Revenue has rebounded to $48.4M in 2026Q2 with a gross margin of 28.9%, yet an operating margin of -10.2% and a net loss of $6.2M indicate SG&A of $14.2M still exceeds gross profit of $14.0M.
Fluent, Inc. (FLNT) annual income statement — 19-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 202.15M | 208.76M | 254.62M | 298.4M | 361.13M | 329.25M | 310.72M | 281.68M | 250.28M | 211.69M | 186.84M | 14.09M | 3.01M | 2.88M | 0 | 55.57M | 48.97M | 37.74M | 41.69M | 0 |
| Revenue Growth % | -12.05% | -18.01% | -14.67% | -17.37% | 9.68% | 5.96% | 10.31% | 12.55% | 18.23% | 13.3% | 1225.92% | 368.76% | 4.56% | - | -100% | 13.49% | 29.74% | -9.46% | - | - |
| Cost of Goods Sold | 152.59M | 167.28M | 193.82M | 219.88M | 267.49M | 243.72M | 215.13M | 194.44M | 161.56M | 147.41M | 133.8M | 10.25M | 2.79M | 1.76M | 133K | 45.79M | 36.45M | 28.06M | 30.62M | 0 |
| COGS % of Revenue | - | 80.13% | 76.12% | 73.69% | 74.07% | 74.02% | 69.24% | 69.03% | 64.55% | 69.63% | 71.61% | 72.76% | 92.85% | 61.39% | - | 82.4% | 74.45% | 74.35% | 73.47% | - |
| Gross Profit | 49.56M | 41.49M | 60.8M | 78.52M | 93.65M | 85.53M | 95.58M | 87.25M | 88.72M | 65.31M | 53.04M | 3.84M | 215K | 1.11M | 0 | 9.78M | 12.51M | 9.68M | 11.06M | 0 |
| Gross Margin % | 24.52% | 19.87% | 23.88% | 26.31% | 25.93% | 25.98% | 30.76% | 30.97% | 35.45% | 30.85% | 28.39% | 27.24% | 7.15% | 38.61% | - | 17.6% | 25.55% | 25.65% | 26.53% | - |
| Gross Profit Growth % | - | -31.76% | -22.56% | -16.16% | 9.49% | -10.51% | 9.55% | -1.66% | 35.85% | 23.13% | 1281.92% | 1685.12% | -80.63% | - | -100% | -21.82% | 29.24% | -12.47% | - | - |
| Operating Expenses | 66.07M | 61.04M | 84.46M | 138.65M | 213.24M | 90.2M | 87.2M | 82.03M | 77.35M | 86.33M | 87.08M | 48.24M | 3.82M | 5.18M | 3.33M | 1.92M | 16.66M | 17.22M | 1.28M | 100.88K |
| OpEx % of Revenue | - | 29.24% | 33.17% | 46.46% | 59.05% | 27.4% | 28.07% | 29.12% | 30.9% | 40.78% | 46.61% | 342.33% | 126.95% | 180.35% | - | 3.46% | 34.03% | 45.62% | 3.08% | - |
| Selling, General & Admin | 48.21M | 49.19M | 55.01M | 54.51M | 54.89M | 60.89M | 58.48M | 59.61M | 49.67M | 67.07M | 70.39M | 47.4M | 3.82M | 5.18M | 3.33M | 2.29M | 16.66M | 17.77M | 1.28M | 100.88K |
| SG&A % of Revenue | - | 23.56% | 21.61% | 18.27% | 15.2% | 18.49% | 18.82% | 21.16% | 19.85% | 31.68% | 37.67% | 336.36% | 126.95% | 180.35% | - | 4.12% | 34.03% | 47.07% | 3.08% | - |
| Research & Development | 11.37M | 11.84M | 17.28M | 18.45M | 18.16M | 15.79M | 12.6M | 8.05M | 5.28M | 2.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.67% | 6.79% | 6.18% | 5.03% | 4.8% | 4.06% | 2.86% | 2.11% | 1.22% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 12.17M | 65.68M | 140.19M | 13.52M | 16.12M | 14.37M | 13.17M | 16.68M | 16.69M | 841K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -16.51M | -19.55M | -23.66M | -60.13M | -119.59M | -4.67M | 8.38M | 5.22M | 11.37M | -21.02M | -34.04M | -44.4M | -3.6M | -3.98M | -3.33M | -13.24M | -4.15M | -8.08M | -8.24M | -101K |
| Operating Margin % | -8.17% | -9.36% | -9.29% | -20.15% | -33.12% | -1.42% | 2.7% | 1.85% | 4.54% | -9.93% | -18.22% | -315.09% | -119.79% | -138.3% | - | -23.82% | -8.48% | -21.42% | -19.76% | - |
| Operating Income Growth % | - | 17.38% | 60.65% | 49.72% | -2463.58% | -155.67% | 60.55% | -54.11% | 154.11% | 38.25% | 23.34% | -1132.99% | 9.43% | -19.29% | 74.82% | -218.83% | 48.64% | 1.86% | -8055.45% | - |
| EBITDA | -8.31M | -9.8M | -13.73M | -49.25M | -106.38M | 8.51M | 23.68M | 19.16M | 24.55M | -7.96M | -21.41M | -43.56M | -2.87M | -3.6M | -3.2M | -11.52M | -2.01M | -3.43M | -3.95M | 239.54K |
| EBITDA Margin % | -4.11% | -4.69% | -5.39% | -16.51% | -29.46% | 2.58% | 7.62% | 6.8% | 9.81% | -3.76% | -11.46% | -309.13% | -95.41% | -125.04% | - | -20.74% | -4.11% | -9.09% | -9.47% | - |
