Financial Covenant ComplianceFluent does not expect to be in compliance with existing financial covenants over the next twelve months under the current agreement.
Regulatory HeadwindsThe impact to revenue as it seeks to mitigate regulatory headwinds has been a challenge, and efforts to diversify to other revenue categories have taken time to develop.
Revenue DeclineFluent’s first quarter revenues fell to $55.7 million, 16% below a year ago, with traffic costs continuing to be above the company’s target range, limiting monetization opportunities.