Core Insights - Fluent, Inc. has announced a partnership with Squire, enhancing its commerce media solutions in appointment-based platforms, which allows for high-intent consumer engagement and measurable performance [1][5] - Squire, a platform for barbershop management, facilitates millions of appointments annually and represents a unique commerce media environment focused on recurring service transactions [2][7] - The partnership aims to improve monetization strategies for Squire by leveraging Fluent's experimentation capabilities and transparent bidding marketplace, enhancing post-booking engagement [3][4] Company Overview - Fluent, Inc. is a provider of commerce media solutions that connects brands with engaged consumers, utilizing exclusive ad inventory and first-party data to drive monetization and engagement [6] - Squire is an AI-powered platform designed for barbers and shop owners, offering tools for booking, payments, marketing, and operations to modernize the barbershop industry [7] Partnership Details - The collaboration will create expanded placement opportunities on the Squire platform, reinforcing customer loyalty while ensuring monetization does not disrupt the booking experience [3][5] - Fluent's Data Clean Room, developed with Databricks, allows for secure integration of customer data, enhancing the relevance of offers based on comprehensive consumer relationships [4] - The partnership is seen as a strategic move to extend commerce media into service-driven ecosystems, demonstrating the potential for growth beyond traditional retail [5]

Accelerating Growth For The World's Leading Brands fluentco.com fluentco.com This presentation contains "non-GAAP financial measures," which are adjusted financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States, or "GAAP." We present non-GAAP measures, such as Media Margin Adjusted EBITDA, and adjusted net income (loss) and ratios based on these financial measures, herein as supplemental measures of our financial and operating ...

Management View - Fluent, Inc. reported that Commerce Media Solutions accounted for 56% of total Q4 revenue, a significant increase from 26% in Q4 2024, indicating strong growth in this segment [2] - The company entered 2026 with strong momentum, suggesting an acceleration in business performance [2]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $61.8 million, a 31% increase compared to Q3 2025 [6] - Media margin reached $19.1 million, up 49% from Q3 2025 [6] - Adjusted EBITDA was $0.2 million, an increase of $3.6 million from Q3 2025, representing 0.3% of Q4 revenue [6] - For the full year 2025, total revenue was $208.8 million, reflecting an 18% decline versus 2024 [7] - Adjusted EBITDA loss for the full year was $9 million, representing -4.3% of revenue [7] Business Line Data and Key Metrics Changes - Commerce Media Solutions contributed 56% of total Q4 revenue, more than doubling from 26% in Q4 2024 [4][7] - Commerce Media Solutions revenue for Q4 2025 was $34.7 million, representing 101% growth compared to Q4 2024 [16] - For the full year, Commerce Media Solutions revenue totaled $82.3 million, a 99% increase over 2024 [17] Market Data and Key Metrics Changes - The U.S. Commerce Media market is projected to grow at a compounded average growth rate of 21% from 2023 to 2027, reaching a total market value of $100 billion by 2027 [8] - As of December 31, 2025, Commerce Media Solutions is operating at an annual run rate of $105 million [9] Company Strategy and Development Direction - The company is focused on a strategic pivot towards the high-growth Commerce Media industry, leveraging its owned and operated marketplaces [4] - Investments are being made in strategic adjacencies to further differentiate the Fluent brand and enhance industry leadership [10] - The company aims to maintain a profitable capital-efficient contribution from its owned and operated business while focusing on Commerce Media growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth in 2026, marking a return to year-over-year growth after a period of decline [24] - The company anticipates maintaining gross margins in the mid-20s over the course of 2026 [24] - Management highlighted the importance of strategic partnerships and the evolving Commerce Media landscape as key drivers for future growth [40][54] Other Important Information - The company ended 2025 with $12.9 million in cash and cash equivalents, compared to $9.4 million at the end of 2024 [22] - A new financing agreement was established in November 2025, improving financial flexibility [23] - The sale of the Call Solutions business was completed in January 2026, allowing for better resource allocation towards Commerce Media Solutions [23] Q&A Session Summary Question: Can you talk about the AI-based functionality in your Rebuy partnership? - Management indicated that AI has been embedded in their solutions for a long time, enhancing performance through proprietary first-party data [30] Question: Can you elaborate on the convergence between ONO and Commerce Media capabilities? - Management explained that their legacy business has valuable data that enables them to drive unique audience sets across different media partners [34] Question: What are your expectations for 2026 regarding Commerce Media growth? - Management expects strong double-digit growth for Commerce Media, despite an early contract termination impacting projections [39] Question: How is the macro environment affecting advertiser acquisition? - Management noted that they have not seen pushback on pricing and that return on ad spend remains stable [42][44] Question: Can you comment on the SG&A cost run rate going forward? - Management confirmed that they will maintain a focus on cost efficiency while investing in Commerce Media Solutions [50] Question: What is the competitive landscape like in your industry? - Management stated that while there are competitors, Fluent's direct approach and established relationships provide a competitive advantage [53][56]

