Fluent, Inc.
- Open
- 3.51
- Day high
- 3.70
- Day low
- 3.43
- Prev close
- 3.51
- Volume
- 14K
- Mkt cap
- $109M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 13.4
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $328K over the last 3 months (3 open-market buys, 2 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Fluent, Inc. (FLNT) is a Communication Services company listed on NASDAQ. The stock is up 58% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 2 sales (SEC Form 4).
Fluent, Inc. (FLNT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FLNT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $-0.15 | $-0.13 | +11.4% | $48M | +9.6% |
| May 13, 2026 | $-0.21 | $-0.19 | +9.5% | $45M | -7.8% |
| Mar 9, 2026 | $-0.08 | $-0.09 | -17.4% | $62M | +16.5% |
| Nov 13, 2025 | $-0.14 | $-0.23 | -64.3% | $47M | -24.8% |
| Aug 19, 2025 | $-0.23 | $-0.24 | -4.3% | $45M | -31.4% |
| May 15, 2025 | $-0.38 | $-0.31 | +18.4% | $55M | +4.4% |
| Feb 28, 2025 | $-0.30 | $-0.18 | +40.0% | $65M | -3.4% |
| Nov 14, 2024 | $-0.08 | $-0.22 | -175.0% | $65M | -5.2% |
| Aug 19, 2024 | $-0.21 | $-0.47 | -123.8% | $59M | -4.8% |
| May 15, 2024 | $-0.05 | $-0.30 | -500.0% | $66M | -0.7% |
| Feb 29, 2024 | $-0.01 | $-0.02 | -42.9% | $73M | +9.4% |
| Nov 14, 2023 | $0.06 | $-0.30 | -600.0% | $66M | -10.6% |
FLNT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | GLOBAL VALUE INVESTMENT CORP.10 percent owner | Option | 78,425 | $0.00 |
| Jun 26, 2026 | GEYGAN JAMESdirector, 10 percent owner: | Option | 67,059 | $0.00 |
| Jun 26, 2026 | GEYGAN JAMESdirector, 10 percent owner: | Option | 11,366 | $0.00 |
| Jun 25, 2026 | Conlin Matthewdirector, 10 percent owner, officer: Chief Customer Officer | Option | 85,714 | $0.00 |
| Jun 25, 2026 | Conlin Matthewdirector, 10 percent owner, officer: Chief Customer Officer | Option | 57,143 | $0.00 |
| Jun 25, 2026 | Conlin Matthewdirector, 10 percent owner, officer: Chief Customer Officer | Option | 454,648 | $0.00 |
| Jun 25, 2026 | Patrick Donald Huntleyofficer: Chief Executive Officer | Option | 14,286 | $0.00 |
| Jun 25, 2026 | Patrick Donald Huntleyofficer: Chief Executive Officer | Option | 12,502 | $0.00 |
| Jun 25, 2026 | Schulke Ryandirector, 10 percent owner, officer: Chief Strategy Officer | Option | 428,571 | $0.00 |
| Jun 25, 2026 | Schulke Ryandirector, 10 percent owner, officer: Chief Strategy Officer | Option | 227,324 | $0.00 |
| Jun 22, 2026 | GEYGAN JAMESdirector, 10 percent owner: | Grant | 30,096 | — |
| Jun 18, 2026 | PFENNIGER RICHARD C JRdirector | Grant | 21,429 | — |
| Jun 18, 2026 | Graff David Allendirector | Grant | 30,096 | — |
| Jun 18, 2026 | Mathis Donald Hdirector | Grant | 30,096 | — |
| Jun 18, 2026 | SHATTUCK KOHN BARBARAdirector | Grant | 30,096 | — |
Source: FLNT SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full FLNT insider & 13F page →Fluent, Inc. company profile
Overview
Fluent, Inc. (NASDAQ:FLNT) is a data-driven digital marketing company founded in 2010 and headquartered in New York, New York. The company went public in December 2007 and operates primarily in the United States digital advertising market. Fluent has undergone significant strategic transformation in recent years, pivoting from traditional customer acquisition services to focus heavily on commerce media solutions, which leverage post-transaction advertising opportunities. The company serves approximately 500 consumer brands, direct marketers, and agencies across various industries including financial services, health and wellness, retail, and entertainment.
Business
Fluent operates in the digital marketing and advertising technology industry, providing data-driven customer acquisition and commerce media services. The digital marketing industry involves helping businesses reach and acquire new customers through various online channels and platforms. Fluent's core business has evolved into two primary segments: Commerce Media Solutions represents the company's fastest-growing segment, accounting for approximately 23% of total revenue as of Q1 2025. This business involves serving targeted advertisements to consumers during post-purchase moments - essentially showing relevant ads to people right after they complete a transaction with a retail partner. For example, after someone buys groceries online, they might see an ad for a meal delivery service or kitchen appliance. Fluent shares revenue with commerce partners like retailers, grocery stores, and quick-service restaurants who integrate Fluent's advertising technology into their checkout and post-purchase experiences. Owned and Operated Marketplaces comprise the traditional customer acquisition business, representing the majority of revenue but declining as the company shifts focus. This segment operates digital marketing campaigns that connect advertiser clients with potential customers through Fluent's own websites and platforms. These marketplaces typically offer rewards, surveys, or other incentives to consumers in exchange for their engagement with advertiser offers across industries like financial services, health and wellness, and retail. The company also operates smaller segments including call solutions (phone-based customer acquisition services) and performance marketing services, though these represent a minor portion of overall revenue. Fluent's strategic pivot toward commerce media reflects the broader industry trend of retailers monetizing their customer data and transaction moments, similar to how Amazon has built a massive advertising business around its e-commerce platform.
