FLNT · Fluent, Inc.

Fluent's Q1 2026 results reflect a strategic pivot toward Commerce Media Solutions, which surged 104% year-over-year to $25.9 million, comprising 58% of total revenue compared to 23% in the prior year. This growth offset a 50% plunge in Owned and Operated revenue to $15.7 million and the full-year impact of divesting Call Solutions in January 2026, resulting in consolidated revenue of $44.9 million, down 19% from $55.2 million. CEO Don Patrick highlighted new partnerships with Wyndham Hotels & Resorts and Squire, expanding into travel, hospitality, and appointment-based verticals, signaling broadening applicability of their platform. Gross profit (excluding D&A) fell 12% to $10.0 million (22% of revenue), but Commerce Media Solutions delivered $5.0 million (19% margin), up 78% YoY. Media margin rose 2% to $14.0 million (31% of revenue), with the segment contributing $7.7 million (30% margin, +149% YoY). Net loss improved to $5.4 million ($0.17/share) from $8.3 million ($0.39/share), while Adjusted EBITDA loss widened slightly to $3.6 million from $3.1 million. Balance sheet shows cash at $10.3 million (down from $12.9 million at year-end), with operating cash flow of $5.1 million supporting operations amid $1.5 million in intangibles capex. Management's outlook points to full-year double-digit revenue growth from continuing businesses and Adjusted EBITDA improvement, underpinned by a Commerce Media Solutions run rate exceeding $110 million and goals to lift segment margins to mid-twenties percent through scaling and partner expansion.