Fluent (FLNT)
NASDAQ:FLNT
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Fluent
(NASDAQ:FLNT)
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Rating:47Neutral
Price Target:
$3.00
▼(-3.54% Downside)
Action:ReiteratedDate:03/31/26
The score is held down primarily by weak financial performance (continued losses, inconsistent/negative free cash flow, and a thinner equity cushion with higher leverage). The earnings call provides a meaningful offset via strong CMS growth and a return-to-growth outlook for 2026, but profitability is still guided to remain negative. Technicals and valuation add modest additional pressure given weak near-term trend signals and loss-driven valuation metrics.
Positive Factors
Commerce Media Solutions (CMS) rapid scale
Sustained, multi-quarter CMS growth and a ~$105M run‑rate show durable product‑market fit and concentrated revenue engine. As CMS scales it can drive higher media margins and allow reallocation from lower-return legacy lines, supporting a structural shift to higher-growth, higher-margin revenue over the medium term.
Negative Factors
Ongoing unprofitability and negative adjusted EBITDA outlook
The company remains loss‑making with adjusted EBITDA still negative and not forecast to reach breakeven in 2026. Sustained unprofitability increases reliance on external capital or faster-than-expected revenue/margin improvement, constraining strategic flexibility and raising execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Commerce Media Solutions (CMS) rapid scale
Sustained, multi-quarter CMS growth and a ~$105M run‑rate show durable product‑market fit and concentrated revenue engine. As CMS scales it can drive higher media margins and allow reallocation from lower-return legacy lines, supporting a structural shift to higher-growth, higher-margin revenue over the medium term.
Read all positive factors
Fluent (FLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$92.71M
Dividend YieldN/A
Average Volume (3M)44.25K
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth-18.94%
EPS Growth37.05%
CountryUS
Employees208
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.09
Shares Outstanding29,810,156
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 Cap0.92
Enterprise Value/Revenue0.41
Enterprise Value/Gross Profit1.75
Enterprise Value/Ebitda-12.59
Forecast
1Y Price Target
$3.50Price Target Upside12.54% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.44
Revenue Forecast (FY)$222.44M
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:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call presents a constructive pivot narrative: Commerce Media Solutions is driving significant, sustained top-line acceleration, margin expansion on a media-margin basis, strategic partnerships, product launches and balance-sheet improvements. These positives are tempered by full-year declines in consolidated revenue and profitability tied to a deliberate transition away from legacy businesses, an early contract termination that reduced near-term CMS growth visibility, and a revised 2026 adjusted EBITDA outlook (still expected to be negative). Management frames the transition as intentional and highlights disciplined investment in high-growth adjacencies with the expectation of stronger revenue and margin profiles over time.Positive Updates
Commerce Media Solutions Revenue Surge
Commerce Media Solutions (CMS) revenue nearly doubled year-over-year: Q4 CMS revenue was $34.7M (+101% vs Q4 2024) and full-year CMS revenue grew 99% YoY to $82.3M. CMS contributed 56% of total Q4 consolidated revenue (up from 26% in Q4 2024 and 10% in Q4 2023) and reached a year-end 2025 annual run rate of ~$105M (up from $85M at end of Q3). Management reported double- to triple-digit YoY CMS growth for 8 consecutive quarters and expects strong double-digit YoY growth to continue in 2026.
Negative Updates
Full-Year Decline in Consolidated Revenue and Profitability
Full-year 2025 consolidated revenue declined to $208.8M, down 18% vs 2024 as the company deliberately transitioned away from legacy revenue streams. Gross profit declined 15.8% YoY to $51.2M and adjusted EBITDA for the year was a loss of $9.0M (≈ -4.3% of revenue). Net losses remained (Q4 net loss $4.1M vs $3.4M prior-year quarter).
