Fluent, Inc. FLNT

Technology SIC 7310 - Services-Advertising NAICS Professional, Scientific, and Technical Services › Advertising, Public Relations, and Related Services derived Nasdaq

This business description should be read in conjunction with our audited consolidated financial statements and accompanying notes thereto appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), which are incorporated herein by this reference.

Fluent, Inc. ("we," "us," "our," "Fluent," or the "Company") is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, we unlock additional revenue streams for partners and empower advertisers to acquire their most valuable customers at scale. We primarily perform customer acquisition services by operating highly scalable digital marketing campaigns, through which we connect our advertiser clients with targeted consumers.

Last close 2.75 2026-10-23
Market cap $86.9M 2026-06-30 share count
52-week range 1.70 - 4.49

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.05

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $208.8M$254.6M$298.4M$361.1M$329.2M$310.7M$281.7M$250.3M$211.7M$186.8M
Gross profit —————————$53.0M
R&D $11.8M$17.3M$18.5M$18.2M$15.8M$12.6M$8.1M$5.3M$2.6M—
SG&A $34.7M$37.7M$35.3M$53.5M$48.2M$46.8M$48.1M$36.0M$55.1M$54.1M
Total operating expenses $229.1M$278.3M$358.5M$480.7M$333.9M$302.3M$276.5M$238.9M$232.7M$220.9M
Operating income -$20.3M-$23.7M-$60.1M-$119.6M-$4.7M$8.4M$5.2M$11.4M-$21.0M-$34.0M
Interest expense $3.1M$4.7M$3.2M$2.0M$2.2M$5.3M$6.9M$8.1M$9.7M$7.6M
Pre-tax income -$27.2M-$31.1M-$63.3M-$121.6M-$9.8M$3.0M-$1.7M$3.2M-$31.7M-$43.1M
Income tax $2.0K$1.8M$116.0K$1.8M$246.0K$822.0K$74.0K$46.0K$0$14.0M
Net income -$27.2M-$29.8M-$63.2M-$123.3M-$10.1M$2.2M-$1.7M-$17.9M-$53.2M-$29.1M
EPS, basic -1.05-1.80-4.59-1.51-0.130.03-0.02———
EPS, diluted -1.05-1.80-4.59-1.51-0.130.03-0.02-0.23-0.87-0.65
Shares, diluted (wtd. avg.) 26.0M16.3M13.8M81.4M80.0M79.5M79.4M76.7M61.2M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $12.9M$9.4M$15.8M$25.5M$34.5M$21.1M$18.7M$19.2M$16.6M$9.9M
Receivables $28.5M$26.1M$33.2M$63.2M$70.2M$62.7M$60.9M$48.7M$36.3M$31.0M
Total current assets $67.5M$66.0M$78.4M$92.2M$107.2M$86.2M$81.5M$68.4M$57.0M$43.1M
Property, plant and equipment $104.0K$304.0K$591.0K$964.0K$1.5M$2.2M$2.9M$1.4M$687.0K$1.4M
Goodwill $0$0$1.3M$55.1M$165.1M$165.1M$165.9M$159.8M$159.8M$166.3M
Other intangibles $17.3M$21.8M$26.8M$28.7M$35.7M$45.4M$55.6M$61.8M$74.4M$98.5M
Total assets $89.1M$93.6M$111.9M$184.0M$318.2M$310.2M$317.1M$293.3M$317.0M$311.9M
Accounts payable $7.2M$8.8M$11.0M$6.2M$16.1M$7.7M$21.6M$7.9M$7.4M—
Short-term debt $30.8M$31.6M$5.0M$5.0M$5.0M$7.3M$6.9M$3.5M$2.8M$4.1M
Total current liabilities $65.0M$64.7M$49.2M$50.2M$57.9M$50.2M$52.2M$33.4M$32.8M$26.2M
Long-term debt $3.7M$4.0M$25.5M$35.6M$40.3M$33.3M$44.1M$52.0M$60.2M$45.9M
Total liabilities $70.9M$68.7M$77.5M$90.0M$104.8M$93.3M$106.2M$86.1M$93.0M$82.3M
Retained earnings -$438.0M-$410.8M-$381.5M-$318.3M-$195.0M-$184.9M-$187.1M-$185.4M-$167.4M-$114.2M
Total equity $18.2M$25.0M$34.4M$94.0M$213.4M$216.9M$210.9M$207.2M$224.0M$229.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$1.5M-$14.1M$8.1M$2.0M$12.4M$20.3M$26.0M$23.5M$2.5M$2.1M
Depreciation and amortisation $9.8M$9.9M$10.9M$13.2M$13.2M$15.3M$13.9M$13.2M$13.1M$12.6M
Stock-based compensation $2.2M$2.0M$3.8M$4.1M$4.8M$5.4M$10.3M$14.7M$31.1M$29.2M
Capital expenditure $69.0K$13.0K$25.0K$17.0K$36.0K$64.0K$2.1M$238.0K$732.0K$762.0K
Investing cash flow -$6.4M-$6.2M-$7.1M-$5.4M-$3.0M-$4.3M-$12.0M-$22.6M-$8.1M-$12.0M
Financing cash flow $10.8M$15.2M-$10.8M-$5.4M$2.5M-$13.6M-$13.2M$1.8M$12.3M$6.6M
Buybacks ————$0$1.3M$1.8M$9.0K$0—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014268.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M Revenue, FY2016: 186.8M Gross profit, FY2016: 53M Net income, FY2016: -29.1M Revenue, FY2017: 211.7M Net income, FY2017: -53.2M Revenue, FY2018: 250.3M Net income, FY2018: -17.9M Revenue, FY2019: 281.7M Net income, FY2019: -1.7M Revenue, FY2020: 310.7M Net income, FY2020: 2.2M Revenue, FY2021: 329.2M Net income, FY2021: -10.1M Revenue, FY2022: 361.1M Net income, FY2022: -123.3M Revenue, FY2023: 298.4M Net income, FY2023: -63.2M Revenue, FY2024: 254.6M Net income, FY2024: -29.8M Revenue, FY2025: 208.8M Net income, FY2025: -27.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $186.8M $211.7M $250.3M $281.7M $310.7M $329.2M $361.1M $298.4M $254.6M $208.8M
Gross profit $53.0M — — — — — — — — —
Net income -$29.1M -$53.2M -$17.9M -$1.7M $2.2M -$10.1M -$123.3M -$63.2M -$29.8M -$27.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement signed Item 1.01
  • Material agreement signed Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 7310

TickerCompanyMarket capP/ERevenue growth
CCO Clear Channel Outdoor Holdings, Inc. $1.23B 60.5x 13.1%
IBTA Ibotta, Inc. $1.13B 405.1x -6.8%
MNTN MNTN, Inc. $715.6M — 28.6%
ANGI Angi Inc. $267.8M 7.0x -13.0%
NCMI National CineMedia, Inc. $177.8M — 1.0%
THRY Thryv Holdings, Inc. $52.9M 119.0x -4.7%
TZOO TRAVELZOO $51.7M 12.4x 9.3%
IZEA IZEA Worldwide, Inc. $39.9M — -12.9%