Arena Group Prelim Annual Revenue Rises; Backs Full-year Outlook

(RTTNews) - Arena Group Holdings, Inc. (AREN), a technology driven media firm, on Friday announced preliminary results for 2022 showing decreased loss as well as improved revenues.

In addition, for the fiscal 2023, the company has reaffirmed its outlook.

For the full-year, the company expects $18 million - $22 million decrease in loss to $68 million - $72 million.

For 2022, Arena anticipates to register adjusted EBITDA of over $3 million, compared with a loss of $12 million in 2021.

The Group expects its full-year revenue of $217 million - $220 million, an increase of $28 million - $31 million from last year. This is mainly supported by over 70 percent increase in digital advertising revenue.

Looking ahead, for the fiscal 2023, the company still expects adjusted EBITDA of $30 million - $35 million, on revenue of $255 million - $270 million.

Ross Levinsohn, CEO of Arena Group said: "…As we continue to scale our platform, we are generating significant efficiencies and expanding operating margins, with an expectation of substantially higher profitability in 2023 on a non-GAAP basis. We are benefiting from reaching the necessary scale to drive expansion in our operating margins."