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Financial Performance - Q4 2025 revenue was $28.2 million, down from $36.2 million in Q4 2024, with a gross margin of 43.6% compared to 52.8% in Q4 2024[4] - Net income for Q4 2025 was $5.3 million, or 18.8%, compared to $6.9 million, or 19.1%, in Q4 2024, reflecting operational discipline[4] - Full year revenue increased to $134.8 million in 2025 from $125.9 million in 2024, with advertising revenue dropping to 64% of total revenue from 74%[4] - Full year gross margin expanded to 50.7% in 2025 from 44.2% in 2024, indicating improved structural efficiency[4] - Net income for 2025 was $124.9 million, including $96.3 million from discontinued operations, compared to a net loss of $100.7 million in 2024[4] - Adjusted EBITDA for 2025 improved to $51.5 million, or 38.2%, compared to $27.0 million, or 21.4%, in 2024, signaling a shift in profitability[4] - Net income for the three months ended December 31, 2025, was $5.334 million, compared to a loss of $100.710 million for the twelve months ended December 31, 2024[13] - Adjusted EBITDA for the three months ended December 31, 2025, was $10.058 million, an increase from $12.980 million for the same period in 2024[13] Debt and Expenses - The company reduced outstanding debt by 12% during Q4 2025, with a $13.0 million principal repayment, and achieved a leverage reduction from 4.5x to 1.89x[4] - Interest expense for the twelve months ended December 31, 2025, was $11.358 million, down from $14.668 million in 2024[13] - Depreciation and amortization for the twelve months ended December 31, 2025, totaled $8.887 million, compared to $9.692 million in 2024[13] - Stock-based compensation for the twelve months ended December 31, 2025, was $485 thousand, significantly lower than $2.425 million in 2024[13] - Employee restructuring payments for the twelve months ended December 31, 2025, amounted to $1.344 million, compared to $5.776 million in 2024[13] - The company reported a loss on impairment of assets of $1.198 million for the twelve months ended December 31, 2025[13] Strategic Initiatives - The launch of the Encore AI platform aims to unify first-party data across 40+ brands to enhance commerce outcomes[8] - The company completed the acquisition and relaunch of ShopHQ, transforming it into a high-margin, drop-ship commerce platform[8] - Non-advertising revenue streams grew triple-digits year-over-year, reducing reliance on external traffic sources[8] Future Outlook - The company anticipates future revenues and income from continuing operations, along with cost reductions and market growth[14] - Forward-looking statements indicate potential product introductions and expansion plans, with a focus on capital requirements[14] - The company cautions that actual future results may differ materially from forward-looking statements due to various risks and uncertainties[15]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $28.2 million, down from $36.2 million in Q4 2024, impacted by user experience testing and traffic fluctuations [9] - Net income for Q4 2025 was $5.3 million (18.8% of revenue), compared to $6.9 million (19.1% of revenue) in the same period a year ago [9] - Full year revenue for fiscal 2025 was $134.8 million, up from $125.9 million in 2024, with non-advertising revenue increasing by over $21 million [10] - Adjusted EBITDA improved to $51.5 million (38.2% of revenue) in 2025, compared to $27 million (21.4% of revenue) in 2024 [11] Business Line Data and Key Metrics Changes - Advertising revenue represented 64% of total revenue in 2025, down from 74% in 2024, indicating a successful diversification strategy [10] - The company generated $13.1 million in cash from operating activities, enabling a $13 million repayment of its term loan in Q4 2025 [10] Market Data and Key Metrics Changes - The digital publishing landscape has been affected by recent search algorithm updates, leading to fluctuations in traffic patterns across the industry [5][6] - The company is focusing on diversifying revenue streams and reducing reliance on algorithm-driven traffic [6] Company Strategy and Development Direction - The company is evolving from a traditional publishing model to a brand, data, and IP company, leveraging first-party customer data to enhance its content-to-commerce strategy [13] - The acquisition of Lindy's Sports has contributed to a broader sports ecosystem and improved content offerings [14] - The company aims to maintain a disciplined approach to capital management, focusing on diversifying