Operating cash flow swung from $5.1M in 2026Q1 to -$4.8M in 2026Q2, producing a free cash flow margin of -9.8%, which suggests cash generation remains erratic and heavily dependent on working capital timing.
Fluent, Inc. (FLNT) cash flow statement — 19-year operating, investing & financing cash flows
| 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 | -4.2M | -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 % | -931.14% | 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 | -23.21M | -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 | 8.2M | 9.75M | 9.93M | 10.88M | 13.21M | 13.17M | 15.3M | 13.94M | 13.17M | 13.05M | 12.63M | 841K | 733K | 381K | 133K | 1.71M | 2.14M | 2.41M | 0 | 0 |
| Stock-Based Compensation | 4.37M | 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 | 6.23M | 5.96M | 6.44M | 55.95M | 111.99M | 5.66M | 4.27M | 4.36M | -2.35M | 4.17M | 8.62M | 15.09M | 267K | -93K | -16.51M | 8.98M | 41.56M | 9.88M | 0 | 0 |
| Working Capital Changes | 62K | 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 | -8.26M | -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 | -486K | -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 | -6.14M | -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 | -3.25M | -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 | 1.61% | 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 | -2.9M | 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 | 10.61M | 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) | 956K | -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) | -8.97M | 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 | 275K | 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 | -7.46M | -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 % | -3.69% | -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 % | -250.38% | 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 | -0.24 | -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) | 0.32x | 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 | 1.9M | 2.64M | 3.55M | 2.98M | 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 |
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.
Key Metrics
Top Statement Risk
Cash burn despite working capital swings
Metrics are mathematically derived from official filings.
Operating Cash Flow Diverges From Losses
Based on Fluent's reported quarterly figures, operating cash flow was negative in 2026Q2 at -$4.8M against a net loss of -$6.2M, yet positive in 2026Q1 at $5.1M despite a net loss of -$5.4M, showing that cash conversion has been highly erratic rather than consistently tracking earnings.
The OCF-to-net-income ratio swings between 0.78 and -0.95 across recent quarters, which makes the ratio itself unreliable as a signal of earnings quality. The 2026Q1 positive operating cash flow appears driven largely by a $9.3M working capital inflow rather than underlying profitability, suggesting the cash result may not persist. Investors should monitor whether working capital releases repeat, since the underlying business has not generated sustained positive operating cash flow across the ten-quarter window.
Free Cash Flow Oscillates Around Zero
Fluent's free cash flow margin ranged from -25.2% in 2024Q2 to 11.3% in 2026Q1 across the ten reported quarters, with FCF of -$4.7M in 2026Q2 following a positive $5.1M in the prior quarter, indicating no stable trajectory.
The wide swings in FCF margin suggest the business generates cash primarily through timing effects rather than a durable earnings base. Net losses in nine of the last ten quarters indicate that the positive FCF quarters are not explained by profitability. The result warrants further investigation into whether the 2026Q1 inflow reflects collections timing that reverses in subsequent periods.
Minimal Capital Intensity Limits Investment Signal
Reported capital expenditures remained small relative to revenue, at 3.2% of revenue in 2026Q2 and 3.5% in 2026Q1, with several quarters reporting essentially zero spend, suggesting an asset-light model with limited reinvestment.
Low CapEx relative to D&A of roughly $1.7M per quarter implies the asset base is not being replaced at the depreciation rate in certain periods, which may flatter near-term cash flow. The business appears to rely on working capital and cost discipline rather than capital projects to manage cash. Investors may wish to assess whether under-investment is sustainable given the operating losses.
Working Capital Drives Quarterly Cash Results
Working capital changes of $9.3M in 2026Q1 and $7.3M in 2025Q1 exceeded reported operating cash flow in several quarters, indicating that balance sheet timing has been a dominant driver of Fluent's reported cash generation.
The reversal from a $4.5M working capital outflow in 2026Q2 to a large inflow in the prior quarter points to volatile collections and payables timing rather than structural efficiency. Such swings make it difficult to distinguish operational improvement from temporary balance sheet movements. Analysts should review receivables and payables trends before drawing conclusions about cash productivity.
Cumulative Losses Outweigh Cash Generation
Across the ten reported quarters, cumulative net losses of roughly -$72M contrast with cumulative free cash flow of approximately -$29M, indicating that the cash shortfall has been somewhat smaller than accounting losses but still negative on a net basis.
The gap between cumulative net income and free cash flow is narrower than the loss figures alone suggest, largely because stock-based compensation and depreciation are added back. The persistent negative cumulative FCF nonetheless indicates the business has consumed rather than generated cash over this period. This suggests the operating model has not yet achieved self-funding at reported scale.
Positive Quarters May Mask Structural Burn
Based on reported figures, the 2026Q1 operating cash inflow of $5.1M and the 2025Q2 FCF of $904K may overstate the underlying cash position, since both coincided with large working capital swings and ongoing net losses.
Stock-based compensation of $1.8M in 2026Q2 and D&A of roughly $1.7M to $2.5M per quarter are non-cash add-backs that lift operating cash flow above the economic loss level, so the reported cash result reflects accounting adjustments as much as operating performance. Investors should monitor whether the 2026Q1 working capital release reverses, which would be consistent with the negative FCF recorded in 2026Q2. This warrants further investigation into receivables collection and payables timing before treating recent positive quarters as evidence of a sustainable cash inflection.