Free cash flow generation remains highly erratic, with the 2026Q1 margin of 11.3% heavily reliant on a $9.3 million working capital inflow rather than core operational profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 1.53M | -1.47M | -14.1M | 8.14M | 1.96M | 12.42M | 20.3M | 26.02M | 23.48M | 2.35M | 2.1M | -10.67M | -900K | -5.09M | -5.6M | -2.85M | 1.67M | -8.78M | 184.74K | -27.34K |
| Operating CF Margin % | - | -0.7% | -5.54% | 2.73% | 0.54% | 3.77% | 6.53% | 9.24% | 9.38% | 1.11% | 1.12% | -75.74% | -29.94% | -176.97% | - | -5.13% | 3.41% | -23.25% | 0.44% | - |
| Operating CF Growth % | -211.47% | 89.59% | -273.31% | 314.36% | -84.19% | -38.79% | -21.98% | 10.79% | 898.47% | 12.05% | 119.67% | -1085.89% | 82.31% | 9.08% | -96.21% | -270.78% | 119.03% | -4850.05% | 775.69% | - |
| Net Income | -24.25M | -27.17M | -29.28M | -63.22M | -123.33M | -10.06M | 2.21M | -1.75M | 3.19M | -53.21M | -29.09M | -42.59M | -3.53M | -3.94M | 9.06M | -13.46M | -46.64M | -22.65M | 234.51K | 144.12K |
| Depreciation & Amortization | 8.97M | 9.75M | 9.93M | 10.88M | 13.21M | 13.17M | 15.3M | 13.94M | 13.17M | 14.19M | 12.63M | 841K | 733K | 381K | 133K | 1.71M | 2.14M | 2.41M | 0 | 0 |
| Stock-Based Compensation | 1.91M | 2.25M | 1.97M | 3.76M | 4.09M | 4.76M | 5.39M | 10.34M | 14.68M | 34M | 29.25M | 33.71M | 436K | 1.65M | 593K | 894K | 2.4M | 411K | 0 | 0 |
| Deferred Taxes | 140K | 140K | -276K | -145K | -225K | 198K | 120K | 35K | 46K | 6.65M | -14.13M | -16.46M | -37K | -37K | -1K | -1.09M | -817K | 825K | -440.76K | 0 |
| Other Non-Cash Items | 5.24M | 5.96M | 6.44M | 55.95M | 111.99M | 5.66M | 4.27M | 4.36M | -2.35M | 3.03M | 8.62M | 15.09M | 267K | -93K | -16.51M | 8.98M | 41.56M | 9.88M | 0 | 0 |
| Working Capital Changes | 9.52M | 7.6M | -2.89M | 914K | -3.77M | -1.3M | -6.99M | -913K | -5.26M | -2.31M | -5.18M | -1.27M | 1.23M | -3.05M | 1.13M | 103K | 3.03M | 342K | 390.99K | -171.46K |
| Change in Receivables | 5.2M | -256K | 9.47M | 6.51M | 6.62M | -7.65M | -1.99M | -6.98M | -12.84M | -8.99M | -5.83M | -893K | -179K | -1.56M | 2.72M | -1.38M | -6M | -4.43M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -1.03M | 0 | -2.07M | 7.15M | 9.84M | -2.4M | -2.25M | 1.15M | -1.65M | -923K | -192K | 76K | 0 | 0 | 0 |
| Change in Payables | -1.03M | -1.58M | -2.18M | 4.76M | -9.94M | 8.44M | -13.88M | 6.03M | 249K | -3.14M | 3.56M | 1.57M | 203K | 151K | 50K | 5.11M | 4.88M | 1.35M | 0 | 0 |
| Cash from Investing | -6.28M | -6.37M | -6.21M | -7.11M | -5.44M | -2.99M | -4.27M | -11.96M | -22.59M | -8.13M | -12.03M | -93.81M | -548K | -706K | -3.36M | -902K | -20.15M | -40.59M | 0 | -78.81M |
| Capital Expenditures | -6.46M | -6.37M | -6.21M | -5.86M | -4.4M | -2.99M | -64K | -4.71M | -1.47M | -8.13M | -10.93M | -3.98M | -548K | -706K | -98K | -47K | -140K | -150K | 0 | 0 |
| CapEx % of Revenue | 3.26% | 3.05% | 2.44% | 1.96% | 1.22% | 0.91% | 0.02% | 1.67% | 0.59% | 3.84% | 5.85% | 28.22% | 18.23% | 24.56% | - | 0.08% | 0.29% | 0.4% | - | - |
| Acquisitions | 0 | 0 | 0 | -1.25M | -1.04M | 0 | -1.43M | -7.25M | -19.73M | 0 | -50K | -89.71M | 0 | 0 | -3.26M | -858K | -19.7M | -40.69M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 182K | 0 | 0 | 0 | 0 | 0 | -2.78M | 0 | -1.39M | -6.47M | -1.05M | -121K | 0 | 0 | -2.36M | 3K | -309K | 244K | 0 | -78.81M |
| Cash from Financing | 9.67M | 10.79M | 15.21M | -10.77M | -5.45M | 2.47M | -13.62M | -13.15M | 1.79M | 12.31M | 6.55M | 111.94M | 0 | 4.11M | 11.48M | 611K | -3.46M | 73.67M | 0 | 78.97M |
| Debt Issued (Net) | -3.96M | -7.72M | -738K | -10M | -5M | 2.12M | -11.8M | -8.03M | -9.61M | 9.57M | -2.93M | 52.76M | 0 | 0 | 3M | 599K | 75K | -6.17M | 11.77M | 0 |
| Equity Issued (Net) | -5M | 18.5M | 5.75M | 0 | 0 | 136K | -1.3M | -1.79M | 13.38M | 0 | 10.68M | 59.18M | 0 | 0 | 6.33M | 0 | 0 | 0 | 9.26M | 82.42M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1.3M | -1.79M | -9K | 0 | 0 | 0 | 0 | 2.2M | -621K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 18.63M | 0 | 10.19M | -768K | -448K | 210K | -515K | -3.32M | -1.99M | 2.74M | -1.19M | 0 | 0 | 4.11M | 2.14M | 12K | -3.54M | 79.83M | 3.64M | -3.46M |
| Net Change in Cash | 4.93M | 2.95M | -5.11M | -9.74M | -8.92M | 11.9M | 2.41M | 910K | 2.69M | 6.54M | -3.37M | 7.47M | -1.43M | -1.6M | 2.58M | -2.92M | -21.84M | 24.3M | 184.74K | 78.97M |