| EBITDA Growth % | 39.71% | 28.67% | 72.12% | 53.7% | -1350.76% | -64.09% | 23.6% | -21.95% | 408.25% | 62.8% | 50.86% | -1418.79% | 20.22% | -12.34% | 72.23% | -473.05% | 41.39% | 13.07% | -1747.74% | - |
| D&A (Non-Cash Add-back) | 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 | 4.65M | 4.29M | 0 |
| EBIT | -20.59M | -24.09M | -26.34M | -60.13M | -119.59M | -7.63M | 8.38M | 5.22M | 11.37M | -22.02M | -35.53M | -58.7M | -3.6M | -4.08M | -529K | -9.82M | -45.17M | -16.37M | -30.88M | 239.54K |
| Net Interest Income | -2.73M | -3.07M | -4.75M | -3.2M | -1.97M | -2.18M | -5.35M | -6.89M | -8.13M | -9.68M | -7.59M | -468K | 75K | 12K | -141K | -55K | -21K | -1.95M | -2.59M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75K | 12K | 8K | 34K | 24K | 11K | 131K | 340.42K |
| Interest Expense | 2.73M | 3.07M | 4.75M | 3.2M | 1.97M | 2.18M | 5.35M | 6.89M | 8.13M | 9.68M | 7.59M | 468K | 0 | 0 | 149K | 89K | 45K | 1.96M | 2.72M | 0 |
| Other Income/Expense | -6.81M | -7.62M | -7.43M | -3.2M | -1.97M | -5.15M | -5.35M | -6.89M | -8.13M | -10.69M | -9.09M | -14.77M | 27K | 8K | -141K | -138K | -41.07M | -10.25M | 1.62M | 340.42K |
| Pretax Income | -23.33M | -27.17M | -31.09M | -63.33M | -121.56M | -9.81M | 3.03M | -1.67M | 3.24M | -31.71M | -43.13M | -59.17M | -3.57M | -3.97M | -3.47M | -13.38M | -45.22M | -18.33M | 334.14K | 239.54K |
| Pretax Margin % | -11.54% | -13.01% | -12.21% | -21.22% | -33.66% | -2.98% | 0.97% | -0.59% | 1.29% | -14.98% | -23.08% | -419.9% | -118.9% | -138.02% | - | -24.07% | -92.35% | -48.57% | 0.8% | - |
| Income Tax | -120K | -2K | -1.81M | -116K | 1.78M | 246K | 822K | 74K | 46K | 0 | -14.04M | -16.58M | -41K | -33K | -6.07M | 83K | 1.42M | 4.32M | 1.48M | 95.42K |
| Effective Tax Rate % | 0.51% | 0.01% | 5.83% | 0.18% | -1.46% | -2.51% | 27.14% | -4.42% | 1.42% | 0% | 32.56% | 28.03% | 1.15% | 0.83% | 174.67% | -0.62% | -3.14% | -23.56% | 443.23% | 39.83% |
| Net Income | -23.21M | -27.17M | -29.28M | -63.22M | -123.33M | -10.06M | 2.21M | -1.75M | -17.93M | -53.21M | -29.09M | -84.53M | -3.53M | -3.94M | 9.06M | -13.46M | -46.64M | -22.65M | -35.08M | 144.12K |
| Net Margin % | -11.48% | -13.01% | -11.5% | -21.19% | -34.15% | -3.06% | 0.71% | -0.62% | -7.16% | -25.13% | -15.57% | -599.92% | -117.53% | -136.87% | - | -24.22% | -95.25% | -60.01% | -84.16% | - |
| Net Income Growth % | 13.62% | 7.21% | 53.69% | 48.74% | -1126.09% | -555.78% | 226.33% | 90.26% | 66.3% | -82.93% | 65.59% | -2292.73% | 10.22% | -143.41% | 167.35% | 71.14% | -105.92% | 35.44% | -24440.83% | - |
| Net Income (Continuing) | -23.21M | -27.17M | -29.28M | -63.22M | -123.33M | -10.06M | 2.21M | -1.75M | 3.19M | -31.71M | -29.09M | -42.59M | -3.53M | -3.94M | -678K | -3.75M | -46.64M | -22.65M | 234.51K | 144.12K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | -1.05 | -1.80 | -4.59 | -9.09 | -0.75 | 0.17 | -0.13 | -1.40 | -5.22 | -3.92 | -38.88 | -0.72 | -3.90 | 1.55 | -3.20 | -11.16 | -11.92 | 0.09 | 0.18 |
| EPS Growth % | 43.38% | 41.67% | 60.78% | 49.5% | -1112% | -541.18% | 230.77% | 90.71% | 73.18% | -33.16% | 89.92% | -5300% | 81.54% | -351.61% | 148.44% | 71.33% | 6.38% | -12807.89% | -47.89% | - |
| EPS (Basic) | - | -1.05 | -1.80 | -4.59 | -9.09 | -0.75 | 0.17 | -0.13 | -1.38 | -5.22 | -3.92 | -38.88 | -0.74 | -0.63 | 1.57 | -3.21 | -11.16 | -11.92 | 0.09 | 0.20 |
| Diluted Shares Outstanding | 31.54M | 25.97M | 16.26M | 13.77M | 13.57M | 13.33M | 13.25M | 13.23M | 12.78M | 9.28M | 7.42M | 2.17M | 4.9M | 6.27M | 5.86M | 4.2M | 4.18M | 1.9M | 2.5M | 779.4K |
| Basic Shares Outstanding | 31.54M | 25.97M | 16.26M | 13.77M | 13.57M | 13.33M | 13.1M | 13.23M | 12.78M | 9.28M | 7.42M | 2.17M | 4.8M | 6.27M | 5.78M | 4.2M | 4.18M | 1.9M | 2.5M | 732.8K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FLNT stock.
