Core Viewpoint - FLINT Corp reported a decrease in revenues year-over-year but achieved improved operating results, demonstrating resilience in its business model and operational strength [3][4]. Financial Performance - Revenue for Q2 2025 was $148.3 million, a decrease of 10.1% from Q2 2024, but an increase of 7.6% from Q1 2025 [8][9]. - Gross profit for Q2 2025 was $18.5 million, up 2.9% from Q2 2024 and up 28.5% from Q1 2025, with a gross profit margin of 12.5% [10][11]. - Adjusted EBITDAS for Q2 2025 was $9.6 million, representing a 16.1% increase from Q2 2024 and an 88.3% increase from Q1 2025, with an Adjusted EBITDAS margin of 6.5% [12][9]. - SG&A expenses for Q2 2025 were $9.4 million, down 7.5% from Q2 2024, maintaining a consistent percentage of revenue [11][9]. Liquidity and Capital Resources - As of June 30, 2025, liquidity, including cash and available credit facilities, was $97.4 million, an increase of 133.5% from $41.7 million in the same period of 2024 [8][9]. - The company has an asset-based revolving credit facility with a maximum borrowing limit of $50 million, maturing on April 14, 2027 [14]. Corporate Updates - The annual meeting of common shareholders was held on June 24, 2025, where the election of directors and the appointment of auditors were approved [19].

Core Points - FLINT Corp. held its annual meeting where all matters presented for approval were approved, with 24,877,170 Common Shares represented, accounting for approximately 22.62% of the issued and outstanding Common Shares [1] - All nominees listed in FLINT's management information circular were elected as directors, with Barry Card, H. Fraser Clarke, Katrisha Gibson, Karl Johannson, Dean T. MacDonald, and Sean D. McMaster receiving significant support [2] - Ernst & Young LLP was appointed as FLINT's auditor until the next annual meeting, with 99.69% of votes in favor of this appointment [2] Company Overview - FLINT Corp. has over 100 years of experience providing solutions for the Energy and Industrial markets, including Oil & Gas, Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure, and Water Treatment [3] - The company offers maintenance, turnaround, construction, wear technology, and environmental services to help customers optimize resource management [3]

Core Insights - Fluent, Inc. has announced the formation of its inaugural Board of Advisors to enhance its commerce media solutions and drive growth and innovation [1][10] - The Board will collaborate with Fluent's executive team to inform strategic decisions, improve brand partnerships, and identify new revenue opportunities in the commerce media sector [2][10] Board Composition - The Board of Advisors includes industry veterans with extensive experience in scaling businesses and digital transformation [3] - Notable members include: - Drew Cashmore, former architect of Walmart Connect, who scaled the business beyond $2 billion [4] - Charlie Cole, a two-time turnaround CEO with expertise in digital transformation and ecommerce [5] - Shawna Hausman, who led a 300% increase in revenue at FSA Store, contributing to its acquisition [6] - Jennifer Olsen, who increased market cap by 40% at Caleres and achieved a 100% revenue increase at UNTUCKit [7] - Brian Wong, a founding partner at Ascii Ventures and co-founder of Kiip, known for his innovative marketing strategies [9] Strategic Goals - The formation of the Board is part of Fluent's strategy to leverage industry expertise for market expansion and innovation in commerce media solutions [10] - Fluent has reported triple-digit year-over-year revenue growth in its unaudited Q4 results, indicating strong momentum in the commerce media space [10][12]

Financial Performance - Revenue decreased 16% to $55.2 million, compared to $66.0 million in the same period last year[156]. - Net loss was $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share[156]. - Gross profit decreased 39% to $11.4 million, representing 21% of revenue, down from $18.6 million, or 28% of revenue[156]. - Adjusted EBITDA was negative $3.1 million, compared to positive $0.7 million in the prior year[156]. - Adjusted net loss for the three months ended March 31, 2025, was $(6.7) million, compared to $(4.2) million in the same period of 2024, with adjusted net loss per share of $(0.31) for both basic and diluted[175]. - The net loss for Q1 2025 was $8.3 million, a 32% increase from the $6.3 million loss in Q1 2024[204][205]. Revenue Breakdown - Owned and operated marketplaces revenue decreased from $44.7 million in Q1 2024 to $31.1 million in Q1 2025, primarily due to reduced media supply[181]. - Commerce Media Solutions revenue increased from $6.4 million in Q1 2024 to $12.7 million in Q1 2025, driven by new long-term contracts with media partners[181]. - Revenue for the three months ended March 31, 2025, was $55.2 million, a decrease of 16% compared to $65.983 million in the same period of 2024[180]. Cost and Expenses - Media margin decreased 38% to $13.7 million, representing 24.9% of revenue, compared to $22.1 million, or 33.6% of