Key Highlights

  • Third-quarter 2026 Revenue rose 14% to USD 53.6 million from USD 47.0 million.
  • Net loss was USD 3.1 million, or USD 0.10 per basic share.
  • Media Margin increased 48% to USD 18.9 million, or 35% of revenue.
  • Adjusted EBITDA was USD 0.0 million, against negative USD 3.4 million.

Fluent (NASDAQ:FLNT) reported third-quarter 2026 revenue of USD 53.6 million, up 14% from USD 47.0 million, against an estimate of USD 50.08 million. Adjusted net loss was USD 0.08 per share, against an estimate of a loss of USD 0.09, while the net loss was USD 0.10 per basic share. The company operates a commerce media Business that connects advertisers with media partners.

Quarterly Results

Net loss was USD 3.1 million, against USD 7.6 million, or USD 0.27 per share, in the third quarter of 2025. Gross profit, exclusive of Depreciation and amortization, increased 41% to USD 15.3 million, or 28% of revenue, from USD 10.9 million, or 23% of revenue. Media margin, a non-GAAP measure, increased 48% to USD 18.9 million, or 35% of revenue, from USD 12.8 million, or 27%.

Adjusted EBITDA was USD 0.0 million, against negative USD 3.4 million. Adjusted net loss was USD 2.5 million, or USD 0.08 per share, against USD 6.5 million, or USD 0.23 per share. Amortization expenses were USD 1,676 thousand, against USD 2,408 thousand.

For the nine months, revenue remained consistent at USD 146.9 million. Net loss was USD 14.7 million, or USD 0.47 per share, against USD 23.0 million, or USD 0.94 per share. Gross Profit increased 21% to USD 39.3 million, media margin increased 31% to USD 50.4 million and Adjusted EBITDA was negative USD 5.0 million, against negative USD 9.2 million.

Commerce Media Strategy

The filing states that, given difficulties in sourcing traffic for its owned and operated digital media properties, the company shifted its strategic focus toward scaling its Commerce Media Solutions business. It states that business operates under exclusive long-term contracts with media partners that generally remunerate the partner on a revenue share basis, and that its predominant use of revenue share agreements reduces media inventory risk and results in a more predictable margin profile.

The company also conducts a non-core business through its Subsidiary Trevant, which offers advertiser clients a managed service for creator Marketing and media buying on social platforms. It states the continued success of Commerce Media Solutions depends on its ability to onboard and retain media partners, achieve favorable Economics under long-term agreements and maintain advertiser demand, and that there can be no assurance of that.

On the call, an analyst asked about the outlook for the fourth quarter and 2027 and the pace of growth in Commerce Media. Management is led by Chief Executive Officer Don Patrick, Chief Financial Officer Ryan Perfit and Chief Strategy Officer Ryan Schulke.

Financing, Balance Sheet and Going Concern

Accounts receivable were USD 26.8 million at September 30, 2026, against USD 28.5 million at December 31, 2025, including unbilled revenue of USD 14.7 million. The filing states there was no remaining goodwill. Scheduled future maturities of outstanding Debt were USD 32.1 million for the remainder of 2026.

The company has continued to receive advances on eligible Accounts Receivable under its financing agreement with Bay View. On September 30, 2026, it entered into an amendment that increased the maximum advance available by USD 5,000 thousand. The filing states the Facility remains uncommitted, with advances typically due within 120 days, and that funding remains subject to Bay View's discretion. In November 2025, the company repaid its SLR Credit facility before maturity, resulting in a debt extinguishment loss of approximately USD 3,759 thousand.

The filing includes a Going Concern evaluation under ASC 205-40, and its Earnings Call remarks refer to the company's ability to continue as a going concern among its risk factors. The company also has an at-the-market agreement with Lake Street under which it pays a commission of 3.0% of gross proceeds.