olivLaw · US equity research
Fluent, Inc. FLNT
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
Fluent, Inc. is a commerce media solutions provider that connects brands with engaged consumers through performance-based customer acquisition campaigns. The company is shifting its focus from its owned sites to Commerce Media Solutions, which now brings in most of its revenue, at a time when quarterly revenue has returned to growth while a going-concern warning remains in place.
At the close of 04 Nov 2026, Fluent, Inc. (FLNT) stock was 3.39 USD (−2.31% on the day), with market capitalisation 107.1 m USD, beta 0.54, 52-week range 1.72–4.27 USD. Latest reported quarter (Q2 2026): revenue of 48.4 m USD (+8.4% YoY), net income of -6.2 m USD, diluted EPS -0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.5
- strong (55–70)
- Bollinger (20, 2)
- 2.34 – 3.50
- in the upper half of the band · %B 0.90 · band width 39.9%
- SMA 50 / 200
- 3.11 / 3.26
- mixed trend
- MACD (12, 26, 9)
- 0.08 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.4% | −1.1% | +20.5 pp | — |
| 3 months | −2.9% | −0.5% | −2.4 pp | — |
| 6 months | +16.1% | +4.4% | +11.7 pp | — |
| Year to date | +41.3% | +12.3% | +28.9 pp | — |
| 1 year | +69.5% | +13.5% | +56.0 pp | −54.7% |
| 3 years | +2.7% | +76.4% | −73.7 pp | −77.4% |
| 5 years | −77.4% | +63.7% | −141.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 64.5 m | 65.4 m | 55.2 m | 44.7 m | 47.0 m | 61.8 m | 44.9 m | 48.4 m |
| Cost of revenue | 48.9 m | 51.5 m | 43.8 m | 34.4 m | 36.2 m | 43.2 m | 34.8 m | 34.4 m |
| Research & development | 4.1 m | 3.6 m | 3.4 m | 2.3 m | 2.6 m | 2.9 m | 2.8 m | 3.0 m |
| Operating income | -3.9 m | -5.4 m | -7.1 m | -7.1 m | -6.3 m | 163.0 k | -3.9 m | -5.0 m |
| Depreciation & amortisation | 2.4 m | 2.4 m | 2.5 m | 2.5 m | 2.5 m | 2.3 m | 1.7 m | 1.7 m |
| Interest expense | 1.3 m | 1.0 m | 880.0 k | 702.0 k | 711.0 k | 781.0 k | 605.0 k | 637.0 k |
| Pre-tax income | -8.0 m | -5.3 m | -8.0 m | -7.3 m | -7.6 m | -4.2 m | -5.4 m | -6.2 m |
| Income tax | -35.0 k | -1.9 m | 233.0 k | -107.0 k | -12.0 k | -116.0 k | 3.0 k | 5.0 k |
| Net income | -7.9 m | -3.4 m | -8.3 m | -7.2 m | -7.6 m | -4.1 m | -5.4 m | -6.2 m |
| Diluted EPS | -0.48 | -0.17 ≈ | -0.39 | -0.30 | -0.27 | -0.14 ≈ | -0.17 | -0.20 |
| Operating cash flow | 1.2 m ≈ | -2.1 m | 2.1 m | 935.0 k ≈ | -7.3 m ≈ | 2.8 m | 5.1 m | -4.8 m ≈ |
| Capex | 1.0 k ≈ | 12.0 k | 0 | 31.0 k ≈ | 17.0 k ≈ | 21.0 k | 57.0 k | 31.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250.3 m | 281.7 m | 310.7 m | 329.3 m | 361.1 m | 298.4 m | 254.6 m | 208.8 m |
| Revenue YoY | +18.2% | +12.5% | +10.3% | +6.0% | +9.7% | −17.4% | −14.7% | −18.0% |
| Net income | -17.9 m | -1.7 m | 2.2 m | -10.1 m | -123.3 m | -63.2 m | -29.3 m | -27.2 m |
| Net income YoY | unavailable | unavailable | unavailable | −555.8% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.02 | 0.03 | -0.13 | -1.51 | -4.59 | -1.80 | -1.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −533.3% | unavailable | unavailable | unavailable | unavailable |
| net % | -7.2% | -0.6% | 0.7% | -3.1% | -34.2% | -21.2% | -11.5% | -13.0% |
| Free cash flow | 23.2 m | 23.9 m | 20.2 m | 12.4 m | 1.9 m | 8.1 m | -14.1 m | -1.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.9 m USD
- Financial debt
- 34.6 m USD
- Net debt
- 21.6 m USD
- Equity
- 18.2 m USD
- Total assets
- 89.1 m USD
- Debt / equity
- 1.90x
- Current ratio
- 1.04x
- ROE
- -125.9%
- ROA
- -29.7%
- FCF margin
- -0.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 310.7 m | 329.3 m | 361.1 m | 298.4 m | 254.6 m | 208.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 215.1 m | 243.7 m | 267.5 m | 219.9 m | 193.8 m | 157.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 95.6 m ≈ | 85.5 m ≈ | 93.6 m ≈ | 78.5 m ≈ | 60.8 m ≈ | 51.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Research & development | 12.6 m | 15.8 m | 18.2 m | 18.5 m | 17.3 m | 11.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | 8.4 m | -4.7 m | -119.6 m | -60.1 m | -23.7 m | -20.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 15.3 m | 13.2 m | 13.2 m | 10.9 m | 9.9 m | 9.8 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 23.7 m ≈ | 8.5 m ≈ | -106.4 m ≈ | -49.3 m ≈ | -13.7 m ≈ | -10.6 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 5.4 m | 2.2 m | 2.0 m | 3.2 m | 4.7 m | 3.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 3.0 m | -9.8 m | -121.6 m | -63.3 m | -31.1 m | -27.