revenue[156]. - Cost of revenue (exclusive of depreciation and amortization) for the three months ended March 31, 2025, was $43.8 million, an 8% decrease from $47.3 million in 2024[182]. - Total cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue increased to 79% in Q1 2025 from 72% in Q1 2024[184]. - Sales and marketing expenses for the three months ended March 31, 2025, were $4.1 million, a decrease of 15% from $4.8 million in the same period of 2024[187]. - Product development expenses for the three months ended March 31, 2025, were $4.8 million, an increase of 30% from $3.4 million in 2024[189]. - General and administrative expenses fell by 17% from $10.4 million in Q1 2024 to $8.6 million in Q1 2025, driven by lower salaries and reduced acquisition-related costs[191][192]. Operational Challenges - The company has faced challenges in acquiring and maintaining traffic volume due to the FTC Consent Order, impacting revenue and gross profit[159]. - Current economic conditions, including inflation and rising interest rates, have led to cautious spending from clients and their customers[167]. - Workforce reductions included the termination of 24 employees in Q1 2025, part of a strategy to align resources with strategic initiatives[193]. Cash Flow and Financing - Net cash provided by operating activities increased to $2.1 million in Q1 2025 from a cash used of $0.1 million in Q1 2024, despite a net loss increase to $8.3 million[206]. - Cash used in financing activities rose to $5.2 million in Q1 2025 from $2.2 million in Q1 2024, mainly due to net repayments on the SLR debt revolver[208]. - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash of $6.1 million, down from $10.7 million at the end of 2024[209]. Debt and Compliance - The company faces substantial doubt about its ability to continue as a going concern, indicating potential risks in meeting financial covenants in the next twelve months[210][211]. - As of March 31, 2025, the company was in compliance with the financial covenants under the SLR Credit Agreement[222]. - The company entered into the Fourth Amendment to the SLR Credit Agreement, requiring the raising of at least $5.0 million of additional capital by March 20, 2025[221]. - The current interest rate on borrowings under the SLR Credit Agreement is 10.33%, which is subject to a 1.50% floor plus an Applicable Margin of 5.75%[220]. - The Applicable Margin will be reduced to 5.0% when the fixed charge coverage ratio exceeds 1.10 to 1[220]. Capital Raising - The company raised gross proceeds of $5.1 million from the issuance of pre-funded warrants to purchase up to 2,332,104 shares at a price of $2.174 per warrant on March 20, 2025[223]. - The company raised $5.1 million in gross proceeds before deducting offering expenses of $0.1 million[221].

Group 1 - The conference call is focused on Fluent's First Quarter 2025 Earnings Results, featuring comments from CEO Don Patrick and CFO Ryan Perfit [1] - The call is being webcast live and will be available for replay on Fluent's website [2] - Management will discuss forward-looking statements that may involve risks and uncertainties related to the company's business [3][4] Group 2 - Certain non-GAAP financial information will be presented during the call [5]

Core Viewpoint - Fluent (FLNT) reported a quarterly loss of $0.31 per share, which was better than the Zacks Consensus Estimate of a loss of $0.38, indicating an earnings surprise of 18.42% [1] - The company’s revenues for the quarter were $55.21 million, missing the Zacks Consensus Estimate by 1.57% and down from $65.98 million a year ago [2] Financial Performance - Over the last four quarters, Fluent has surpassed consensus EPS estimates two times [2] - The company has not been able to beat consensus revenue estimates over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $65.76 million, and for the current fiscal year, it is -$0.43 on revenues of $272.6 million [7] Stock Performance - Fluent shares have declined approximately 6.8% since the beginning of the year, while the S&P 500 has gained 0.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Industry Outlook - The Advertising and Marketing industry, to which Fluent belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Fluent's stock performance [5]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $55.2 million, a decrease of 16% year-over-year, with $5.2 million of that decline attributed to exited businesses in 2024 [16][17] - Commerce Media Solutions revenue increased by 99% to $12.7 million, indicating strong growth momentum [17] - Owned and operated revenue decreased by 30% year-over-year to $31.1 million, primarily due to challenges in acquiring media from social media channels [17][18] - Gross margins decreased compared to the prior year due to media cost pressures and a shift in revenue mix [18] - Adjusted EBITDA for Q1 2025 was a loss of $3.1 million, compared to a positive adjusted EBITDA of $0.7 million in Q1 2024 [19][20] - Net loss for Q1 2025 was $8.3 million, compared to a net loss of $6.3 million in the prior year [22] Business Line Data and Key Metrics Changes - Commerce Media Solutions now represents 23% of consolidated revenue, up from 10% a year ago [12] - Media margin for Q1 2025 was $13.7 million, or 24.9% of revenue, down from $22.1 million or 33.6% of revenue in the previous year [18] - Commerce Media gross margin was $3.1 million, or 24.6% of revenues, compared to $2 million or 31.3% of revenues in Q1 2024 [19] Market Data and Key Metrics Changes - The commerce media market is projected to grow to $100 billion over the next five years, accounting for more than 25% of digital media spend by 2026 [10] - The company is navigating cost pressures from international tariffs and broader retail inflation, creating uncertainty in the industry [12][13] Company Strategy and Development Direction - The company is focusing on growth opportunities in commerce media solutions, leveraging its owned and operated marketplaces as a foundation for expansion [5][6] - A strategic partnership with Rebuy Engine aims to enhance revenue opportunities and access a large Shopify ecosystem [6][10] - The company anticipates a shift in revenue mix towards commerce media solutions, which is expected to improve margins over time [9][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to year-over-year consolidated revenue growth and positive adjusted EBITDA in the second half of 2025 [9][12] - The company is optimistic about the growth potential in the commerce media industry, viewing it as a significant opportunity for long-term revenue growth [14][24] - Management acknowledged the challenges posed by economic uncertainty but believes that new commerce partners will help offset potential declines in consumer spending [51] Other Important Information - The company ended Q1 2025 with $6.1 million in cash and cash equivalents and reduced total debt to $25.6 million [22][23] - The company is strategically utilizing debt as a source of capital as the business scales [23] Q&A Session Summary Question: Can you share more about the Rebuy Engine partnership and its expected financial contributions? - Management highlighted the strategic importance of the partnership, providing access to a new sales channel in Shopify and enhancing revenue opportunities [26][30] Question: What are the key contributors to accelerating CMS revenue growth back to triple digits? - Management indicated that acquiring new commerce partners and leveraging technology investments will drive growth [32] Question: Can you discuss efforts to expand supply channels for the owned and operated segment? - Management noted ongoing challenges due to regulatory impacts but is exploring new nontraditional platforms to stabilize the business [34][39] Question: What level of stabilization is needed in the O&O segment to achieve positive EBITDA? - Management confirmed that the O&O business remains profitable and expects revenue growth from commerce media to drive overall profitability [46] Question: How does economic uncertainty affect commerce media signings? - Management observed an acceleration in the pipeline during economic uncertainty, indicating a faster conversion of potential clients [55][56] Question: What does the future business model for commerce media look like? - Management expects strong operating leverage and a shift towards contribution margin positivity in 2025 [61][62]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $55.2 million, a decrease of 16% year-over-year, with $5.2 million of that decline attributed to exited businesses in 2024 [16] - Commerce Media Solutions revenue increased by 99% to $12.7 million, indicating strong growth momentum [17] - Owned and operated revenue decreased by 30% year-over-year to $31.1 million, primarily due to challenges in acquiring media from social media channels [17] - Gross margins decreased compared to the prior year due to media cost pressures and a shift in revenue mix [18] - Adjusted EBITDA for Q1 2025 was a loss of $3.1 million, compared to a positive adjusted EBITDA of $0.7 million in Q1 2024 [20] - Net loss for Q1 2025 was $8.3 million, compared to a net loss of $6.3 million in the prior year [21] Business Line Data and Key Metrics Changes - Commerce Media Solutions now represents 23% of consolidated revenue, up from 10% a year ago [12] - Media margin for Q1 was $13.7 million, representing 24.9% of revenue, down from 33.6% in the previous year [18] - Commerce Media gross margin was $3.1 million or 24.6% of revenues, compared to $2 million or 31.3% in Q1 2024, showing strong growth despite lower margins [19] Market Data and Key Metrics Changes - The commerce media market is projected to grow to $100 billion over the next five years, accounting for over 25% of digital media spend by 2026 [10] - The company is navigating cost pressures from international tariffs and broader retail inflation, creating uncertainty in the industry [12] Company Strategy and Development Direction - The company is pivoting towards growth opportunities in commerce media solutions, leveraging its owned and operated marketplaces [5][6] - A