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Fluent
(NASDAQ:FLNT)
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Rating:46Neutral
Price Target:
$3.00
▼(-22.68% Downside)
Action:Reiterated
Date:10/06/26
The score is held down primarily by weak financial performance (ongoing losses, negative cash flow, and high leverage) and bearish technicals (below major moving averages with negative MACD). These are partially offset by a more constructive earnings-call outlook driven by rapid Commerce Media Solutions growth and margin improvement, while valuation remains constrained by unprofitability and no dividend support.
Positive Factors
Commerce Media growth
Rapid CMS growth and its increasing share of revenue indicate a meaningful shift toward Fluent’s expanding commerce media business. Ten consecutive quarters of high double-digit to triple-digit growth could improve scale, diversify the revenue base, and support stronger operating performance over the next several quarters.
Negative Factors
Persistent unprofitability
Fluent remains unprofitable despite year-over-year improvement in net loss and adjusted EBITDA. Continued losses reduce internally generated capital available for investment, while the expectation of positive adjusted EBITDA only in Q4 leaves execution dependent on sustained growth and further cost or margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Commerce Media growth
Rapid CMS growth and its increasing share of revenue indicate a meaningful shift toward Fluent’s expanding commerce media business. Ten consecutive quarters of high double-digit to triple-digit growth could improve scale, diversify the revenue base, and support stronger operating performance over the next several quarters.
Read all positive factors
Fluent (FLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$87.87M
Dividend YieldN/A
Average Volume (3M)36.86K
Price to Earnings (P/E)―
Beta (1Y)1.13
Revenue Growth-12.05%
EPS Growth43.57%
CountryUS
Employees186
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.77
Shares Outstanding31,607,086
10 Day Avg. Volume31,957
30 Day Avg. Volume36,864
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 Cap1.65
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit2.93
Enterprise Value/Ebitda-11.73
Forecast
1Y Price Target
$5.00Price Target Upside28.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.36
Revenue Forecast (FY)$213.37M
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
Fluent primarily makes money by running performance marketing campaigns for advertisers and monetizing consumer traffic/leads generated through its platform. Key revenue streams include: (1) Performance-based advertiser spend: Fluent earns revenue...
Fluent Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum driven by Commerce Media Solutions: substantial 90% YoY CMS revenue growth, margin expansion, improved adjusted EBITDA and notable partnerships (CVS, Bilt) that expand addressable markets. At the same time, the company remains a net‑loss operator with limited cash on hand, a 24% decline in owned & operated revenue, reliance on receivables financing, and an in‑store initiative that won’t materially contribute until 2027. Overall the positive growth, improving profitability trends, and strategic partner momentum materially outweigh the liquidity and legacy‑business challenges, but investors should watch cash/working capital and execution of the in‑store rollout.Positive Updates
Return to Year‑Over‑Year Revenue Growth
Total consolidated revenue of $48.4M in Q2 2026, up 8% year‑over‑year on a reported basis and up 25% year‑over‑year on an aggregate continuing‑business basis (excluding divestitures).
Negative Updates
Ongoing Net Loss and Negative EBITDA
Reported net loss of $6.2M in Q2 2026 (improved from $7.2M prior year) and adjusted EBITDA remains negative at approximately $1.8M, although improved sequentially; company expects Q4 to be positive but Q3 guidance not provided.
Read all updates
Q2-2026 Updates
Positive
Negative
Return to Year‑Over‑Year Revenue Growth
Total consolidated revenue of $48.4M in Q2 2026, up 8% year‑over‑year on a reported basis and up 25% year‑over‑year on an aggregate continuing‑business basis (excluding divestitures).
