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Paradium.AI Q3 revenue falls 31.2% to $20.5M

Lower referral traffic pressured advertising, while September blended revenue per page view rose 15% month over month.

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Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
8-K

Rhea-AI Filing Summary

Paradium.AI, Inc. (PAAI) reported Q3 2026 revenue of $20.544 million, down 31.2% from $29.760 million a year earlier, as lower referral traffic, including Google Discover, reduced advertising revenue. Gross margin was 31.7%, compared with 50.0%, and the company recorded a $3.765 million net loss, versus $6.865 million net income in Q3 2025. Adjusted EBITDA, a non-GAAP measure, was $2.440 million, versus $11.901 million. Cash was $10.135 million as of September 30, 2026.

The company said lower advertising revenue and largely fixed near-term platform costs compressed margins. The quarterly loss included a $1.285 million reversal of a disallowed employee retention tax credit, which the company plans to appeal, and $1.0 million of annual incentive compensation expense recognized based on timing.

September blended revenue per page view rose 15% month over month; Q3 article production was 15% above Q2 2026. A CMS update increased words reviewed in evergreen content by over 100%, with pageviews rising approximately 50% within three weeks of updates. Agentic buying campaigns reduced trafficking time by up to 78%, taking 5 hours and 37 minutes from discovery to launch versus manual 2–3 business days.

0 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 3 points

How the balance works

Positive

  • None.

Negative

  • Moderate pointRevenue declined 31.2% to $20.544 million in Q3 2026.
  • Moderate pointAdjusted EBITDA was $2.440 million, versus $11.901 million in Q3 2025.
  • Moderate pointNet loss was $3.765 million, versus $6.865 million net income in Q3 2025.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue $20.544 million Q3 2026; down 31.2% from $29.760 million in Q3 2025
Gross margin 31.7% Q3 2026; 50.0% in Q3 2025
Net loss $3.765 million loss Q3 2026; $6.865 million net income in Q3 2025
Adjusted EBITDA $2.440 million Q3 2026; $11.901 million in Q3 2025; non-GAAP measure
Cash and cash equivalents $10.135 million As of September 30, 2026
Term debt $96.418 million As of September 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA for Q3 2026 was $2.4 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
blended revenue per page view (RPM) financial
"Blended revenue per page view (RPM) rose 15% month over month"
agentic buying technical
"Implemented agentic buying campaigns in collaboration with pubX"
liquidated damages financial
"Liquidated damages (or interest expense related to accrued liquidated damages)"
A pre-agreed sum that one party must pay if it breaks a contract, chosen so both sides avoid arguing over the exact amount of loss later. Think of it like a fixed cancellation fee for a reservation: it makes potential costs predictable. For investors, liquidated damages matter because they create a known financial liability that can affect cash flow, contract risk, balance-sheet exposure and deal valuations.
employee retention tax credit financial
"reversal of an employee retention tax credit asset that was disallowed"
A government payroll tax credit that lets eligible employers offset or receive refunds for a portion of wages paid to keep employees on the payroll during qualifying disruptions. Think of it like a rebate or coupon on wage costs that improves short‑term cash flow and can show up as a one‑time boost to reported earnings or reduced payroll expenses. Investors watch it because claiming the credit affects company cash, profitability and signals how much government help a business used to retain workers.
Revenue $20.544 million Down 31.2% from $29.760 million in Q3 2025
Gross margin 31.7% Compared with 50.0% in Q3 2025
Net loss $3.765 million loss Versus $6.865 million net income in Q3 2025
Adjusted EBITDA $2.440 million Versus $11.901 million in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did PAAI report in Q3 2026?

Paradium.AI reported $20.544 million of revenue and a $3.765 million net loss for the three months ended September 30, 2026. Revenue was $29.760 million and net income was $6.865 million in the year-earlier quarter.

What was PAAI's Q3 2026 adjusted EBITDA?

Adjusted EBITDA was $2.440 million in Q3 2026, compared with $11.901 million in Q3 2025. The company describes this non-GAAP measure as adjusted for interest, taxes, depreciation and amortization, stock-based compensation and specified special items.

What AI products did Paradium.AI identify?

