Company Overview - The Spun is a sports media brand that delivers breaking news, original reporting, and engaging storytelling across athletics, reaching millions of fans seeking timely updates and deep insights into their favorite teams and athletes [6] - The Arena Group Holdings, Inc. owns and operates The Spun, along with other recognizable brands such as Parade, TheStreet, and Men's Journal, focusing on building and scaling high-performing digital assets [7] Product Launch - The Spun has released its inaugural Then & Now magazine issue, which explores defining athletes, storylines, and historic moments in sports [1] - The magazine features in-depth interviews, original reporting, archival photography, and long-form storytelling, with contributions from award-winning journalists [2] Editorial Vision - The managing editor, PK Daniel, aims for the magazine to evoke nostalgia while providing fresh insights, allowing fans to revisit significant sports moments and learn new information [3][5] - The editorial team is described as an "all-star" staff, dedicated to creating an evergreen magazine that honors the past while revealing the present [5] Featured Content - Highlights of the inaugural issue include a comprehensive feature on the 1999 FIFA Women's World Cup by Kevin Baxter, an in-depth look at the 1980 "Miracle on Ice" team by Helene Elliott, and a story on Floyd Landis by Mark Zeigler [8]

Financial Performance - Q3 2025 revenue was $29.8 million, down from $33.6 million in Q3 2024, with gross margins above 50%[4] - Net income increased to $6.9 million, a 73% rise from $4.0 million in Q3 2024, resulting in a net margin of 23.2%[4] - Adjusted EBITDA for Q3 2025 was $11.9 million, a 6.3% increase from $11.2 million in Q3 2024[4] - The trailing twelve-month income from continuing operations was $30.5 million, equating to earnings per share of $0.64[4] - For the three months ended September 30, 2025, the net income was $6.865 million, compared to $3.956 million in the same period of 2024, representing a 73.5% increase[14] - Adjusted EBITDA for the three months ended September 30, 2025, was $11.902 million, up from $11.157 million in 2024, indicating a growth of 6.7%[14] Revenue Growth - Non-advertising revenue for Athlon Sports and Men's Journal grew nearly 200% in Q3 2025, driven by off-property distribution and syndication[4] - TheStreet's audience reach increased by 20% in Q3 2025, with revenue from content syndication up 200% compared to Q3 2024[4] - Parade's traffic rose by 25% year-over-year, with non-advertising revenue more than doubling (+111%) compared to Q3 2024[4] Cost Management - Interest expense (net) for the three months ended September 30, 2025, was $2.857 million, a decrease from $3.159 million in 2024, reflecting a reduction of 9.5%[14] - Depreciation and amortization for the three months ended September 30, 2025, was $2.321 million, slightly down from $2.379 million in 2024, a decrease of 2.4%[14] - Stock-based compensation for the three months ended September 30, 2025, was $86, significantly lower than $732 in 2024, a reduction of 88.2%[14] - The company reported no income or loss from discontinued operations for the three months ended September 30, 2025, compared to a loss of $822 in 2024[14] Strategic Initiatives - The company reduced net leverage below 2x after making $10 million in principal payments year to date[4] - The Arena Group acquired digital assets and IP of ShopHQ and Lindy's Sports in October 2025, funded with cash on hand[5] - The new intelligence platform, Encore, is expected to connect user behavior across ads, newsletters, and content, with over 40,000 new users registering daily[6] - The company anticipates future revenues and income growth, alongside cost reductions and market expansion strategies[16] - The company is focused on product introductions and capital requirements to support its growth strategy[16] Forward-Looking Statements - Forward-looking statements indicate potential risks and uncertainties that may affect future performance[17] - The company does not undertake any obligation to publicly release revisions to forward-looking statements except as required by law[18]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue was $29.8 million, down from $33.6 million in the same quarter last year, which included a one-time $3 million increase from a licensing agreement [7][8] - Net income rose to $6.9 million from $4.0 million a year ago, and adjusted EBITDA increased to $11.9 million compared to $11.2 million last year [7][8] - Net margin improved to 23.2% and EBITDA margin improved to 39.9%, compared to 11.9% and 33.3% in the same quarter last year [8][9] - The trailing 12-month income from continuing operations was $30.5 million, resulting in earnings per share of $0.64, with a price-to-earnings ratio of over 7.0 times based on a share price of $4.87 [9][10] Business Line Data and Key Metrics Changes - The company faced significant traffic volatility due to algorithmic changes, particularly affecting lifestyle and sports categories, but has seen stabilization and recovery in e-commerce-related content [11][12] - The entrepreneurial publishing model allowed the company to maintain profitability and cash generation despite traffic challenges [12][14] - The company acquired digital assets of ShopHQ and Lindy Sports for $2 million, expanding its e-commerce and sports portfolios [12][13] Market Data and Key Metrics Changes - The company reported that its brands, including Parade, Athlon Sports, TheStreet, and Men's Journal, collectively reach over 100 million users per month [12] - The company is registering over 40,000 new users daily, indicating a strong growth in audience engagement [13][14] Company Strategy and Development Direction - The company is focused on a disciplined M&A strategy, targeting at least one high-value acquisition per quarter to enhance its IP and brand ecosystem [12][13] - The entrepreneurial publishing model is expected to expand into video and social commerce opportunities, leveraging data and AI to build higher-margin revenue streams [13][14] - The company aims to connect user behavior and data across various platforms to enhance monetization opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing industry-wide traffic headwinds but expressed confidence in the company's ability to adapt and maintain profitability [5][11] - The company is optimistic about growth in e-commerce content and expects stabilization and potential growth in news-related content [18][19] - Management emphasized the importance of generating cash and profits, focusing on long-term value creation rather than short-term expediency [24][48] Other Important Information - The company generated $12.1 million in cash from operations during Q3 and reduced total debt by over $10 million year-to-date, strengthening its liquidity position [10] - The company is actively pursuing refinancing options for its outstanding debt, aiming for favorable terms to enhance shareholder value [24] Q&A Session Summary Question: How has the company managed through algorithmic changes and what is the outlook for Q4? - Management noted that they have focused on optimizing content signals and technical SEO, leading to stabilization and expected growth in e-commerce content [18][19] Question: Has the company taken market share during this period of volatility? - Management believes they have weathered the storm better than most competitors and continue to generate cash, indicating a strong position relative to the industry [20] Question: What is the company's approach to refinancing and share repurchase? - Management stated that refinancing is a priority, approached from a position of strength, and they intend to repurchase shares when capital allows and the stock is undervalued [23][39] Question: Can you elaborate on the ShopHQ acquisition and its business model? - Management explained that ShopHQ operates on a drop-shipping model, leveraging valuable data and email lists to drive sales without holding inventory [30][34] Question: What metrics does the company use to measure success in converting content consumers to commerce buyers? - Management focuses on customer acquisition costs and the ability to translate media properties into commerce opportunities, emphasizing cash generation and profitability [48]