Revenue model
Fluent generates revenue through multiple business models depending on the service segment. In its Commerce Media Solutions business, the company operates on a revenue-sharing model with digital commerce partners. When Fluent serves an advertisement during a post-purchase moment on a partner's platform, both Fluent and the partner receive a portion of the advertising revenue paid by the brand advertiser. This model typically generates higher margins (around 33-34%) because Fluent doesn't need to pay media costs to acquire the consumer attention - the partner provides the audience. For the Owned and Operated Marketplaces, Fluent employs a performance-based model where advertiser clients pay based on specific actions like completed applications, phone calls, or other qualified leads. Fluent must invest in media buying to drive traffic to its own platforms, then monetizes that traffic by connecting consumers with advertiser offers. The company earns what it calls "media margin" - the difference between what advertisers pay and what Fluent spends on media acquisition. Several factors significantly impact Fluent's profitability margins. Media costs represent the largest variable expense, particularly for owned and operated businesses. During high-competition periods like political election cycles, digital advertising costs can increase dramatically, compressing margins. Regulatory changes in industries like healthcare and financial services can reduce advertiser demand or require costly compliance modifications. Economic conditions affect both advertiser spending budgets and consumer engagement rates with offers. Platform algorithm changes on social media and search engines can impact traffic acquisition costs and effectiveness. The company's strategic shift toward commerce media solutions aims to reduce exposure to these margin pressures by partnering with commerce platforms rather than competing for media inventory in open markets.
Competitive moat
Fluent's competitive moat appears relatively narrow and primarily stems from its proprietary first-party data accumulated over 14 years of consumer interactions and its developing commerce media platform technology. The company claims its data enables 25% more valuable consumer targeting and 20% higher revenue uplift for partners compared to competitors. However, this advantage is not particularly defensible as other marketing technology companies also accumulate similar consumer data over time. The company's strongest potential moat lies in its commerce media partnerships, particularly the strategic relationship with Rebuy Engine for Shopify merchants. These partnerships create some switching costs for commerce partners who integrate Fluent's advertising technology into their checkout flows. Additionally, Fluent's revenue-sharing model aligns incentives with partners, potentially creating stickier relationships than traditional advertising vendor arrangements. However, Fluent faces significant competitive threats from much larger, well-resourced players. Amazon's advertising platform dominates the commerce media space with superior scale and integration. Google and Meta possess vastly larger datasets and more sophisticated targeting capabilities. Retail media networks from major retailers like Walmart, Target, and others compete directly for the same post-purchase advertising opportunities. The digital marketing industry has relatively low barriers to entry for new technology solutions, and Fluent's small scale limits its ability to compete on pricing or comprehensive service offerings. The company's moat is further weakened by its dependence on third-party platforms and regulatory environments. Changes in privacy regulations, platform policies, or industry compliance requirements can quickly erode competitive advantages. Overall, while Fluent has carved out a niche in commerce media, its competitive position remains vulnerable to larger, better-capitalized competitors and industry disruption.
Risks & safety
Fluent presents significant financial risk with a narrow margin of safety based on current metrics and cash flow patterns. **Cash and Liquidity Concerns:** - Cash position of only $4.8 million as of Q1 2025, down from $9.4 million in Q4 2024 - Negative free cash flow of $20.3 million for full year 2024 - Current ratio of 0.99, indicating potential working capital strain - Debt-to-equity ratio of 1.22, showing leveraged balance sheet **Valuation Metrics:** - Trading at 2.1x book value despite consistent losses - Negative EBITDA of -$6.9 million in Q1 2025 - Enterprise value-to-EBITDA ratio meaningless due to negative EBITDA - Price-to-earnings ratio of -1.4x due to losses **Other Considerations:** - Company has favorable credit facility with SLR providing additional liquidity - Revenue decline of 16% year-over-year in Q1 2025 despite commerce media growth - Dependence on successful execution of strategic pivot to commerce media - Small market capitalization of approximately $40 million increases volatility risk
Recent development
Fluent has undergone a dramatic strategic transformation over the past two years, pivoting from traditional customer acquisition services toward commerce media solutions. This shift began in earnest during 2023 when the company launched its AdFlow platform, which serves targeted advertisements during post-purchase moments on commerce partners' platforms. The commerce media segment has shown explosive growth, expanding from 4% of total revenue in 2023 to 16% in 2024 and reaching 23% by Q1 2025, with the company achieving a $65 million annual run rate. Key strategic developments include the partnership with Rebuy Engine announced in 2025, which provides access to Shopify's extensive merchant ecosystem through the "Rebuy Ads powered by Fluent" solution. This partnership represents a significant expansion opportunity, as Shopify hosts hundreds of thousands of merchants who could potentially integrate Fluent's post-purchase advertising technology. The company has also discontinued its ACA (Affordable Care Act) call solutions business to focus resources on higher-growth opportunities. Fluent has been expanding its commerce media platform across multiple verticals including retail, grocery stores, ticketing platforms, and quick-service restaurants. The company added 15 new commerce media partners in Q3 2024 alone and expects to launch an innovative loyalty solution in 2025 that transforms traditional loyalty programs from cost centers into revenue generators by integrating non-endemic advertising. Management has indicated confidence in achieving triple-digit growth rates in commerce media solutions throughout 2025, targeting what they estimate as a $50-100 billion total addressable market opportunity. The strategic focus has shifted toward building technology and analytics capabilities while leveraging the company's 14-year database of first-party consumer data to deliver superior targeting and performance for commerce partners.
FLNT company profile · for informational purposes only — not investment advice.
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