Paradium.AI identified InfoSentience, acquired in August 2026, and recently launched Cutter Studios as tools supporting increased article output. It described Tablation as an upcoming AI task-management system built for content management and development.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000894871falseDENY00008948712026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: (Date of Earliest Event Reported): November 9, 2026
PARADIUM.AI, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
001-1247168-0232575
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
200 VESEY STREET, 24TH FLOOR
NEW YORK, NEW YORK 10281
(Address of principal executive offices and zip code)

212-321-5002
(Registrant’s telephone number including area code)
THE ARENA GROUP HOLDINGS, INC.
(Former name or former address if changed since last report)
Securities registered pursuant in Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per sharePAAINYSE American
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On November 9, 2026, Paradium.AI, Inc., formerly known as The Arena Group Holdings, Inc., issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished with this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01.     Financial Statements and Exhibits.
(d)Exhibits
99.1 
Press release dated November 9, 2026 announcing financial results for the quarter ended September 30, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PARADIUM.AI, INC.
Dated: November 9, 2026
By:/s/ Paul Edmondson
Name:Paul Edmondson
Title:Chief Executive Officer

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Paradium.AI Reports Q3 2026 Results

Quarterly Performance Impacted by Continued Traffic Headwinds; Monetization and Technology Initiatives Gain Momentum, Boosting Yield and Content Output

NEW YORK – November 9, 2026 – Paradium.AI, Inc., formerly known as The Arena Group Holdings, Inc., (NYSE American: PAAI) (“Paradium.AI” or “Paradium” or “the Company”), a technology leader in IP, data and commerce that builds and operates a unified, AI-powered ecosystem designed to empower creators, media entrepreneurs, publishers and brands, today announced financial results for the three months ended September 30, 2026 (“Q3 2026”).
Financial Highlights for Q3 2026:
•Q3 2026 revenue was $20.5 million, compared to $29.8 million in Q3 2025, a reduction of 31.2%.
•Gross margin was 31.7% in Q3 2026, compared to 50.0% in Q3 2025.
•Net loss in Q3 2026 was $3.8 million, or -18.5% of revenue, compared to net income of $6.9 million, or 23.2% of revenue in Q3 2025.
•Adjusted EBITDA for Q3 2026 was $2.4 million compared to Adjusted EBITDA of $11.9 million in Q3 2025. Adjusted EBITDA margin was 11.7% in Q3 2026 compared to 39.9%, in Q3 2025.
•Cash balance of $10.1 million at September 30, 2026, maintaining consistency with year-end 2025 levels.

Third-quarter results were driven by lower referral traffic, including from Google Discover, reflecting the challenging distribution environment affecting digital publishers across the industry. These traffic reductions drove a decline in advertising revenue, which in turn, compressed margins as platform costs are largely fixed in the near-term. Quarterly loss also included the $1.3 million reversal of an employee retention tax credit asset that was disallowed, a decision the Company plans to appeal, and the timing of recognition of annual incentive compensation expenses of $1.0 million. Paradium remains focused on executing its strategic shift to reduce dependence on referral traffic sources by developing durable revenue streams derived from the Company’s growing portfolio of AI and technology based tools and products.

Operational Highlights:
•Monetization Improvements: Blended revenue per page view (RPM) rose 15% month over month in September 2026 from August 2026, driven by monetization initiatives deployed following experiments conducted in the first half of 2026.
•Increased Article Volume: New article production increased 15% over Q2 2026, expanding sequentially each month in Q3 2026, enabled by Paradium’s AI technologies, InfoSentience (acquired by the Company in August 2026) and the recently launched Cutter Studios.
•Licensing Co-Brand: Announced Trust·Respect·Love by Cesar Millan co-brand with Xcel Brands, combining celebrity expert credibility with the reach of PetHelpful, Parade, and Cesar Millan’s personal platforms and the content amplification of Cutter Studios to drive reach.
•CMS Improvements: Launched purpose-built, AI-enabled tool for content creation, editing and management in Paradium’s CMS in October, increasing the number of words reviewed in evergreen content by over 100%, providing deep, meaningful updates and in turn, increasing pageviews by approximately 50% within three weeks of updates.
•Agentic Buying: Implemented agentic buying campaigns in collaboration with pubX, creating opportunities tailored to brand specific audiences and environments for previously untapped


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advertising spend, resulting in up to a 78% reduction in campaign trafficking time, taking only 5 hours and 37 minutes from discovery to launch, compared to the manual 2-3 business days.

“We continue to see tremendous opportunity in the age of AI, and we’re all in,” said Paul Edmondson, CEO of Paradium.AI. “While retaining referral traffic remains part of our focus, our real momentum is powered by tools like Cutter Studios and InfoSentience, which are already increasing output and efficiency. These tools, along with our recent CMS updates and upcoming launch of Tablation, our AI task management system built for content management and development, enable us to rapidly adapt to the future of modern publishing.”

About Paradium.AI
Paradium.AI, Inc., formerly known as The Arena Group Holdings, Inc. (NYSE American: PAAI) is a technology leader in IP, data and commerce that builds and operates a unified, AI-powered ecosystem designed to empower creators, media entrepreneurs, publishers and brands to perform at the speed and scale of AI. Through our core technology platforms Encore, InfoSentience and Cutter Studios, we provide the tools, data and reach that enable businesses to serve and grow audiences and optimize for revenue success. Visit us at Paradium.AI to learn more.




