Liquidation Preference     $ 25,036,140      
Convertible and redeemable preferred stock, Carrying Amount     $ 30,406,221      
Series B            
Class of Stock [Line Items]            
Preferred stock, shares authorized (in shares)     60,000      
Preferred stock, Shares Issued (in shares)     27,612      
Preferred stock, Shares Outstanding (in shares)     27,612      
Preferred stock, Per Unit Issue Price (in dollars per share)     $ 5,000      
Preferred stock, Conversion Price (in dollars per share)     $ 50,741      
Preferred stock, Liquidation Preference     $ 138,060,000      
Preferred Stock, Carrying Amount     $ 86,742,045      
v3.25.2
EQUITY (Details) - USD ($)
 6 Months Ended 60 Months Ended
Apr. 04, 2025
Jun. 30, 2025
Jun. 30, 2024
Sep. 26, 2029
Mar. 28, 2025
Dec. 31, 2024
Sep. 26, 2024
Class of Stock [Line Items]              
Common stock, par value (in USD per share)         $ 0.001    
Change in fair value of warrant liability   $ 1,824,179 $ 6,373,757        
SEPA amount $ 1,200,000,000            
SEPA term 24 years            
SEPA structuring fee $ 25,000            
SEPA commitment fee $ 500,000            
Settlement Warrant              
Class of Stock [Line Items]              
Warrants and rights outstanding (in years)         5 years   5 years
Class of warrant or right, number of securities called by warrants or rights (in shares)         1,333,333   2,000
Class of warrant or right, exercise price of warrants or rights (in dollars per share)         $ 7.50   $ 5,000
Fair value disclosure   8,324,000          
Change in fair value of warrant liability   $ 1,824,179          
Agent Warrants              
Class of Stock [Line Items]              
Warrants and rights outstanding (in years)             3 years
Class of warrant or right, exercise price of warrants or rights (in dollars per share)         $ 7.50   $ 5,000
Warrants or rights percentage             2.00%
Forecast | Settlement Warrant              
Class of Stock [Line Items]              
Gross proceeds       $ 10,000,000      
Common Class A              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)   50,000,000 [1]     50,000,000 20,000 [1]  
Common stock, par value (in USD per share) [1]   $ 0.001       $ 0.001  
Common Class B              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)   940,000,000 [1]     940,000,000 60,000 [1]  
Common stock, par value (in USD per share)   $ 0.001 [1]       $ 0.001  
[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. See Note 1. Nature of Business.
v3.25.2
EQUITY-BASED COMPENSATION- Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Mar. 28, 2025
Jun. 30, 2025
Class of Stock [Line Items]    
Stock options granted (in shares)   3,377,813
Stock options granted, exercise price (in USD per share)   $ 10.01
Vested options (in shares)   420,640
Early exercisable options (in shares)   2,760,225
Common Class B    
Class of Stock [Line Items]    
Shares reserved for future issuance (in shares)   4,100,000
Stock options    
Class of Stock [Line Items]    
Early exercise period   30 days
Vesting period   18 months
2025 Plan    
Class of Stock [Line Items]    
Number of shares available for grant (in shares) 6,500,000  
Stock options granted (in shares) 3,382,000  
Stock options granted, exercise price (in USD per share) $ 10.00  
Cost not yet recognized   $ 17.2
Cost not yet recognized, period for recognition   1 year 3 months 18 days
2025 Plan | Stock options    
Class of Stock [Line Items]    
Early exercise period 90 days  
Vesting period 1 year 6 months  
Expiration period 10 years  
Previous equity incentive plan    
Class of Stock [Line Items]    
Vested options (in shares)   703,507
v3.25.2
EQUITY-BASED COMPENSATION- Schedule for Activities of Stock Options (Details) - $ / shares
 6 Months Ended
Jun. 30, 2025
Number of Shares  
Beginning balance (in shares) 703,507
Granted (in shares) 3,377,813
Exercised (in shares) (809,593)
Forfeited (in shares) (14,500)
Expired (in shares) 0
Ending balance (in shares) 3,257,227
Exercisable (in shares) 3,180,865
Weighted-Average Exercise Price per Share  
Beginning balance (in USD per share) $ 4.99
Granted (in USD per share) 10.01
Exercised (in USD per share) 8.29
Forfeited (in USD per share) 10.00
Expired (in USD per share) 0
Ending balance (in USD per share) 9.36
Exercisable (in USD per share) $ 9.33
v3.25.2
EQUITY-BASED COMPENSATION - Schedule of Weighted Average Inputs Used to Calculate Estimated Fair Value of Options (Details) - $ / shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Weighted-average grant date fair value (in USD per share) $ 10  
Stock options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years)   5 years 9 months
Volatility   65.00%
Risk free interest rate   4.04%
Weighted-average grant date fair value (in USD per share)   $ 6.14
v3.25.2
EQUITY-BASED COMPENSATION - Schedule of Summary Information for Outstanding and Exercisable Options (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Options Outstanding    
Number of options (in shares) 3,257,227 703,507
Weighted average remaining contractual term (years) 9 years 4 months 28 days  
Weighted average exercise price (in USD per share) $ 9.36 $ 4.99
Aggregate intrinsic value $ 18,829,704  
Options Exercisable    
Number of options (in shares) 3,180,865  
Weighted average remaining contractual term (years) 9 years 4 months 24 days  
Weighted average exercise price (in USD per share) $ 9.33  
Aggregate intrinsic value $ 18,449,295  
v3.25.2
EQUITY-BASED COMPENSATION - Schedule of Equity Based Compensation Expense (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity-based compensation expense $ 3,417,686 $ 0 $ 4,994,794 $ 0
Cost of services        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity-based compensation expense 2,101,966 0 2,754,116 0
Personnel costs        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity-based compensation expense $ 1,315,720 $ 0 $ 2,240,678 $ 0
v3.25.2
LOSS PER SHARE- Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:            
Net loss $ (75,175,622) $ (17,232,524) $ (4,829,560) $ (50,683,687) $ (92,408,146) $ (55,513,247)
Cumulative dividends on preferred stock 0   1,456,449   4,667,803 2,900,184
Net loss attributable to common stockholders, basic (75,175,622)   (6,286,009)   (97,075,949) (58,413,431)
Net loss attributable to common stockholders, diluted $ (75,175,622)   $ (6,286,009)   $ (97,075,949) $ (58,413,431)
Denominator:            
Weighted average common stock outstanding, basic (in shares) [1] 128,333,356   41,065,954   86,938,585 41,065,954
Weighted average common stock outstanding, diluted (in shares) [1] 128,333,356   41,065,954   86,938,585 41,065,954
Per share:            
Net loss per share attributable to common stockholder, basic (in USD per share) $ (0.59)   $ (0.15)   $ (1.12) $ (1.42)
Net loss per share attributable to common stockholder, diluted (in USD per share) $ (0.59)   $ (0.15)   $ (1.12) $ (1.42)
Common Class A            
Denominator:            
Weighted average common stock outstanding, basic (in shares) 39,200,000   41,100,000   39,200,000 41,100,000
Weighted average common stock outstanding, diluted (in shares) 39,200,000   41,100,000   39,200,000 41,100,000
Common Class B            
Denominator:            
Weighted average common stock outstanding, basic (in shares) 89,200,000   0   89,200,000 0
Weighted average common stock outstanding, diluted (in shares) 89,200,000   0   89,200,000 0
[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. See Note 1. Nature of Business
v3.25.2
LOSS PER SHARE -Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 6,028,466 39,741,097
Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 1,933,333 0
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 4,095,133 759,348
Preferred stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 0 38,981,749