Q1 2026 Commerce Media Solutions revenue grew 104% to $25.9 million, representing 58% of consolidated revenue from $12.7 million or 23% of consolidated revenue in Q1 2025
Commerce Media Solutions annual revenue run rate now exceeds $110 million, with gross margin of 19%
Expects full year double-digit revenue growth on aggregate continuing business and adjusted EBITDA improvement for 2026
NEW YORK, May 13, 2026 (GLOBE NEWSWIRE) -- Fluent, Inc. (NASDAQ:FLNT), a commerce media solutions provider, today reported unaudited financial results for the first quarter ended March 31, 2026.
Don Patrick, Chief Executive Officer of Fluent, commented, "Commerce Media Solutions continued its strong momentum in the first quarter, reaching $25.9 million in revenue, a 104% increase year over year, and representing 58% of total consolidated revenue, compared to 23% in the first quarter of 2025. This marks the second consecutive quarter in which Commerce Media Solutions has exceeded half of our consolidated revenue, underscoring the rapid evolution of our business mix. Total revenue declined 19% year over year, primarily reflecting the loss of revenue from the Call Solutions conveyance in January 2026. Revenue from our aggregate continuing business declined approximately 3% year over year, as Commerce Media Solutions growth largely offset the expected contraction of our owned and operated business.
"The sale of Call Solutions earlier this year allows us to focus resources on the Commerce Media Solutions opportunity," Mr. Patrick continued. "In January, we launched with Wyndham Hotels & Resorts, extending our platform into travel and hospitality. In March, we added Squire, an appointment-based platform, reflecting the applicability of our model across transaction-rich environments beyond traditional retail. Our pipeline reflects growing demand across these verticals.
"With the visibility we have today, we believe we are well positioned to deliver full-year double-digit consolidated growth on revenue from aggregate continuing businesses and full-year adjusted EBITDA improvement," Mr. Patrick concluded.
First Quarter Financial Highlights
Revenue of $44.9 million, a decrease of 19%, compared to $55.2 million in Q1 2025
Owned and Operated revenue decreased 50% to $15.7 million compared to $31.1 million in Q1 2025, as the Company continued its shift in focus and revenue mix to Commerce Media Solutions
Commerce Media Solutions revenue increased 104% to $25.9 million, compared to $12.7 million in Q1 2025
Net loss of $5.4 million, or $0.17 per share, compared to a net loss of $8.3 million, or $0.39 per share, for Q1 2025
Gross profit (exclusive of depreciation and amortization) of $10.0 million, a decrease of 12% compared to Q1 2025 and representing 22% of revenue. Commerce Media Solutions reported gross profit (exclusive of depreciation and amortization) of $5.0 million, an increase of 78% over Q1 2025 and representing 19% of revenue for Q1 2026
Media margin of $14.0 million, an increase of 2% compared to Q1 2025 and representing 31% of revenue. Commerce Media Solutions reported media margin of $7.7 million, an increase of 149% over Q1 2025 and representing 30% of revenue for Q1 2026
Adjusted EBITDA loss of $3.6 million, compared to $3.1 million for Q1 2025, and representing 8% of revenue
Adjusted net loss of $5.9 million, or $0.19 per share, compared to $6.7 million, or $0.31 per share, for Q1 2025
Media margin, adjusted EBITDA, and adjusted net loss are non-GAAP financial measures, as defined and reconciled below.
Business Outlook & Goals
Continue to scale and grow Commerce Media Solutions as a percentage of total consolidated revenue; return Commerce Media Solutions gross margins to the mid-twenties.
Enhance Fluent's Commerce Media Solutions partnership network by adding top-tier media partners and expanding beyond traditional retail channels and into new verticals including appointment-based platforms, travel, lifestyle, and home services.
Drive consolidated revenue growth and improved profitability. Given current visibility, the Company expects full-year double-digit consolidated growth in revenue on aggregate continuing businesses and improved full-year adjusted EBITDA improvement in 2026.
Conference Call
Fluent, Inc. will host a conference call on Wednesday, May 13, 2026, at 4:30 PM ET to discuss its 2026 first quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BI10ac999bd5f64f20bcc6c9c2d30110f2. 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/fiocttbz/. 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, as amended, and the Securities Exchange Act of 1934, as amended. Such 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:
Our reliance on an uncommitted financing agreement raises substantial doubt about our ability to continue as a going concern;
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 or us;
A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields;
Credit risk from certain clients;
Our Commerce Media Solutions business is relatively new and operates in a market with established competitors, which may impact our ability to scale effectively;
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;
Potential loss of competitiveness from slow mobile adoption 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, inquiries, investigations, examinations, or other legal proceedings in which we are 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;
Our ability to maintain our listing on The Nasdaq Capital Market;
The 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)
March 31, 2026
December 31, 2025
ASSETS:
Cash and cash equivalents
$
10,299
$
12,935
Accounts receivable, net of allowance for credit losses of $158 and $163, respectively
31,765
46,735
Prepaid expenses and other current assets
7,367
7,799
Total current assets
49,431
67,469
Non-current restricted cash
710
710
Property and equipment, net
128
104
Operating lease right-of-use assets
2,676
2,859
Intangible assets, net
16,704
17,276
Other non-current assets
2,622
715
Total assets
$
72,271
$
89,133
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable
$
7,483
$
7,200
Accrued expenses and other current liabilities
20,024
25,163
Deferred revenue
143
721
Short-term debt, net
23,456
30,846
Current portion of operating lease liability
1,104
1,104
Total current liabilities
52,210
65,034
Convertible Notes, at fair value with related parties
4,571
3,734
Operating lease liability, net
1,784
1,985
Other non-current liabilities
420
168
Total liabilities
58,985
70,921
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, 30,584,307 and 30,404,779, respectively; and Shares outstanding, 29,815,712 and 29,636,184, respectively
54
53
Treasury stock, at cost, 768,595 and 768,595 Shares, respectively
(11,407
)
(11,407
)
Additional paid-in capital
467,955
467,528
Accumulated deficit
(443,316
)
(437,962
)
Total shareholders' equity
13,286
18,212
Total liabilities and shareholders' equity
$
72,271
$
89,133
FLUENT, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share data)(unaudited)
Three Months Ended March 31,
