Arena Group Q1 revenue $20.4M, net loss $2.7M; CPMs beat market by 72%

Arena Group Holdings, Inc.

• 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.

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