Read all positive updates
Company Guidance
Management reiterated expectations for double-digit consolidated revenue growth on an aggregate continuing‑business basis for full‑year 2026 and said it expects to maintain the Q2 gross‑margin expansion (Q2 consolidated gross profit $14.0M, 28.9% of revenue) as higher‑margin Commerce Media (CMS) becomes a larger share of the mix (CMS revenue grew 90% YoY to $30.5M, now 63% of total revenue, with an annualized CMS run rate >$125M); CMS gross profit was $8.2M (≈27% of CMS revenue) and CMS media margin $10.5M (34% of CMS revenue), while company media margin was $17.5M (36% of revenue); management expects continued improvement in adjusted EBITDA from a Q2 adjusted EBITDA loss of ≈$1.8M (−4% margin) with a positive adjusted EBITDA anticipated in Q4, and reiterated that in‑store commerce will be tested in H2 2026 (no meaningful 2026 contribution, material impact expected in 2027); key balance‑sheet metrics to watch: cash $6.9M, accounts receivable $39.4M, operating cash flow ≈$0.3M YTD, and short‑term debt reduced to $26.8M.Fluent Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 202.15M | 208.76M | 254.62M | 298.40M | 361.13M | 329.25M |
| Gross Profit | 49.56M | 41.49M | 60.80M | 78.52M | 93.65M | 85.53M |
| EBITDA | -12.39M | -14.34M | -16.41M | -49.25M | -106.38M | 5.54M |
| Net Income | -23.21M | -27.17M | -29.28M | -63.22M | -123.33M | -10.06M |
Balance Sheet | ||||||
| Total Assets | 75.13M | 89.13M | 93.62M | 111.87M | 183.97M | 318.18M |
| Cash, Cash Equivalents and Short-Term Investments | 6.88M | 12.94M | 9.44M | 15.80M | 25.55M | 34.47M |
| Total Debt | 34.60M | 37.67M | 37.42M | 34.48M | 46.73M | 53.25M |
| Total Liabilities | 67.03M | 70.92M | 68.66M | 77.46M | 90.01M | 104.77M |
| Stockholders Equity | 8.10M | 18.21M | 24.95M | 34.40M | 93.95M | 213.41M |
Cash Flow | ||||||
| Free Cash Flow | -7.46M | -1.54M | -20.32M | 2.27M | -2.44M | 9.43M |
| Operating Cash Flow | -4.20M | -1.47M | -14.10M | 8.14M | 1.96M | 12.42M |
| Investing Cash Flow | -6.14M | -6.37M | -6.21M | -7.11M | -5.44M | -2.99M |
| Financing Cash Flow | 10.61M | 10.79M | 15.21M | -10.77M | -5.45M | 2.47M |
Fluent Technical Analysis
Negative
3.88
Price Trends
3.32
Negative
3.31
Negative
3.26
Negative
Market Momentum
-0.17
Negative
40.05
Neutral
74.11
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 3.88 is above the 20-day moving average (MA) of 2.89, above the 50-day MA of 3.32, and above the 200-day MA of 3.26, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 40.05 is Neutral, neither overbought nor oversold. The STOCH value of 74.11 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% | |
51 Neutral | $29.52M | -5.18 | -30.13% | 10.90% | -11.62% | -87.59% | |
51 Neutral | $56.75M | -10.08 | -18.24% | 17.73% | -7.47% | -16.48% | |
46 Neutral | $87.87M | -3.61 | -151.70% | ― | -12.05% | 43.57% | |
43 Neutral | $6.85M | -1.38 | -43.78% | ― | -46.61% | 7.26% | |
40 Underperform | $200.68K | -0.02 | 570.82% | ― | -15.24% | 61.99% | |
31 Underperform | $2.92M | -3.37 | -24.46% | ― | 1.56% | 86.27% |
* Communication Services Sector Average
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Fluent Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Fluent Expands Receivables Financing Capacity to Boost Liquidity
Positive
Oct 5, 2026
On September 30, 2026, Fluent, Inc. and its wholly owned subsidiaries amended their existing Accounts Receivable Finance Agreement with CSNK Working Capital Finance Corp. to raise the maximum aggregate advance from $30 million to $35 million. 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.