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Fluent
(NASDAQ:FLNT)
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Rating:50Neutral
Price Target:
$3.00
▼(-16.43% Downside)
Action:Reiterated
Date:06/22/26
The score is held down primarily by weak financial performance (declining revenue, ongoing losses, and elevated leverage), only partially offset by improving operating cash flow. Technical signals are moderately positive, and the earnings call points to a credible growth/margin improvement narrative in Commerce Media, but profitability remains negative and execution risk is significant; valuation is also constrained by negative earnings.
Positive Factors
Commerce Media growth and strategic pivot
Fluent has shifted materially into Commerce Media, which now represents a majority of revenue after nine consecutive quarters of high growth. This structural mix change supports scale economics, higher media margins as scale builds, and a clearer growth engine less tied to legacy marketplace volatility.
Negative Factors
Elevated leverage and weakened equity base
Leverage above 2x equity and a shrinking equity base materially constrain financial flexibility. This structural balance-sheet weakness limits the company's ability to absorb revenue shocks, pursue investments non-dilutively, or weather slower-than-expected margin recovery without relying on external funding or further dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Commerce Media growth and strategic pivot
Fluent has shifted materially into Commerce Media, which now represents a majority of revenue after nine consecutive quarters of high growth. This structural mix change supports scale economics, higher media margins as scale builds, and a clearer growth engine less tied to legacy marketplace volatility.
Read all positive factors
Fluent (FLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$111.21M
Dividend YieldN/A
Average Volume (3M)44.25K
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth-18.64%
EPS Growth51.79%
CountryUS
Employees208
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.87
Shares Outstanding29,815,712
10 Day Avg. Volume25,861
30 Day Avg. Volume44,252
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)3.42
Price to Sales (P/S)0.30
P/FCF Ratio-40.55
Enterprise Value/Market Cap0.71
Enterprise Value/Revenue0.40
Enterprise Value/Gross Profit1.72
Enterprise Value/Ebitda-6.22
Forecast
1Y Price Target
$4.25Price Target Upside18.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.49
Revenue Forecast (FY)$209.94M
Fluent Business Overview & Revenue Model
Company Description
Fluent, Inc. specializes in providing data-powered digital marketing solutions, primarily concentrating its efforts within the United States. The company's operations are divided into two main segments: 'Fluent' and 'All Other.' A core service Flu...
How the Company Makes Money
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Fluent Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call highlights a clear and accelerating strategic shift toward Commerce Media, with strong top-line growth (Commerce Media +104% YoY), improving media margins, meaningful new partnerships and improved operating cash flow and net-debt reduction. However, the company is still in transition: consolidated revenue declined (largely due to divestiture), owned & operated revenue contracted sharply (-49% YoY), consolidated gross profit is down, adjusted EBITDA remains negative and Q1 is seasonally weak. Management is confident in mid-year acceleration and margin recovery as incentives roll off and adjacencies scale, but results depend on execution and second-half seasonality. Overall, the positives around Commerce Media traction and cash/debt improvements are balanced by ongoing profitability and structural challenges in the owned & operated business.Positive Updates
OpEx Discipline and Lower Operating Expense Run-Rate
Total operating expense declined to $12.3M in Q1 2026 from $16.1M in Q1 2025. Management cites a $2.4M noncash gain from the Call Solutions divestiture plus ~$1.4M of other operating expense reductions reflecting active cost discipline.
Negative Updates
Reported Consolidated Revenue Decline (Divestiture Impact)
Consolidated revenue was $44.9M in Q1 2026, down 19% year-over-year. Management attributes $10.9M of the decline to the January 2026 divestiture of Call Solutions; excluding that divestiture, revenue declined approximately 3% year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
OpEx Discipline and Lower Operating Expense Run-Rate
Total operating expense declined to $12.3M in Q1 2026 from $16.1M in Q1 2025. Management cites a $2.4M noncash gain from the Call Solutions divestiture plus ~$1.4M of other operating expense reductions reflecting active cost discipline.