For fiscal year 2025, Fluent, Inc. (FLNT) reported total revenue of $208.8M.
Fluent, Inc. (FLNT) reported a net loss of $27.2M for the fiscal year ending 2025.
Fluent, Inc. (FLNT) reported an operating income of $-19.5M, resulting in an operating profit margin of -9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Fluent, Inc. (FLNT) generated $41.5M in gross profit for the year, representing a gross profit margin of 19.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and revenue volatility
Metrics are mathematically derived from official filings.
Revenue Stabilizing After Sharp Declines
Based on reported quarterly figures, Fluent's revenue fell from $66.0M in 2024Q1 to $44.9M in 2026Q1 before rebounding to $48.4M in 2026Q2, an 8.4% year-over-year gain that suggests possible stabilization rather than durable recovery.
The 2026Q2 rebound follows a sequence of year-over-year declines through most of 2025, so a single quarter of positive growth does not yet establish a trend. The pattern is consistent with revenue that is sensitive to advertiser demand and channel shifts, and investors should monitor whether the 8.4% gain persists across the next two to three quarters before treating it as a turning point.
Gross Margin Recovery Remains Uneven
Reported gross margin ranged from 18.6% in 2026Q1 to 28.9% in 2026Q2, against a 10-quarter high of 28.2% in 2024Q1, indicating that unit economics are fluctuating materially quarter to quarter.
The wide swings in gross margin suggest that the cost of revenue is highly variable relative to top-line results, which may reflect traffic acquisition costs or mix shifts between revenue channels. The 2026Q2 margin recovery is encouraging but has not yet exceeded the levels reported earlier in the period, so pricing power or cost control improvements remain unproven on this data alone.
Operating Losses Persist Despite Cost Control
Operating margin was -10.2% in 2026Q2 and -13.8% in 2026Q1, with SG&A of $14.2M in 2026Q2 consuming most of the $14.0M gross profit, indicating limited operating leverage at current scale.
Operating income has remained negative in most recent quarters, with only 2025Q4 reaching a marginally positive $937.0K, suggesting that overhead is not scaling down in line with revenue. The relationship between gross profit and SG&A implies that a meaningful revenue recovery or structural cost reduction would be required before operating leverage becomes evident in the reported figures.
Losses Driven Largely by Operations
Net loss of $6.2M in 2026Q2 closely tracks the $5.0M operating loss, with stock-based compensation of $1.8M representing a notable non-cash component of the cost base.
The alignment between operating and net losses indicates that non-operating items are not the primary driver of reported results in the most recent quarter. Stock-based compensation rose to $1.8M in 2026Q2 from $954.0K in 2026Q1, and investors should assess whether this increase reflects ongoing dilution pressure relative to the reported EPS of -0.20.
Recovery Narrative Faces Structural Doubt
Losses have been reported in nine of the last ten quarters, with EPS deteriorating from -0.45 in 2024Q1 to -0.20 in 2026Q2, which challenges the view that the 2026Q2 rebound represents a sustainable inflection.
The most cautious reading is that the single positive growth quarter is an outlier within a longer pattern of contraction and recurring losses, and that the revenue base may continue to erode if advertiser spending remains soft. Investors should be skeptical of extrapolating the 2026Q2 gross margin improvement without evidence of sustained cost discipline and a return to positive operating income across multiple periods.