Fluent, Inc. reported a significant decline in financial performance for the fiscal year ended December 31, 2025, with total revenue falling to $208.8 million, an 18% decrease from $254.6 million in 2024. The company also recorded a net loss of $27.2 million, or $1.05 per share, compared to a net loss of $29.3 million, or $1.80 per share, in the previous year. The adjusted EBITDA for 2025 was negative $9.0 million, worsening from a negative $5.6 million in 2024. The decline in revenue was primarily attributed to reduced media supply and changes in business practices to comply with regulatory requirements, particularly following an FTC inquiry.
In terms of operational changes, Fluent has shifted its strategic focus towards its Commerce Media Solutions business, which has shown growth since its launch in early 2023. This segment accounted for approximately 39% of total revenue in 2025, up from 16% in 2024. The company aims to leverage its proprietary ad-serving technology to enhance customer acquisition for advertisers, particularly in the retail and media sectors. However, the overall decline in user registrations on its owned and operated sites has posed challenges, leading to a strategic reallocation of resources to support the growth of Commerce Media Solutions.
Fluent's customer base included around 400 brands across various industries, but the company faced difficulties in maintaining traffic volume to its owned and operated sites due to regulatory constraints and competitive pressures. The total employee count decreased by 13% to 186 as of December 31, 2025, reflecting ongoing efforts to streamline operations. The company also reported a significant reduction in sales and marketing expenses, which fell by 16% to $14.5 million, primarily due to lower headcount and associated costs.
Looking ahead, Fluent's management expressed concerns about its ability to continue as a going concern, citing substantial doubt regarding future operations. The company has entered into a new financing agreement to improve liquidity, allowing for advances based on eligible accounts receivable. However, the success of its strategic transition to Commerce Media Solutions remains uncertain, dependent on the onboarding of media partners and maintaining advertiser demand. The company anticipates that the sale of its Call Solutions business, completed on January 31, 2026, will further enhance cash flow and allow for a more focused investment in its growth strategies.
About Fluent, Inc.
Fluent, Inc. is a leading digital marketing services provider specializing in customer acquisition through scalable campaigns. The company connects over 500 brands with consumers via its owned media properties and performance marketplaces. With a $300 billion market opportunity in performance marketing, Fluent targets diverse industries, including media, finance, and healthcare. Key innovations include a proprietary technology platform and a focus on first-party data, enhancing client engagement and campaign effectiveness.
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