Revenue growth remains in a sustained contractionary phase, with the 2026Q1 top-line decline of 18.8% exacerbating margin compression to a -13.8% operating margin.
| 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 | 198.41M | 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 % | -18.64% | -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 | 152.58M | 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 | 45.83M | 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 % | 23.1% | 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 | 64.5M | 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 | 45.97M | 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 | 11.27M | 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 | -18.67M | -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 % | -9.41% | -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 | -9.7M | -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 % | -4.89% | -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 % | 42.85% | 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) | 8.97M | 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 | -15.58M | -19.55M | -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 | -2.8M | -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 | 2.8M | 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 | -5.82M | -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 | -24.48M | -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 % | -12.34% | -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 | -232K | -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 % | 0.95% | 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 | -24.25M | -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 % | -12.22% | -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 % | 22.44% | 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) | -24.25M | -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) | -0.77 | -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 % | 51.93% | 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 | 31.33M | 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 | 31.33M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory lead-generation model obsolescence
According to the company's quarterly financial disclosures, Fluent has experienced a sustained revenue decline, culminating in an 18.8% year-over-year contraction in 2026Q1, which highlights the significant challenges the firm faces in maintaining its core performance marketing volume amidst a shifting digital advertising landscape.
The consistent double-digit revenue decay suggests that the company's primary lead-generation engine is struggling to compete for high-quality traffic. Investors should monitor whether this trend reflects a structural loss of market share or an intentional pivot away from lower-margin, non-compliant traffic sources.
As reported in recent income statements, Fluent's gross margin has compressed to 18.6% in 2026Q1, reflecting the inherent difficulty of maintaining profitability when traffic acquisition costs rise faster than the revenue generated from the company's proprietary first-party data assets and consumer engagement properties.
The thin gross margin profile indicates that Fluent operates as a high-volume arbitrageur with limited pricing power. Any further increase in media costs or regulatory friction will likely exacerbate these margin pressures, leaving little room for operational error.
Based on the provided financial data, Fluent's operating margin has deteriorated to -13.8% in 2026Q1, demonstrating that the company has failed to achieve the necessary scale to cover its fixed overhead, resulting in a persistent inability to convert gross profit into positive operating income.
The inability to scale operating income faster than gross profit suggests that the current cost structure is misaligned with the company's reduced revenue base. Management's efforts to control SG&A appear insufficient to offset the rapid decline in top-line performance.
Data from the last ten quarters suggests that Fluent's reliance on a transactional, performance-based revenue model may be fundamentally flawed, as the company has failed to achieve consistent profitability even during periods of higher revenue, raising questions about the long-term viability of its current strategy.
Short-sellers would likely focus on the persistent net losses and the potential for further goodwill impairments if the core business continues to shrink. The lack of a clear path to profitability warrants deep skepticism regarding the company's ability to survive without a significant strategic overhaul.
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.