Financial Data and Key Metrics Changes - In Q4 2025, total consolidated revenue was $61.8 million, a 31% increase compared to Q3 2025 [5][6] - Media margin reached $19.1 million, up 49% from Q3 2025 [5][6] - Adjusted EBITDA was $0.2 million, an increase of $3.6 million from Q3 2025, representing 0.3% of Q4 revenue [6][20] - Full year 2025 revenue totaled $208.8 million, reflecting an 18% decline versus 2024 [7] - Adjusted EBITDA loss for the full year was $9 million, representing -4.3% of revenue [7][20] Business Line Data and Key Metrics Changes - Commerce Media Solutions contributed 56% of total Q4 revenue, more than doubling from 26% in Q4 2024 [5][7] - Q4 2025 revenue from Commerce Media Solutions was $34.7 million, representing 101% growth compared to Q4 2024 [16] - For the full year, Commerce Media Solutions revenue totaled $82.3 million, a 99% increase over 2024 [7][17] Market Data and Key Metrics Changes - The U.S. commerce media market is projected to grow at a compounded average growth rate of 21% from 2023 to 2027, reaching a total market value of $100 billion by 2027 [9] - As of year-end 2025, Commerce Media Solutions is operating at an annual run rate of $105 million [9] Company Strategy and Development Direction - The company has pivoted towards the high-growth commerce media industry, leveraging its owned and operated marketplaces [4] - The focus is on maintaining a profitable contribution from owned and operated businesses while investing in commerce media strategic adjacencies [10][11] - The company aims to establish leadership credentials in the commerce media segment and expand its geographical presence [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong double-digit year-over-year growth throughout 2026 [6][25] - The company anticipates a return to year-over-year revenue growth, ending a multi-year period of managed top-line decline [25] - Management highlighted the importance of maintaining financial flexibility and liquidity to support growth in Commerce Media Solutions [24] Other Important Information - The company raised over $19 million in equity capital during 2025 to support growth initiatives [23] - A new financing agreement was established, improving financial flexibility [23] Q&A Session Summary Question: Can you talk about the AI-based functionality in your Rebuy partnership? - Management indicated that AI has been embedded in their solutions for a long time, driving better performance through proprietary first-party data [31][32] Question: Can you elaborate on the convergence between owned and operated and Commerce Media capabilities? - Management noted that the legacy business has valuable data that enhances their ability to drive unique audience sets across different media partners [35][36] Question: What are your expectations for 2026 regarding Commerce Media growth? - Management expects strong double-digit growth for Commerce Media, despite an early contract termination impacting projections [40][41] Question: How is the macro environment affecting advertiser acquisition? - Management reported no significant pushback on pricing from advertisers and noted that return on ad spend has remained stable [43][44] Question: What is the outlook for gross margins moving forward? - Management anticipates gross margins to expand into the mid-20s% by the latter half of 2026 [54] Question: How do you view the competitive landscape in the commerce media space? - Management acknowledged limited competition from larger players and emphasized their direct engagement with advertisers as a competitive advantage [56][57]

Fourth Quarter & Full Year 2025 Results Monday, March 9, 2026 4Q25 Earnings Presentation | Nasdaq: FLNT Nasdaq: FLNT Forward-looking statements Forward-Looking Statements Safe Harbor Non-GAAP Financial Measures This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements speak only as of the date hereof and are based on the Company's current plans and expectations. While we believe these expec ...