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PARADIUM.AI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share data)
As of
September 30, 2026December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$10,135 $10,338 
 Accounts receivable (net of allowances of $883 and $1,255 at September 30, 2026 and December 31, 2025, respectively)
17,682 22,270 
Prepayments and other current assets949 3,022 
Total current assets28,766 35,630 
Property and equipment, net39 56 
Operating lease right-of-use assets1,801 2,031 
Platform development, net7,370 9,762 
Acquired and other intangible assets, net21,515 22,412 
Other long-term assets127 137 
Goodwill43,127 42,575 
Total assets$102,745 $112,603 
Liabilities and stockholders’ deficiency
Current liabilities:
Accounts payable$2,592 $1,676 
Accrued expenses and other4,630 7,631 
Unearned revenue831 3,251 
Subscription and returns reserve liability
305 508 
Operating lease liability, current portion436 402 
Liquidated damages payable3,763 3,535 
Current portion of term debt1,000 — 
Total current liabilities13,557 17,003 
Unearned revenue, net of current portion20 43 
Operating lease liability, net of current portion1,739 2,071 
Other long-term liabilities949 – 
Deferred tax liabilities1,357 733 
Term debt96,418 97,578 
Total liabilities114,040 117,428 
Commitments and contingencies
Stockholders' deficiency:
Common stock, $0.01 par value, authorized 1,000,000,000 shares; issued and outstanding: 47,610,653 and 47,594,930 shares at September 30, 2026 and December 31, 2025, respectively
482 482 
Additional paid-in capital349,327 349,198 
Accumulated deficit(361,104)(354,505)
Total stockholders’ deficiency(11,295)(4,825)
Total liabilities and stockholders’ deficiency$102,745 $112,603 





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PARADIUM.AI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands of dollars, except for share data)
Three Months Ended September 30,
20262025
Revenue$20,544 $29,760 
Cost of revenue (includes amortization of platform development and developed technology for the three months ended September 30, 2026 and 2025 of $1,058 and $1,444, respectively.
14,032 14,833 
Gross profit6,512 14,927 
Operating expenses
Selling and marketing2,168 1,342 
General and administrative4,267 3,213 
Depreciation and amortization1,007 877 
Total operating expenses7,442 5,432 
(Loss) income from operations(930)9,495 
Other (expense)
Interest expense, net(2,473)(2,857)
Liquidated damages(77)(77)
Total other expense(2,550)(2,934)
(Loss) income before income taxes(3,480)6,561 
Income tax benefit (provision)(285)304 
(Loss) income from continuing operations(3,765)6,865 
Income from discontinued operations, net of tax— — 
Net (loss) income $(3,765)$6,865 
Basic net (loss) income per common share:
Continuing operations$(0.08)$0.14 
Discontinued operations— — 
Basic net (loss) income per common share$(0.08)$0.14 
Diluted net (loss) income per common share:
Continuing operations$(0.08)$0.14 
Discontinued operations— — 
Diluted net (loss) income per common share$(0.08)$0.14 
Weighted average number of common shares outstanding:
Basic47,610,65347,392,059
Diluted47,610,65347,695,194
We report our financial results in accordance with generally accepted accounting principles in the United States of America (“GAAP”); however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of certain items that are noncash in nature or not related to our core business operations. We calculate Adjusted EBITDA as net (loss) income as adjusted for income from discontinued operations, interest expense (net), income taxes, and


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depreciation and amortization. We further adjust for stock-based compensation and other special items that do not reflect our ongoing core operational performance, such as impairment costs, third-party vendor or professional settlement fees, liquidated damages, and government tax incentive credits. Our non-GAAP measure may not be comparable to similarly titled measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Additionally, we do not consider our non-GAAP measure as superior to, or a substitute for, the equivalent measure calculated and presented in accordance with GAAP. Some of the limitations are that our non-GAAP measure:
●does not reflect interest expense and financing fees, or the cash required to service our debt, which reduces cash available to us;
●does not reflect income tax provision or benefit, which is a noncash income or expense;
●does not reflect depreciation and amortization expense and, although this is a noncash expense, the assets being depreciated may have to be replaced in the future, increasing our cash requirements;
●does not reflect stock-based compensation and, therefore, does not include all of our compensation costs;
●does not reflect the change in valuation of contingent consideration, and, although this is a noncash income or expense, the change in the valuations each reporting period are not impacted by our actual business operations but is instead strongly tied to the change in the market value of our common stock;
●does not reflect liquidated damages and, therefore, does not include future cash requirements if we repay the liquidated damages in cash instead of shares of our common stock (which the investor would need to agree to);
●does not reflect any losses from the impairment of assets, which is a noncash operating expense;
●does not reflect any losses from the sale of assets, which is a noncash operating expense;
●does not reflect the employee retention credits recorded by us for payroll related tax credits under the CARES Act;
●does not reflect payments related to employee restructuring charges for our former executives;
●does not reflect the professional and vendor fees incurred by us for services provided by consultants, accountants, lawyers, and other vendors, which services were related to certain types of events that are not reflective of our business operations;
●may not reflect proper non-direct cost allocations; and
●does not reflect acquisition-related fair value adjustments.















