{"filings":[{"id":12803,"accession_number":"0001628280-26-033431","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2026-05-11T20:03:38+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group Q1 revenue $20.4M, net loss $2.7M; CPMs beat market by 72%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Revenue of $20.4M, down 36% from $31.8M in Q1 2025; gross margin fell to 34.8% from 49.4%.","Net loss of $2.7M compared to net income of $4.0M a year ago; Adjusted EBITDA was $1.7M vs $9.7M.","Cash increased to $11.2M from $10.3M; company engaged a bank to refinance debt and reduce servicing costs.","Licensing: badging revenue up 72% YoY; Men's Journal Spirits Shop weekly sales up 165% QoQ.","ShopHQ added 40 partners (44 brands) and orders up 14% QoQ; expanded into TikTok Shop in Q2 2026."],"consensus_eps_estimate":0.102,"consensus_eps_actual":-0.06,"consensus_revenue_estimate":null,"consensus_revenue_actual":20406000.0,"consensus_period":"2026-Q1","consensus_source":"xbrl+finnhub","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":115611,"accession_number":"0001493152-26-010438","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2026-03-17T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group FY2025 revenue $134.8M, income from continuing ops $28.6M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Full-year 2025 revenue rose to $134.8M from $125.9M in 2024, driven by non-advertising growth.","Gross margin improved to 50.7% in 2025 versus 44.2% in the prior year.","Income from continuing operations was $28.6M in 2025, compared to a loss of $7.7M in 2024.","Debt principal reduced by $23.5M; cash balance increased to $10.3M from $4.4M."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":115610,"accession_number":"0001493152-26-010267","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2026-03-16T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group achieves first full year of positive net income in FY 2025","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["FY 2025 revenue $134.8M (up from $125.9M); net income $124.9M vs loss $100.7M in 2024.","Adjusted EBITDA improved to $51.5M (38.2% margin) from $27.0M (21.4%) in 2024.","Retired $23.5M of debt, reducing leverage from 4.5x to 1.89x; cash balance grew to $10.3M.","Q4 2025 revenue $28.2M (down 22% YoY), net income $5.3M, Adjusted EBITDA $10.1M (35.8% margin).","Non-advertising revenue grew triple-digits; advertising fell to 64% of total revenue from 74%."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":115609,"accession_number":"0001493152-26-000851","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2026-01-07T23:59:59+00:00","items":["1.01","2.03","8.01","9.01"],"status":"ready","headline":"Arena Group extends two debt maturities to Dec 2027, pays down $13M on Renew loan","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["Extended Renew Group term loan maturity to Dec 31, 2027; paid $13M principal reducing outstanding to $97.7M.","Extended Simplify Inventions line of credit maturity to Dec 1, 2027; reduced facility size from $50M to $25M (undrawn).","Cash on balance sheet over $9M as of Dec 31, 2025 after paydown; company pursuing permanent refinancing.","Simplify facility remains undrawn; Company believes extensions provide runway for favorable long-term capital structure."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":132046,"accession_number":"0001493152-25-028347","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-12-18T23:59:59+00:00","items":["5.07"],"status":"ready","headline":"Annual meeting results: All three director nominees elected; auditor ratified","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["H. Hunt Allred elected with 31,651,423 votes for, 231,378 withheld, 5,180,308 broker non-votes.","Cavitt Randall elected with 31,585,984 votes for, 296,817 withheld, 5,180,308 broker non-votes.","Lynn Petersmarck elected with 31,683,980 votes for, 198,821 withheld, 5,180,308 broker non-votes.","Ratification of BDO USA, P.C. as auditor passed with 36,814,193 for, 222,898 against, 26,018 abstain."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.0,"calibrated_materiality_score":0.0,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":132045,"accession_number":"0001493152-25-024265","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-11-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group Q3 2025: Net income $6.9M, EBITDA $11.9M, margins expand","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q3 revenue $29.8M (down from $33.6M); prior year included $3M one-time licensing.","Net income $6.9M vs $4M YoY; net margin 23.2% (up from 11.9%).","Adjusted EBITDA $11.9M vs $11.2M; EBITDA margin 39.9% (up from 33.3%).","Trailing 12-month EBITDA >$50M; net debt <$100M; leverage under 2x.","Reaches >100M monthly users across sports, lifestyle, finance brands."],"consensus_eps_estimate":0.1632,"consensus_eps_actual":2.51,"consensus_revenue_estimate":null,"consensus_revenue_actual":106587000.0,"consensus_period":"2025-Q3","consensus_source":"xbrl+finnhub","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":132044,"accession_number":"0001493152-25-022320","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-11-13T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group