Core Insights - Fluent, Inc. reported strong growth in its Commerce Media Solutions segment, achieving a 101% year-over-year increase in revenue, which now constitutes 56% of total revenue, up from 26% in the previous year [2][6][7] - The company has made strategic partnerships with notable brands, including Authentic Brands Group, and launched new initiatives like Rebuy Monetize powered by Fluent, indicating a robust business pipeline for future growth [2][3] - Financial measures show a net loss of $4.1 million for Q4 2025, compared to a loss of $3.4 million in Q4 2024, while adjusted EBITDA improved to a loss of $9.0 million for the full year 2025, a decrease of $3.4 million from 2024 [7][12] Financial Performance - Q4 2025 revenue was $61.8 million, a decrease of 5.5% from $65.4 million in Q4 2024, with Commerce Media Solutions revenue at $34.7 million, up from $17.2 million in Q4 2024 [6][7] - For the full year 2025, total revenue was $208.8 million, down 18% from $254.6 million in 2024, while Commerce Media Solutions revenue increased by 99% to $82.3 million [12][7] - Gross profit for Q4 2025 was $18.7 million, representing 30% of revenue, with Commerce Media Solutions gross profit at $11.3 million, or 33% of its revenue [7][12] Strategic Initiatives - The company closed a $10.3 million private placement in August 2025 to enhance liquidity and attract institutional investors, followed by a new financing agreement in November for greater borrowing flexibility [3] - The sale of the Call Solutions subsidiary post-Q4 2025 allows Fluent to reallocate resources towards the growth of Commerce Media Solutions [3] - Fluent aims to scale its Commerce Media Solutions across new verticals and expects to return gross margins to the mid-twenties as partnerships mature [4][12] Future Outlook - The company anticipates double-digit revenue growth for 2026 on a continuing operations basis, alongside improved adjusted EBITDA [4][12] - Fluent's strategy includes expanding its partner network in new verticals such as travel, lifestyle, and home services, building on the momentum from partnerships established in 2025 [12]

Core Insights - Fluent's Commerce Media Solutions has achieved triple-digit compound annual revenue growth since its launch in Q1 2023, driven by the expansion of its commerce network and a focus on relevance-first monetization [1][3] - The business has grown to represent 40% of Fluent's consolidated revenue in Q3 2025, up from 16% in the previous year, with an annual revenue run rate exceeding $85 million as of September 30, 2025 [3] Group 1: Business Growth and Strategy - Fluent has partnered with a diverse range of retail partners, including Authentic Brands Group, Belk, and Dick's Sporting Goods, to generate incremental revenue through performance-driven offers [2] - The company employs a tailored approach to monetization, utilizing creative experimentation to identify effective strategies that enhance value while maintaining customer experience [4][5] - Fluent's relevance-first approach allows for monetization across various touchpoints in the customer journey, prioritizing impression quality over volume [5][6] Group 2: Future Plans and Market Position - As the commerce media sector matures, Fluent plans to invest further in relevance-driven monetization, creative intelligence, and rewards-based engagement to sustain growth within its retail commerce network [6] - The company leverages exclusive ad inventory, robust first-party data, and proprietary machine learning to unlock additional revenue streams for partners and enhance customer acquisition [7]

