10-Q · May 13, 2026
Fluent, Inc. reported a notable decline in revenue for Q1 2026, with total revenue of $44.9 million, down 19% from $55.2 million in the same quarter last year. The company achieved a net loss of $5.4 million, improving…
Earnings analysis · 10-Q
FLNT earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Fluent's second quarter showed improving operating momentum: revenue rose 8% year over year to $48.4 million, gross margin expanded to 29%, and the adjusted EBITDA loss narrowed to $1.8 million. Growth was concentrated…
Read full summary
Fluent's second quarter showed improving operating momentum: revenue rose 8% year over year to $48.4 million, gross margin expanded to 29%, and the adjusted EBITDA loss narrowed to $1.8 million. Growth was concentrated in Commerce Media Solutions, which increased revenue to $30.5 million and represented approximately 63% of consolidated revenue, while owned-and-operated and other-stream revenue contracted. Despite better earnings, operating cash flow was only $0.3 million year to date, cash declined to $7.6 million, and management continues to disclose substantial doubt about the Company's ability to continue as a going concern. No material changes to the previously disclosed 2025 Form 10-K risk factors were reported.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.2
- Gross margin
- 29%
What stood out
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Revenue growth and narrower GAAP loss
Second-quarter revenue increased 8% year over year to $48.4 million from $44.7 million. Net loss narrowed to $6.2 million, or $0.20 per share, from $7.2 million, or $0.30 per share.
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Material gross-margin expansion
Gross profit increased 36% to $14.0 million, with gross margin expanding to 29% from 23%. Media margin rose 46% to $17.5 million, or 36.1% of revenue, from $11.9 million, or 26.7%.
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Commerce Media drives mix shift
Commerce Media Solutions revenue grew to $30.5 million from $16.1 million, while its share of consolidated revenue increased to approximately 63% from approximately 36%. Management said the business has delivered year-over-year revenue growth in every quarter since launch.
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Adjusted profitability improved
Adjusted EBITDA loss improved to $1.8 million from $2.8 million, while adjusted net loss improved to $4.2 million, or $0.13 per share, from $5.8 million, or $0.24 per share.
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Year-to-date margin resilience
For the first six months, gross profit increased 11% to $24.0 million and gross margin rose to 26% from 22%, despite revenue declining 7% to $93.3 million from $99.9 million.
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Improved partner monetization
Management expects Commerce Media Solutions to remain a majority of consolidated revenue and attributes second-quarter margin improvement to better monetization at certain media partners that do not operate under revenue-share arrangements.
What to watch
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Going-concern and liquidity risk
Management concluded that substantial doubt exists about the Company's ability to continue as a going concern for one year after issuance. Cash, cash equivalents, and restricted cash fell to $7.6 million at June 30, 2026 from $13.6 million at December 31, 2025.
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Dependence on receivables financing
The company had $30.1 million of debt principal outstanding at June 30, 2026, including a $27.5 million balance under the uncommitted Financing Agreement. The net unused advance was only $2.6 million, and the facility is secured by substantially all Company assets.
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Weak cash generation
Operating cash flow declined to $0.3 million for the first six months from $3.0 million in the prior-year period, while investing cash use was $3.0 million. The filing does not disclose capex or free cash flow, limiting visibility into cash generation.
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Execution and partner economics
The transition toward Commerce Media Solutions depends on onboarding and retaining media partners, favorable economics under long-term agreements, and advertiser demand. Management states that Commerce Media Solutions represented approximately 63% of second-quarter revenue, making execution and concentration of the new model increasingly important.
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O&O traffic and compliance headwinds
Owned-and-operated revenue declined to $16.3 million from $21.4 million as the Company continued reallocating resources, while the FTC Consent Order and enhanced compliance standards reduced the Company's ability to source traffic at historical levels.
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Potential dilution and forecast risk
The Company has an ATM program allowing it to offer and sell up to $11.2 million of common stock, but states that access to this or other financing may be limited or unavailable on acceptable terms. Management also notes it failed to meet forecasts at times during the prior three years.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q. Management expects Commerce Media Solutions to represent a majority of consolidated revenue on an ongoing basis and states that it expects sufficient liquidity over the next 12 months; the filing also discloses substantial doubt about going-concern status.
Earlier filings 4
10-K · April 30, 2026
Fluent, Inc. has repositioned itself as a commerce media solutions provider leveraging proprietary data and machine learning. The company experienced a revenue recovery in Q4 2025 despite a decline over the fiscal year,…
10-K · March 31, 2026
Fluent positions itself as a commerce media solutions provider leveraging proprietary first‑party data and machine learning across Commerce Media Solutions and owned & operated (O&O) sites. Fiscal 2025 showed a revenue…
10-Q · November 14, 2025
Fluent reported Q3 revenue of $47,029,000 and a GAAP diluted loss per share of $(0.27). Revenue declined materially year-over-year from $64,516,000 and operating loss widened to $(6,303,000) (operating margin -13.4%).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.