The Arena Group Holdings, Inc. announced financial results for the third quarter ended September 30, 2024, on November 14, 2024, reporting a net income of $4.0 million. This marks the first quarter of positive net income in the company's history.
The company's income from continuing operations saw a positive swing of over $13.6 million compared to the net loss from continuing operations in the third quarter of 2023. This improvement was driven by a 51% reduction in quarterly operating expenses year-over-year.
Total revenue for Q3 2024 was $33.555 million, a decrease from $36.996 million in Q3 2023, as the company shed unprofitable operations. Gross profit increased to $16.993 million from $13.950 million in the prior-year period, and Adjusted EBITDA rose to $11.157 million from $3.146 million. The affiliate commerce business also grew by 287% during the six months of Q2-Q3 2024 compared to the same period last year.
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