Financial Performance - For the three and nine months ended September 30, 2025, the company's RPM was $25.18 and $24.16, respectively, reflecting increases of 2% and 9% compared to the same periods in 2024[155]. - The company reported net income from continuing operations of $6,865 and $23,274 for the three and nine months ended September 30, 2025, respectively[158]. - For the three months ended September 30, 2025, total revenue decreased by $3,795, or 11.3%, to $29,760 from $33,555 in the same period of 2024[179]. - For the nine months ended September 30, 2025, total revenue increased by $16,908, or 18.9%, to $106,587 compared to $89,679 in the same period of 2024[199]. - The company reported a net income of $119,524 for the nine months ended September 30, 2025, compared to a net loss of $107,589 in 2024, representing a change of $227,113[198]. Cash Flow and Working Capital - As of September 30, 2025, the company had cash and cash equivalents of $12,523 and working capital of $26,837, a significant improvement from a working capital deficit of $82,022 as of December 31, 2024[168]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $26,131, compared to a net cash used of $7,507 in the same period of 2024[169]. - As of September 30, 2025, the company had $50,000 available for additional use under its working capital loan with Simplify[163]. Expenses and Cost Management - Operating expenses decreased by $3,507, or 39.2%, to $8,939, driven by reductions in headcount and consulting expenses[175]. - General and administrative expenses decreased by $2,810 to $3,213, primarily due to lower professional fees and improved collection efforts[184]. - Operating expenses decreased by $16,357, or 41.8%, to $22,762, primarily due to reductions in sales and marketing expenses and general and administrative expenses[199]. - General and administrative expenses decreased by $10,094, or 40.7%, to $14,696, driven by reductions in payroll and professional services[207]. - Total other expenses decreased by $3,255, or 26.5%, from $12,289 in 2024 to $9,034 in 2025[219]. Revenue Breakdown - Digital advertising revenue fell by $5,122, a decrease of 22.2%, primarily due to algorithmic updates affecting search rankings and traffic levels[178]. - Segment revenue for Sports & Leisure decreased by $4,944, while Finance and Lifestyle segments saw increases of $2,218 and $2,376, respectively[186][188]. - Segment revenue for Finance increased by $11,454, primarily due to a $7,017 increase in digital advertising revenue and a $4,722 increase in performance marketing revenue[210]. - Digital revenue increased by $17,512, or 19.9%, to $105,642, driven by a $4,921 increase in digital advertising revenue and a $9,306 increase in performance marketing revenue[202]. Profitability and Income - Income from continuing operations improved by $2,087 to $6,865, compared to $4,778 in the prior period[175]. - Income from continuing operations improved by $38,154 to $23,274, compared to a loss of $14,880 in the prior period, driven by increased revenue and decreased operating expenses[198]. - The company recorded a loss from discontinued operations of $(92,709) for the nine months ended September 30, 2024, which improved to income of $96,250 for the same period in 2025[167]. - The company reported a loss from discontinued operations of $96,250 for the nine months ended September 30, 2025, compared to a gain of $92,709 in 2024[224]. Other Financial Metrics - Adjusted EBITDA for the nine months ended September 30, 2025, was $41,301, compared to $13,978 in 2024, reflecting significant operational improvement[224]. - Interest expense decreased by $302 to $2,857, reflecting lower amortization of debt issuance costs and reduced interest charges[195]. - Interest expense decreased by $2,941, or 25.0%, from $11,747 in 2024 to $8,806 in 2025 due to lower debt balance after repayment of the Simplify Loan[220]. - Provision for income taxes increased by $845, from $116 in 2024 to $961 in 2025, primarily due to improved operating results[222]. - The company recorded a tax benefit of $304 for the period, compared to a tax provision of $40 in the prior year, due to tax law changes[197]. Shareholder Actions - A share repurchase program was announced on July 31, 2025, allowing the company to repurchase up to 3 million shares of common stock through July 31, 2026[173].

