Fluent Inc
NASDAQ:FLNT
Fluent Inc
Fluent, Inc. engages in the provision of digital marketing services. The company is headquartered in New York City, New York and currently employs 261 full-time employees. The company went IPO on 2007-12-26. The firm conducts customer acquisition services by operating digital marketing campaigns, through which it connects its advertiser clients with consumers they are seeking to reach. Its segments include Fluent and All Other. The company delivers data and performance-based marketing executions to its clients, which consists of about 500 consumer brands, direct marketers, and agencies across a range of industries, including media and entertainment, financial products and services, health and wellness, retail and consumer and staffing and recruitment. The company primarily provides performance marketing solutions to its clients based on their desired outcomes, or specific actions in their marketing funnels, including the submission of a registration form, an application installation, or a completed transaction. Its owned and operated media properties include Flash Rewards, The Smart Wallet and Find Dream Job to meet its clients needs.
Fluent, Inc. engages in the provision of digital marketing services. The company is headquartered in New York City, New York and currently employs 261 full-time employees. The company went IPO on 2007-12-26. The firm conducts customer acquisition services by operating digital marketing campaigns, through which it connects its advertiser clients with consumers they are seeking to reach. Its segments include Fluent and All Other. The company delivers data and performance-based marketing executions to its clients, which consists of about 500 consumer brands, direct marketers, and agencies across a range of industries, including media and entertainment, financial products and services, health and wellness, retail and consumer and staffing and recruitment. The company primarily provides performance marketing solutions to its clients based on their desired outcomes, or specific actions in their marketing funnels, including the submission of a registration form, an application installation, or a completed transaction. Its owned and operated media properties include Flash Rewards, The Smart Wallet and Find Dream Job to meet its clients needs.
Strategic pivot: Fluent says Commerce Media Solutions is now the core business — it contributed 56% of Q4 revenue and the company calls 2025 a transformative inflection point.
Q4 results: Consolidated revenue was $61.8 million (up 31% vs Q3 2025 sequentially), media margin was $19.1 million, and adjusted EBITDA was $0.2 million, a sequential improvement.
Commerce Media traction: CMS revenue in Q4 was $34.7 million (up 101% YoY) and CMS ended the year at an annual run rate of $105 million.
2025 full year: Revenue was $208.8 million (down 18% vs 2024) and adjusted EBITDA loss for the year was $9.0 million (negative 4.3% of revenue).
2026 outlook: Company expects return to year-over-year revenue growth for continuing businesses with double-digit growth for the full year; CMS growth forecasted as 'strong double digits' (management quantified as >50% and <100%).
Profitability path: Fluent revised expectations and now does not expect adjusted EBITDA positive for full-year 2026, but expects improved adjusted EBITDA vs 2025; gross margins expected to normalize to the mid-20s over 2026.
Balance sheet & corporate actions: Cash of $12.9 million at year-end, net debt $30.8 million, >$19 million equity raised in 2025, new credit facility with no financial covenants, and sale of Call Solutions in Jan 2026 to focus on Commerce Media.
Product & partnerships: Company is embedding AI across workflows, launched Rebuy Monetize for Shopify merchants, and added enterprise partners (e.g., Authentic Brands Group, DICK'S Sporting Goods, Michaels).
