Fluent, Inc.

Listed Company

FLNTCIK 0001460329NasdaqNon-AcceleratedSmaller ReportingServices-AdvertisingDelawareFY ends Dec 31

Period

FY 2025

Revenue

$208.76M

Net Income

—

Total Assets

—

Equity

—

Shares Out

29.82M

Op. Cash Flow

$-1.47M

Business

Fluent, Inc. is a commerce media solutions provider that connects brands with engaged consumers through performance-based digital marketing and first-party data. It offers customer acquisition services, a commerce media marketplace, owned and operated digital media properties that collect opt-in consumer data, call center-supported call solutions, and managed social media/creator marketing via AdParlor. Key business segments include Commerce Media Solutions, O&O Sites, Call Solutions, and AdParlor as a non-core managed service. Fluent distributes offerings across partner sites and mobile apps, retailers’ e-commerce platforms, its own sites, and call and programmatic channels in the U.S., U.K., Canada, and Australia.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	209	255	298	361	329
Cost of revenue (exclusive of depreciation and amortization)	158	194	220	267	244
Sales and marketing	14	17	19	17	13
Product development	12	17	18	18	16
General and administrative	35	38	35	53	48
Depreciation and amortization	10	10	11	13	13
Goodwill and intangible assets impairment	774,000	2	55	111	354,000
Total costs and expenses	229	278	359	481	334
Loss from operations	−20	−24	−60	−120	−5
Interest expense, net	−3	−5	−3	−2	−2
Fair value adjustment of Convertible Notes, with related parties	−14,000	−2	0	—	—
Loss on early extinguishment of debt	−4	−1	0	0	−3
Loss before income taxes	−27	−31	−63	−122	−10
Income tax benefit	2,000	2	116,000	−2	−246,000
Net loss	−27	−29	−63	−123	−10
Basic (in dollars per share)	−1.05	−1.8	−4.59	−1.51	−0.13
Diluted (in dollars per share)	−1.05	−1.8	−4.59	−1.51	−0.13
Basic (in shares)	26	16	14	81	80
Diluted (in shares)	26	16	14	81	80

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	13	9	16	26	34
Accounts receivable, net of allowance for credit losses of $163 and $487, respectively	47	47	—	—	—
Prepaid expenses and other current assets	8	9	6	4	3
Current restricted cash	0	1	—	—	0
Total current assets	67	66	78	92	107
Non-current restricted cash	710,000	0	—	—	—
Property and equipment, net	104,000	304,000	591,000	964,000	1
Operating lease right-of-use assets	3	2	3	5	7
Intangible assets, net	17	22	27	29	36
Other non-current assets	715,000	4	1	2	2
Total assets	89	94	112	184	318
Accounts payable	7	9	11	6	16
Accrued expenses and other current liabilities	25	22	31	36	34
Deferred revenue	721,000	556,000	430,000	1	651,000
Short-term debt, net	31	32	5	5	5
Current portion of operating lease liability	1	2	2	2	2
Total current liabilities	65	65	49	50	58
Long-term debt, net	0	250,000	25	36	40
Convertible Notes, at fair value with related parties	4	4	0	—	—
Operating lease liability, net	2	9,000	2	4	6
Other non-current liabilities	168,000	1,000	1	458,000	811,000
Total liabilities	71	69	77	90	105
Contingencies (Note 15)	—	—	—	—	—
Preferred stock $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding 0 shares for both periods	0	0	0	0	0
Common stock $0.0005 par value, 200,000,000 Shares authorized; Shares issued 30,404,779 and 20,791,431, respectively; and Shares outstanding 29,636,184 and 20,022,836, respectively	53,000	47,000	43,000	42,000	42,000
Treasury stock, at cost 768,595 and 768,595 shares, respectively	−11	−11	−11	−11	—
Additional paid-in capital	468	447	427	423	419
Accumulated deficit	−438	−411	−382	−318	−195
Total shareholders equity	18	25	34	94	213
Total liabilities and shareholders' equity	89	94	112	184	318

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash loan amortization expense	666,000	1	426,000	265,000	432,000
Non-cash gain on contingent consideration	0	−250,000	0	—	—
Non-cash loss on early extinguishment of debt	4	1	0	0	2
Share-based compensation expense	2	2	4	4	5
Goodwill impairment	0	1	55	111	0
Impairment of intangible assets	774,000	980,000	0	—	—
Non-cash loss on asset write-off	698,000	0	—	—	—
Allowance for credit losses	53,000	401,000	124,000	450,000	91,000
Deferred income taxes	140,000	−276,000	−145,000	−225,000	198,000
Accounts receivable	−256,000	9	7	7	−8
Prepaid expenses and other current assets	3	−3	−3	−917,000	−70,000
Other non-current assets	3	−51,000	325,000	162,000	−326,000
Operating lease assets and liabilities, net	−47,000	−325,000	−330,000	−184,000	−183,000
Accounts payable	−2	−2	5	−10	8
Accrued expenses and other current liabilities	3	−6	−6	477,000	−636,000
Deferred revenue	165,000	313,000	−584,000	139,000	−722,000
Other	−1,000	−1	−1	−128,000	−156,000
Net cash used in operating activities	−1	−14	8	2	12
Capitalized costs included in intangible assets	−6	−6	−6	−4	−3
Acquisition of property and equipment	−69,000	−13,000	−25,000	−17,000	−36,000
Net cash used in investing activities	−6	−6	−7	−5	−3
Proceeds from issuance of short and long term debt	103	65	0	0	50
Repayments of long-term debt	−110	−68	−10	−5	−47
Debt financing costs	−1	−2	−532,000	0	—
Proceeds from issuance of common stock and warrants	19	13	0	—	—
Proceeds from exercise of warrants	0	2,000	0	—	—
Proceeds from Convertible Notes, with related parties	0	2	0	—	—
Net cash provided by financing activities	11	15	−11	−5	2
Net increase (decrease) in cash, cash equivalents, and restricted cash	3	−5	−10	−9	12
Cash paid for interest	3	4	3	2	2
Cash refunded for income taxes, net	−69,000	−323,000	−272,000	1	356,000
Share-based compensation capitalized in intangible assets	37,000	48,000	94,000	97,000	117,000
Long-term debt issuance	0	2	0	—	—
Consideration for True North	0	989,000	0	—	—

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