Fluent, Inc. reported a significant decline in financial performance for the third quarter of 2025, with revenues dropping 27% to $47.0 million compared to $64.5 million in the same period last year. For the nine months ending September 30, 2025, revenue also decreased by 22% to $146.9 million from $189.2 million in 2024. The company recorded a net loss of $7.6 million, or $0.27 per share, for the third quarter, a slight improvement from a net loss of $7.9 million, or $0.48 per share, in the prior year. The nine-month net loss was $23.0 million, down from $25.8 million in 2024.
The decline in revenue was attributed primarily to challenges in sourcing traffic for the company's owned and operated digital media properties, exacerbated by compliance measures related to a Federal Trade Commission (FTC) Consent Order. This order has imposed stricter standards on the company's third-party publishers, leading to a decrease in registration volume on its sites. Additionally, the company faced reduced ad spend from key clients in the Media & Entertainment and Staffing & Recruitment sectors. However, Fluent's Commerce Media Solutions segment showed growth, with revenue increasing to $18.8 million in the third quarter from $10.4 million a year earlier, indicating a shift in strategy towards more sustainable revenue sources.
Operationally, Fluent has made strategic adjustments, including workforce reductions and restructuring long-term contracts to align better with current performance and cash flow needs. The company reported a decrease in employee headcount, which contributed to lower sales and marketing expenses, down 12% to $3.5 million for the third quarter. General and administrative expenses also fell by 6% to $8.6 million, reflecting ongoing cost management efforts.
Looking ahead, Fluent's management expressed concerns about the company's ability to continue as a going concern, citing substantial doubt regarding its financial stability over the next year. The company is currently in compliance with its financial covenants under the SLR Credit Agreement, but it has not met its projections for certain recent quarters. Fluent plans to focus on improving its operational efficiency and exploring additional revenue streams through its Commerce Media Solutions business, which is expected to partially offset declines in its traditional revenue sources. The company remains committed to enhancing its media partnerships and expanding its market presence to drive future growth.
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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