Fluent, Inc. FLNT
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.13 | 0.03 | -0.02 | — | — | — |
| EPS, diluted | -1.05 | -1.80 | -4.59 | -1.51 | -0.13 | 0.03 | -0.02 | -0.23 | -0.87 | -0.65 |
| Shares, diluted (wtd. avg.) | $26.0M | $16.3M | $13.8M | $81.4M | $80.0M | $79.5M | $79.4M | $76.7M | $61.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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