Fluent (FLNT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14% YoY to $53.6M; aggregate continuing-business revenue grew 29%, accelerating from 25% in Q2.

• Commerce Media Solutions (CMS) doubled revenue to $37.5M, contributing 70% of consolidated revenue and exceeding a $145M annual run rate.

• Adjusted EBITDA was near break-even at -$43K versus a $3.4M loss in Q3 2025; FY26 outlook calls for double-digit continuing-business growth and improved adjusted EBITDA.

• Gross profit rose 41% to $15.3M, or 28% of revenue; net loss narrowed to $3.1M from $7.6M.

• Substantial doubt about the ability to continue as a going concern remains, tied to reliance on uncommitted financing.

Financial highlights

• Q3 revenue was $53.6M versus $47.0M; 9M revenue was $146.9M, essentially flat YoY.

• Q3 net loss narrowed to $3.1M from $7.6M; 9M net loss narrowed to $14.7M from $23.0M.

• Q3 adjusted net loss was $2.5M, or $0.08/share, versus $6.5M, or $0.23/share; 9M adjusted net loss was $12.0M versus $19.0M.

• Adjusted EBITDA loss was $43K in Q3 versus $3.4M; 9M loss was $5.0M versus $9.2M.

Outlook and guidance

• FY26 outlook remains double-digit growth in aggregate continuing-business revenue and improved full-year adjusted EBITDA.

• Q4 outlook calls for double-digit continuing-business revenue growth and positive adjusted EBITDA; CMS growth is expected to remain high double digits but moderate from Q3.

• Management expects double-digit consolidated revenue growth in 2027; CMS gross margins are expected to trend in the high-20% range, with Q3's contract renegotiation benefit not expected to recur.