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Fluent (FLNT) investor relations material
Fluent Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue was $47 million, down 27% year-over-year, with a net loss of $7.6 million, or $0.27 per share, slightly improved from $7.9 million, or $0.48 per share, in Q3 2024.
Commerce Media Solutions revenue grew 81% year-over-year to $18.8 million, now 40% of consolidated revenue, up from 16% last year and 4% two years ago.
Owned and operated (O&O) marketplaces declined 52% year-over-year, but stabilization is emerging due to strategic convergence with Commerce Media.
Adjusted EBITDA loss for Q3 was $3.4 million, a $3.3 million improvement year-over-year, but remains negative.
New and expanded partnerships with major brands like Databricks, Authentic Brands Group, and Dick's Sporting Goods, plus rapid scaling of the Rebuy partnership, are driving growth.
Financial highlights
Q3 2025 consolidated revenue was $47 million (down 27% year-over-year); nine months: $146.9 million (down 22%).
Commerce Media Solutions revenue reached $18.8 million in Q3, up 81% year-over-year.
Q3 gross profit (excl. D&A) was $10.9 million (23% margin); media margin was $12.8 million (27% margin).
Net loss for Q3 was $7.6 million; adjusted net loss was $6.5 million ($0.23/share).
Adjusted EBITDA loss was $3.4 million for Q3 and $9.2 million for the nine months.
Outlook and guidance
Expects double-digit quarter-over-quarter gross profit growth and positive adjusted EBITDA in Q4 2025.
Projecting full-year double-digit consolidated revenue growth and adjusted EBITDA profitability in 2026, driven by triple-digit Commerce Media Solutions growth.
Commerce Media Solutions anticipated to surpass O&O as main revenue driver in Q4 2025.
Plans to leverage AI and first-party data to improve monetization and return gross margin to high twenties.
Management continues to focus on cost reduction, workforce alignment, and strategic investments in high-ROI areas.
Specific AI capabilities for CMS margin growth
Address going concern doubt given Q4 EBITDA target
How to compete with dominant CMS player
What drives CMS margin expansion to high 20s?
Detail O&O advertiser impact on CMS growth
How is Fluent mitigating advertiser pullbacks?
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Q4 202527 Feb, 2026
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Frequently asked questions
Fluent Inc. is a data-driven digital marketing company that specializes in customer acquisition, engagement, and retention solutions. The company leverages proprietary data analytics and performance-based marketing strategies to connect brands with targeted consumers across various digital channels. Fluent serves clients in industries such as e-commerce, financial services, healthcare, and entertainment. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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