Read all updates
Q4-2025 Updates
Positive
Negative
Commerce Media Solutions Revenue Surge
Commerce Media Solutions (CMS) revenue nearly doubled year-over-year: Q4 CMS revenue was $34.7M (+101% vs Q4 2024) and full-year CMS revenue grew 99% YoY to $82.3M. CMS contributed 56% of total Q4 consolidated revenue (up from 26% in Q4 2024 and 10% in Q4 2023) and reached a year-end 2025 annual run rate of ~$105M (up from $85M at end of Q3). Management reported double- to triple-digit YoY CMS growth for 8 consecutive quarters and expects strong double-digit YoY growth to continue in 2026.
Read all positive updates
Company Guidance
Fluent guided that 2026 should mark a return to growth, forecasting double‑digit consolidated revenue growth on continuing businesses (excluding the recently sold Call Solutions), with Q1 revenue roughly flat year‑over‑year, accelerating to double‑digit YoY growth in the second half and delivering double‑digit aggregate growth for the full year; Commerce Media Solutions (CMS) is expected to grow “strong double digits” (management quantified this as greater than 50% but less than 100%), building on a $105M CMS annual run‑rate at year‑end 2025 (Q4 CMS revenue $34.7M, +101% YoY, +85% sequential; CMS was 56% of Q4 revenue), while gross margins are expected to normalize and expand to the mid‑20s over 2026 (CMS gross margin normalizing to mid‑20s) and the company does not expect to be adjusted‑EBITDA‑positive in 2026 but does expect improved adjusted EBITDA versus 2025 (FY2025 adjusted EBITDA loss $9.0M; Q4 adjusted EBITDA $0.2M); management cited strengthened liquidity (cash $12.9M, net debt $30.8M, >$19M equity raised in 2025 and a covenant‑free financing facility) to support the plan.Fluent Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
32
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 208.76M | 254.62M | 298.40M | 361.13M | 329.25M |
| Gross Profit | 41.49M | 60.80M | 78.52M | 93.65M | 85.53M |
| EBITDA | -9.80M | -16.41M | -49.25M | -106.38M | 5.54M |
| Net Income | -27.17M | -29.28M | -63.22M | -123.33M | -10.06M |
Balance Sheet | |||||
| Total Assets | 89.13M | 93.62M | 111.87M | 183.97M | 318.18M |
| Cash, Cash Equivalents and Short-Term Investments | 12.94M | 9.44M | 15.80M | 25.55M | 34.47M |
| Total Debt | 37.67M | 37.42M | 34.48M | 46.73M | 53.25M |
| Total Liabilities | 70.92M | 68.66M | 77.46M | 90.01M | 104.77M |
| Stockholders Equity | 18.21M | 24.95M | 34.40M | 93.95M | 213.41M |
Cash Flow | |||||
| Free Cash Flow | -1.54M | -20.32M | 2.27M | -2.44M | 9.43M |
| Operating Cash Flow | -1.47M | -14.10M | 8.14M | 1.96M | 12.42M |
| Investing Cash Flow | -6.37M | -6.21M | -7.11M | -5.44M | -2.99M |
| Financing Cash Flow | 10.79M | 15.21M | -10.77M | -5.45M | 2.47M |
Fluent Technical Analysis
Neutral
3.11
Price Trends
3.41
Negative
2.89
Positive
2.52
Positive
Market Momentum
-0.04
Positive
41.27
Neutral
22.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNT, the sentiment is Neutral. The current price of 3.11 is below the 20-day moving average (MA) of 3.38, below the 50-day MA of 3.41, and above the 200-day MA of 2.52, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 41.27 is Neutral, neither overbought nor oversold. The STOCH value of 22.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FLNT.
Fluent Risk Analysis
Fluent disclosed 30 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% | |
50 Neutral | $70.70M | -13.92 | -15.09% | ― | -4.32% | -13.99% | |
47 Neutral | $92.71M | -2.29 | -134.23% | ― | -18.94% | 37.05% | |
44 Neutral | $28.84M | -7.12 | -44.34% | ― | 25.10% | 50.62% | |
42 Neutral | $2.02M | -0.06 | ― | ― | -62.46% | -12.90% | |
41 Neutral | $17.87M | -27.44 | -26.62% | ― | -11.07% | 82.06% | |
| ― | $2.97M | -22.59 | -194.72% | ― | -11.51% | 74.52% |
* 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.