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 822.0 k | 246.0 k | 1.8 m | -116.0 k | -1.8 m | -2.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 2.2 m | -10.1 m | -123.3 m | -63.2 m | -29.3 m | -27.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.03 | -0.13 | -1.51 | -4.59 | -1.80 | -1.05 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 79.5 m | 80.0 m | 81.4 m | 13.8 m | 16.3 m | 26.0 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.1 m | 34.5 m | 25.5 m | 15.8 m | 9.4 m | 12.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 62.7 m | 70.2 m | 63.2 m | 33.2 m | 26.1 m | 28.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 86.2 m | 107.2 m | 92.2 m | 78.4 m | 66.0 m | 67.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 2.2 m | 1.5 m | 964.0 k | 591.0 k | 304.0 k | 104.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 165.1 m | 165.1 m | 55.1 m | 1.3 m | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 45.4 m | 35.7 m | 28.7 m | 26.8 m | 21.8 m | 17.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 310.2 m | 318.2 m | 184.0 m | 93.6 m | 93.6 m | 89.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 7.7 m | 16.1 m | 6.2 m | 11.0 m | 8.8 m | 7.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 7.3 m | 5.0 m | 5.0 m | 5.0 m | 31.6 m | 30.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 33.3 m | 40.3 m | 35.6 m | 25.5 m | 4.0 m | 3.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 50.2 m | 57.9 m | 50.2 m | 49.2 m | 64.7 m | 65.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 93.3 m | 104.8 m | 90.0 m | 77.5 m | 68.7 m | 70.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 216.9 m † | 213.4 m † | 94.0 m † | 34.4 m † | 25.0 m † | 18.2 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 20.3 m | 12.4 m | 2.0 m | 8.1 m | -14.1 m | -1.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 64.0 k | 36.0 k | 17.0 k | 25.0 k | 13.0 k | 69.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 20.2 m ≈ | 12.4 m ≈ | 1.9 m ≈ | 8.1 m ≈ | -14.1 m ≈ | -1.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -4.3 m | -3.0 m | -5.4 m | -7.1 m | -6.2 m | -6.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -13.6 m | 2.5 m | -5.4 m | -10.8 m | 15.2 m | 10.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | 1.3 m | 0 | — | — | — | — | SEC (XBRL)· 09 Mar 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 107.1 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -35.7% | 40 (vs peers) | 24% |
| Net margin · Quality | -11.5% | 38 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -16.7% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.0% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Fluent, Inc. (FLNT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 208.8 m USD in 2025; YoY growth -18.0%; net margin -11.5%; ROE -170.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: -16.7%
- Interest coverage: -5.5x
- Current ratio: 0.9x
- FCF yield: -4.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| MNTNMNTN, Inc. | 170.5 m | 13.9 | 19.7% | 18.0% | +28.6% | −24% / unavailable |
| EDHLEverbright Digital Holding Ltd. | 161.3 m | — | -70.8% | -120.6% | −32.6% | −56% / unavailable |
| NCMINational Cinemedia, Inc. | 147.7 m | — | -2.2% | -3.1% | unavailable | −64% / −61% |
| FLNTFluent, Inc. | 107.1 m | — | -170.5% | -11.5% | −18.0% | +70% / +3% |
| THRYThryv Holdings, Inc. | 57.8 m | — | -7.6% | -2.3% | −4.7% | −77% / −93% |
| TZOOTravelzoo | 54.5 m | 191.4 | — | 0.5% | +9.3% | −25% / −47% |
| IZEAIZEA Worldwide, Inc. | 40.8 m | — | -5.1% | -9.4% | −12.9% | −53% / −3% |
| TNMGTNL Mediagene | 8.2 m | — | -155.9% | -175.3% | +35.3% | −93% / −100% |
| INUVInuvo, Inc. | 7.3 m | — | -43.9% | -8.6% | +2.9% | −85% / −85% |
| PSQHPSQ Holdings, Inc. | 6.5 m | — | -269.3% | -132.7% | +81.1% | −90% / −98% |
| STFSStar Fashion Culture Holdings Limited | 6.3 m | — | -39.9% | -13.7% | +83.7% | −8% / unavailable |
| IBTAIbotta, Inc. | 0 | — | -5.7% | -4.5% | −6.8% | +164% / unavailable |
| ANGIAngi Inc. | — | — | -27.3% | -23.8% | −13.0% | −40% / −70% |
1- and 3-year price returns: for FLNT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fluent, Inc. is a commerce media solutions provider that connects brands with engaged consumers through performance-based customer acquisition campaigns. The company is shifting its focus from its owned sites to Commerce Media Solutions, which now brings in most of its revenue, at a time when quarterly revenue has returned to growth while a going-concern warning remains in place 123.
