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Organization and Basis of Presentation
12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Organization
The Arena Holdings Group, Inc. (“The Arena Group” or the “Company”), was incorporated in Delaware on October 1, 1990. The Company’s wholly owned subsidiaries consist of The Arena Platform, Inc. (“The Arena Platform”), The Arena Media Brands, LLC (“Arena Media”) (formerly known as Maven Media Brands, LLC formed during 2019 as a wholly owned subsidiary of The Arena Group), TheStreet, Inc. (“TheStreet” acquired by the Company in a merger during 2019), College Spun Media Incorporated (“The Spun” acquired by the Company in a merger during 2022), Athlon Holdings, Inc. (“Parade” acquired by the Company in a merger during 2023), Athlon Sports Communications, Inc., and TravelHost, LLC ("TravelHost" acquired by the Company in 2025).
Unless the context indicates otherwise, The Arena Group, The Arena Platform, TheStreet, The Spun and Parade, are together hereinafter referred to as the “Company.”
Business Operations
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.
Our platform empowers creators and entrepreneurs to build thriving digital businesses leveraging our infrastructure, audience development expertise, and monetization engine to accelerate growth. Through our portfolio of owned and operated brands, including TheStreet, Parade, Men’s Journal, Athlon Sports, the Adventure Network (which includes Surfer, Powder, and Bike among other brands), and others, we deliver trusted content and meaningful experiences to millions of users each month.
Our model blends the agility of entrepreneurship with the scale of a media network, driving growth for our partners, advertisers, and audiences alike.
Seasonality
The Company experiences seasonality in its business as a result of typical seasonal spending trends in the advertising industry due to consumer behavior and market activity throughout the year. These seasonal trends are driven by calendar or commercial events that happen annually including holidays, weather, school terms, sports seasons and major sporting events. Seasonality can be viewed between the Company’s fiscal quarters. The first quarter of the calendar year is notably the Company’s most challenging quarter for revenue performance. During this quarter, advertisers are planning their budgets and current year spend and consumer spending declines after the holidays. During the second quarter of the calendar year, the Company typically see advertisers starting to spend their budgets more actively, which results in revenue starting to recover. Summer is traditionally a quiet season, as people spend more time outdoors and less time online resulting in lower revenue in the third quarter. Advertisers usually readjust their budgets during this time and devise new strategies for the remainder of the year. Naturally, the Company sees the highest dip in July, after which revenue gradually start to increase. The fourth quarter of the calendar year often represents our strongest period as advertising demand typically peaks during the holiday season. This trend is magnified by professional sports and college football calendars as related coverage accounts for a significant portion of our advertising revenue during that period of the year. Other sporting
events such as the Super Bowl, the Winter and Summer Olympics, soccer’s World Cup, and major golf, tennis and cycling events create increased revenue at the time of these respective events.
Liquidity and Going Concern
The Company’s consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company’s consolidated financial statements do not include any adjustments that might be necessary if it is unable to continue as a going concern.
For the year ended December 31, 2025, the Company generated income from continuing operations of $28,608, compared with loss from continuing operations of $7,667 for the year ended December 31, 2024. As of December 31, 2025, the Company had cash on hand of $10,338 and a working capital surplus of $18,627. Management has evaluated the Company’s income from continuing operations, positive working capital position, the extension of the maturity of its outstanding debt (see FN 17, Term Debt), and the resolution of the $90,000 liability related to ABG (see FN 3, Discontinued Operations) in determining whether the significance of those conditions or events would limit its ability to meet its obligations when due, including under the Loan Documents and Simplify Loan (See Note 16, Simplify Loan). In the year ended December 31, 2024, the Company disclosed that substantial doubt existed regarding its ability to continue as a going concern due to recurring losses, a working capital deficit, and limited liquidity. The working capital deficit existed due to the Company's classification of its outstanding debt as a current liability and the accrual of several liabilities from discontinued operations. The Company continues to improve financial performance through revenue growth and reduction of costs and monthly cash requirements, and to maintain compliance with the terms of all outstanding debt agreements, and has taken actions to resolve current and potential future liabilities, such as resolving pending litigation. These improvements are demonstrated by consecutive profitable results in all quarters of 2025.
As a result of these developments, management has concluded that the conditions that previously raised substantial doubt about the Company’s ability to continue as a going concern no longer exist. Accordingly, management has determined that there is no longer substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date the financial statements are issued.