Read all positive updates
Company Guidance
Fluent guided to double-digit year‑over‑year consolidated revenue growth in 2026 on its aggregate continuing businesses and an improvement in full‑year adjusted EBITDA, driven by Commerce Media which in Q1 generated $25.9M (up 104% YoY), represented 58% of consolidated revenue (vs. 23% in Q1 2025) and is operating at an approximate $110M annual run rate; management expects Q2 revenue to be similar to Q1 (Q1 consolidated revenue was $44.9M, down 19% YoY including the Call Solutions divestiture, and down ~3% ex‑divestiture) with improving margins, gross margins to expand as Commerce Media scale increases (Commerce Media gross profit was $5.0M, +78% YoY, and management expects its CMS gross margin to return to the mid‑20s during 2026), and the strongest seasonal performance to come in the second half of the year, all of which should drive adjusted EBITDA improvement from the Q1 adjusted EBITDA loss of ~$3.6M.Fluent Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
34
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 198.41M | 208.76M | 254.62M | 298.40M | 361.13M | 329.25M |
| Gross Profit | 45.83M | 41.49M | 60.80M | 78.52M | 93.65M | 85.53M |
| EBITDA | -12.71M | -14.34M | -16.41M | -49.25M | -106.38M | 5.54M |
| Net Income | -24.25M | -27.17M | -29.28M | -63.22M | -123.33M | -10.06M |
Balance Sheet | ||||||
| Total Assets | 72.27M | 89.13M | 93.62M | 111.87M | 183.97M | 318.18M |
| Cash, Cash Equivalents and Short-Term Investments | 10.30M | 12.94M | 9.44M | 15.80M | 25.55M | 34.47M |
| Total Debt | 30.91M | 37.67M | 37.42M | 34.48M | 46.73M | 53.25M |
| Total Liabilities | 58.98M | 70.92M | 68.66M | 77.46M | 90.01M | 104.77M |
| Stockholders Equity | 13.29M | 18.21M | 24.95M | 34.40M | 93.95M | 213.41M |
Cash Flow | ||||||
| Free Cash Flow | -1.82M | -1.54M | -20.32M | 2.27M | -2.44M | 9.43M |
| Operating Cash Flow | 1.53M | -1.47M | -14.10M | 8.14M | 1.96M | 12.42M |
| Investing Cash Flow | -6.28M | -6.37M | -6.21M | -7.11M | -5.44M | -2.99M |
| Financing Cash Flow | 9.67M | 10.79M | 15.21M | -10.77M | -5.45M | 2.47M |
Fluent Technical Analysis
Positive
3.59
Price Trends
2.83
Positive
3.08
Positive
2.73
Positive
Market Momentum
0.18
Negative
65.02
Neutral
86.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNT, the sentiment is Positive. The current price of 3.59 is above the 20-day moving average (MA) of 2.81, above the 50-day MA of 2.83, and above the 200-day MA of 2.73, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 65.02 is Neutral, neither overbought nor oversold. The STOCH value of 86.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLNT.
Fluent Risk Analysis
Fluent disclosed 26 risk factors in its most recent earnings report. Fluent reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fluent Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $71.36M | -14.29 | -16.19% | ― | -6.92% | 10.29% | |
50 Neutral | $111.21M | -4.21 | -134.35% | ― | -18.64% | 51.79% | |
48 Neutral | $18.67M | -10.06 | -44.34% | ― | -27.87% | 61.14% | |
43 Neutral | $2.00M | -0.08 | ― | ― | -31.04% | 49.18% | |
40 Underperform | $16.03M | -15.85 | -26.62% | ― | -14.38% | 96.63% | |
| ― | $4.95M | -4.21 | -194.72% | ― | -8.74% | 88.46% |
* Communication Services Sector Average
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Fluent Corporate Events
Business Operations and StrategyProduct-Related Announcements
Fluent Launches In-Store Commerce Media Retail Offering
Positive
Jun 22, 2026
On June 22, 2026, Fluent, Inc. announced the launch of Fluent In-Store, an in-store commerce media offering that extends its commerce media solutions to brick-and-mortar retail. The product activates on point-of-sale devices after payment, deliver...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingShareholder Meetings
Fluent Shareholders Approve Governance and Equity Incentive Measures
Positive
Jun 18, 2026
On June 17, 2026, Fluent, Inc. held its 2026 Annual Meeting of Stockholders virtually, with 24,933,091 of 29,815,712 eligible shares represented, and stockholders elected seven directors to one-year terms while approving, on an advisory basis, the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.