SWOT
Strengths
- The company has a proprietary database of self-declared user information and a technology platform built for performance marketing, which it describes as hard to replicate.
- Commerce Media Solutions has grown quickly and now brings in most revenue, without Fluent bearing media inventory risk, thanks to exclusive long-term contracts.
- Experience in buying media and producing content allows many campaigns at acceptable margins, according to the company.
Weaknesses
- The company carries a going-concern warning, and its funding depends on a receivables facility without a firm commitment from the lender.
- Revenue from the O&O Sites is falling, and the segment's gross margin has been hit by high traffic acquisition costs.
- The company has in the past struggled to meet its forecasts, which casts doubt on the accuracy of its growth plans.
Opportunities
- Extending Commerce Media into physical stores and new verticals such as travel, lifestyle and home services could open new revenue streams.
- Margin gains as newer placements mature could improve profitability if the trend is confirmed.
- Demand for advertising built on first-party data and closed-loop measurement could support long-term growth in the commerce media segment.
Threats
- A lender that can stop buying receivables could force the company to find alternative funding or reduce activity.
- Competition in commerce media is intense, and established players could limit the company's growth.
- Dependence on the app-based gaming industry exposes the company to regulatory or budget changes among a significant share of its clients.
Risks
- Doubt about going concernhigh
Management and the auditor have flagged substantial doubt about the company's ability to continue as a going concern. If funding is not available, the company could be unable to meet its obligations.
- Reliance on a lender without a firm commitmenthigh
The receivables facility depends on the lender's decision, which is not obliged to advance funds against every receivable. A reduction in availability could seriously affect liquidity.
- Declining traffic on owned sitesmedium
Fewer registrations and high traffic acquisition costs could keep eroding revenue and profitability in the traditional segment.
- Concentration in the gaming industrymedium
A significant part of revenue comes from advertisers in app-based gaming. Regulatory, preference or app store policy changes could reduce their budgets.
- Data privacy and telemarketing regulationmedium
Laws on privacy, telemarketing and text messaging may limit how the company and its clients use consumer data, affecting demand and legal exposure.
Investment thesis
What would need to be true (bull case)
- If Commerce Media Solutions keeps growing and margins hold, the company could show that its new model can support steadier revenue than the traditional segment.
- Consolidated revenue returning to growth in the second quarter and improving gross margin could suggest the transition strategy is starting to work.
- Entry into commerce media in physical stores could open a new revenue stream if it can be scaled in the second half of the year.
What would break the thesis
- The going-concern warning and dependence on a lender with no obligation to advance funds could seriously limit the company's flexibility.
- Continued decline in O&O Sites revenue and a history of missing forecasts could mean growth plans prove too optimistic.
- Concentration on Commerce Media, a relatively new segment with established rivals, could be harder to sustain if competitive pressure increases.
What to watch
- Evolution of the receivables facility with Bay View and whether funding stays availableQ3 2026
- Growth rate and gross margin of Commerce Media Solutions after the second quarterQ3 2026
- Launch and first results of the in-store commerce media offering2026
- Delivery of the guidance for full-year double-digit revenue growth and improved adjusted EBITDAnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Fluent provides customer acquisition services through digital marketing campaigns, mainly priced per click, per lead or per action. The business rests on two channels: Commerce Media Solutions, which places ads in the transaction flow of partner sites and apps under exclusive long-term contracts, and its owned and operated sites (O&O Sites), where the company bears the cost of traffic. The Call Solutions business was sold on January 31, 2026, and AdParlor, now known as Trevant, is a non-core activity 12.
