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Company Overview Fluent, Inc. ("we," "us," "our," "Fluent," or the "Company") is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, we unlock additional revenue streams for partners and empower advertisers to acquire their most valuable customers at scale.
The business is unprofitable at the operating level (-9.73% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 18.0% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$198M
▼ -18.0% YoY
Net Income (TTM)
-$24M
▲ +7.2% YoY
Op. Margin
-8.65%
▼ -0.4pp YoY
ROIC
-27.56%
▲ +1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1M
▲ +89.1% YoY
Op. Cash Flow (TTM)
$2M
▲ +89.6% YoY
Net Debt
$21M
Cash & Equiv.
$10M
5Y CAGR: -7.6%
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