| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Revenue | $3.2M | +23.6% |
| Cost of Revenue | $3.0M | +16.0% |
| Gross Profit | $148K | +464.2% |
| SG&A Expense | $7.4M | +444.5% |
| Operating Income | -$7.5M | -279.2% |
| Income Tax | $0 | — |
| Net Income | -$9.3M | -200.9% |
| EPS (Diluted) | -$0.08 | +46.7% |
| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Cash & Equivalents | $444K | +30.9% |
| Accounts Receivable | $41K | -48.0% |
| Current Assets | $258K | -73.4% |
| Total Assets | $3.8M | +55.4% |
| Current Liabilities | $9.7M | +93.3% |
| Stockholders' Equity | -$5.9M | -129.7% |
| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Capital Expenditures | $0 | -100.0% |
Business Overview
ONAR Holding Corporation is a technology-enabled marketing platform that acquires and integrates specialist marketing agencies to build a unified, data-driven operating network targeting middle-market brands with $10 million to $1 billion in revenue. During 2025, the Company executed transformative corporate actions including the acquisition of Juice Labs LLC (September 2025) and Retina AI software platform (September 2025), expanded its Board of Directors with independent oversight, converted $311,000 in debt to equity, and divested non-core legacy businesses including Reliant Pools and substantially all VMED Services assets. The Company positions itself as 'The Operating System for Modern Marketing' through its integrated agency network (JUICE), proprietary technology division (ONAR Labs), and retained healthcare marketing brand IP (Of Kos).
Segment Performance
The Company organizes operations into three reportable segments as of December 31, 2025: (1) Advertising and Marketing Services, encompassing JUICE performance digital marketing, creative, data science, and technology services supported by ONAR Labs, which generated revenue through client retainer contracts, project-based engagements, and media management fees; (2) Healthcare Marketing (Of Kos), which historically provided integrated healthcare marketing solutions but had substantially all operating assets sold effective January 8, 2026 for $1.5 million in seller-financed promissory notes, with results included through the disposition date; and (3) Divested Segments, including the legacy swimming pool construction business (Reliant Pools, Inc.) divested effective December 31, 2025. Specific revenue and income figures by segment for the period are not provided in the extracted text.
Key Risk Factors
The Company faces substantial doubt about its ability to continue as a going concern, having incurred recurring operating losses since the reverse merger, negative working capital of approximately $9.4 million, and a 2025 net loss of $9.3 million. Revenue is highly susceptible to declines from unfavorable macroeconomic conditions, inflationary pressures, and client spending reductions. The Company faces significant competition from large global holding companies, regional agencies, and boutique firms, with particular risk that AI and technology investments may not generate anticipated returns or client demand. Additionally, the Company has a limited operating history in its current form (ONAR LLC formed July 2021, reverse merger July 2024), depends on retaining existing clients who may terminate relationships on short notice, and is subject to evolving AI regulatory risks that could increase compliance costs.