Fluent (FLNT) AI Stock Analysis

• Market Cap: $94.24M
• Dividend Yield: N/A
• Average Volume (3M): 44.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.40
• Revenue Growth: -18.94%
• EPS Growth: 37.05%
• Country: US
• Employees: 208
• Sector: Communication Services
• Sector Strength: 97
• Industry: Advertising Agencies
• EPS (TTM): -0.23
• Shares Outstanding: 29,635,866
• 10 Day Avg. Volume: 25,861
• 30 Day Avg. Volume: 44,252
• PEG Ratio: 0.02
• Price to Book (P/B): 1.64
• Price to Sales (P/S): 0.16
• P/FCF Ratio: -2.02
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 0.32
• Enterprise Value/Gross Profit: 1.47
• Enterprise Value/Ebitda: -5.71
• 1Y Price Target: $2.50
• Price Target Upside: -16.94% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $3.00 ▼(-0.33% Downside)

The score is held back primarily by weak financial performance (declining revenue, ongoing losses, negative cash flow, and high leverage). Technicals are supportive with price above key moving averages and positive MACD, and the earnings call adds moderate optimism due to rapid commerce media growth and guidance toward positive adjusted EBITDA, but the ongoing consolidated revenue declines and recent EBITDA losses keep the overall profile cautious.

Positive Factors

Commerce Media Revenue Growth

A sustained pivot into commerce media that grew >80% YoY and now represents a large share provides a durable revenue engine. The segment's higher growth and expanding contribution reduce reliance on declining channels and creates a scalable, data-driven service offering with recurring enterprise demand.

Strategic Partnerships

Partnerships with large technology and brand partners validate Fluent's commerce media strategy, improve product distribution and data capabilities, and increase stickiness with enterprise clients. These alliances support sustained client wins and higher-margin solutions over multiple quarters.

Equity Capital Raise

A $10.3M equity infusion materially improves liquidity and reduces near-term refinancing pressure, enabling investment in growth initiatives. Stronger capital structure supports execution of the commerce media pivot and provides runway to reach positive adjusted EBITDA targets.

Negative Factors

Consolidated Revenue Decline

A material drop in consolidated revenue reflects loss of scale and weak demand in legacy channels. Declining top line reduces operating leverage, pressures gross margins and investment capacity, and makes profitability targets harder to sustain without consistent new-segment growth.

Negative Operating and Free Cash Flow

Persistent negative operating and free cash flows limit internal funding for marketing and product investment, increase reliance on external financing, and elevate liquidity risk. This constrains the company's ability to scale commerce media profitably without recurring capital support.

Elevated Financial Leverage

A debt-to-equity ratio near 1.4 amid negative earnings increases financial rigidity. Elevated leverage raises interest and covenant risk, reduces flexibility for strategic spending, and magnifies downside if revenue or cash flow recovery stalls over the coming quarters.

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 which the company connects its advertiser clients with consumers. The company also delivers data and performance-based marketing executions to approximately 500 consumer brands, direct marketers, and agencies across a range of industries, including financial products and services, media and entertainment, health and wellness, retail and consumer, and staffing and recruitment. Fluent, Inc. is headquartered in New York, New York.

How the Company Makes Money

Fluent generates revenue primarily through its performance-based marketing services. The company earns money by charging clients for leads generated through its marketing campaigns, which are often billed on a cost-per-action (CPA) basis. This means that clients pay Fluent when a specific action, such as a completed form or sale, occurs as a result of its marketing efforts. Additionally, Fluent may have partnerships with various advertisers and brands, enhancing its ability to reach diverse audiences and providing clients with valuable insights and analytics. The company's revenue model is also supported by recurring partnerships with large enterprises, which often leads to stable revenue streams through long-term contracts and collaboration on marketing initiatives.

Fluent Financial Statement Overview

Summary

Fluent's financial performance is concerning, with declining revenues, negative profitability, high leverage, and cash flow inefficiencies. These issues suggest a need for strategic restructuring to improve financial stability.