revenue and paying down debt [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform the market despite traffic volatility, emphasizing a focus on controllable factors and cost structure [18][19] - The company anticipates continued positive cash flow generation in 2026 and is optimistic about its growth trajectory [12][15] Other Important Information - The company reduced its debt by $23.5 million in 2025 and increased its cash balance by $6 million to $10.3 million [12] - Management is prioritizing M&A opportunities to accelerate growth while maintaining flexibility in capital allocation [27][30] Q&A Session Summary Question: Traffic volatility in Q1 2026 - Management noted that traffic has been volatile due to algorithm updates, with some properties performing well while others face challenges, establishing a baseline for Q1 [18] Question: Margin expectations for 2026 - Management expects to continue reducing reliance on advertising revenue, aiming for below 50%, which may positively impact margins while balancing the growth of the ShopHQ business [21] Question: Acquisition cadence and capital allocation - Management anticipates continuing a cadence of one to two tuck-in media acquisitions per quarter while focusing on reducing debt and exploring growth opportunities [25] Question: Share repurchase and refinancing updates - Management has not yet completed share repurchases and is focused on debt reduction and value-accretive M&A, with refinancing discussions ongoing but no specific timeline provided [27][30]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $28.2 million, down from $36.2 million in Q4 2024, impacted by user experience testing and traffic fluctuations [9] - Net income for Q4 2025 was $5.3 million (18.8% of revenue), compared to $6.9 million (19.1% of revenue) in the same period a year ago [9] - Full year revenue for fiscal 2025 was $134.8 million, up from $125.9 million in 2024, with non-advertising revenue increasing by over $21 million [10] - Adjusted EBITDA improved to $51.5 million (38.2% of revenue) in 2025, compared to $27 million (21.4% of revenue) in 2024 [11] Business Line Data and Key Metrics Changes - Advertising revenue represented 64% of total revenue in 2025, down from 74% in 2024, indicating a shift towards non-advertising revenue streams [10] - The company has focused on diversifying revenue sources, which has positively impacted profitability and margin retention [11] Market Data and Key Metrics Changes - The digital publishing landscape has been affected by recent search algorithm updates, leading to fluctuations in traffic patterns across the industry [5] - The company views these changes as a catalyst for innovation and growth, adapting strategies to optimize content and diversify revenue streams [6] Company Strategy and Development Direction - The company is transitioning from a traditional publishing model to a brand, data, and IP company, leveraging first-party customer data to create a closed-loop ecosystem [13] - Strategic investments in technology and product development are aimed at capitalizing on emerging opportunities and driving sustainable growth [7] - The company plans to continue its focus on diversifying revenue, reducing debt, and maintaining a disciplined approach to capital management, including M&A activities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to industry changes and generate positive cash flow in 2026 despite ongoing traffic volatility [12] - The company anticipates a baseline level of performance in Q1 2026, with a focus on controlling factors within its operations [18][19] Other Important Information - The company reduced its debt by $23.5 million in 2025 and increased its cash balance by nearly $6 million to $10.3 million [5][12] - The company is exploring opportunities for tuck-in acquisitions to accelerate growth while maintaining a focus on reducing reliance on advertising revenue [25] Q&A Session Summary Question: What has been observed in Q1 2026 regarding traffic volatility? - Management noted that traffic has been volatile due to algorithm updates, with some properties performing well while others experience fluctuations [18] Question: How are margins expected to trend in 2026 with investments in non-advertising revenue? - Management indicated that they aim to reduce reliance on advertising revenue below 50%, which may positively impact margins, while also considering the different margin profile of the ShopHQ business [21] Question: Will the company continue with acquisitions in 2026? - Management confirmed