Revenue: As of FY2025, the actual value is USD 134.83 M, missing the estimate of USD 140.59 M.

EPS: As of FY2025, the actual value is USD 2.62, missing the estimate of USD 2.64.

EBIT: As of FY2025, the actual value is USD 52.15 M.

Overall Financial Performance

• The Arena Group Holdings, Inc. reported an income from continuing operations of $28,608 in 2025, a significant improvement from a loss of - $7,667 in 2024.
• The company’s net income was $124,858 in 2025, compared to a net loss of - $100,710 in 2024.
• Gross profit increased to $68,349 in 2025 from $55,718 in 2024.
• The gross profit percentage improved to 50.7% in 2025 from 44.3% in 2024.

Revenue by Category

• Total revenue increased by 7.1% to $134,828 in 2025 from $125,907 in 2024.
• Digital advertising revenue decreased to $86,944 in 2025 from $93,008 in 2024.
• Digital subscriptions revenue was $5,848 in 2025, down from $7,800 in 2024.
• Publisher revenue significantly increased to $19,492 in 2025 from $7,914 in 2024.
• Performance marketing revenue grew to $19,639 in 2025 from $10,927 in 2024.
• Other digital revenue decreased to $1,884 in 2025 from $5,185 in 2024.
• Print revenue slightly decreased to $1,021 in 2025 from $1,073 in 2024.

Operating Expenses

• Cost of revenue decreased to $66,479 in 2025 from $70,189 in 2024.
• Selling and marketing expenses decreased to $7,033 in 2025 from $12,548 in 2024.
• General and administrative expenses decreased to $17,056 in 2025 from $30,399 in 2024.
• Depreciation and amortization (operating expenses) were $3,469 in 2025 and $3,704 in 2024.
• No impairment loss was recorded in 2025, compared to $1,198 in 2024.
• Net interest expense was - $11,358 in 2025, decreasing from - $14,668 in 2024.
• The income tax provision was - $520 in 2025, compared to - $249 in 2024.

Revenue by Segment

• Sports & Leisure revenue was $47,321 in 2025, down from $50,831 in 2024, primarily due to the cessation of FanNation sites, partially offset by growth in publisher and performance marketing revenue.
• Finance revenue increased to $38,250 in 2025 from $27,734 in 2024, driven by the entrepreneurial publishing model, leading to increases in digital advertising, performance marketing, and publisher revenues.
• Lifestyle revenue increased to $37,996 in 2025 from $31,483 in 2024, mainly due to growth in publisher and performance marketing revenues following the entrepreneurial publishing model implementation.
• Platform & Other revenue decreased to $11,261 in 2025 from $15,859 in 2024, reflecting a reduction in underperforming partner sites and a decrease in other digital revenue.

Segment Gross Profit

• Sports & Leisure gross profit increased to $29,269 in 2025 from $24,392 in 2024, driven by high-margin revenue streams, partially offset by increased external content costs.
• Finance gross profit increased to $24,990 in 2025 from $18,348 in 2024, due to growth in digital advertising, publisher, and performance marketing revenues.
• Lifestyle gross profit increased to $22,606 in 2025 from $20,353 in 2024, driven by cost-efficient publisher and performance marketing revenues.
• Platform & Other gross profit decreased to $2,561 in 2025 from $6,390 in 2024, reflecting a reduction in underperforming partner sites and a decline in other digital revenue.

Cash Flow

• The company generated $39,246 in cash from operating activities in 2025, a significant improvement from using - $16,076 in 2024.
• Net cash used in investing activities was - $9,590 in 2025, increasing from - $5,175 in 2024.
• Net cash used in financing activities was - $23,680 in 2025, compared to $16,329 provided in 2024.
• Cash and cash equivalents stood at $10,338 at the end of 2025, up from $4,362 at the end of 2024.
• The company achieved a working capital surplus of $18,627 in 2025, a substantial improvement from a deficit of - $82,022 in 2024.

Unique Operational Metrics

• Revenue per page view (RPM) increased to $23.84 in 2025 from $23.31 in 2024, reflecting favorable pricing in the digital display advertising market.
• Monthly average pageviews decreased to 304,387,756 in 2025 from 332,913,662 in 2024, primarily due to the cessation of FanNation operations.

Outlook / Guidance

Management concluded that conditions previously raising substantial doubt about The Arena Group Holdings, Inc.’s ability to continue as a going concern no longer exist. This assessment is based on improved income from continuing operations, a positive working capital position, extended debt maturities, and the resolution of a $90,000 liability. The company further reinforced this conclusion by reporting consecutive profitable results throughout 2025.