Fluent(FLNT)2024-11-19 21:00Revenue Performance - Revenue for Q3 2024 was $64.5 million, a 3% decrease compared to $66.2 million in Q3 2023[4] - Revenue for the first nine months of 2024 was $189.2 million, a 16% decrease compared to $225.6 million for the same period in 2023[6] - Revenue for Q3 2024 was $64.52 million, down 2.6% from $66.24 million in Q3 2023[19] - Revenue for the three months ended September 30, 2024 was $64.5 million, a decrease from $66.2 million in the same period in 2023[25] - Revenue for the nine months ended September 30, 2024 was $189.2 million, a decrease from $225.6 million in the same period in 2023[25] Commerce Media Solutions Performance - Commerce Media Solutions revenue grew 341% to $10.4 million in Q3 2024, representing 16% of total revenue, up from $2.3 million (3% of revenue) in Q3 2023[1][4] - Commerce Media Solutions gross profit margin was 33% in Q3 2024, compared to 24% for the consolidated business[1][4] - The annual recurring run rate for Commerce Media Solutions currently exceeds $50 million[1] - Commerce Media Solutions revenue for the first nine months of 2024 increased 580% to $24.0 million compared to $3.5 million in the same period last year[6] - Commerce Media Solutions media margin was 33.7% in Q3 2024, up from 11.3% in Q3 2023[5] Profitability and Margins - Commerce Media Solutions gross profit margin was 33% in Q3 2024, compared to 24% for the consolidated business[1][4] - Gross profit margin remained stable at 24% for the three months ended September 30, 2024, compared to the same period in 2023[25] - Gross profit margin for the nine months ended September 30, 2024 was 25%, down from 26% in the same period in 2023[25] - Media margin for the three months ended September 30, 2024 was $18.2 million, representing 28.1% of revenue, down from $19.3 million and 29.2% in the same period in 2023[25] - Media margin for the nine months ended September 30, 2024 was $56.0 million, representing 29.6% of revenue, down from $67.2 million and 29.8% in the same period in 2023[25] - Media margin is defined as gross profit excluding depreciation, amortization, and non-media costs[21] Net Loss and Adjusted EBITDA - Net loss for Q3 2024 was $7.9 million, or $0.48 per share, compared to a net loss of $33.6 million, or $2.43 per share, in Q3 2023[4] - Net loss improved to $7.94 million in Q3 2024 from $33.63 million in Q3 2023, a 76.4% reduction[19] - Net loss for the three months ended September 30, 2024 was $7.9 million, an improvement from a net loss of $33.6 million in the same period in 2023[27] - Adjusted EBITDA for Q3 2024 was negative $0.1 million, an improvement of $1.7 million over Q3 2023[5] - Adjusted EBITDA for the three months ended September 30, 2024 was a loss of $71,000, compared to a loss of $1.7 million in the same period in 2023[27] - Adjusted net loss for the three months ended September 30, 2024 was $3.7 million, compared to $4.1 million in the same period in 2023[29] - Adjusted net loss for the nine months ended September 30, 2024 was $15.2 million, compared to $6.8 million in the same period in 2023[29] - Adjusted EBITDA excludes items such as goodwill impairment, share-based compensation, and acquisition-related costs[22] Financial Position and Cash Flow - Total assets decreased from $111.87 million in December 2023 to $95.95 million in September 2024, a decline of 14.2%[17] - Cash and cash equivalents dropped from $15.80 million to $6.59 million, a significant reduction of 58.3%[17] - Long-term debt decreased from $25.49 million to $0.50 million, a 98.0% reduction[17] - Operating cash flow was negative $11.96 million for the nine months ended September 2024, compared to positive $9.70 million in the same period 2023[20] - The company issued $54.62 million in long-term debt during the nine months ended September 2024[20] Goodwill and Impairment - Goodwill impairment charges were $1.26 million in 2024, significantly lower than $55.41 million in 2023[20] Future Outlook - The company targets double-digit consolidated revenue growth and enhanced profitability in 2025[3]