---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-033431"
form_type: "8-K"
ticker: "AREN"
cik: "0000894871"
company_name: "Arena Group Holdings, Inc."
filed_at: "2026-05-11T20:03:38+00:00"
generated_at: "2026-05-11T22:56:20.218894+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-26-033431
- form_type: 8-K
- ticker: AREN
- cik: 0000894871
- company_name: Arena Group Holdings, Inc.
- filed_at: 2026-05-11T20:03:38+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/894871/000162828026033431/0001628280-26-033431-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/894871/000162828026033431/aren-20260511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-033431
- JSON: https://secwatch.observer/filing/0001628280-26-033431.json
- Plain text: https://secwatch.observer/filing/0001628280-26-033431.txt

## Key facts
- Earnings Releases
  Arena Group Holdings, Inc. reported the three months ending March 31, 2026 results: revenue $20.4 million, net income $2.7 million.
  - Period: the three months ending March 31, 2026
  - Revenue: $20.4 million
  - Net income: $2.7 million
  - Result: reported results
  source text: The Arena Group Reports Q1 2026 Results Monetization Strategy Optimization, Licensing and Commerce Growth, and AI Adoption Efforts Fuel 2026 Momentum NEW YORK – May 11, 2026 – The Arena Group Holdings, Inc. (NYSE American: AREN) (“The Arena Group” or “Arena”), the brand, data and IP company home to many of the nation's most recognizable brands, including Parade, TheStreet, Men’s Journal, Athlon Sports, ShopHQ and the Adventure Network (including Surfer, Powder, Bike Magazine and more), today announced financial results for the three months ending March 31, 2026 (“Q1 2026”). Financial Highlights for Q1 2026: • First quarter revenue was $20.4 million, compared to $31.8 million in Q1 2025, and gross margin was 34.8% in Q1 2026, compared to 49.4% in Q1 2025, reflecting changes in referral traffic patterns between periods alongside the impact of strategic technical testing performed in Q1 2026 to drive yield and accelerate long-term audience growth. • Net loss was $2.7 million, or -13.2% of
  evidence_url: https://www.sec.gov/Archives/edgar/data/894871/000162828026033431/0001628280-26-033431-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.