# Fluent, Inc. (FLNT) Q2 2025 Financial Results Summary
**Release Date:** August 19, 2025
Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions provider, announced its financial results for the second quarter of 2025, ending June 30. Below is a summary of key highlights from the report.
## Financial Highlights
– **Total Revenue:**
– Achieved $44.7 million, a decrease of **24%** compared to $58.7 million in Q2 2024.
– Half-year revenue reached $99.9 million, down **20%** from $124.7 million for H1 2024.
– **Revenue Breakdown:**
– **Owned and Operated Revenue:**
– Decreased **49%** to $21.4 million, down from $42.0 million a year ago.
– **Commerce Media Solutions Revenue:**
– Rose **121%** to $16.1 million, compared to $7.3 million in Q2 2024.
– Contributed **36%** of total revenue in Q2 2025, up from **12%** in Q2 2024.
– **Net Loss:**
– Reported a net loss of $7.2 million, or $0.30 per share, a decrease in loss compared to $11.6 million, or $0.75 per share, in Q2 2024.
– For the first half of the year, the total net loss was $15.5 million, or $0.68 per share, better than a net loss of $17.9 million, or $1.11 per share, in H1 2024.
– **Gross Profit:**
– Total gross profit amounted to $10.3 million, a decrease of **18%** compared to Q2 2024.
– Gross profit from Commerce Media Solutions was $2.9 million, representing an increase of **43%** year-over-year, with margins of **18%** of revenue for Q2 2025.
– Media margin stood at $11.9 million, down **24%** from Q2 2024, equating to **26.7%** of total revenue.
– **Adjusted Net Loss:**
– Adjusted net loss was reported at $5.8 million, or $0.24 per share, improved from $7.3 million, or $0.47 per share, in Q2 2024.
## Business Outlook
– Fluent expects adjusted EBITDA profitability by Q4 2025, alongside anticipated full-year double-digit revenue growth and adjusted EBITDA profitability in 2026.
– The company emphasizes a strategic pivot towards enhancing its Commerce Media Solutions business, with plans to win top-tier media partnerships across diverse market verticals.
## Capital Raise
– Post quarter-end, Fluent raised $10.3 million from new investors and insiders.
## Dividend & Share Repurchase
– There is no declaration of a quarterly dividend or any share repurchase program mentioned in the report.
## Summary of Performance Metrics
– **Revenue Performance:**
– Q2 2025 Revenue: **$44.7M** (24% decrease YoY)
– Q2 2024 Revenue: **$58.7M**
– H1 2025 Revenue: **$99.9M** (20% decrease YoY)
– H1 2024 Revenue: **$124.7M**
– **Profitability Metrics:**
– Q2 2025 Net Loss: **$7.2M** (decrease from $11.6M in Q2 2024)
– H1 2025 Net Loss: **$15.5M** (decrease from $17.9M in H1 2024)
– Adjusted Net Loss Q2 2025: **$5.8M** (improvement from $7.3M in Q2 2024)
– **Commerce Media Solutions Performance:**
– Q2 2025 Revenue: **$16.1M** (121% growth YoY)
– Q2 2024 Revenue: **$7.3M**
– Gross Profit from Commerce Media Solutions: **$2.9M** (43% growth YoY)
Fluent, Inc. continues to enhance its strategic direction focusing on the rapidly growing Commerce Media Solutions sector while managing operational challenges stemming from a recalibrated revenue strategy.
| Three Months Ended | June 30, 2025 | June 30, 2024 | Six Months Ended | June 30, 2025 | June 30, 2024 |
|---|---|---|---|---|---|
| Revenue | $44,706 | $58,717 | $99,916 | $124,700 | |
| Costs and expenses: | |||||
| Cost of revenue (exclusive of depreciation and amortization) | $34,426 | $46,109 | $78,201 | $93,457 | |
| Sales and marketing | $3,218 | $4,605 | $7,288 | $9,417 | |
| Product development | $2,941 | $4,717 | $6,339 | $9,557 | |
| General and administrative | $8,748 | $8,856 | $17,330 | $19,221 | |
| Depreciation and amortization | $2,479 | $2,567 | $4,940 | $5,138 | |
| Goodwill and intangible assets impairment | $— | $2,241 | $— | $2,241 | |
| Total costs and expenses | $51,812 | $69,095 | $114,098 | $139,031 | |
| Loss from operations | $(7,106) | $(10,378) | $(14,182) | $(14,331) | |
| Interest expense, net | $(702) | $(1,015) | $(1,582) | $(2,430) | |
| Fair value adjustment of Convertible Notes with related parties | $478 | $— | $398 | $— | |
| Loss on early extinguishment of debt | $— | $(1,009) | $— | $(1,009) | |
| Loss before income taxes | $(7,330) | $(12,402) | $(15,366) | $(17,770) | |
| Income tax benefit (expense) | $107 | $775 | $(126) | $(133) | |
| Net loss | $(7,223) | $(11,627) | $(15,492) | $(17,903) | |
| Basic and diluted loss per share: | |||||
| Basic | $(0.30) | $(0.75) | $(0.68) | $(1.11) | |
| Diluted | $(0.30) | $(0.75) | $(0.68) | $(1.11) | |
| Weighted average number of shares outstanding: | |||||
| Basic | 24,061,803 | 15,534,989 | 22,661,951 | 16,115,293 | |
| Diluted | 24,061,803 | 15,534,989 | 22,661,951 | 16,115,293 |
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS: | ||
| Cash and cash equivalents | $4,929 | $9,439 |
| Accounts receivable, net of allowance for credit losses of $502 and $487, respectively | $31,227 | $46,532 |
| Prepaid expenses and other current assets | $9,119 | $8,729 |
| Current restricted cash | $1,673 | $1,255 |
| Total current assets | $46,948 | $65,955 |
| Non-current restricted cash | $710 | $— |
| Property and equipment, net | $193 | $304 |
| Operating lease right-of-use assets | $3,214 | $1,570 |
| Intangible assets, net | $19,618 | $21,797 |
| Other non-current assets | $3,788 | $3,991 |
| Total assets | $74,471 | $93,617 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||
| Accounts payable | $8,715 | $8,776 |
| Accrued expenses and other current liabilities | $19,696 | $21,905 |
| Deferred revenue | $335 | $556 |
| Current portion of long-term debt | $19,860 | $31,609 |
| Current portion of operating lease liability | $1,045 | $1,836 |
| Total current liabilities | $49,651 | $64,682 |
| Long-term debt, net | $— | $250 |
| Convertible Notes, at fair value with related parties | $3,322 | $3,720 |
| Operating lease liability, net | $2,375 | $9 |
| Other non-current liabilities | $— | $1 |
| Total liabilities | $55,348 | $68,662 |
| Contingencies | ||
| Shareholders’ equity: | ||
| Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods | $— | $— |
| Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 25,037,334 and 20,791,431, respectively; and Shares outstanding — 24,268,739 and 20,022,836, respectively | $50 | $47 |
| Treasury stock, at cost — 768,595 Shares, respectively | $(11,407) | $(11,407) |
| Additional paid-in capital | $456,767 | $447,110 |
| Accumulated deficit | $(426,287) | $(410,795) |
| Total shareholders’ equity | $19,123 | $24,955 |
| Total liabilities and shareholders’ equity | $74,471 | $93,617 |
