revenue growth
—
FY 2026
official guidance
FLUENT, INC.
Last · —$2.60-0.09 (-3.35%)live · yahoo · 1h ago
Market cap$82.18M—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $208.8M |
|---|---|
| Operating income | $-20.3M |
| Net income | $-27.2M |
| Free cash flow | $-1.5M |
| Operating margin | -9.7% |
| Net margin | -13.0% |
| Return on equity | -149.2% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
cautiously constructive, but not yet a buy for risk-sensitive investors.
Q2 showed real traction in the pivot—continuing-business revenue rose 25%, CMS revenue increased 90% to $30.5 million, CMS reached 63% of revenue, and gross margin improved to 28.9%—but the company remains loss-making with only $6.9 million of cash against $26.8 million of short-term debt. The key tension is whether CMS growth and partner monetization can produce durable cash generation before liquidity becomes a constraint.
Themes
- Commerce Media Solutions
- Cvs Partnership
- Bilt In Store
- Retail Media Networks
- Cms Margins
- Liquidity
Near term
CMS growth and Q3 contribution from the CVS launch are the main near-term catalysts; management said CVS went live in Q3 and expects it to be a major partner win.
Q4 adjusted EBITDA profitability is the clearest execution test. Management cited seasonality as the driver and did not provide Q3-specific guidance.
CMS margin durability matters: Q2 benefited from improved monetization and scale at certain partners, while management still expects CMS margins to remain in the mid-20% range during 2026.
Second-half partner pipeline conversion could support the stated double-digit continuing-business growth outlook, but management declined to quantify Q3 or Q4 growth.
Longer term
The CMS pivot is increasingly material: CMS generated 63% of consolidated revenue versus 36% a year ago and has an annual revenue run rate above $125 million.
The captive retail-media-network opportunity could expand Fluent beyond its current enterprise-partner model by supplying non-endemic demand to large walled gardens, but management gave no revenue or margin contribution estimates.
The Bilt in-store initiative could materially expand the addressable market, with initial testing in 2026 and potential scaling across Beyond, pharmacy, grocery, and other retailers in 2027.
The claimed competitive advantage from owned-and-operated data and testing capability may support CMS performance, but the call provided only a company case study—not broad, independently verified evidence—that Fluent delivers roughly 30% better results than its largest competitor.
Red flags
Liquidity remains the largest financial risk: cash fell to $6.9 million from $12.9 million at year-end, while short-term debt was $26.8 million. First-half operating cash flow was only approximately $0.3 million, so profitability and working-capital improvement are not yet proven.
Q2 margin expansion was partly attributed to improved monetization with certain key partners. Management acknowledged that future investments and new partner ramps can pressure margins, and guided CMS margins back toward the mid-20% range during 2026.
Owned and Operated revenue declined 24% year over year to $16.3 million. Management explicitly said it lacks sufficient visibility to view the segment as stable over the long term, while also citing an uneven competitive position following the 2023 FTC settlement.
In-store is currently an option value rather than an earnings driver: management expects no meaningful 2026 contribution and material revenue only beginning in 2027. The consumer experience, measurement, advertiser ROAS, and operational rollout are still in testing.
Management did not disclose customer-level revenue concentration, partner economics, or the magnitude of the CVS opportunity, limiting confidence in the durability of the $125 million CMS run rate.
Forward outlook
ebitda
—
Q4 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-31
- Operating Cf Burn
- Net Margin Sharply Negative
- Cash Conversion Weak
- Accumulated Deficit High
Red flags
- Operating Cf Burn — Negative operating cash flow
- Net Margin Sharply Negative — Net margin -13.0%
- Cash Conversion Weak — Cash conversion (CFO/Rev) -0.7%
- Accumulated Deficit High — Accumulated deficit / equity 2405%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
−$0.10
Est. revenue
49.8M
Earnings transcripts
Press & signals
- GlobeNewswire
Fluent Names Jeanniey Walden Chief Marketing Officer