Fluent, Inc. (FLNT)

In the past six months, Fluent, Inc.'s stock has experienced a decline. As of November 21, 2025, the share price was $1.87, down from $2.80 on November 25, 2024. Similarly, on October 31, 2025, the share price was $2.13, a decline of 29.93% from $3.04 on November 1, 2024. The company's strategic pivot towards Commerce Media Solutions has been a key theme in recent earnings calls. In Q3 2025, Fluent announced its financial results, with Commerce Media Solutions' annual revenue run rate exceeding $85 million and representing 40% of consolidated revenue. Despite challenges, the company secured new partnerships with Databricks and Authentic Brands Group and completed a $10.3 million equity raise. The company reported a GAAP net loss of $7.6 million for Q3 2025 and an adjusted EBITDA loss of $3.4 million, but management is guiding for a return to adjusted EBITDA profitability in Q4 2025 and full-year double-digit consolidated revenue growth and adjusted EBITDA profitability in 2026. In Q2 2025, Fluent reported revenue of $44.7 million, a 19% decline from Q1 2025, however, Commerce Media Solutions revenue grew 121% year-over-year. The company reported a net loss of $7.2 million and an adjusted EBITDA loss of $2.8 million for the quarter. Management emphasized that the shift to commerce media is at an inflection point, with expectations for adjusted EBITDA to turn positive in Q4 2025 and achieve full-year profitability in 2026. In Q1 2025, Fluent reported a 16% revenue drop compared to the prior year, with total revenue at $55.2 million. Owned and operated revenue decreased by 30%, while Commerce Media Solutions revenue increased by 99% to $12.7 million. The company reported a net loss of $8.3 million and an adjusted EBITDA loss of $3.1 million. Fluent also significantly reduced its total debt from $35.6 million to $25.6 million. Fluent shares underwent a 1-for-6 reverse stock split on April 12, 2024.

Specific information regarding the demand seasonality for Fluent, Inc.'s products and services was not explicitly detailed in the provided search results. However, as a digital marketing and commerce media solutions provider, demand for its services could potentially be influenced by broader advertising and retail spending trends, which often see increased activity during holiday seasons and other peak consumer spending periods. The company's focus on connecting brands with consumers at key purchase moments suggests a tie to consumer purchasing cycles.

Fluent, Inc. is a commerce media solutions provider connecting brands with engaged consumers through performance-driven advertisements, operating in the Communication Services sector, specifically the Advertising Agencies industry. The company leverages data and technology to deliver measurable marketing outcomes, focusing on data-driven insights and performance-based revenue. Fluent is shifting its focus from its legacy Owned and Operated (O&O) segment to its high-growth Commerce Media Solutions (CMS) segment. The CMS segment focuses on placing advertisements at key points in the customer journey, primarily post-transaction, and monetizing exclusive ad inventory and proprietary first-party data to drive customer acquisition for advertisers and unlock new revenue streams for media partners. In Q3 2025, CMS revenue surged 81% year-over-year, representing 40% of consolidated revenue. The company also offers customer acquisition services through digital marketing campaigns, consumer data via various channels, programmatic data offerings, call solutions, and social media campaigns through Adparlor. Fluent serves a wide range of industries, including financial products and services, media and entertainment, health and wellness, retail and consumer, and staffing and recruitment.

Fluent, Inc. provides digital marketing services in the United States and internationally. The company generates 67.8% of its total revenue from the United States, with the remaining 32.2% from non-US markets. Fluent is headquartered in New York, New York.

In the past year, Fluent, Inc. has received positive recognition for its workplace environment and has highlighted the effectiveness of its commerce media solutions through research. Fluent, Inc. was named to Crain's New York Business 2025 Best Places to Work List, indicating a positive internal reputation and work culture. Fluent released a survey revealing that post-purchase ads enhance the shopping experience and drive customer loyalty. Key findings showed that 57% of shoppers discovered new products through these ads, and 63% of regular recipients reported an enhanced shopping experience. No significant negative events impacting Fluent, Inc.'s brand reputation in the past year were found in the search results.

Fluent, Inc.'s ownership structure is characterized by a significant concentration of shares held by company insiders (executives and directors), who control the largest single block of shares. Insider ownership stands at 44.94% or 12.81 million shares. The company has 48 institutional owners and shareholders who have filed 13D/G or 13F forms, holding a total of 6,966,040 shares. Some of the major institutional owners include Global Value Investment Corp., Bleichroeder LP, Tieton Capital Management, LLC, Vanguard Group Inc, Mink Brook Asset Management LLC, BlackRock, Inc., Geode Capital Management, Llc, CacheTech Inc., and Susquehanna International Group LLP.