The revenue model has changed noticeably in recent years. In fiscal 2025 Commerce Media Solutions represented approximately 39% of consolidated revenue, up from approximately 16% the year before, and the company expects it to make up a majority of revenue in 2026 1. The O&O Sites have declined as traffic sourcing became harder and as compliance measures followed the FTC Consent Order 1.
The company points to its proprietary technology, its database of self-declared user information and its experience in buying media as its main strengths. For clients in app-based gaming, the company relies heavily on app-install advertising, which makes the mix of its client base an important factor to watch 1.
Segments
Commerce Media Solutions
This is the main and fastest-growing segment. Revenue in the first half of 2026 rose 96% to 56.4 million USD, and in the second quarter it rose 90% to 30.5 million USD, representing 63% of consolidated revenue. Gross margin in the second quarter was 27% 23.
Owned and operated sites (O&O Sites)
Revenue from this segment fell in 2026, mainly because of lower availability of quality traffic and the strategic shift toward Commerce Media. The company describes it as a declining channel with high traffic acquisition costs 13.
Trevant (AdParlor)
This non-core business offers managed services for creator marketing and media buying on social platforms. Its share of revenue is not detailed in the sources provided, and the company treats it as a secondary activity 2.
Market context
Trends
- Shift of budgets toward commerce mediatailwind
Advertisers are moving budgets toward channels that offer measurable results and access to first-party data. If this trend holds, it could support demand for Commerce Media Solutions 1.
- Privacy constraints and the end of third-party cookiesmixed
Data regulation and the phase-out of third-party cookies limit the signals available to advertisers. The company sees this as favourable to first-party data, but it also reduces measurement visibility across the sector 1.
- Unstable traffic on owned sitesheadwind
Changes in traffic sources, regulatory constraints and a shortage of media supply have reduced registrations, and the company does not expect volumes to return to earlier levels 1. This is the main pressure on the traditional segment.
- Improving margins in Commerce Mediatailwind
Margins improved as newer placements matured and early-term incentives ended. If this continues, it could support a return to profitability, but the change is still recent 23.
Competitive position
The company says it operates in an intensely competitive industry where rivals include digital marketing firms, online media and traditional media companies. Commerce media already has established players, which makes entry and expansion more difficult for Fluent 1.
The sources provided do not name competitors with market shares or comparable financial results. The company does note, however, that restrictions following the FTC order have put it at a disadvantage against rivals with broader access to traffic 1.
- Established commerce media players (not named in the source)
The company mentions established players in commerce media without naming them in the documents provided.
- Performance marketing firms
Direct competitors in performance marketing are described generically in the company's documents, without named identification.
- Online and traditional media companies
The company compares itself with publishers and media agencies that compete for the same advertising budgets.
- Rivals with broader access to traffic
The company states that traffic restrictions created a competitive disadvantage against rivals not subject to the same constraints.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- We're Training a Figma-Fluent Editing ModelHacker News · 01 Nov 2026 · EN
- Fluent in two languages? It comes at a cost to emotional regulation (but don't worry)Phys.org · 01 Oct 2026 · EN
- Xpeng vrea să bată europenii și Tesla cu mașini cu autonomie de numai 400 km, dar cu care poți vorbi fluent în chinezăProfit.ro · 02 Sept 2026 · RO
- Karoline Leavitt pleacă de la Casa Albă: „Nu doar că vorbea fluent limba lui Trump, dar ştia cum să hrănească, viclean, bestia media”Digi24 · 13 Aug 2026 · RO
- A studiat la Harvard și vorbește fluent cinci limbi străine: Cum arată CV-ul lui Vasile Tofan, premierul desemnat de Maia SanduAntena 3 CNN · 12 Jul 2026 · RO
- Cum să vorbești fluent 70 de limbi străine pe care nu le cunoști, cu propria ta voce. Noua funcție uimitoare lansată de GoogleAntena 3 CNN · 21 Jun 2026 · RO
SEC filings
- Current report05 Oct 2026Material agreement · Creation of a direct financial obligation
- Quarterly report13 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Regulation FD disclosure
- Current report18 Jun 2026Shareholder vote
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
- Proxy statement07 May 2026
- Proxy statement06 May 2026
- Annual report31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Fluent, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Fluent, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Fluent, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.