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

What is Fluent's gross profit margin?

What were the key takeaways from Fluent’s earnings call?

What guidance did Fluent's management provide for the next earnings period?

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

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

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

What were the key takeaways from Fluent's earnings call?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FLNT

FLNT fundamentals

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