Q3 net income rises 73% to $6.9M; revenue down to $29.8M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q3 revenue $29.8M vs $33.6M (prior year included $3M one-time licensing gain).","Net income $6.9M ($0.14 EPS), up from $4.0M; adjusted EBITDA $11.9M, margin 39.9%.","Cash $12.5M; net leverage below 2x after $10M debt payments year-to-date.","Non-advertising revenue for Athlon Sports and Men's Journal up nearly 200%.","In Oct 2025 acquired ShopHQ and Lindy's Sports digital assets for cash."],"consensus_eps_estimate":0.1632,"consensus_eps_actual":2.51,"consensus_revenue_estimate":null,"consensus_revenue_actual":106587000.0,"consensus_period":"2025-Q3","consensus_source":"xbrl+finnhub","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":132043,"accession_number":"0001493152-25-018458","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-10-17T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Arena Group acquires Lindy's Sports digital assets and ShopHQ IP","summary_kind":"llm","event_type":"m_and_a","confidence":"high","bullets":["Acquired digital assets of Lindy's Sports (founded 1982); site relaunch planned by end of October 2025.","Acquired ShopHQ intellectual property from IV Media, LLC; ShopHQ was a former $500M+ revenue company.","Expands Sports & Leisure vertical and enters e-commerce, data syndication, and social selling.","ShopHQ to shift to dropship model with creator-led social selling; monetize first-party customer data.","Both deals align with asset-light publishing model; financial terms not disclosed."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":148615,"accession_number":"0001493152-25-013035","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-09-11T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Arena Group posts updated investor presentation on Sept 11, 2025","summary_kind":"llm","event_type":"other","confidence":"low","bullets":["Company made available an updated investor presentation on September 11, 2025.","The presentation is accessible on the company's website at www.thearenagroup.net.","No financial results or guidance were disclosed in the filing text itself."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.1,"calibrated_materiality_score":0.1,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":148614,"accession_number":"0001641172-25-024363","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-08-15T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group reports Q2 record revenue +67% YoY, record profit; trailing EPS $0.60","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q2 revenue record, 67% increase over Q2 last year; record profit posted.","Trailing 12-month EPS rose to $0.60 from $0.12 at end of prior quarter.","Board authorized stock buyback of up to 3M shares over next 12 months.","Men's Journal pageviews up 479% to 165M; TheStreet record ~90M monthly pageviews.","Debt refinancing discussions underway; expects $0.08-0.09 EPS benefit."],"consensus_eps_estimate":0.1938,"consensus_eps_actual":2.38,"consensus_revenue_estimate":null,"consensus_revenue_actual":76827000.0,"consensus_period":"2025-Q2","consensus_source":"xbrl+finnhub","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":148613,"accession_number":"0001641172-25-023731","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-08-14T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group Q2 revenue up 67% to $45M; EPS $0.26 vs loss; buyback authorized","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Revenue $45.0M (+67% YoY); income from continuing ops $12.4M ($0.26 diluted EPS) vs loss of $6.9M (-$0.24) in Q2 2024.","Adjusted EBITDA $19M vs $4M in Q2 2024, a 375% increase.","Board authorized repurchase of up to 3 million shares through July 31, 2026.","Pageview growth: Men's Journal +479%, TheStreet +100%, Parade +70%, Athlon Sports +38%.","Non-advertising revenue more than doubled (+107%) YoY."],"consensus_eps_estimate":0.1938,"consensus_eps_actual":2.38,"consensus_revenue_estimate":null,"consensus_revenue_actual":76827000.0,"consensus_period":"2025-Q2","consensus_source":"xbrl+finnhub","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":148612,"accession_number":"0001641172-25-019559","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-07-15T23:59:59+00:00","items":["4.01","9.01"],"status":"ready","headline":"Arena Group dismisses KPMG as auditor; appoints BDO; cites going concern and material weaknesses","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Audit Committee dismissed KPMG effective July 11, 2025; BDO USA appointed as successor same day.","KPMG's FY2024 audit report included an explanatory paragraph about substantial doubt as a going concern.","Two material weaknesses reported: incomplete documentation of accounting policies and insufficient controls over third-party data.","No disagreements with KPMG on accounting principles or audit procedures during the relevant period.","KPMG issued a letter (Exhibit 16.1) agreeing with the disclosures in this 8-K."