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The following table presents a reconciliation of net (loss) income, the most directly comparable GAAP measure, to Adjusted EBITDA for the periods indicated:
Three Months Ended September 30,
20262025
Net (loss) income$(3,765)$6,865 
Less: (Income) from discontinued operations— — 
(Loss) income from continuing operations(3,765)6,865 
Add:
Interest expense, net (1)2,473 2,857 
Income taxes285 (304)
Depreciation and amortization (2)2,065 2,321 
Stock-based compensation (3)20 85 
Write-off of employee retention tax credit (4)1,285 — 
Liquidated damages (5)77 77 
Adjusted EBITDA$2,440 $11,901 

(1)
Interest expense is related to our capital structure and varies over time due to a variety of financing transactions. Interest expense includes $11 and $32 for amortization of debt costs for the three months ended September 30, 2026 and 2025 respectively. These amounts are noncash items. Investors should note that cash interest payments will recur in future periods.
(2)
Depreciation and amortization related to our developed technology and our Platform is included within cost of revenues of $1,058 and $1,444 for the three months ended September 30, 2026 and 2025, respectively, and depreciation and amortization is included within operating expenses of $1,007 and $877 for the three months ended September 30, 2026 and 2025, respectively. We believe (i) the amount of depreciation and amortization expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired tangible and intangible assets. Investors should note that the use of tangible and intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and should also note that such expense will recur in future periods.
(3)
Stock-based compensation represents noncash costs arising from the grant of stock-based awards to employees, consultants and directors. We believe that excluding the effect of stock-based compensation from Adjusted EBITDA assists management and investors in making period-to-period comparisons in our operating performance because (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations, and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Additionally, we believe that excluding stock-based compensation from Adjusted EBITDA assists management and investors in making meaningful comparisons between our operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future.


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(4)Reversal of employee retention tax credit recorded in April 2023 under the CARES Act that has been disallowed.
(5)Liquidated damages (or interest expense related to accrued liquidated damages) represents amounts we owe to certain of our investors in private placements offerings conducted in fiscal years 2018 through 2020, pursuant to which we agreed to certain covenants in the respective securities purchase agreements and registration rights agreements, including the filing of resale registration statements and becoming current in our reporting obligations, which we were not able to timely meet.


Forward-Looking Statements

This Press Release of Paradium.AI, Inc., formerly known as The Arena Group Holdings, Inc. (the “Company,” “we,” “our,” and “us”), contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements relate to future events or future performance and include, without limitation, statements concerning our business strategy, including our artificial intelligence strategy and the anticipated benefits of our rebranding as Paradium.AI, future revenues and income from continuing operations, anticipated audience reach, yield growth and monetization improvements, cost reductions, market growth, liquidity, capital requirements, product introductions and technological capabilities, search engine optimization, and expansion plans. Other statements contained in this Press Release that are not historical facts are also forward-looking statements. We have tried, wherever possible, to identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and other stylistic variants denoting forward-looking statements.

We caution investors that any forward-looking statements presented in this Press Release, including but not limited to expectations relating to business efficiency, editorial capabilities and market reach, or that we may make orally or in writing from time to time, are based on information currently available, as well as our beliefs and assumptions. The actual outcome related to forward-looking statements will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements, which are based only on known results and trends at the time they are made, to anticipate future results or trends. We detail these and other risks in our public filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A, Risk Factors, in the Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The discussion in this Press Release should be read in conjunction with the condensed consolidated financial statements and notes thereto included in the Q3 2026 Form 10-Q and the consolidated financial statements and notes thereto included in Part II, Item 8 in the 2025 Form 10-K.

This Press Release and all subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Press Release except as may be required by law.


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Paradium.AI Contact:
Morgan Fitzgerald
morgan.fitzgerald@paradium.ai

Paradium.AI Investor Contact:
Rob Fink
FNK IR
646-809-4048
PAAI@fnkir.com

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