The Arena Group’s Gross Profit Triples and Reports 44% Revenue Increase for First Quarter of 2022
NEW YORK--(BUSINESS WIRE)--The Arena Group Holdings, Inc. (NYSE American: AREN) (the “Company” or “The Arena Group”), a tech-powered media company with 40 owned and operated properties and more than 200 brands including Sports Illustrated, TheStreet, Inc. (“TheStreet”), Parade Media (“Parade”), and HubPages, Inc. (“HubPages”) operating on a single technology platform, today announced financial results for the first quarter of 2022. The results do not include any contribution from AMG/Parade, which was acquired subsequent to the first quarter.
First Quarter of 2022 Financial and Operational Highlights
First quarter of 2022 gross profit percentage improved to 41% from 16% in the prior year period.
Total revenue increased by 44% to $48.2 million from $33.6 million in the prior year period.
Digital advertising revenue more than doubled in the first quarter of 2022 to $21.6 million from $9.5 million in the prior year period.
Net loss improved to $18.4 million in the first quarter of 2022 compared to a net loss of $25.5 million in the first quarter of 2021.
Adjusted EBITDA* improved to a negative $1.1 million for the first quarter of 2022, as compared to a loss of $8.7 million for the first quarter of 2021, and reflects adjustments for noncash charges representing 81% of first quarter net losses.
*This press release includes reference to non-GAAP financial measures. Please see the heading “Use of Non-GAAP Financial Measures” below for a more complete explanation.