Arena Group Holdings, Inc. (AREN) Form 10-Q — Aug 10, 2026

$ARENForm 10-QFiled Aug 10, 2026, 4:06 PM ET0001628280-26-055208Original filing

Q2 2026 revenue collapsed 50.7% year over year to $22.2 million and The Arena Group swung to a $176K loss from continuing operations versus $12.4 million in profit a year earlier, driven by late-2025 search algorithm changes that gutted referral traffic. Monthly average page views fell to 187.7 million from 423.4 million and RPM slipped to $23.96 from $25.12, with management betting on optimization testing and AI-driven monetization to stabilize the audience over the rest of the year.

Key figures

Eps: -$0.06 basic six months; $0.00 basic Q2 (continuing operations)
Revenue: $22.18M Q2 2026; $42.59M six months 2026
Net Income: -$176K Q2 2026 and -$2.83M six months from continuing operations (prior-year periods included $96.2M one-time discontinued-ops benefit)
Total Debt: $97.61M carrying value / $97.69M principal of Term Debt
Revenue Yoy: -50.7% Q2; -44.6% six months
Total Assets: $106.12M
Cash Position: $11.17M as of June 30, 2026
Shares Outstanding: 47610653
Rpm q2: $23.96 vs $25.12 prior year
Debt maturity: was December 31, 2027; extended three years effective August 7, 2026
Interest rate: 10.0% per annum
New covenants: max Total Net Leverage Ratio 3.50x; min Fixed Charge Coverage Ratio 1.20:1.00, tested quarterly
Gross margin q2: 39.1% vs 56.5% prior year
Working capital: $18.78M
Adjusted ebitda q2: $4.41M vs $18.55M prior year
Simplify ownership pct: 71.13%
Infositience deal value: $2.0M ($1.0M cash + $1.0M three-year revenue earnout)
Stockholders deficiency: -$7.55M
Former ceo lawsuit claim: $20.0M
Simplify loan eliminated: $25.0M
Monthly avg page views q2: 187,715,312 vs 423,358,110 prior year
Liquidated damages payable: $3.69M, accruing at 1.0% per month
Operating cash flow six months: $2.05M

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