Fluent (FLNT) Q4 2025 earnings summary

Executive summary

• Achieved a transformative inflection point in 2025, with Commerce Media Solutions (CMS) contributing 56% of Q4 revenue, up from 26% in Q4 2024 and 10% in Q4 2023, and delivering 101% year-over-year growth in Q4.

• CMS revenue grew 99% for FY 2025 to $82.3M, with annual run rate exceeding $105M by year-end.

• Strategic pivot to CMS included new commerce partners, expanded relationships with major brands, and the sale of the Call Solutions business in January 2026.

• Launched Rebuy Monetize for Shopify merchants and made strategic investments in AI, data infrastructure, and talent.

• Achieved positive adjusted EBITDA in Q4 2025, aligning with profitability targets.

Financial highlights

• Q4 2025 revenue: $61.8M, up 31% sequentially but down 5.5% year-over-year; FY 2025 revenue: $208.8M, down 18% year-over-year.

• Q4 media margin: $19.1M (30.9% of revenue), up 49% sequentially; Q4 gross profit: $18.7M (30% margin); FY gross profit: $51.2M (25% margin).

• Adjusted EBITDA: $0.2M in Q4; FY 2025 adjusted EBITDA loss: $9M (-4.3% margin).

• Q4 net loss: $4.1M (GAAP); adjusted net loss: $2.8M ($0.09/share); FY net loss: $27.2M ($1.05/share).

• One-time $4.3M non-media revenue adjustment in Q4 positively impacted gross profit.

Outlook and guidance

• Expect CMS to continue strong double-digit revenue growth in 2026, with overall company revenue returning to year-over-year growth.

• Project gross margins to normalize in the mid-20% range over 2026 as new partnerships mature.

• Adjusted EBITDA for 2026 expected to improve over 2025, but not yet positive due to continued investment in growth.

• Revenue from continuing businesses (excluding Call Solutions) expected to be flat in Q1 2026, accelerating to double-digit growth in the second half.

• Pipeline for new partnerships remains strong, with additional announcements expected in 2026.