A Business at a Glance
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Fluent, Inc.
FLNT
$88M
Mkt Cap
$3.42
+0.29%
Fluent, Inc. (FLNT) has a 5-year average return on invested capital (ROIC) of -61.6%. This is below average and may indicate limited pricing power.
Fluent, Inc. (FLNT) has a market capitalization of $88M. It is classified as a small-cap stock.
Fluent, Inc. (FLNT) does not currently pay a regular dividend.
Fluent, Inc. (FLNT) operates in the Services-Advertising industry, within the Industrials sector.
Fluent, Inc. (FLNT) reported annual revenue of $209 million in its most recent fiscal year, based on SEC EDGAR filings.
Fluent, Inc. (FLNT) has a net profit margin of -13.0%. The company is currently unprofitable.
Fluent, Inc. (FLNT) generated $-2 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Item 1. Business. This business description should be read in conjunction with our audited consolidated financial statements and accompanying notes thereto appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"), which are incorporated herein by this reference. 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, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. We primarily perform customer acquisition services by operating highly scalable digital marketing campaigns, through which we connect our advertiser clients with consumers they are seeking to reach.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 209M | 209M | 255M | 298M | 361M | 329M |
| Net Income | -27M | -27M | -29M | -63M | -123M | -10M |
| EPS | $-1.05 | $-1.05 | $-1.80 | $-27.54 | $-9.06 | $-0.78 |
| Free Cash Flow | -1.5M | -1.5M | -14M | 8.1M | 1.9M | 12M |
| ROIC | -37.4% | -106.8% | -65.9% | -66.7% | -64.4% | -4.0% |
| Gross Margin | 24.5% | 24.5% | 23.9% | 26.3% | 25.9% | 26.0% |
| Debt/Equity | 2.07 | 2.07 | 1.50 | 1.00 | 0.50 | 0.25 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | -20M | -20M | -24M | -60M | -120M | -4.7M |
| Operating Margin | -9.7% | -9.7% | -9.3% | -20.2% | -33.1% | -1.4% |
| ROE | -149.2% | -125.9% | -98.6% | -98.5% | -80.3% | -4.7% |
| Shares Outstanding | 26M | 26M | 16M | 2M | 14M | 13M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 817K | N/A | 187M | 220M | 250M | 282M | 311M | 329M | 361M | 298M | 255M | 209M | 209M |
| Gross Margin | 58.8% | N/A | 28.4% | 33.5% | 35.4% | 31.0% | 30.8% | 26.0% | 25.9% | 26.3% | 23.9% | 24.5% | 24.5% |
| R&D | N/A | N/A | N/A | 2.6M | 5.3M | 8.1M | 13M | 16M | 18M | 18M | 17M | 12M | 12M |
| SG&A | 915K | 44M | 54M | 55M | 36M | 48M | 47M | 48M | 53M | 35M | 38M | 35M | 35M |
| EBIT | -777K | -44M | -34M | -21M | 11M | 5.2M | 8.4M | -4.7M | -120M | -60M | -24M | -20M | -20M |
| Op. Margin | -95.1% | N/A | -18.2% | -9.5% | 4.5% | 1.9% | 2.7% | -1.4% | -33.1% | -20.2% | -9.3% | -9.7% | -9.7% |
| Net Income | -610K | -85M | -29M | -53M | -18M | -1.7M | 2.2M | -10M | -123M | -63M | -29M | -27M | -27M |
| Net Margin | -74.7% | N/A | -15.6% | -24.2% | -7.2% | -0.6% | 0.7% | -3.1% | -34.2% | -21.2% | -11.5% | -13.0% | -13.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 7.7M | 0 | 817K | 0 | 111M | 55M | 1.3M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -5.4% | -63.4% | -11.0% | -19.0% | 4.4% | 2.1% | 2.5% | -4.0% | -64.4% | -66.7% | -65.9% | -106.8% | -37.4% |
| ROE | -5.4% | -77.6% | -13.4% | -23.5% | -8.3% | -0.8% | 1.0% | -4.7% | -80.3% | -98.5% | -98.6% | -125.9% | -149.2% |
| ROA | -4.7% | -55.9% | -9.7% | -16.9% | -5.9% | -0.6% | 0.7% | -3.2% | -49.1% | -42.7% | -28.5% | -29.7% | -30.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -474K | -11M | 2.1M | 2.5M | 23M | 26M | 20M | 12M | 2.0M | 8.1M | -14M | -1.5M | -1.5M |
| Free Cash Flow | -559K | -11M | 1.3M | 1.8M | 23M | 24M | 20M | 12M | 1.9M | 8.1M | -14M | -1.5M | -1.5M |
| Owner Earnings | -514K | -46M | -40M | -42M | -4.4M | 1.7M | -398K | -5.5M | -15M | -6.5M | -26M | -13M | -13M |
| CapEx | 85K | 662K | 762K | 732K | 238K | 2.1M | 64K | 36K | 17K | 25K | 13K | 69K | 69K |
| Maint. CapEx | 17K | 841K | 13M | 13M | 13M | 14M | 15M | 13M | 13M | 11M | 9.9M | 9.8M | 9.8M |
| Growth CapEx | 68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 17K | 841K | 13M | 13M | 13M | 14M | 15M | 13M | 13M | 11M | 9.9M | 9.8M | 9.8M |
| CapEx/OCF | N/A | N/A | 36.3% | 29.1% | 1.0% | 8.0% | 0.3% | 0.3% | 0.9% | 0.3% | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 9K | 1.8M | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% | 0.9% | 0.3% | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 23K | 34M | 29M | 31M | 15M | 10M | 5.4M | 4.8M | 4.1M | 3.8M | 2.0M | 2.2M | 2.2M |
| Debt Repayment | 0 | 2.2M | 2.3M | 4.3M | 77M | 8.0M | 12M | 47M | 5.0M | 10M | 68M | 110M | 110M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | 37M | 40M | 46M | 38M | 44M | 29M | 19M | 21M | 19M | 28M | 25M | 25M |
| Cash & Equiv. | 6.0M | 13M | 10M | 17M | 18M | 19M | 21M | 34M | 26M | 16M | 9.4M | 13M | 13M |
| Long-Term Debt | N/A | 49M | 46M | 60M | 52M | 44M | 33M | 40M | 36M | 25M | 4.0M | 3.7M | 3.7M |
| Debt/Equity | 0.10 | 0.25 | 0.22 | 0.28 | 0.27 | 0.30 | 0.23 | 0.25 | 0.50 | 1.00 | 1.50 | 2.07 | 2.07 |
| Interest Coverage | N/A | -94.9 | -4.5 | -2.2 | 1.4 | 0.8 | 1.6 | -2.1 | -60.9 | -18.8 | -5.0 | -6.6 | -6.6 |
| Equity | 12M | 206M | 230M | 224M | 207M | 211M | 217M | 213M | 94M | 34M | 25M | 18M | 18M |
| Total Assets | 13M | 289M | 312M | 317M | 293M | 317M | 310M | 318M | 184M | 112M | 94M | 89M | 89M |
| Total Liabilities | 1.2M | 83M | 82M | 93M | 86M | 106M | 93M | 105M | 90M | 77M | 69M | 71M | 71M |
| Intangibles | 796K | 87M | 99M | 74M | 62M | 56M | 45M | 36M | 29M | 27M | 22M | 17M | 17M |
| Retained Earnings | -610K | -85M | -114M | -167M | -185M | -187M | -185M | -195M | -318M | -382M | -411M | -438M | -438M |
| Working Capital | 5.4M | 17M | 17M | 24M | 35M | 29M | 36M | 49M | 42M | 29M | 1.3M | 2.4M | 2.4M |
| Current Assets | 6.6M | 38M | 43M | 57M | 68M | 82M | 86M | 107M | 92M | 78M | 66M | 67M | 67M |
| Current Liabilities | 1.2M | 21M | 26M | 33M | 33M | 52M | 50M | 58M | 50M | 49M | 65M | 65M | 65M |
| Per Share Data | |||||||||||||
| EPS | -0.28 | -12.96 | -3.90 | -5.22 | -1.38 | -0.12 | 0.18 | -0.78 | -9.06 | -27.54 | -1.80 | -1.05 | -1.05 |
| Owner EPS | -0.24 | -7.00 | -5.33 | -4.09 | -0.34 | 0.12 | -0.03 | -0.43 | -1.13 | -2.83 | -1.60 | -0.52 | -0.52 |
| Book Value | 5.56 | 31.57 | 30.79 | 21.98 | 15.94 | 14.49 | 17.69 | 16.55 | 6.90 | 14.99 | 1.53 | 0.70 | 0.70 |
| Cash Flow/Share | -0.22 | -1.64 | 0.28 | 0.25 | 1.81 | 1.79 | 1.66 | 0.96 | 0.14 | 3.55 | -0.87 | -0.06 | -0.67 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 2.2M | 6.5M | 7.5M | 10.2M | 13.0M | 14.6M | 12.3M | 12.9M | 13.6M | 2.3M | 16.3M | 25.9M | 25.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 196.0 | N/A | N/A | N/A | N/A | N/A | -3.3 |
| P/FCF | N/A | N/A | 120.5 | 151.1 | 11.9 | 8.7 | 21.4 | 13.2 | 46.1 | 1.2 | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 23.5 | 36.4 | 50.8 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 15.2 | 1.9 | 0.7 | 1.2 | 1.3 | 0.9 | 2.0 | 0.8 | 1.0 | 1.7 | 1.7 | N/A | 4.9 |
| Price/Sales | 249.0 | N/A | 1.1 | 1.3 | 0.9 | 1.2 | 0.6 | 0.8 | 0.3 | 0.2 | 0.2 | N/A | 0.4 |
| FCF Yield | -0.3% | -3.0% | 0.8% | 0.7% | 8.4% | 12.3% | 4.7% | 7.6% | 2.2% | 14.2% | -32.6% | N/A | -1.7% |
| Market Cap | 184M | 382M | 161M | 269M | 278M | 195M | 433M | 164M | 90M | 57M | 43M | 0 | 88M |
| Avg. Price | 26.54 | 44.02 | 28.62 | 27.16 | 17.53 | 25.49 | 14.57 | 20.89 | 8.66 | 4.74 | 3.20 | 0.00 | 3.42 |
| Year-End Price | 24.00 | 42.60 | 21.60 | 26.40 | 21.36 | 14.34 | 35.28 | 12.72 | 6.60 | 4.14 | 2.66 | 0.00 | 3.42 |
Fluent, Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 25.3%. At current prices, the estimated annualized return to fair value is -43.3%.
Fluent, Inc. (FLNT) has a debt-to-equity ratio of 2.07. This indicates higher leverage, which may increase financial risk.
Fluent, Inc. (FLNT) reported earnings per share (EPS) of $-1.05 in its most recent fiscal year.
Fluent, Inc. (FLNT) has a return on equity (ROE) of -125.9%. A negative ROE may indicate losses or negative equity.
Fluent, Inc. (FLNT) has a 5-year average gross margin of 25.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Fluent, Inc. (FLNT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Fluent, Inc. (FLNT) has a book value per share of $0.70, based on its most recent annual SEC filing.