the intention to maintain a cadence of 1-2 tuck-in acquisitions per quarter while focusing on accelerating company growth [25] Question: What is the status of the share repurchase program and debt refinancing? - Management stated that share repurchases are on hold until after debt refinancing, which is being approached with discipline to secure the right deal [27][30]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $28.2 million, down from $36.2 million in Q4 2024, impacted by user experience testing and traffic fluctuations [9] - Net income for Q4 2025 was $5.3 million (18.8% of revenue), compared to $6.9 million (19.1% of revenue) in the same period a year ago [9] - Full year revenue for 2025 was $134.8 million, an increase from $125.9 million in 2024, with non-advertising revenue increasing by over $21 million [10][11] - Adjusted EBITDA for 2025 improved to $51.5 million (38.2% of revenue) from $27 million (21.4% of revenue) in 2024 [11] Business Line Data and Key Metrics Changes - Advertising revenue represented 64% of total revenue in 2025, down from 74% in 2024, indicating a successful diversification strategy [10] - The company has focused on reducing reliance on external traffic sources, which has positively impacted non-advertising revenue streams [10] Market Data and Key Metrics Changes - The digital publishing landscape has been affected by recent search algorithm updates, leading to fluctuations in traffic patterns across the industry [5][6] - The company views these changes as a catalyst for innovation and growth, adapting its strategies accordingly [6] Company Strategy and Development Direction - The company is transitioning from a traditional publishing model to a brand, data, and IP company, leveraging first-party customer data to create a closed-loop ecosystem [13] - There is a focus on diversifying revenue streams, reducing debt, and maintaining a disciplined approach to capital management, including M&A activities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to industry changes and generate positive cash flow in 2026 [12] - The company anticipates continued volatility in traffic but is focused on controlling its operations and maintaining a lean cost structure [17][18] Other Important Information - The company repaid $23.5 million in debt during 2025 and increased its cash balance by $6 million to $10.3 million [12] - The company plans to continue making 1-2 tuck-in media acquisitions per quarter to accelerate growth [23][24] Q&A Session Summary Question: Traffic volatility in Q1 2026 - Management noted that traffic has been volatile due to algorithm updates, with some properties performing well while others experience fluctuations [17] Question: Margin expectations for 2026 - Management expects to continue reducing reliance on advertising revenue, aiming for it to fall below 50%, which may positively impact margins [20] Question: Acquisition cadence and capital allocation - The company plans to maintain a cadence of 1-2 acquisitions per quarter while focusing on debt reduction and growth acceleration [23] Question: Share repurchase and refinancing timing - Management indicated that share repurchases are on hold until after refinancing, which is being approached with discipline to secure the right deal [26][29]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-12471 THE ARENA GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 68-023 ...

Core Insights - The Arena Group reported its Q4 and full-year 2025 results, achieving its first full year of positive net income and significant debt reduction, highlighting a commitment to operational efficiency and growth despite industry volatility [1][4]. Financial Highlights for Q4 2025 - Revenue for Q4 2025 was $28.2 million, down from $36.2 million in Q4 2024, with a gross margin of 43.6% compared to 52.8% in the previous year [2]. - Adjusted EBITDA for Q4 2025 was $10.1 million, slightly down from $13.0 million in Q4 2024, maintaining a margin of 35.8% [2]. - Net income for Q4 2025 was $5.3 million (18.8% margin), compared to $6.9 million (19.1% margin) in Q4 2024, reflecting effective cost management [2]. Financial Highlights for FY 2025 - Full-year revenue increased to $134.8 million in 2025 from $125.9 million in 2024, driven by growth in non-advertising revenue streams [6]. - Adjusted EBITDA improved to $51.5 million (38.2% margin) in 2025, up from $27.0 million (21.4% margin) in 2024, indicating a shift in profitability profile [2]. - Net income for 2025 was $124.9 million, including $96.3 million from