FLNTNasdaqServices-AdvertisingUS GAAP · USD

Fluent, Inc.

Fluent, Inc. is a U.S.-based commerce media and performance marketing company that connects advertisers with consumers through digital campaigns. It monetizes traffic from its owned-and-operated media properties and its commerce media marketplace, using first-party data and machine learning to deliver measurable customer acquisition outcomes.

Kysy yhtiöstä
Liikevaihto209milj. USD
−18,0 %v/v
Liikevoitto (EBIT)−20,3milj. USD
+14,1 %v/v
EBIT-marginaali−9,7%
−0,4 %-yks.v/v
Nettotulos−27,2milj. USD
+7,2 %v/v
Vapaa kassavirta−1,5milj. USD
+89,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−200−1000100200300400milj. USD2020: 311 milj. USD2020: EBIT 8,4 milj. USD20202021: 329 milj. USD2021: EBIT −4,7 milj. USD20212022: 361 milj. USD2022: EBIT −120 milj. USD20222023: 298 milj. USD2023: EBIT −60 milj. USD20232024: 255 milj. USD2024: EBIT −24 milj. USD20242025: 209 milj. USD2025: EBIT −20 milj. USD2025209−20
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Fluent, Inc.

Liiketoiminta

Osuus liikevaihdosta
Commerce Media Solutions45 %

Marketplace-based performance marketing that connects brands to consumers using first-party data and partner inventory.

Owned-and-Operated Media35 %

Traffic monetization from Fluent-owned digital properties that generate clicks, leads, calls, and app downloads.

Call Solutions15 %

Consumer acquisition services focused on generating qualified calls and other action-based outcomes for clients.

AdParlor Managed Services5 %

Non-core creator marketing and social media buying services delivered through the AdParlor subsidiary.

Tuotteet

Raportoitu · osuus liikevaihdosta
45,3%39,4%11,9%FY2025100 %
  • Owned and Operated45,3 %
  • Commerce Media Solutions39,4 %
  • Call Solutions11,9 %
  • Ad Parlor3,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Fluent sells to consumer brands, direct marketers, and agencies that need measurable customer acquisition rather than broad brand advertising. Its clients span industries such as Media & Entertainment, Financial Products & Services, Health & Life Sciences, Retail & Consumer, and Staffing & Recruitment, with demand driven by ROAS, lead quality, and scale. The company also depends on media partners and traffic sources that supply consumer attention and inventory.

Consumer brands

Buy performance-based acquisition campaigns to reach high-intent consumers and improve ROAS.

Direct marketers

Purchase lead and action generation services to acquire customers efficiently.

Advertising agencies

Use Fluent's media and data capabilities to run campaigns for end clients.

Industry vertical clients

Clients in financial services, health, retail, media, and staffing that need targeted demand generation.

Media partners

Supply traffic and inventory for Commerce Media Solutions and O&O monetization.

Strategia

Fluent is focused on improving traffic quality, monetization, and client retention while reducing dependence on lower-quality sources. Management is also cutting costs, resizing the workforce, restructuring contracts, and reviewing divestitures to preserve liquidity and support the core commerce media business. Capital raising remains part of the strategy because the company has disclosed substantial doubt about its ability to continue as a going concern.

Upgrade traffic quality and consumer targetingLyhyt aikaväli

Higher-quality traffic improves conversion rates, advertiser ROAS, and regulatory resilience.

Expand Commerce Media SolutionsKeskipitkä aikaväli

The marketplace model is designed to scale with less inventory risk and better monetization.

Lower operating cost baseLyhyt aikaväli

Cost reduction is necessary to manage cash burn and improve the path to profitability.

Preserve liquidity and access capitalLyhyt aikaväli

The company needs funding flexibility to support operations and avoid going-concern pressure.

Maantiede

Q3/2025

Fluent is headquartered in the United States and its business is primarily tied to U.S. digital advertising demand and consumer traffic sources. The company also notes that many advertisers and media partners are outside the U.S., including app and gaming advertisers based in Israel, which creates some international exposure even though the core business is U.S.-centric. Geography matters mainly through traffic sourcing, partner concentration, and macro conditions affecting ad spend.

USA65 %
Other countries (US filing)35 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Fluent faces significant going-concern and liquidity risk because declining traffic, regulatory changes, and weak profitability have pressured cash flow. Its performance marketing model is also exposed to changes in media sourcing, advertiser demand, and macro conditions, while a portion of the business depends on third-party publishers and social platforms that can change access rules quickly. Accounting estimates around revenue recognition, intangible assets, and fair value measurements add further uncertainty to reported results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Going-concern and liquidity shortfall1Traffic sourcing and platform dependence2Regulatory and compliance pressure3Macro ad-spend sensitivity4International partner disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Going-concern and liquidity shortfallVaikutus: KriittinenTodennäköisyys: Korkea

    Management disclosed substantial doubt about funding operations for the next 12 months.

    KohdistuuCashBorrowing baseFuture capital raises
  2. Traffic sourcing and platform dependenceVaikutus: KorkeaTodennäköisyys: Korkea

    The business relies on high-quality consumer traffic from third-party and social sources.

    Kohdistuu: O&O Sites and customer acquisition campaigns

  3. Regulatory and compliance pressureVaikutus: KorkeaTodennäköisyys: Korkea

    FTC-related standards and vetting reduced publisher participation and registration volume.

    Kohdistuu: Publisher relationships and traffic supply

  4. Macro ad-spend sensitivityVaikutus: KeskitasoTodennäköisyys: Korkea

    Clients may reduce performance marketing budgets during inflation, recession, or uncertainty.

    Kohdistuu: Brand and retailer demand

  5. International partner disruptionVaikutus: KeskitasoTodennäköisyys: Matala

    Some advertisers and media partners are in Israel and other regions exposed to conflict.

    Kohdistuu: Partner operations and campaign continuity

Kysy Clarifolta: Fluent, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Performance-based contracts require judgment on when clicks, leads, or actions are earned.

Vaikutus: Can shift revenue timing and comparability across quarters

Intangible asset impairment

The company evaluates recoverability of acquired and other intangible assets amid declining performance.

Vaikutus: May create non-cash charges if expected cash flows weaken

Fair value of convertible notes

Valuation changes can affect earnings when related-party or convertible instruments are remeasured.

Vaikutus: Can add volatility to net income

Restructuring and severance

Workforce reductions and contract restructuring create one-time and recurring charges.

Vaikutus: Affects operating expenses and adjusted EBITDA reconciliation

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Päivitetty: 24.9.2026

Fluent, Inc. (FLNT) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo