Q4 2025 Commerce Media Solutions revenue grew 101% to $34.7 million (56% of consolidated revenue) from $17.2 million (26% of revenue) in Q4 2024 with gross profit margin (exclusive of depreciation and amortization) of 33% in Q4 2025 compared to 30% for the consolidated business
Commerce Media Solutions annual revenue run rate now exceeds $105 million, with media margin of 30% reflecting a sequential improvement of $20 million and five basis points, respectively, compared to Q3 2025
Expect double-digit revenue growth on aggregate continuing business and adjusted EBITDA improvement for full year 2026
NEW YORK, March 09, 2026 (GLOBE NEWSWIRE) -- Fluent, Inc. (NASDAQ:FLNT), a commerce media solutions company, today reported unaudited results for the fourth quarter and fiscal year ended December 31, 2025. These results are preliminary and subject to ongoing audit procedures.
Donald Patrick, Fluent's Chief Executive Officer, commented, "Fourth quarter results demonstrated the continued momentum of Commerce Media Solutions, which grew 101% year-over-year and represented 56% of consolidated revenue, up from 26% in the prior year period. We achieved positive adjusted EBITDA in the quarter, a milestone that reflects both the progress of our strategic pivot to commerce media and our focus on expense discipline."
Mr. Patrick continued, "During 2025 we added several high-profile partners, including Authentic Brands Group, a leading sports, lifestyle, and entertainment brand owner, with a portfolio that generates more than $32 billion in global annual retail sales. We also partnered with Rebuy to launch Rebuy Monetize powered by Fluent, bringing our AI-powered advertiser marketplace to merchants on the Shopify platform. Our new business pipeline is strong, and we look forward to announcing additional partnerships in 2026.
"We also took decisive steps to strengthen our financial position and sharpen our strategic focus. In August, we closed a $10.3 million private placement that improved our liquidity and introduced new institutional shareholders. And in November we entered into a new financing agreement that provides greater borrowing flexibility. Additionally, subsequent to the close of the fourth quarter, we completed the sale of our Call Solutions subsidiary, allowing us to reallocate resources to the growth of Commerce Media Solutions.
"As we enter 2026, we are focused on scaling Commerce Media Solutions across new verticals and returning gross margins into the mid-twenties as our newer partnerships and placements mature. We expect to deliver a financial trendline shift to double-digit consolidated revenue growth on a continuing operations basis, and improved full year adjusted EBITDA," Mr. Patrick concluded.
Fourth Quarter Highlights (Unaudited)
Revenue of $61.8 million, a decrease of 5.5% compared to $65.4 million in Q4 2024
Owned and Operated revenue decreased 44% to $21.3 million compared to $38.2 million in Q4 2024 as the Company continued its shift in focus and revenue mix to Commerce Media Solutions
Commerce Media Solutions revenue increased 101% to $34.7 million compared to $17.2 million in Q4 2024
Net loss of $4.1 million, or $0.13 per share, compared to net loss of $3.4 million, or $0.19 per share, for Q4 2024
Gross profit (exclusive of depreciation and amortization) of $18.7 million, an increase of 34.1% over Q4 2024 and representing 30% of revenue. Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $11.3 million, representing 33% of revenue, for Q4 2025, down from 39% of revenue in Q4 2024. Gross profit (exclusive of depreciation and amortization) was positively affected by a one-time non-media revenue adjustment of $4.3 million in connection with an early termination settlement agreement with a commerce media partner.
Media margin of $19.1 million, an increase of 15.6% over Q4 2024 and representing 30.9% of revenue. Commerce Media Solutions business reported media margins of 30.0% for Q4 2025, down from 39.3% in Q4 2024.
Adjusted EBITDA of $0.2 million, an increase of $1.9 million compared to Q4 2024 and representing 0.3% of revenue
Adjusted net loss of $2.8 million, or $0.09 per share, compared to adjusted net loss of $3.3 million, or $0.18 per share, for Q4 2024
Full-Year 2025 Highlights (Unaudited)
Revenue of $208.8 million, a decrease of 18.0% compared to $254.6 million in 2024
Owned and Operated revenue decreased 44% to $94.5 million compared to $168.4 million in 2024 as the Company executed its shift in focus and revenue mix to Commerce Media Solutions
Commerce Media Solutions revenue increased 99% to $82.3 million compared to $41.3 million in 2024
Net loss of $27.2 million, or $1.05 per share, compared to net loss of $29.3 million, or $1.80 per share, for the prior year.
Gross profit (exclusive of depreciation and amortization) of $51.2 million, a decrease of 15.7% over 2024 and representing 25% of revenue. Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $21.1 million, representing 26% of revenue, for the twelve months ended December 31, 2025, down from 35% of revenue, for the twelve months ended December 31, 2024. Gross profit (exclusive of depreciation and amortization) was positively affected in the 2025 period by an aggregate of $4.3 million in connection with the one-time termination settlement agreement described above.
Media margin of $57.6 million, a decrease of 20.6% over prior year and representing 27.6% of revenue. Commerce Media Solutions business reported media margins of 26.0% for 2025, down from 35.1% for 2024
Adjusted EBITDA of negative $9.0 million, a decrease of $3.4 million compared to 2024 and representing 4.3% of revenue
Adjusted net loss of $21.8 million, or $0.84 per share, compared to adjusted net loss of $18.5 million, or $1.14 per share, for the prior year
Media margin, adjusted EBITDA, and adjusted net income (loss) are non-GAAP financial measures, as defined and reconciled below.
