What is the market's earnings forecast for Fluent next quarter?

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What is Fluent's latest dividend and current dividend yield?

What does Fluent do and what are its main business segments?

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Did Fluent beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Fluent year over year?

- **CMS Dominance**: 40% of Q3 revenue (vs. 16% in 2024), 81% YoY growth, $85M annual run rate.
- **Margin Expansion**: CMS gross margin 22% (Q3) → targeting high 20s. Q4 EBITDA+; FY2026 full-year EBITDA+.
- **Strategic Wins**: Databricks, Rebuy (12,000 Shopify brands), Dick's Sporting. CMS >50% of revenue in 2026.
- **Capital Strength**: $10.3M equity raise, $9.2M cash, $26M debt. FY2026: double-digit revenue growth, CMS >50% of revenue.

**【CEO Summary Section】**
- Fluent's Commerce Media Solutions (CMS) revenue grew 81% YoY to $18.8M, contributing 40% of total revenue (vs. 16% in Q3 2024). CMS annual run rate exceeds $85M.
- CMS gross margin improved sequentially to 22% (from 18% in Q2), targeting high 20s over time. Q4 CMS to overtake owned-and-operated as main revenue driver.
- Key partnerships: Databricks, Authentic Brands Group (Reebok, Champion), Rebuy Engine (12,000 Shopify brands). Rebuy sessions hit 1M/month, +79% MoM in Q3.
- FY2026 guidance: double-digit consolidated revenue growth, CMS >50% of revenue, and full-year EBITDA profitability.

**【CFO Financial Commentary】**
- Q3 2025: Total revenue $47M (-27% YoY), CMS media margin 25% (vs. 34% in Q3 2024). Adjusted EBITDA loss $3.4M (vs. $0.07M in Q3 2024). Q4 2025 to achieve positive EBITDA, with FY2026 full-year EBITDA profitability.
- Cash balance $9.2M post $10.3M equity raise, reducing debt to $26M. CMS scaling supported by $710K restricted cash.

**【Q&A Highlights】**
- **Rebuy Partnership**: 12,000 Shopify brands, 1M+ ad sessions/month. CMS expansion beyond post-transaction (e.g., pre-checkout solutions).
- **Dick's Sporting Goods Win**: Competitor-to-Fluent conversion in Q3, with full Q4 impact. CMS mix stabilization and owned-and-operated advertiser convergence driving margin improvements.
- **2026 Outlook**: CMS doubling again, CMS >50% of revenue, and EBITDA+ with high 20s gross margin. Owned-and-operated decline to stabilize via CMS adjacency solutions.


Fluent, Inc. (FLNT) Q3 2025 Earnings Call Transcript

- **Commerce Media Dominance**: 121% YoY growth, 36% of revenue, $80M+ annual run rate. New partnerships with Rebuy and Authentic Brands accelerate expansion.
- **Financial Turnaround**: Q4 2025 adjusted EBITDA positivity, $10M financing bolsters growth. O&O decline (49% QoQ) reflects strategic focus shift.
- **Margin Recovery**: Commerce Media margins expected to return to high 20s by Q4, driven by improved monetization and enterprise deals.
- **Long-Term Vision**: 2026 targets include double-digit consolidated growth and full-year EBITDA profitability, fueled by Commerce Media's $100B+ market opportunity.

**【CEO Summary Section】**
- **Strategic Pivot to Commerce Media**: Q2 revenue of $44.7M (-19% QoQ), with Commerce Media Solutions growing 121% YoY to $16.1M (36% of total revenue). O&O revenue declined 49% QoQ due to regulatory headwinds and media cost volatility.
- **Growth Momentum**: Commerce Media annual run rate exceeds $80M (20% sequential increase), targeting majority of revenue by 2026. New partnerships with Rebuy Engine (12,000+ Shopify brands) and Authentic Brands Group expand market reach.
- **Financial Support**: $10M equity financing announced to fuel growth, with insiders participating. Q4 2025 and full-year 2026 adjusted EBITDA positivity expected.

**【CFO Financial Commentary】**
- **GAAP Results**: Net loss of $7.2M (-38% YoY), with operating expenses down 18% YoY to $14.9M. Adjusted EBITDA loss of $2.8M improved by $1.7M YoY.
- **Commerce Media Margins**: 20% in Q2 (vs. 30.4% YoY), compressed due to competitive pricing and new verticals. Margins expected to return to high 20s as monetization improves.
- **Balance Sheet**: $4.9M cash + $2.4M restricted cash. $19.9M net debt, with $20M term loan and $30M revolving credit facility.

**【Q&A Highlights】**
- **O&O Decline**: FTC restrictions limited media channel diversification, causing 31% QoQ decline. Management prioritizes O&O as a cash flow generator, not growth driver.
- **Rebuy Progress**: 2 months post-announcement, <10% of Commerce Media volume but strong momentum in onboarding 12,000+ Shopify brands.
- **Margin Outlook**: Q3 Commerce Media margins up ~100% YoY, with Q4 targeting historical levels. Rebuy's lower-margin verticals offset by enterprise partnerships.
- **Growth Path**: 2026 consolidated revenue growth >10%, driven by Commerce Media's triple-digit expansion and O&O stabilization.

Fluent, Inc. (FLNT) Q2 2025 Earnings Call Transcript

- **Triple-Digit Growth**: Commerce Media Solutions revenue up 99% YoY to $12.7 million, with $65 million+ annual run rate.
- **Rebuy Partnership**: Shopify-focused Rebuy Ads launch could add hundreds of millions in post-purchase transactions, with Q2 visibility on financial impact.
- **O&O Stabilization**: O&O revenue down 30% YoY but profitable, with cash flow fueling Commerce Media expansion.
- **Debt Reduction**: Total debt cut to $25.6 million, supporting long-term growth without dilution.
- **2025 Outlook**: Q2 revenue consistent with Q1, back-half growth driven by Commerce Media's triple-digit expansion.