discontinued operations, compared to a net loss of $100.7 million in 2024 [2]. Debt Management and Balance Sheet Strengthening - The company reduced its outstanding debt by 12% during Q4 2025, with a principal repayment of $13.0 million, and completed a strategic retirement of $23.5 million of debt, lowering leverage from 4.5x in 2024 to 1.89x in 2025 [2][7]. - Cash balance grew by nearly $6.0 million, reflecting strong cash generation and disciplined capital management [2]. Operational Highlights - The Arena Group successfully launched the Encore AI platform, enhancing data integration across its brands to improve commerce outcomes [7]. - The company achieved a significant shift in revenue mix, with non-advertising revenue growing triple-digits year-over-year, reducing reliance on advertising revenue, which constituted only 64% of total revenue in 2025 compared to 74% in 2024 [6][7]. - The transformation of ShopHQ into a high-margin, drop-ship commerce platform was completed, leveraging the company's extensive user base [7]. Strategic Outlook - The CEO emphasized the company's transformation into a leaner organization through the Entrepreneurial Publishing model, focusing on video and syndication revenue to navigate industry challenges [4]. - The company anticipates positive cash flow from operations for the full year 2026, supported by its strategic flexibility and diversified revenue streams [4].

Group 1 - TravelHost has released a guide featuring 50 top romantic getaway destinations across the U.S., aimed at couples looking for long weekend trips, especially with Valentine's Day approaching [1] - The guide includes a variety of destinations that cater to different preferences, from urban elegance to outdoor beauty and historic charm, ensuring options for all types of couples [1] - Notable destinations highlighted in the guide include Cape May, New Jersey; Mesquite, Nevada; Sun Valley, Idaho; Sedona, Arizona; and Savannah, Georgia, each offering unique romantic experiences [1] Group 2 - TravelHost is a well-established travel destination publication with over 50 years of experience, providing valuable travel information and recommendations to millions of travelers [1] - The company connects audiences through its website, social media, and magazines, focusing on local insights and expert recommendations for travel [1] - The Arena Group, which owns TravelHost, is a brand and data company that develops and scales digital assets across various content verticals, including lifestyle and finance [1]

Core Viewpoint - The Arena Group Holdings, Inc. has entered into agreements with lenders to extend the maturity dates of two existing debt facilities, enhancing its refinancing plans and providing additional financial flexibility [1][3]. Debt Maturity Extensions - The maturity of the Term Loan with Renew Group Private Limited has been extended from December 31, 2026, to December 31, 2027, with a principal payment of $13 million reducing the outstanding principal to $97.7 million as of December 31, 2025 [2]. - The maturity of the Line of Credit with Simplify Inventions LLC has also been extended from December 1, 2026, to December 1, 2027, while the facility size has been reduced from $50 million to $25 million, remaining undrawn as of December 31, 2025 [2]. Financial Position and Strategy - The company has over $9 million in cash on the balance sheet as of December 31, 2025, indicating adequate liquidity following the debt paydown [2]. - The CEO of The Arena Group emphasized the importance of these extensions in securing a favorable long-term capital structure, focusing on a disciplined refinancing process that prioritizes long-term value creation [3]. - The company believes these extensions provide sufficient runway to pursue a permanent financing solution on favorable terms [3]. Company Overview - The Arena Group Holdings, Inc. is a brand, data, and IP company that builds, acquires, and scales high-performing digital assets, engaging audiences across various sectors including sports, lifestyle, and finance [4].

Core Insights - The article does not provide any specific insights or analysis regarding companies or industries, as it primarily consists of disclosures about stock positions of individuals and the Motley Fool [1] Summary by Categories - **Company Positions**: Anand Chokkavelu, Dan Caplinger, Toby Bordelon, and the Motley Fool have no positions in any of the stocks mentioned [1] - **Disclosure Policy**: The Motley Fool has a disclosure policy that is referenced but not elaborated upon [1]