Income Statement

Fluent's income statement reveals declining revenue and negative profitability metrics. The TTM data shows a revenue decline of 7.6%, with negative EBIT and net profit margins indicating operational challenges. The gross profit margin has decreased over time, reflecting reduced efficiency in cost management. Overall, the income statement suggests significant financial difficulties and a need for strategic improvements.

Balance Sheet

The balance sheet indicates a high debt-to-equity ratio of 1.39 in the TTM period, suggesting financial leverage concerns. The return on equity is negative, highlighting profitability issues. The equity ratio has decreased, indicating a shrinking equity base relative to assets. These factors point to financial instability and potential risks in maintaining financial health.

Cash Flow

Cash flow analysis shows negative operating and free cash flows in the TTM period, with a slight improvement in free cash flow growth. However, the operating cash flow to net income ratio is low, indicating inefficiencies in converting income into cash. The free cash flow to net income ratio is negative, further emphasizing cash flow challenges. Overall, the cash flow statement reflects liquidity issues and operational inefficiencies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	212.35M	254.62M	298.40M	361.13M	329.25M	310.72M
Gross Profit	46.49M	60.80M	78.52M	93.65M	85.53M	95.58M
EBITDA	-11.94M	-16.41M	-49.25M	-106.38M	5.54M	23.68M
Net Income	-26.25M	-29.28M	-63.22M	-123.33M	-10.06M	2.21M
Balance Sheet
Total Assets	76.06M	93.62M	111.87M	183.97M	318.18M	310.22M
Cash, Cash Equivalents and Short-Term Investments	9.25M	9.44M	15.80M	25.55M	34.47M	21.09M
Total Debt	29.31M	37.42M	34.48M	46.73M	53.25M	50.16M
Total Liabilities	54.47M	68.66M	77.46M	90.01M	104.77M	93.33M
Stockholders Equity	21.59M	24.95M	34.40M	93.95M	213.41M	216.88M
Cash Flow
Free Cash Flow	-9.75M	-20.32M	2.27M	-2.44M	9.43M	17.45M
Operating Cash Flow	-6.65M	-14.10M	8.14M	1.96M	12.42M	20.30M
Investing Cash Flow	-6.37M	-6.21M	-7.11M	-5.44M	-2.99M	-4.27M
Financing Cash Flow	15.14M	15.21M	-10.77M	-5.45M	2.47M	-13.62M

Fluent Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 3.01 is above the 20-day moving average (MA) of 2.67, above the 50-day MA of 2.24, and above the 200-day MA of 2.18, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 60.51 is Neutral, neither overbought nor oversold. The STOCH value of 63.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLNT.

Fluent Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
MCHX	55 Neutral	$76.53M	-15.68	-14.61%	―	-4.32%	-13.99%
FLNT	52 Neutral	$94.24M	-2.63	-127.41%	―	-18.94%	37.05%
INUV	50 Neutral	$49.81M	-10.01	-38.21%	―	25.10%	50.62%
HHS	47 Neutral	$22.54M	-4.28	-26.62%	―	-11.07%	82.06%
DRCT	39 Underperform	$2.40M	-0.02	―	―	-62.46%	-12.90%
VSME	31 Underperform	$4.26M	-1.11	-194.72%	―	-11.51%	74.52%

Fluent Corporate Events

Fluent Secures New $30M Finance Agreement

On November 25, 2025, Fluent, Inc. and its subsidiary entered into a $30 million Accounts Receivable Finance Agreement with Bay View Funding, secured by the company’s assets and subject to a 36-month term. This agreement allows Fluent to leverage its domestic and foreign accounts receivable for financing, potentially enhancing liquidity and operational flexibility. The following day, November 26, 2025, Fluent terminated its previous credit agreement with SLR Credit Solutions, incurring a $1 million early termination fee, which resulted in the release of all liens and security interests associated with the SLR Credit Agreement.

The most recent analyst rating on (FLNT) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Fluent stock, see the FLNT Stock Forecast page.