Business Outlook & Goals
Accelerate growth through expansion of Fluent's commerce media partner network by adding top-tier partners across new verticals including travel, lifestyle, and home services, building on the momentum of partnerships signed in 2025.
Improve Commerce Media Solutions gross margins by leveraging AI capabilities, proprietary first-party data, and 15-year leadership position at the forefront of customer acquisition to increase monetization of commerce media placements, with the target of returning gross margin to the mid-twenties.
Drive consolidated revenue growth and improved profitability. Given current visibility, the Company expects full-year double-digit consolidated revenue growth on aggregate continuing business basis and improved full-year adjusted EBITDA in 2026.
Conference Call
Fluent, Inc. will host a conference call on Monday, March 9, 2026, at 4:30 PM ET to discuss its 2025 fourth quarter and full-year financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BId7dadf004e5246718d831220a965dcd6. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/t5n7v99p. The replay will be available for one year, via the Fluent website https://investors.fluentco.com.
About Fluent, Inc.
Fluent, Inc. (NASDAQ:FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
The matters contained in this press release may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Those statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:
Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects;
Dependence on the gaming industry;
Unfavorable publicity and negative public perception about the digital marketing industry;
A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields;
Credit risk from certain clients;
Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player;
Our need to continue investing in technology for our Commerce Media Solutions business;
Our competitive disadvantage due to our more selective approach to traffic sources;
A decline in the supply of media available to us through third parties or an increase in the price of such media;
Majority of users access media through mobile devices making us dependent on mobile platforms and system providers;
Potential loss of competitiveness due to limitations in our mobile application and CRM dependence;
Challenges scaling infrastructure and products to support growth while maintaining profitability;
Global economic or political instability, including the potential impact of tariffs, inflation, interest rates, military conflicts and other geopolitical developments, including the ongoing military conflicts in the Middle East;
Challenges managing the complexity of our international operations and workforce;
Strategic alternatives that could complicate operations or divert management's attention;
Dependence on our key personnel and ability to attract or retain employees;
Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection;
The outcome of litigation, regulatory investigations, or other legal proceedings in which we are involved or may become involved, or in which our clients or competitors are involved;
Potential sales and use taxes and other taxes on our business;
Our actual or perceived failure to safeguard any personal information or user privacy;
Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
Our potential access to additional capital in the future may be limited or unavailable on acceptable terms;
Ability to maintain listing of our securities on The Nasdaq Capital Market;
Volatility of our stock price and impact on our investors;
Potential dilutive effect of any future issuances of shares of our common stock;
Lack of cash dividends for the foreseeable future; and
Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements.
These and additional factors to be considered are set forth under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.
FLUENT, INC.CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share and per share data)(unaudited)
December 31, 2025
December 31, 2024
ASSETS:
Cash and cash equivalents
$
12,935
$
9,439
Accounts receivable, net of allowance for credit losses of $163 and $487, respectively
46,735
46,532
Prepaid expenses and other current assets
7,799
8,729
Current restricted cash
—
1,255
Total current assets
67,469
65,955
Non-current restricted cash
710
—
Property and equipment, net
104
304
Operating lease right-of-use assets
2,859
1,570
Intangible assets, net
17,276
21,797
Other non-current assets
715
3,991
Total assets
$
89,133
$
93,617
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable
$
7,200
$
8,776
Accrued expenses and other current liabilities
25,163
21,905
Deferred revenue
721
556
Short-term debt, net
30,846
31,609
Current portion of operating lease liability
1,104
1,836
Total current liabilities
65,034
64,682
Long-term debt, net
—
250
Convertible Notes, at fair value with related parties
3,734
3,720
Operating lease liability, net
1,985
9
Other non-current liabilities
168
1
Total liabilities
70,921
68,662
Contingencies
Shareholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding, 0 shares for both periods
—
—
Common stock, $0.0005 par value, 200,000,000 Shares authorized; Shares issued, 30,404,779 and 20,791,431, respectively; and Shares outstanding, 29,636,184 and 20,022,836, respectively
53
47
Treasury stock, at cost, 768,595 and 768,595 shares, respectively
(11,407
)
(11,407
)
Additional paid-in capital
467,528
447,110
Accumulated deficit
(437,962
)
(410,795
)
Total shareholders' equity
18,212
24,955
Total liabilities and shareholders' equity
$
89,133
$
93,617
FLUENT, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share data)(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue
$
61,819
$
65,407
$
208,764
$
254,623
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)
43,167
51,503
157,523
193,821
Sales and marketing(1)
3,691
3,917
14,492
17,317
Product development(1)
2,881
3,600
11,843
17,281
General and administrative(1)
8,809
9,409
34,702
37,697
Depreciation and amortization
2,334
2,419
9,752
9,926
Goodwill and intangible assets impairment
774
—
774
2,241
Total costs and expenses
61,656
70,848
229,086
278,283
Loss from operations
163
(5,441
)
(20,322
)
(23,660
)
Interest expense, net
(781
)
(1,038
)
(3,074
)
(4,749
)
Fair value adjustment of Convertible Notes, with related parties
