The Arena Group Holdings Inc. reported net income of $6.9 million for the third quarter of 2025, up 73% from $4.0 million in the same period in 2024. Quarterly revenue was $29.8 million, compared to $33.6 million in Q3 2024, which included a one-time $3 million licensing gain. Gross margins remained above 50%. Net margin improved to 23.2% from 11.9%, and adjusted EBITDA margin increased to 39.9% from 33.3%. Adjusted EBITDA was $11.9 million, a 6.3% increase from $11.2 million in Q3 2024. The company reduced net leverage below 2x and held a cash balance of $12.5 million after paying off its revolving credit facility. Key business developments included a nearly 200% growth in non-advertising revenue for Athlon Sports and Men's Journal, a 20% increase in TheStreet's on-site traffic and 200% growth in revenue from syndication, and a 25% rise in Parade's traffic with non-advertising revenue more than doubling. The company acquired the digital assets and IP of ShopHQ and Lindy's Sports in October 2025, expanding its ecommerce and sports portfolios.