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what it is
Fluent runs digital ad campaigns that try to turn strangers into customers for brands.
how it gets paid
Last year Flnt made $255M in revenue. Commerce Media Solutions was the main engine at $143M, or 56% of sales.
what just happened
Fluent printed $147M in quarterly revenue and still posted a loss.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
2.0% return on capital — nothing to write home about
-$1.80 fy2024 eps est
$255M fy2024 rev est
xvary composite: 22/100 — weak
What they do
Fluent runs digital ad campaigns that try to turn strangers into customers for brands.
Fluent sells customer acquisition services, which means finding new customers for advertisers. That is plain English for paying one vendor instead of building the machine yourself. You get direct mail, email, phone, messaging, and social in one shop, and 208 employees support $255M of revenue.
How they make money
$255M
annual revenue
Commerce Media Solutions
$143M
+101.0%
Performance campaigns
$58M
+12.0%
Consumer data outreach
$29M
4.0%
Programmatic data offerings
$15M
0.0%
Social media campaigns
$10M
+31.0%
The products that matter
high-growth ad platform
Commerce Media Solutions
$143M · 56% of revenue
it grew 101% from the prior year and reached $34.7M in Q4. this is the part of Fluent trying to become the whole company.
25% gross margin
legacy performance marketing
Legacy Marketing Services
$112M · 44% of revenue
it still represents 44% of sales and declined 5.5%. the legacy business does not have to collapse to be a problem — it just has to keep shrinking.
in decline
Key numbers
-$1.80
fy2024 eps est
$255M
fy2024 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $6M (6% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for FLNT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Fluent printed $147M in quarterly revenue and still posted a loss.
Commerce Media Solutions did the heavy lifting. The old marketing engine is still there, but the mix is shifting toward the faster-growing unit.
$147.0M
revenue
-$0.94
eps
212%
revenue growth
revenue surge
One quarter generated $147M, which is 58% of last year's $255M. That tells you the base business is still lumpy.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Commerce Media scaling without margin expansion.
high
Commerce Media grows, but stays thin
the growth engine operates at a 25% gross margin. if the segment keeps scaling without better unit economics, revenue can rise while the company still struggles to make money.
56% of revenue sits inside the segment carrying the turnaround. if margins do not improve there, the thesis weakens fast.
high
Legacy marketing keeps shrinking
44% of revenue still comes from Legacy Marketing Services, and that business declined 5.5%. the pivot does not work if the old business keeps leaking faster than the new one can cover it.
nearly half the company is tied to a segment moving the wrong way.
med
Execution credibility stays shaky
earnings predictability is 15 / 100, price stability is 5 / 100, and Q4 missed both revenue and EPS. this is what a low-trust setup looks like in numbers.
if results keep missing, the market can stop giving the pivot the benefit of the doubt.
56% of revenue is growing, 44% is shrinking, and the company still lost $27.2M last year. that combination is the risk picture.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
expected May 21, 2026. management needs to show that Commerce Media growth is strong enough to offset the drag from the legacy business.
segment mix
Commerce Media share of revenue
it already sits at 56%. if that number keeps climbing, the pivot is advancing. if it stalls, the old business remains a heavier anchor than the market wants.
profitability
gross margin inside the growth unit
25% gross margin is the number to watch. more revenue without better margin just scales activity, not value.
legacy decline
Legacy Marketing Services revenue trend
the segment declined 5.5%. you do not need it to grow. you do need it to stop eroding fast enough to cancel out the good news elsewhere.
Analyst rankings
earnings predictability
15 / 100
low predictability means estimates are hard to trust. in human-speak, analysts do not have a clean line of sight here.
price stability
5 / 100
this stock moves around a lot. you are not buying steadiness — you are buying a volatile turnaround setup.
risk rank
5
safer than 5% of stocks means riskier than most of the market. that fits the numbers.
source: institutional data
Institutional activity
institutional ownership data for FLNT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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