Fluent Inc

fluentco.com

What Do They Do?

Runs digital customer-acquisition campaigns and sells consumer data to brands, direct marketers and agencies, using its own websites and partner sites and apps to reach consumers.

How Do They Make Money?

Advertisers pay for qualifying consumer data and actions such as clicks, leads, calls and app installs, with fees generally tied to each result. For some health insurance policies, insurers pay commissions monthly as consumers renew; tracked-conversion invoices usually follow the service month.

revenue

Segment	Share	How money arrives
Owned and Operated Usage-based	45%	Usage-based
Commerce Media Solutions Usage-based	39%	Usage-based
Call Solutions Usage-based	12%	Usage-based
AdParlor	3.4%
Product and Service, Other	<0.1%

Who Are Their Customers?

Advertiser clients—consumer brands, direct marketers and agencies—work with Fluent's in-house sales team; their ads reach consumers on Fluent's sites and partner websites and apps.

Do Revenues Turn Into Profits?

No. It lost $27.2M in FY2025.

Operating income, FY2025

−10% of revenue

▼ −14% (Loss) vs FY2024 (−$23.7M, −9%)

Net income, FY2025

−13% of revenue

▼ −7% (Loss) vs FY2024 (−$29.3M, −11%)

Free cash flow, FY2025

−1% of revenue

▼ −89% (Loss) vs FY2024 (−$14.1M, −6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $44.7M in Q2 FY2025
Net income: ▼ −14% (Loss); vs −$7.2M in Q2 FY2025

Owned and Operated share of revenue vs 47.9% in Q2 FY2025

Shrinking. Revenue fell 37% in 4 years, from $329.3M in FY2021 to $208.8M in FY2025, about 11% a year.

Commerce media The earlier report presents post-purchase ads as a newly launched solution; the latest describes a commerce media marketplace on partner sites and apps and a strategic shift toward that business.

Revenue over time

Owned and Operated Commerce Media Solutions Call Solutions AdParlor Product and Service, Other

$500M$250M$0

FY2023 FY2024 FY2025

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