Fluent (FLNT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 8% year-over-year to $48.4 million, marking a return to growth after prior declines, with aggregate continuing business revenue up 25%.

• Commerce Media Solutions (CMS) revenue surged 90% year-over-year to $30.5 million, now representing 63% of total revenue, with a 27% gross margin.

• Gross profit increased 36% year-over-year to $14 million, with gross margin expanding to 29% from 23% year-over-year.

• Adjusted EBITDA loss narrowed to $1.8 million, a sequential improvement, and net loss narrowed to $6.2 million from $7.2 million prior year.

• Launched in-store commerce media through partnerships, notably with Bilt and CVS, expanding into new verticals and channels.

Financial highlights

• Q2 2026 consolidated revenue: $48.4 million, up 8% year-over-year; aggregate continuing businesses revenue up 25%.

• CMS revenue: $30.5 million, up 90% year-over-year, now 63% of total revenue; CMS gross margin: 27%.

• Media margin: $17.5 million (36% of revenue), up from $11.9 million (26.7%) in Q2 2025.

• Net loss: $6.2 million (vs. $7.2 million prior year); adjusted net loss: $4.2 million ($0.13/share), improved from $5.8 million ($0.24/share).

• Owned and Operated revenue declined 24% year-over-year to $16.3 million.

Outlook and guidance

• Expectation of double-digit consolidated revenue growth for full year 2026 on aggregate continuing businesses.

• CMS anticipated to continue high double-digit growth and increase as a share of total revenue, with gross margin in the mid-to-high 20s.

• Gross margin expansion and adjusted EBITDA improvement expected as revenue and margins grow.

• No meaningful financial contribution from in-store initiatives expected in 2026; material impact anticipated in 2027.

• Management notes substantial doubt about ability to continue as a going concern due to reliance on uncommitted financing.