Core Insights - Fluent, Inc. has completed the sale of its Call Solutions subsidiary, Winopoly LLC, to InsureCo, LLC, to focus on its Commerce Media Solutions business [1] - The Commerce Media Solutions segment has experienced triple-digit compound annual revenue growth since its launch in Q1 2023, achieving a 98% year-over-year growth through the first three quarters of 2025 [2] - This segment now accounts for 40% of Fluent's consolidated enterprise revenue, up from 16% in Q3 2024, and has surpassed an annual revenue run rate of $85 million [2] Company Strategy - The divestiture of the non-core Call Solutions business is part of Fluent's strategy to concentrate resources on the rapidly growing Commerce Media Solutions [1][3] - The CEO of Fluent emphasized that this transformation aligns the company with market trends and enhances its ability to invest in a business that is delivering sustained growth and long-term value [3] Business Overview - Fluent, Inc. is a provider of commerce media solutions that connects brands with engaged consumers using exclusive ad inventory, first-party data, and proprietary machine learning [3] - Founded in 2010, Fluent leverages its expertise in performance marketing to drive monetization and enhance customer engagement across various touchpoints [3]

Financial Data and Key Metrics Changes - Total consolidated revenue for Q3 2025 was $47 million, down from $64.5 million in the prior year [14] - Commerce Media Solutions revenue grew 81% year-over-year to $18.8 million, compared to $10.4 million in Q3 2024 [14] - Media margin in Q3 was $12.8 million, representing 27.2% of revenue, compared to $18.2 million or 28.1% of revenue last year [15] - The company reported a net loss of $7.6 million in Q3 2025, compared to a net loss of $7.9 million in the prior year [17] - Adjusted EBITDA for Q3 2025 was a loss of $3.4 million, compared to a loss of $71,000 in Q3 2024 [17] Business Line Data and Key Metrics Changes - Commerce Media Solutions accounted for 40% of total revenue in Q3 2025, up from 16% in Q3 2024 and 4% in Q3 2023 [9][14] - Owned and operated marketplaces saw a decline of nearly 50% year-over-year [6] - Commerce Media Solutions' media margin was $4.6 million, or 25% of its revenue, compared to $3.5 million or 34% of revenue in Q3 2024 [16] Market Data and Key Metrics Changes - The company experienced advertiser pricing and budget pullbacks in late Q3, which continued into early Q4 [5][29] - The annual revenue run rate for Commerce Media Solutions surpassed $85 million as of September 30, 2025 [5][7] Company Strategy and Development Direction - The company is focused on establishing a leadership position in the commerce media industry, with expectations of double-digit revenue growth in 2026 [8][21] - The strategic pivot towards Commerce Media Solutions is expected to enhance profitability and revenue growth [8][20] - New partnerships with Databricks and Authentic Brands Group are seen as key drivers for growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging environment due to delays in onboarding new partners and advertiser budget pullbacks [4][5] - The company expects to achieve positive adjusted EBITDA in Q4 2025 and full-year adjusted EBITDA profitability in 2026 [18][21] - The convergence of owned and operated capabilities with Commerce Media is anticipated to create differentiated opportunities [9][13] Other Important Information - The company completed a $10.3 million equity raise, strengthening its balance sheet and providing capital for growth [7][18] - Total net long-term debt was reduced to $26 million as of September 30, 2025, down from $35.6 million at the end of 2024 [19] Q&A Session Summary Question: About the Rebuy partnership - The Rebuy partnership has shown strong early results, with over 1 million ad unit sessions in September, indicating rapid expansion [22][23] Question: Ad pullbacks in the Commerce Media segment - The pullbacks were primarily due to conservative budgeting by partners and specific industry issues affecting traditional advertisers [29][30] Question: Dynamics leading to stabilization in owned and operated business - Stabilization is attributed to the convergence strategy and the ability to bring in proprietary advertisers [48][49] Question: Expectations for Commerce Media Solutions margins - Margins are expected to improve as new solutions scale and initial incentives roll off [36][44] Question: Dick's Sporting Goods partnership - Dick's Sporting Goods became a client in September 2025 after previously selecting a competitor, indicating a significant win for the company [38][40]