Core Insights - Monumental Sports & Entertainment (MSE) has partnered with Ticketmaster as a Founding Partner for its new arena in downtown Washington, D.C., aiming to enhance the live event experience through advanced technology and personalization [1][2] - The partnership is part of a broader $800 million+ transformation initiative for the arena, focusing on creating a seamless and immersive fan experience [2] Company Overview - MSE is recognized as one of America's leading integrated sports and entertainment companies, committed to delivering extraordinary experiences and community engagement [3] - Ticketmaster is the world's largest ticket marketplace, processing 600 million tickets annually across over 35 countries, and is part of Live Nation Entertainment [3] Partnership Details - The collaboration will integrate Ticketmaster's technology across MSE's ecosystem, enhancing operations for teams like the NHL's Washington Capitals and NBA's Washington Wizards [2] - Ticketmaster will also have a significant media presence through the Monumental Sports Network, providing brand visibility and engagement opportunities [2] Strategic Goals - The partnership aims to redefine the fan journey from entry to experience within the arena, ensuring a smarter and safer environment [2] - MSE's initiative is designed to revitalize downtown D.C. and position it as a global sports and entertainment destination, attracting millions of visitors annually [2]

Core Insights - Proactive provides fast, accessible, and actionable business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Viewpoint - The Arena Group Holdings, Inc. has acquired the intellectual property of ShopHQ, aiming to enhance its E-Commerce and interactive selling capabilities, leveraging the legacy of a brand that previously generated over $500 million in revenue [1] Group 1: Acquisition Details - The Arena Group has acquired ShopHQ's intellectual property from IV Media, LLC [1] - The acquisition is part of a strategy to build on the legacy of ShopHQ, which has been in operation for 35 years [1] Group 2: Strategic Focus - The primary focus post-acquisition will be on E-Commerce and interactive selling [1] - The company plans to utilize ShopHQ's first-party customer data to enhance its reach to millions of e-commerce users [1]

Core Insights - The Arena Group Holdings, Inc. has acquired the intellectual property of ShopHQ from IV Media, LLC, aiming to enhance its E-Commerce and interactive selling capabilities [1] Company Overview - The Arena Group plans to leverage the legacy of ShopHQ, a brand with over 35 years of history, to expand its business operations [1] - ShopHQ was previously a company generating over $500 million in revenue, indicating significant market potential for the Arena Group [1] Strategic Focus - The acquisition will utilize ShopHQ's first-party customer data, which is expected to enhance the Arena Group's reach to millions of e-commerce consumers [1]

Core Viewpoint - The Arena Group Holdings, Inc. has acquired the digital assets of Lindy's Sports, enhancing its Sports & Leisure vertical with a well-established brand [1] Group 1 - The acquisition of Lindy's Sports, a historic publication founded in 1982, signifies a strategic expansion for The Arena Group [1] - CEO Paul Edmondson expressed enthusiasm about the acquisition, highlighting the value of adding a trusted brand to the company's portfolio [1]

Core Insights - Arena Group Holdings Inc is actively expanding its business portfolio through targeted acquisitions to deepen operational focus and drive long-term growth [1][2] - The company emphasizes disciplined expansion as a central strategy, although specific deals were not disclosed [2] - Arena Group owns a diverse range of media brands that collectively reach over 100 million monthly users across various sectors [3] Business Model and Strategy - The company leverages legacy intellectual property and a unified technology platform to enhance content creation and monetization, primarily through ad monetization and affiliate marketing [4] - After achieving four consecutive quarters of positive net income, Arena underscores discipline and efficient capital deployment as the foundation of its expansion strategy [4] Future Vision - The CEO envisions evolving the company from a traditional media entity into a broader ecosystem, incorporating video, commerce, and new digital formats over the next five years [5] - Entrepreneurial partnerships with creators and small businesses are seen as a template for future growth [5] Financial Commitment - Arena's recent $3 million share purchase program reflects management's confidence in the stock and provides flexibility for share buybacks when prices are favorable [6] Market Positioning - Arena Holdings is repositioning itself as more than a traditional publisher by combining profitability, a disciplined acquisition strategy, and a scalable content model, aiming for long-term relevance in the media landscape [7]