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":167468,"accession_number":"0001641172-25-013940","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-06-06T23:59:59+00:00","items":["8.01","9.01"],"status":"ready","headline":"Arena Group regains NYSE American continued listing compliance as of June 4, 2025","summary_kind":"llm","event_type":"regulatory","confidence":"high","bullets":["Received notice June 3, 2025; BC indicator removed and stock no longer listed as noncompliant.","Resolved deficiency under Sections 1003(a)(i)-(iii) by demonstrating compliance for two consecutive quarters.","CEO cites market-driven stock appreciation and three consecutive profitable quarters as recovery drivers.","If noncompliant again within 12 months, NYSE American may truncate compliance procedures or initiate delisting."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":167467,"accession_number":"0001641172-25-011114","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-05-16T23:59:59+00:00","items":["1.01","2.02","9.01"],"status":"ready","headline":"Arena Group posts Q1 net income of $4.0M; guides Q2 revenue $40-45M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q1 revenue $31.8M (+10% YoY); net income $4.0M ($0.08/diluted share) vs loss of $103M in Q1 2024.","Adjusted EBITDA $9.7M, improves from negative $848K; income from continuing ops swings from -$12.7M to +$4.0M.","Guidance Q2 2025: revenue $40-45M, income from continuing ops $9-11M.","Acquired TravelHost for $1M; brand will be modernized to expand travel content.","Traffic milestones: Athlon Sports up 500% YoY, TheStreet record 80M page views (+100% YoY)."],"consensus_eps_estimate":null,"consensus_eps_actual":0.08,"consensus_revenue_estimate":null,"consensus_revenue_actual":31815000.0,"consensus_period":"2025-Q1","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":167466,"accession_number":"0001641172-25-006683","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-04-29T23:59:59+00:00","items":["5.02","8.01","9.01"],"status":"ready","headline":"Arena Group settles Authentic Brands litigation, removes $93.9M in liabilities, appoints new director","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Confidential settlement with Authentic Brands Group, Sportority, and Manoj Bhargava; financial terms not material.","Removal of ~$93.9M in accrued liabilities expected in Q2 2025, strengthening balance sheet.","Four directors resigned: Christopher Fowler, Laura Lee, Christopher Petzel, Carlo Zola, effective April 28, 2025.","Lynn Petersmarck appointed to board and audit/compensation/nominating committees."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":167465,"accession_number":"0001641172-25-005405","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-04-18T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group Q4 revenue $36.2M (+8% seq), income from cont ops $7.2M; FY adjusted EBITDA $27M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q4 2024 revenue from continuing ops $36.2M, up 8% sequentially from Q3.","Income from continuing ops $7.2M ($0.15 diluted EPS) vs $4.8M in Q3; second consecutive profitable quarter.","Adjusted EBITDA for Q4 $13.0M vs $11.1M in Q3; FY 2024 adjusted EBITDA $27.0M vs $13.2M in FY 2023.","Athlon Sports page views 284M in Q4 (+20% QoQ, +325% YoY); competitive publishing model rolling out to Men's Journal, Parade, The Street.","Management expects profitability in every quarter of 2025."],"consensus_eps_estimate":null,"consensus_eps_actual":0.08,"consensus_revenue_estimate":null,"consensus_revenue_actual":31815000.0,"consensus_period":"2025-Q1","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":184771,"accession_number":"0001493152-25-009570","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-03-07T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"Paul Edmondson promoted from interim to full CEO of Arena Group, granted 400,000 options","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Paul Edmondson appointed full CEO effective March 3, 2025; previously interim since Feb 12.","Granted 400,000 stock options at $1.48 exercise price, vesting on four-year anniversary.","Options fully vest if stock price closes at or above $12.00 for 30 consecutive days."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":184770,"accession_number":"0001493152-25-007581","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-02-19T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"Arena Group terminates CEO Sara Silverstein; appoints Paul Edmondson as interim CEO","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["CEO Sara Silverstein terminated without cause effective Feb 12, 2025; entitled to accelerated equity vesting and up to 18 months COBRA.","Paul Edmondson, previously President, Platform, named interim CEO; base salary $486,203, eligible for 75% target bonus.","Edmondson's existing employment agreement provides 12 months severance, full equity vesting, and COBRA on termination without cause.","No changes to Edmondson's compensation as interim CEO announced yet; to be determined later."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":184769,"accession_number":"0001493152-25-002793","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2025-01-17T23:59:59+00:00","items":["5.02","5.03","9.01"],"status":"ready","headline":"Arena Group ends director cash/stock compensation; 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Riley and other stockholders.","Note Purchase Agreement EOD Date extended from Dec 31, 2023 to April 30, 2024.","Todd Sims and Daniel Shribman resign from board; Cavitt Randall and Christopher Fowler appointed.","B. 