Arena Group Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $134.8M | $125.9M | $143.6M | $220.9M | $189.1M |
| Cost of revenue | $66.5M | $70.2M | $88.4M | $132.9M | $110.5M |
| Gross profit | $68.3M | $55.7M | $55.3M | $88.0M | $78.6M |
| Operating expenses | $27.6M | $47.8M | $72.7M | $143.9M | $162.9M |
| Operating income | $40.8M | $7.9M | -$17.5M | -$55.9M | -$84.3M |
| Interest expense | $11.4M | $14.7M | $18.0M | $11.4M | $10.4M |
| Pretax income | $29.1M | -$7.4M | -$37.0M | -$68.5M | -$91.6M |
| Income tax expense | $520,000 | $249,000 | $197,000 | -$1.1M | -$1.7M |
| Net income | $124.9M | -$100.7M | -$55.6M | -$70.9M | -$89.9M |
| Balance Sheet | |||||
| Cash and equivalents | $10.3M | $4.4M | $9.3M | $13.9M | $9.3M |
| Current assets | $35.6M | $40.2M | $90.4M | $78.7M | $77.7M |
| Total assets | $112.6M | $116.4M | $188.9M | $203.7M | $174.0M |
| Current liabilities | $17.0M | $122.3M | $236.0M | $216.4M | $116.4M |
| Total liabilities | $117.4M | $246.5M | $247.7M | $242.7M | $211.8M |
| Total debt | $97.7M | $110.7M | $102.7M | $66.7M | $70.1M |
| Stockholders' equity | -$4.8M | -$130.3M | -$59.0M | -$52.1M | -$51.7M |
| Cash Flow Statement | |||||
| Cash from operations | $39.2M | -$16.1M | -$24.8M | -$11.3M | -$14.7M |
| Depreciation and amortization | $92,000 | $234,000 | $352,000 | $864,000 | $1.2M |
| Stock-based compensation | $485,000 | $3.0M | $19.1M | $31.3M | $30.5M |
| Capital expenditure | $0 | $54,000 | — | $530,000 | $377,000 |
| Free cash flow | $39.2M | -$16.1M | — | -$11.8M | -$15.1M |
| Share repurchases | — | $379,000 | — | — | — |
| Impairments | $0 | $1.2M | $119,000 | $257,000 | $425,000 |
Shares outstanding 47.6M
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.