Arena Group Holdings, Inc. PAAI
The Arena Group Holdings, Inc. ("Arena Group," "we," or "our") is a brand, data and IP company that builds, acquires, and scales high-performing digital assets. We combine technology, storytelling, and entrepreneurship to create deep content verticals that engage passionate audiences across sports & leisure, lifestyle, and finance.
We utilize a proprietary entrepreneurial publishing model designed to scale digital content with high efficiency and minimal capital intensity. Central to this strategy is the alignment of editorial incentives with audience engagement. Our entrepreneurial publishing framework replaces traditional fixed labor costs with a performance-based, variable cost structure where individual creators contributing content to our owned and operated sites ("Expert Contributors") earn a share of revenue generated by their specific channels.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.8M | $125.9M | $143.6M | $220.9M | $189.1M | $128.0M | $53.3M | $5.7M | $77.0K | — |
| Cost of revenue | $66.5M | $70.2M | $88.4M | $132.9M | $110.5M | $103.1M | $47.3M | $7.6M | $1.6M | — |
| Gross profit | $68.3M | $55.7M | $55.3M | $88.0M | $78.6M | $25.0M | $6.0M | -$1.9M | -$1.5M | — |
| R&D | — | — | — | — | — | — | — | $1.2M | $114.9K | — |
| SG&A | $17.1M | $30.4M | $43.8M | $53.5M | $55.6M | $36.0M | $29.5M | $10.3M | $4.7M | — |
| Total operating expenses | $27.6M | $47.8M | $72.7M | $143.9M | $162.9M | $96.2M | $46.9M | $12.1M | $4.8M | — |
| Operating income | $40.8M | $7.9M | -$17.5M | -$55.9M | -$84.3M | -$71.2M | -$40.8M | -$14.0M | -$6.3M | — |
| Interest expense | $11.4M | $14.7M | $18.0M | $11.4M | $10.4M | $16.5M | $10.5M | $2.5M | — | — |
| Pre-tax income | $29.1M | -$7.4M | -$37.0M | -$68.5M | -$91.6M | -$89.0M | -$58.0M | -$26.2M | -$6.3M | — |
| Income tax | $520.0K | $249.0K | $197.0K | $1.1M | $1.7M | $210.8K | $210.8K | $91.6K | $0 | — |
| Net income | $124.9M | -$100.7M | -$55.6M | -$70.9M | -$89.9M | -$89.2M | -$38.5M | -$26.1M | -$6.3M | — |
| EPS, basic | 2.63 | -2.85 | -2.49 | -4.02 | -7.87 | — | — | — | — | — |
| EPS, diluted | 2.62 | -2.85 | -2.49 | -4.02 | -7.87 | -50.18 | -1.04 | -1.69 | -0.42 | — |
| Shares, diluted (wtd. avg.) | $47.7M | $35.4M | $22.3M | $17.6M | $11.4M | — | — | — | $23.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.3M | $4.4M | $9.3M | $13.9M | $9.3M | $9.0M | $8.9M | $2.4M | $619.2K | $0 |
| Short-term investments | — | — | — | — | — | — | — | $17.1K | $14.1K | — |
| Receivables | $22.3M | $31.1M | $31.7M | $34.0M | $21.7M | $16.5M | $16.2M | $2.7M | $53.2K | $0 |
| Total current assets | $35.6M | $40.2M | $90.4M | $78.7M | $77.7M | $73.8M | $48.2M | $9.5M | $3.9M | $719.9K |
| Property, plant and equipment | $56.0K | $148.0K | $328.0K | $735.0K | $636.0K | $1.1M | $661.3K | $68.8K | $54.7K | $547.8K |
| Goodwill | $42.6M | $42.6M | $42.6M | $39.3M | $19.6M | $16.1M | $16.1M | $7.3M | — | — |
| Other intangibles | $22.4M | $22.8M | $27.5M | $59.0M | $57.4M | $71.5M | $91.4M | $15.4M | $20.0K | $20.0K |
| Total assets | $112.6M | $116.4M | $188.9M | $203.7M | $174.0M | $214.2M | $197.0M | $37.2M | $6.6M | $1.3M |
| Accounts payable | $1.7M | $4.8M | $7.8M | $12.9M | $12.0M | $8.2M | $9.6M | $4.9M | $162.3K | $154.4K |
| Short-term debt | — | — | $102.3M | $65.7M | $5.7M | — | $96.3K | $396.4K | $31.4K | — |
| Total current liabilities | $17.0M | $122.3M | $236.0M | $216.4M | $116.4M | $107.6M | $87.5M | $21.5M | $416.4K | $346.3K |
| Long-term debt | $97.6M | $110.4M | $102.3M | $65.7M | $64.4M | $62.2M | $252.5K | $252.5K | — | — |
| Total liabilities | $117.4M | $246.5M | $247.7M | $242.7M | $211.8M | $216.1M | $178.4M | $29.7M | $3.4M | $346.3K |
| Retained earnings | -$354.5M | -$479.4M | -$378.7M | -$323.1M | -$252.2M | -$162.3M | -$73.0M | -$34.5M | -$8.5M | -$2.2M |
| Total equity | -$4.8M | -$130.3M | -$59.0M | -$52.1M | -$51.7M | -$20.3M | -$37.1M | -$10.7M | $3.0M | $772.9K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $39.2M | -$16.1M | -$24.8M | -$11.3M | -$14.7M | -$32.3M | -$57.0M | -$7.4M | -$4.2M | — |
| Depreciation and amortisation | $92.0K | $234.0K | $352.0K | $539.0K | $1.2M | $638.8K | $276.8K | $28.9K | $12.5K | $390 |
| Stock-based compensation | $485.0K | $3.0M | $19.1M | $31.3M | $30.5M | $14.6M | $10.4M | $4.3M | $1.6M | — |
| Capital expenditure | $0 | $54.0K | — | $530.0K | $377.0K | $1.2M | $150.8K | $31.6K | $59.5K | — |
| Investing cash flow | -$9.6M | -$5.2M | -$3.2M | -$38.6M | -$13.1M | -$4.9M | -$19.0M | -$23.6M | -$2.0M | — |
| Financing cash flow | -$23.7M | $16.3M | $22.9M | $54.4M | $28.2M | $37.3M | $82.9M | $29.9M | $9.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-028883.
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