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digital revenue up 21% to $45.8M; net loss narrowed to $11.2M from $16.5M.","Adjusted EBITDA improved 86% to $6.4M; operating expenses down 4% to $35.0M; gross margin expanded to 44%.","Signed definitive agreement to combine with Bridge Media Networks; 5-Hour to invest $25M common, Hans Foundation $25M preferred.","Simplify to purchase up to $20M additional common equity; combined company gets $60M guaranteed ad commitment over 5 years.","Arena Group to reduce debt by $26M from proceeds; transaction expected close Q4 2023 or Q1 2024 subject to approvals."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":272241,"accession_number":"0001493152-23-039749","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-11-07T23:59:59+00:00","items":["1.01","3.02","5.02","7.01","9.01"],"status":"ready","headline":"Arena Group to combine with Simplify and Bridge Media in reverse merger; $50M equity financing","summary_kind":"llm","event_type":"m_and_a","confidence":"high","bullets":["Simplify to own 58.02% of New Arena Common Stock; former Arena stockholders exchange shares 1-for-1.","$25M common stock purchase by 5-Hour at $5.00/share; $25M preferred stock purchase by Hans Foundation at $1,000/share (10% PIK dividend).","$20M committed equity facility with Simplify/affiliate; purchase price equals VWAP or $3.86 floor; 1.5% commitment fee in shares.","Advertisers commit $12M/year for 5 years; Bridge News to provide airtime on broadcast stations for 7 years (auto-renew).","CEO Ross Levinsohn waives good reason for change in control; unvested equity vests at closing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":289085,"accession_number":"0001493152-23-032557","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-09-14T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Arena Group issues updated investor deck regarding proposed transaction with Simplify Inventions","summary_kind":"llm","event_type":"m_and_a","confidence":"low","bullets":["Binding letter of intent signed with Simplify Inventions, LLC; definitive documentation not yet completed.","Company plans to file a proxy statement for stockholder vote on the proposed transaction.","Updated investor presentation issued September 14, 2023; no financial terms or deal structure disclosed.","Transaction subject to regulatory approvals, stockholder approval, and other conditions."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":289084,"accession_number":"0001493152-23-031976","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-09-07T23:59:59+00:00","items":["1.01","2.03","5.02"],"status":"ready","headline":"Arena Group extends credit maturity, issues $5M notes, updates CEO severance","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["$5M senior secured notes issued Aug 31 under Note Purchase Agreement.","Credit line maturity extended to Dec 31, 2025 via FSA Amendment with SLR.","Event of default if Simply Inventions deal not closed by March 31, 2024 (or June 30 if note holders agree).","Permits up to $8M additional notes and $25M Series L Preferred in connection with the Transaction.","CEO Ross Levinsohn: on change-of-control termination, greater of salary through Dec 2026 or 36 months, plus COBRA ≥18 months."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":289083,"accession_number":"0001493152-23-029456","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-08-18T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"Arena Group increases President Barrett's salary to $500k, signs severance pacts with CFO Smith","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Henry Barrett's base salary raised from $400k to $500k effective Aug 1, 2023.","Barrett receives $150k signing bonus ($100k by Aug 15, 2023; $50k by Oct 15, 2023).","Company will grant Barrett options/RSUs/restricted stock awards (amount TBD by board and CEO).","Severance agreements with Barrett and CFO Smith: 12 months salary if terminated without cause or for good reason within 24 months after Change in Control.","Severance payments are salary continuation over 12 months, subject to release of claims."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.4,"calibrated_materiality_score":0.4,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":289082,"accession_number":"0001493152-23-028508","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-08-14T23:59:59+00:00","items":["1.01","2.02","2.03","7.01","9.01"],"status":"ready","headline":"Arena Group signs LOI to combine with Bridge Media Networks; reports Q2 revenue $58.8M, net loss narrows","summary_kind":"llm","event_type":"m_and_a","confidence":"high","bullets":["Simplify to invest $50M cash and contribute Bridge Media Networks; will receive ~65% ownership and $25M preferred with 10% PIK.","Guaranteed $60M ad spend over 5 years from Simplify brands including 5-hour ENERGY.","Q2 revenue $58.8M (+9% YoY); digital ad revenue $29.3M (+19%); gross margin 37% vs 30%.","Adjusted EBITDA improved to -$76K from -$4.2M; net loss narrowed to $19.5M from $22.2M.","B. Riley extends debt maturity to Dec 2026 at 10%; $20M mandatory prepayment from deal proceeds."