strategic partnership with Rebuy Engine aims to enhance revenue opportunities and expand market share within the Shopify ecosystem [6][10] - The company anticipates a stabilization of its owned and operated business while focusing on the growth of commerce media solutions [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to year-over-year consolidated revenue growth and positive adjusted EBITDA in the latter half of 2025 [9] - The company is optimistic about the potential of the commerce media marketplace, viewing it as a significant growth opportunity [14] - Management acknowledged the challenges posed by economic uncertainty but believes new commerce partners will offset potential declines in consumer spending [47] Other Important Information - The company ended Q1 2025 with $6.1 million in cash and cash equivalents and reduced total debt to $25.6 million [21][22] - The partnership with Rebuy is expected to provide significant upside, with initial clients already live on the platform [67] Q&A Session Summary Question: Can you share more about the Rebuy Engine partnership and its expected financial contributions? - The partnership is seen as a major milestone, providing access to a large sales channel in Shopify, with initial integrations already live [25][26] Question: What are the key contributors to accelerating CMS revenue growth back to triple digits? - The focus is on acquiring new commerce partners and leveraging technology investments made over the past two years [30] Question: What efforts are being made to expand supply channels for the owned and operated segment? - The company is exploring new nontraditional platforms and working with demand partners to improve media buying strategies [32][35] Question: How does the economic environment affect commerce media signings? - There is an acceleration in the pipeline during economic uncertainty, with faster movement through sales phases [51][52] Question: What is the outlook for the enterprise pipeline in commerce media? - The pipeline has doubled in size, with larger opportunities compared to the previous year, reflecting strong brand building and results [72]

[Fluent, Inc. First Quarter 2025 Financial Results](index=1&type=section&id=Fluent%2C%20Inc.%20First%20Quarter%202025%20Financial%20Results) [CEO Commentary and Strategic Pivot](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Pivot) Fluent's Q1 2025 saw strong Commerce Media Solutions growth and a new partnership, despite attrition in its Owned and Operated business - The Commerce Media Solutions business has been the primary growth driver, achieving nearly **triple-digit year-over-year growth** since its launch in early 2023[3](index=3&type=chunk) - Announced a strategic partnership with Rebuy Engine to launch "Rebuy Ads powered by Fluent," targeting Shopify merchants with post-purchase advertising[3](index=3&type=chunk)[6](index=6&type=chunk) - The Owned and Operated business experienced attrition due to a reduction in media supply, particularly from social media, with active expansion of supply channels underway to mitigate this[3](index=3&type=chunk) - Due to the shifting revenue mix, consolidated revenue for Q2 2025 is expected to be similar to Q1 2025[3](index=3&type=chunk) [First Quarter Financial Highlights](index=1&type=section&id=First%20Quarter%20Financial%20Highlights) Q1 2025 revenue decreased 16% to $55.2 million, driven by Owned and Operated declines offset by 99% growth in Commerce Media Solutions Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$55.2M** | **$66.0M** | **-16%** | | Commerce Media Solutions Revenue | $12.7M | $6.4M | +99% | | Owned and Operated Revenue | $31.1M | $44.7M | -30% | | Gross Profit (excl. D&A) | $11.4M | $18.6M | -39% | | Net Loss | $8.3M | $6.3M | +32% | | Net Loss Per Share | $0.39 | $0.45 | N/A | | Adjusted EBITDA | ($3.1M) | $0.7M | -$3.7M | - Commerce Media Solutions revenue grew to represent **23% of consolidated revenue** in Q1 2025, up from 10% in Q1 2024[6](index=6&type=chunk) - The annual revenue run rate for Commerce Media Solutions now exceeds **$65 million**, an 8% increase quarter-over-quarter[6](index=6&type=chunk) [Business Outlook & Goals](index=1&type=section&id=Business%20Outlook%20%26%20Goals) Fluent targets full-year 2025 revenue growth and positive adjusted EBITDA, leveraging its data for competitive advantage - Goal to drive revenue growth, improve net loss compared to 2024, and achieve positive adjusted EBITDA for the full-year 2025[7](index=7&type=chunk) - Financial improvements are expected to materialize in the second half of 2025 as Commerce Media Solutions becomes a larger portion of consolidated revenue[8](index=8&type=chunk) - Strategy includes leveraging its 14-year leadership in customer acquisition and its database of first-party user data as a competitive differentiator[8](index=8&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Unaudited Q1 2025 financial statements show decreased assets, a wider net loss, and improved operating cash flow [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet reflects changes in assets, liabilities, and equity as of March 31, 2025 Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,828 | $9,439 | | Total current assets | $51,228 | $65,955 | | **Total assets** | **$77,494** | **$93,617** | | Total current liabilities | $51,659 | $64,682 | | **Total liabilities** | **$55,459** | **$68,662** | | **Total shareholders' equity** | **$22,035** | **$24,955** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The statement of operations details revenue, expenses, and net loss for the first quarter of 2025 Statement of Operations Summary (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $55,210 | $65,983 | | Total costs and expenses | $62,286 | $69,936 | | Loss from operations | ($7,076) | ($3,953) | | **Net loss** | **($8,269)** | **($6,276)** | | **Basic and diluted loss per share** | **($0.39)** | **($0.45)** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statement summarizes cash movements from operating, investing, and financing activities Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,112 | ($132) | | Net cash used in investing activities | ($1,570) | ($1,796) | | Net cash used in financing activities | ($5,153) | ($2,218) | | **Net decrease in cash** | **($4,611)** | **($4,146)** | | Cash at end of period | $6,083 | $11,658 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Fluent uses non-GAAP measures like Media Margin, Adjusted EBITDA, and Adjusted Net Income to evaluate performance - The company uses Media Margin, Adjusted EBITDA, and Adjusted Net Income as supplemental performance measures[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - Media margin is a primary metric to measure the financial return on media costs, while Adjusted EBITDA is used to evaluate operating performance and for compensation decisions[31](index=31&type=chunk)[32](index=32&type=chunk) Reconciliation of Adjusted EBITDA from Net Loss (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(8,269) | $(6,276) | | Adjustments (Taxes, Interest, D&A, etc.) | $5,185 | $6,941 | | **Adjusted EBITDA** | **$(3,084)** | **$665** | Reconciliation of Adjusted Net Loss from Net Loss (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(8,269) | $(6,276) | | Adjustments (Share-based comp, etc.) | $1,611 | $2,047 | | **Adjusted net loss** | **$(6,658)** | **$(4,229)** | Reconciliation of Media Margin (Consolidated, in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $55,210 | $65,983 | | Gross profit (excl. D&A) | $11,435 | $18,635 | | **Media margin** | **$13,731** | **$22,139** | | Media margin % of revenue | 24.9% | 33.6% | Reconciliation of Media Margin (Commerce Media Solutions, in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $12,660 | $6,376 | | Gross profit (excl. D&A) | $2,813 | $1,823 | | **Media margin** | **$3,111** | **$1,998** | | Media margin % of revenue | 24.6% | 31.3% | [Other Information](index=3&type=section&id=Other%20Information) This section includes conference call details, a corporate overview, and a Safe Harbor statement on forward-looking risks - A conference call to discuss Q1 2025 results was scheduled for May 15, 2025, at 4:30 PM ET[9](index=9&type=chunk) - The Safe Harbor statement lists significant risk factors, including compliance with credit agreement covenants, industry competition, reliance on the gaming industry, and potential changes in online marketing spend by clients[11](index=11&type=chunk)[12](index=12&type=chunk)

Core Insights - Fluent, Inc. reported strong year-over-year growth in its Commerce Media Solutions business, achieving nearly triple-digit growth since its launch in early 2023 [2][4] - The company experienced a decrease in overall revenue, primarily due to attrition in its Owned and Operated business, but anticipates stable revenue in the second quarter of 2025 [2][5] - A strategic partnership with Rebuy Engine was announced to enhance advertising capabilities for Shopify merchants [2][4] Financial Performance - Total revenue for Q1 2025 was $55.2 million, a decrease of 16% from $66.0 million in Q1 2024 [5] - Commerce Media Solutions revenue grew 99% to $12.7 million, representing 23% of consolidated revenue, compared to $6.4 million or 10% in Q1 2024 [4][5] - Owned and Operated revenue decreased 30% to $31.1 million from $44.7 million in Q1 2024 [5] Profitability Metrics - The net loss for Q1 2025 was $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share, in Q1 2024 [5][18] - Gross profit margin for Commerce Media Solutions was 22% in Q1 2025, compared to 21% for the consolidated business [4][5] - Adjusted EBITDA for Q1 2025 was negative $3.1 million, a decrease of $3.7 million compared to Q1 2024 [5][30] Business Outlook - The company aims to establish its Commerce Media Solutions business as a leader in performance marketing and drive revenue growth in the second half of 2025 [10] - Fluent plans to leverage its extensive first-party data to differentiate itself in the commerce media space [10] - The company expects to continue meaningful growth in its Commerce Media Solutions business through 2025 [2][10]