10-Q · May 11, 2026
The Arena Group reported significant challenges in Q1 2026, with revenue decreasing by 35.9% to $20.4 million, down from $31.8 million a year prior. Gross profit and diluted EPS also declined sharply, indicating…
Earnings analysis · 10-Q
AREN earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q text does not include the current-quarter income statement, balance sheet or cash-flow figures, so revenue, margins, EPS, free cash flow and segment trends cannot be quantified from the filing content…
Read full summary
The extracted 10-Q text does not include the current-quarter income statement, balance sheet or cash-flow figures, so revenue, margins, EPS, free cash flow and segment trends cannot be quantified from the filing content provided. The most material disclosure is that controls remained ineffective as of June 30, 2026 because of an unresolved advertising-data material weakness first reported as of December 31, 2025. The filing also adds a broad AI risk factor and confirms that the 3,000,000-share repurchase authorization expired on July 31, 2026 without repurchases.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Control weakness remains outstanding
Management concluded disclosure controls and procedures were not effective as of June 30, 2026 because of a material weakness involving the completeness and accuracy of advertising-revenue data received from a third-party programmatic advertising provider.
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Remediation plan initiated
The company plans to expand documentation, train relevant personnel and potentially add independent verification controls; however, the filing states that no assurance can be given regarding the timing of remediation.
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Repurchase authorization unused
No shares were repurchased during the three months ended June 30, 2026, while 3,000,000 shares remained available under the repurchase program as of June 30, 2026.
What to watch
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Unremediated advertising-data controls
The material weakness previously identified as of December 31, 2025 remained unremediated as of the August 10, 2026 filing date, creating a reasonable possibility that material misstatements in interim or annual financial statements may not be prevented or detected on a timely basis.
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Expanded AI execution and regulatory risk
The new Item 1A risk factor states that the company uses a broad range of artificial intelligence technologies and faces risks involving accuracy, bias, intellectual property, privacy, cybersecurity, regulatory compliance and potential traffic or revenue disruption.
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Repurchase program expired unused
The repurchase program authorized up to 3,000,000 shares through July 31, 2026, but the filing states that no shares were repurchased before the program expired on July 31, 2026.
Management's outlook
No quantitative revenue or EPS outlook was provided in the extracted 10-Q text; outlook may be addressed separately in the earnings release or call.
Earlier filings 4
10-K · April 30, 2026
The Arena Group's 2025 10-K shows a notable decline in revenue to $135.0 million from $126.0 million in 2024, with persistent improvement in operational margins. Despite facing significant challenges including missed…
10-K · March 16, 2026
Arena Group’s 2025 10-K shows modest revenue growth to $135.0M (sum of quarterly revenues) versus $126.0M in 2024, material margin improvement (gross margin to ~50.7% and operating margin to ~30.3%) and continued M&A…
10-Q · November 13, 2025
Arena Group reported third-quarter revenue of $29.76 million and continuing-operations net income of $6.865 million, with GAAP diluted EPS of $0.14. Gross margin was 50.2% and operating margin was 31.9%, and management…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.