**【CEO Summary Section】**
- **Commerce Media Solutions Growth**: Q1 2025 revenue from Commerce Media Solutions reached $12.7 million, up 99% YoY, with a run rate exceeding $65 million annually. The partnership with Rebuy Engine to launch Rebuy Ads powered by Fluent is expected to accelerate growth in the Shopify ecosystem.
- **Strategic Pivot**: Owned and operated (O&O) revenue declined 30% YoY to $31.1 million due to media supply challenges, but remains a cash flow driver for Commerce Media expansion. Management expects O&O to stabilize as a smaller share of total revenue.
- **Market Opportunity**: The commerce media market is projected to grow to $100 billion by 2026, with Fluent targeting a leadership position through its AI-powered advertising platform and first-party data.
- **Q2 Outlook**: Consolidated revenue is expected to remain consistent with Q1, with back-half growth driven by triple-digit Commerce Media expansion.

**【CFO Financial Commentary】**
- **Q1 2025 Financials**: Total revenue $55.2 million (-16% YoY), with 7% decline attributed to exited businesses. GAAP net loss $8.3 million, adjusted EBITDA loss $3.1 million.
- **Cost Management**: Operating expenses reduced 19% YoY to $16.1 million, reflecting headcount reductions and cost alignment with Commerce Media strategy.
- **Debt Reduction**: Total debt decreased to $25.6 million, with $21.7 million outstanding on a credit facility maturing in 2029.
- **Margin Outlook**: Gross margin for Commerce Media Solutions improved to 24.6% in Q1, with expectations for margin expansion as the business scales.

**【Q&A Key Highlights】**
- **Rebuy Partnership Impact**: Initial Rebuy Ads clients are live, with potential 10%+ adoption rate among Rebuy's 12,000 Shopify partners. Contribution to financials will be clearer in Q2.
- **O&O Stabilization**: O&O gross margin remains stable despite revenue decline, with efforts to diversify media channels and leverage demand-side optimization.
- **Economic Resilience**: Commerce Media Solutions are counter-cyclical in downturns, with new partner signings accelerating due to the post-purchase ad value proposition.
- **Long-Term Vision**: Targeting $1 billion in Commerce Media revenue by 2026, driven by operating leverage and adjacent solutions like loyalty and event-based advertising.

Fluent (FLNT)-15 May 25-2025 Q1 Earnings call transcript

- **CMS Explosive Growth**: Q4 CMS revenue +139% YoY, full-year +284%, now 26% of total. CMS media margin jumps to 39.3%.
- **Strategic Shift Payoff**: CMS run rate >$60M, with 2025 triple-digit growth. Consolidated revenue to return to double-digit growth in 2025.
- **Challenges Managed**: Q4 adjusted EBITDA negative due to ACA write-down ($2.5M) and media cost spikes, but CMS margins improving.
- **Pipeline Strength**: Large deals in pipeline (>$50M post-transaction sessions), with 25%+ consumer value uplift vs. competitors.
- **2025 Outlook**: H2 acceleration with CMS driving double-digit revenue and profit growth, offsetting Q1/Q2 seasonality.


**【CEO Opening Remarks】**
- **Commerce Media Solutions (CMS) Growth**: Q4 2024 CMS revenue grew 139% YoY to $17.2M, with full-year CMS revenue reaching $41.3M (284% YoY). CMS now represents 26% of total revenue, up from 4% in 2023.
- **Strategic Pivot**: Shifting focus to CMS, which offers higher margins and predictable growth. CMS media margin improved to 39.3% in Q4 2024 vs. 18.5% in Q4 2023.
- **Future Outlook**: Expect triple-digit CMS growth in 2025, with consolidated revenue to return to double-digit YoY growth by year-end. CMS run rate exceeds $60M annually.
- **Challenges**: Media cost increases (e.g., US election spending) and ACA-related write-downs ($2.5M) impacted Q4 profitability. O&O revenue declined 23% YoY due to strategic divestments.

**【CFO Financial Highlights】**
- **Q4 2024 Financials**: Total revenue $65.4M (-10% YoY), adjusted EBITDA (-$1.7M) vs. +$2.5M YoY. Full-year adjusted EBITDA (-$5.6M) vs. +$6.8M YoY.
- **CMS Financial Strength**: CMS media margin $6.8M (39.3% of CMS revenue) vs. $1.3M (18.5%) YoY. CMS now 26% of total revenue.
- **Liquidity & Debt**: $10.7M cash, $31.9M debt (up $1.4M YoY). Credit facility with SLR provides $30M revolving line.
- **2025 Guidance**: CMS-driven growth to accelerate in H2 2025, with double-digit consolidated revenue and gross profit growth.

**【Q&A Key Takeaways】**
- **Pipeline & Partnerships**: CMS pipeline supports triple-digit growth, with large transformative deals in pipeline (e.g., $50M+ post-transaction sessions). Current partners include Disney, Apple, and major retailers.
- **O&O Sustainability**: O&O will remain flat or decline, but provides competitive advantage via first-party data. CMS leverages O&O's 14-year data legacy.
- **Seasonality**: CMS growth slows in Q1/Q2 (e.g., retail/ecommerce down 20-30%), but accelerates in Q3/Q4. CMS revenue share peaks at 26% in Q4.
- **Conversion Rates**: CMS delivers 25%+ higher consumer value vs. competitors, with 20%+ revenue uplift for partners.
- **Risk Management**: Media cost volatility (e.g., elections) will be mitigated by selective spending. CMS diversifies revenue away from O&O's regulatory risks.


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