Fluent (FLNT)
NASDAQ:FLNT
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Fluent
(NASDAQ:FLNT)
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Rating:45Neutral
Price Target:
$3.00
▼(-16.43% Downside)
Action:Reiterated
Date:05/15/26
The score is held down primarily by weak financial performance (shrinking revenue, persistent losses, elevated leverage, and negative free cash flow). Technicals also remain soft with the stock below key moving averages, despite oversold signals. The earnings call provides a partial offset via improved guidance and strong Commerce Media momentum with better operating cash flow and debt paydown, but profitability and execution risks remain central.
Positive Factors
Commerce Media growth & scale
A sustained nine-quarter surge and an approximate $110M run rate shift Fluent toward a higher-growth, scaled business. This durable mix change reduces reliance on legacy channels, creates potential operating leverage as media margins expand with scale, and supports multi-quarter revenue momentum if execution stays consistent.
Negative Factors
Persistent losses and negative free cash flow
Multi-period revenue contraction and ongoing negative EBIT/EBITDA/net income show the business has not reached sustainable profitability. Negative free cash flow persists, constraining organic reinvestment capacity, increasing reliance on asset sales or external capital, and raising execution risk if growth or margin inflection stalls.
Read all positive and negative factors
Positive Factors
Negative Factors
Commerce Media growth & scale
A sustained nine-quarter surge and an approximate $110M run rate shift Fluent toward a higher-growth, scaled business. This durable mix change reduces reliance on legacy channels, creates potential operating leverage as media margins expand with scale, and supports multi-quarter revenue momentum if execution stays consistent.
Read all positive factors
Fluent (FLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$82.74M
Dividend YieldN/A
Average Volume (3M)44.25K
Price to Earnings (P/E)―
Beta (1Y)1.18
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 Ratio0.06
Price to Book (P/B)3.42
Price to Sales (P/S)0.30
P/FCF Ratio-40.55
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit1.63
Enterprise Value/Ebitda-11.32
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)$214.34M
Fluent Business Overview & Revenue Model
Company Description
Fluent, Inc. provides data-driven digital marketing services primarily in the United States. The company operates through Fluent and All Other segments. It offers customer acquisition services by operating digital marketing campaigns, through whic...
How the Company Makes Money
Fluent primarily makes money by providing performance marketing and customer acquisition services to advertisers. Its core revenue model is generally tied to measurable outcomes (e.g., generating a lead, a click, a qualified prospect, or a complet...
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 | -6.61M | -9.80M | -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
Negative
3.59
Price Trends
3.20
Negative
3.22
Negative
2.66
Positive
Market Momentum
-0.13
Positive
42.42
Neutral
48.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNT, the sentiment is Negative. The current price of 3.59 is above the 20-day moving average (MA) of 2.97, above the 50-day MA of 3.20, and above the 200-day MA of 2.66, indicating a neutral trend. The MACD of -0.13 indicates Positive momentum. The RSI at 42.42 is Neutral, neither overbought nor oversold. The STOCH value of 48.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $74.42M | -9.87 | -16.69% | ― | -6.92% | 10.29% | |
48 Neutral | $23.27M | 4.02 | -44.34% | ― | -27.87% | 61.14% | |
45 Neutral | $82.74M | -4.62 | -134.35% | ― | -18.64% | 51.79% | |
44 Neutral | $19.66M | -6.70 | -26.62% | ― | -14.38% | 96.63% | |
43 Neutral | $3.04M | -0.09 | ― | ― | -31.04% | 49.18% | |
| ― | $2.26M | -0.64 | -194.72% | ― | -8.74% | 88.46% |
* Communication Services Sector Average
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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.