Fluent Inc (NASDAQ: FLNT) is a digital media and data company that operates owned-and-operated consumer registration sites and a Commerce Media Solutions business to connect advertisers with consumers. Revenue comes from selling first-party consumer data records and performance-based customer acquisition services to advertiser clients, with media partners compensated on revenue-share or impression terms. The company generated $208.8 million in revenue for FY2025, down 18% from $254.6 million in FY2024, and reported a net loss of $27.2 million for FY2025. As of the 10-K filed March 31, 2026, management disclosed substantial doubt about the company's ability to continue as a going concern. Fluent's O&O Sites attract consumers through promotional offerings; over 90% of registered users engage via mobile devices or tablets as of the filing date. The Commerce Media Solutions segment embeds proprietary ad-serving technology on partner sites and apps, including a post-transaction placement product that targets consumers immediately after an e-commerce purchase.

Revenue model

Fluent earns revenue through two primary channels: selling opted-in consumer data records sourced from its owned-and-operated registration sites to clients for direct marketing campaigns, and providing Commerce Media Solutions by embedding ad-serving technology on partner websites and apps under exclusive agreements with one-to-five year terms, compensating media partners on a revenue-share and/or impression basis. A smaller programmatic data offering, active since 2018, provides anonymized audience segments within programmatic environments.

Products and services

Owned-and-operated consumer registration sites (O&O Sites) that collect first-party, self-declared consumer data; Commerce Media Solutions including a post-transaction advertising placement product embedded on e-commerce partner sites and apps; programmatic data offerings providing declared and modeled audience segments for advertisers including those in the healthcare industry.

Customers and end markets

Advertiser clients seeking performance-based customer acquisition and direct marketing data, including brands in healthcare and e-commerce end markets. Media partners hosting Commerce Media Solutions placements on their sites and apps. Consumers are end-users who register on O&O Sites in exchange for promotional rewards.

Value-chain role

Fluent sits between media supply (its own O&O Sites and third-party publisher inventory) and advertiser demand, acting as a data collector, audience aggregator, and performance marketing intermediary. It owns the consumer registration and consent layer, which generates first-party data records sold directly to clients.

Geographic exposure

The filing references domestic and foreign accounts receivable under its financing agreement but does not provide a specific geographic revenue breakdown.

Source: SEC 10-K, filed 2026-03-31

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