ONAR Holding Corporation

What they do

ONAR is a holding company that acquires and integrates specialist marketing agencies into a unified, data-driven network, targeting middle-market brands. Its primary operating subsidiary is ONAR, LLC (formerly Integrum Group LLC), which includes JUICE, an AI-enabled performance marketing agency formed from the merger of Storia and Juice Labs, and ONAR Labs, a technology and innovation division. In March 2026, ONAR added Scale Partners, a tech-enabled platform for the commercial real estate sector, while divesting non-core legacy businesses like Reliant Pools and Of Kos.

Revenue drivers

• JUICE (performance marketing agency) — JUICE is the flagship agency, offering digital marketing services. It was formed by merging Storia and Juice Labs after the September 2025 acquisition. Revenue is derived from client fees for marketing services.
• ONAR Labs (technology and data products) — ONAR Labs includes the Retina AI software platform, acquired in September 2025, which offers customer lifetime value prediction and audience segmentation. It is intended to be monetized through SaaS and data product offerings, though no specific revenue figures are provided.
• Scale Partners (commercial real estate platform) — Acquired in March 2026, Scale Partners is a tech-enabled platform serving the commercial real estate sector. Its revenue contribution is not yet detailed in the filings provided.

Recent performance

In the fiscal year ended December 31, 2025, ONAR reported revenue of $3.2 million, up from $2.0 million in 2024, but a net loss of $9.3 million, wider than the $3.1 million loss in 2024. Operating cash flow was negative $1.7 million for 2024 (the most recent annual figure provided). Quarterly revenue has been volatile: $550,639 (June 2025), $1.1 million (September 2025), $817,259 (December 2025), and $1.0 million (March 2026). As of March 31, 2026, the company had total assets of $4.0 million, total liabilities of $10.6 million, shareholder equity of negative $6.7 million, and cash of $11,213. The company has an accumulated deficit and substantial doubt about its ability to continue as a going concern.

Strategy

ONAR's stated strategy is to acquire and integrate specialist marketing agencies to build a unified, data-driven operating network. In 2025, the company completed the acquisitions of Juice Labs and Retina AI, merged its Storia and Juice agencies under the JUICE brand, and launched ONAR Labs as its technology division. Management plans to grow revenue through organic client acquisition and strategic acquisitions, optimize cost structure, and monetize its proprietary technology platform through SaaS and data offerings. The company also divested non-core legacy businesses and converted $311,000 of debt into equity to simplify its capital structure.

Risks

• Going concern risk — The company has incurred recurring losses, negative working capital of about $9.4 million, and an accumulated deficit, raising substantial doubt about its ability to continue as a going concern.
• Revenue cyclicality — Advertising and marketing expenditures are sensitive to macroeconomic conditions such as inflation, interest rates, and geopolitical uncertainty, which can lead to declines in revenue.
• Dependence on additional funding — The company expects to need additional equity or debt financing to fund operations and execute its strategy, and there is no assurance it will be able to raise such funding on acceptable terms or at all.
• Integration and execution risk — The company has executed multiple acquisitions and divestitures in a short period, and there is risk that these transactions may not achieve the expected synergies or may disrupt operations.

Outlook

Management plans to continue growing revenue through organic client acquisition and strategic acquisitions, optimize cost structure, and monetize the technology platform. The company has taken steps to improve its capital structure, including debt conversion and divestitures, but acknowledges uncertainty in its ability to raise capital and achieve profitability. The condensed financial statements do not include adjustments that might result from going concern uncertainty.