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":309833,"accession_number":"0001493152-23-023067","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-06-30T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"The Arena Group CRO Avi Zimak steps down effective June 30, 2023","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Avi Zimak resigned as Chief Revenue Officer on June 27, 2023, effective June 30, 2023.","Departure is not due to any dispute or disagreement with the company or board.","No replacement for CRO has been announced as of the filing date."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.4,"calibrated_materiality_score":0.4,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":309832,"accession_number":"0001493152-23-020414","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-06-07T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"Arena Group appoints CFO Douglas B. Smith as principal accounting officer","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Douglas B. Smith, CFO since May 2019, appointed principal accounting officer effective June 5, 2023.","No change to Smith's compensation arrangement as a result of the appointment.","No family relationships or transactions requiring disclosure under Item 404(a)."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.25,"calibrated_materiality_score":0.25,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":309831,"accession_number":"0001493152-23-019985","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-06-02T23:59:59+00:00","items":["5.02","5.07","5.03","9.01"],"status":"ready","headline":"Arena Group stockholders approve officer exculpation and 2022 plan amendment with 1.8M additional shares","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Stockholders elected all 7 director nominees; Ross Levinsohn, Todd Sims, Daniel Shribman, Carlo Zola, Christopher Petzel, Laura Lee, H. 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no financial details in filing","summary_kind":"llm","event_type":"other","confidence":"low","bullets":["Updated investor deck released on May 24, 2023, posted on company's website.","Deck available at investors.thearenagroup.net/events-and-presentations/presentations.","No specific financial results or guidance changes included in this disclosure."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.1,"calibrated_materiality_score":0.1,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":309829,"accession_number":"0001493152-23-016162","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-05-10T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Arena Group Q1 revenue up 7% to $51.4M, net loss widens to $19.4M, cash burn improves","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Revenue $51.4M (up 7% YoY), digital ad revenue $23.5M (+9% YoY).","Net loss $19.4M (wider by $1.0M vs $18.4M in Q1 2022).","Adjusted EBITDA loss $4.5M vs loss $1.1M; includes $15.3M in non-cash charges.","Cash used in operations improved to $1.7M from $13.3M, an $11.6M reduction.","Full-year 2023 guidance reaffirmed; acquired Fexy Studios in January 2023."],"consensus_eps_estimate":null,"consensus_eps_actual":-1.04,"consensus_revenue_estimate":null,"consensus_revenue_actual":51380000.0,"consensus_period":"2024-Q1","consensus_source":"xbrl_only","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":309828,"accession_number":"0001493152-23-011317","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-04-07T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"Arena Group's CAO Christoforatos resigns effective April 21, no dispute","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Chief Accounting Officer Spiros Christoforatos resigned, effective April 21, 2023, to pursue another opportunity.","Resignation is not due to any dispute or disagreement with management or board.","The Company thanked Mr. Christoforatos for his service and wished him well.","No replacement named in the filing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.4,"calibrated_materiality_score":0.4,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":328520,"accession_number":"0001493152-23-009930","cik":894871,"company_name":"Arena Group Holdings, Inc.","ticker":"AREN","form_type":"8-K","filed_at":"2023-03-31T23:59:59+00:00","items":["1.01","9.01"],"status":"ready","headline":"Arena Group raises ~$11.3M in registered direct offering of 2.96M shares at $3.88/share","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Sold 2,963,918 shares at $3.88 per share in a registered direct offering.","Net proceeds expected to be approximately $11.3 million after expenses.","Proceeds to be used for working capital and general corporate purposes.","No underwriter or placement agent; closing expected on or around April 3, 2023.","Offering made under existing effective shelf registration statement (File No. 333-268487)."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":71404184.41558442,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":"2023-03-31T23:59:59+00:00|328520"}