| Free Cash Flow | -1.82M | -1.54M | -20.32M | 2.27M | -2.44M | 9.43M | 17.45M | 21.31M | 22.01M | -5.78M | -8.83M | -14.65M | -1.45M | -5.79M | -5.69M | -2.9M | 1.53M | -8.93M | 184.74K | -27.34K |
| FCF Margin % | -0.92% | -0.74% | -7.98% | 0.76% | -0.67% | 2.86% | 5.62% | 7.56% | 8.79% | -2.73% | -4.72% | -103.97% | -48.17% | -201.53% | - | -5.22% | 3.12% | -23.65% | 0.44% | - |
| FCF Growth % | 89.82% | 92.43% | -992.97% | 193.39% | -125.83% | -45.96% | -18.09% | -3.2% | 481.13% | 34.58% | 39.75% | -911.74% | 75.01% | -1.76% | -96.41% | -289.48% | 117.14% | -4931.24% | 775.69% | - |
| FCF per Share | -0.06 | -0.06 | -1.25 | 0.17 | -0.18 | 0.71 | 1.32 | 1.61 | 1.72 | -0.62 | -1.19 | -6.74 | -0.30 | -0.92 | -0.97 | -0.69 | 0.37 | -4.70 | 0.07 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.07x | 0.05x | 0.48x | -0.13x | -0.02x | -1.24x | 9.20x | -14.89x | -1.31x | -0.04x | -0.07x | 0.13x | 0.25x | 1.29x | -0.62x | 0.21x | -0.04x | 0.39x | -0.01x | -0.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 1.76M | 1.72M | 3.8M | 5.39M | 0 | 0 | 3.79M | 3K | 0 | 0 | 0 | 89K | 45K | 2.48M | 33K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 1.01M | 356K | 843K | 135K | 0 | 0 | 87K | 123K | 0 | 0 | 124K | 314K | 465K | 381K | 251K | 0 |
Regulatory lead-generation model obsolescence
As evidenced by the company's quarterly filings, Fluent consistently reports net losses while occasionally generating positive operating cash flow, a divergence that highlights the heavy reliance on non-cash charges and working capital fluctuations rather than core operational profitability to sustain the business's liquidity position over time.
The persistent gap between net income and operating cash flow suggests that the company's reported losses are significantly mitigated by non-cash expenses, such as depreciation and amortization. Investors should monitor whether this cash flow generation is sustainable or merely a byproduct of aggressive working capital management that may eventually reverse.
Based on the provided financial statements, Fluent's free cash flow trajectory remains highly erratic, with margins swinging from -25.2% in 2024Q2 to 11.3% in 2026Q1, indicating that the firm lacks a stable mechanism for converting its top-line revenue into consistent, self-sustaining cash reserves for future growth.
The extreme volatility in free cash flow margins suggests that the company's operational model is highly sensitive to seasonal fluctuations and external traffic costs. This inconsistency makes it difficult to project long-term capital availability, especially given the ongoing contraction in the core business segments.
According to recent SEC filings, Fluent's operating cash flow is frequently bolstered by significant working capital inflows, such as the $9.3 million benefit observed in 2026Q1, which masks the underlying weakness in the company's ability to generate cash through its primary performance marketing activities.
These working capital swings appear to be the primary driver of liquidity, rather than organic earnings growth. Analysts should investigate whether these inflows represent sustainable improvements in collection cycles or temporary timing differences that could create future cash flow headwinds.
As reported in financial statements, Fluent maintains a low capital intensity, with CapEx-to-revenue ratios frequently hovering below 4%, which suggests that the business model does not require heavy physical asset investment to maintain its current, albeit contracting, digital lead-generation operations and proprietary data infrastructure.
While the low capital intensity preserves cash, it also implies that the company may be under-investing in the technological upgrades necessary to pivot its business model. This strategy appears to prioritize short-term cash preservation over the long-term modernization of its data-capture capabilities.
Quick answers to the most common questions about buying FLNT stock.
Fluent, Inc. (FLNT) generated $-1.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fluent, Inc. (FLNT) reported negative free cash flow of $1.5M in 2025, indicating capital requirements exceeded cash from operations.
Fluent, Inc. (FLNT) spent $6.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.