STOCK TITAN

Fluent, Inc. Financials

FLNT
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Fluent, Inc. (FLNT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 23 / 100
Financial Profile 23/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
1

Fluent, Inc. has an operating margin of -9.7%, meaning the company retains $-10 of operating profit per $100 of revenue. This below-average margin results in a low score of 1/100, suggesting thin profitability after operating expenses. This is down from -9.3% the prior year.

Growth
3

Fluent, Inc.'s revenue declined 18% year-over-year, from $254.6M to $208.8M. This contraction results in a growth score of 3/100.

Leverage
98

Fluent, Inc. carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
16

Fluent, Inc.'s current ratio of 1.04 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.

Cash Flow
23

While Fluent, Inc. generated -$1.5M in operating cash flow, capex of $69K consumed most of it, leaving -$1.5M in free cash flow. This results in a low score of 23/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Fluent, Inc. generates a -149.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -117.3% the prior year.

Piotroski F-Score Neutral
5/9

Fluent, Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.05x

For every $1 of reported earnings, Fluent, Inc. generates $0.05 in operating cash flow (-$1.5M OCF vs -$27.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-6.6x

Fluent, Inc. earns $-6.6 in operating income for every $1 of interest expense (-$20.3M vs $3.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue
$208.8M
YoY-18.0%
5Y CAGR-7.6%
10Y CAGR+30.9%

Fluent, Inc. generated $208.8M in revenue in fiscal year 2025. This represents a decrease of 18.0% from the prior year.

EBITDA
-$10.6M
YoY+23.0%

Fluent, Inc.'s EBITDA was -$10.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.0% from the prior year.

Net Income
-$27.2M
YoY+7.2%

Fluent, Inc. reported -$27.2M in net income in fiscal year 2025. This represents an increase of 7.2% from the prior year.

EPS (Diluted)
$-1.05
YoY+41.7%

Fluent, Inc. earned $-1.05 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$1.5M
YoY+89.1%

Fluent, Inc. generated -$1.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 89.1% from the prior year.

Cash & Debt
$12.9M
YoY+37.0%
5Y CAGR-9.3%
10Y CAGR-0.4%

Fluent, Inc. held $12.9M in cash against $3.7M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
30M
YoY+48.9%

Fluent, Inc. had 30M shares outstanding in fiscal year 2025. This represents an increase of 48.9% from the prior year.

Margins & Returns

Gross Margin
24.5%
YoY+0.7pp
5Y CAGR-6.2pp
10Y CAGR-2.7pp

Fluent, Inc.'s gross margin was 24.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin
-9.7%
YoY-0.4pp
5Y CAGR-12.4pp
10Y CAGR+305.4pp

Fluent, Inc.'s operating margin was -9.7% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.

Net Margin
-13.0%
YoY-1.5pp
5Y CAGR-13.7pp
10Y CAGR+586.9pp

Fluent, Inc.'s net profit margin was -13.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.5 percentage points from the prior year.

Return on Equity
-149.2%
YoY-31.9pp
5Y CAGR-150.2pp
10Y CAGR-108.1pp

Fluent, Inc.'s ROE was -149.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 31.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$11.8M
YoY-31.5%
5Y CAGR-1.2%

Fluent, Inc. invested $11.8M in research and development in fiscal year 2025. This represents a decrease of 31.5% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$69K
YoY+430.8%
5Y CAGR+1.5%
10Y CAGR-20.2%

Fluent, Inc. invested $69K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 430.8% from the prior year.

FLNT Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $47.0M+5.2% $44.7M-19.0% $55.2M-15.6% $65.4M+1.4% $64.5M+9.9% $58.7M-11.0% $66.0M-9.3% $72.8M
Cost of Revenue $36.2M+5.0% $34.4M-21.4% $43.8M-15.0% $51.5M+5.4% $48.9M+6.0% $46.1M-2.6% $47.3M-8.8% $51.9M
Gross Profit $10.9M+5.8% $10.3M-10.1% $11.4M-17.8% $13.9M-11.2% $15.7M+24.2% $12.6M-32.3% $18.6M-10.6% $20.8M
R&D Expenses $2.6M-10.8% $2.9M-13.4% $3.4M-5.6% $3.6M-12.7% $4.1M-12.6% $4.7M-2.5% $4.8M+10.3% $4.4M
SG&A Expenses $8.6M-2.1% $8.7M+1.9% $8.6M-8.8% $9.4M+3.8% $9.1M+2.4% $8.9M-14.6% $10.4M+0.2% $10.3M
Operating Income -$6.3M+11.3% -$7.1M-0.4% -$7.1M-30.0% -$5.4M-39.9% -$3.9M+62.5% -$10.4M-162.5% -$4.0M-121.8% -$1.8M
Interest Expense $711K+1.3% $702K-20.2% $880K-15.2% $1.0M-19.0% $1.3M+26.2% $1.0M-28.3% $1.4M+80.5% $784K
Income Tax -$12K+88.8% -$107K-145.9% $233K+112.2% -$1.9M-5354.3% -$35K+95.5% -$775K-185.4% $908K+236.1% -$667K
Net Income -$7.6M-4.6% -$7.2M+12.6% -$8.3M-141.1% -$3.4M+56.8% -$7.9M+31.7% -$11.6M-85.3% -$6.3M-230.5% -$1.9M
EPS (Diluted) $-0.27+10.0% $-0.30+23.1% $-0.39 N/A $-0.48+36.0% $-0.75 $-0.45 N/A

FLNT Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $76.1M+2.1% $74.5M-3.9% $77.5M-17.2% $93.6M+20.8% $77.5M-21.3% $98.5M-4.9% $103.6M+10.6% $93.6M
Current Assets $49.5M+5.5% $46.9M-8.4% $51.2M-22.3% $66.0M-0.5% $66.3M-1.3% $67.1M-6.0% $71.4M-8.9% $78.4M
Cash & Equivalents $9.2M+87.6% $4.9M+2.1% $4.8M-48.9% $9.4M+43.3% $6.6M+32.5% $5.0M-57.3% $11.7M-26.2% $15.8M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $32.1M+2.9% $31.2M-15.6% $37.0M-20.4% $46.5M-11.6% $52.6M-4.4% $55.1M+3.1% $53.4M-5.5% $56.5M
Goodwill $0 $0 $0 $0 $0 $0-100.0% $1.3M0.0% $1.3M
Total Liabilities $54.5M-1.6% $55.3M-0.2% $55.5M-19.2% $68.7M-9.6% $76.0M+6.9% $71.0M-5.1% $74.8M-3.4% $77.5M
Current Liabilities $48.4M-2.5% $49.7M-3.9% $51.7M-20.1% $64.7M-8.1% $70.4M+1.2% $69.5M-5.4% $73.5M+49.4% $49.2M
Long-Term Debt $3.9M+16.7% $3.3M-12.6% $3.8M-4.3% $4.0M-25.9% $5.4M+614.7% $750K $0-100.0% $25.5M
Total Equity $21.6M+12.9% $19.1M-13.2% $22.0M-11.7% $25.0M+24.9% $20.0M-27.2% $27.5M-4.5% $28.7M-16.4% $34.4M
Retained Earnings -$433.8M-1.8% -$426.3M-1.7% -$419.1M-2.0% -$410.8M-0.8% -$407.4M-2.0% -$399.4M-3.0% -$387.8M-1.6% -$381.5M

FLNT Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow -$7.3M-881.2% $935K-55.7% $2.1M+198.6% -$2.1M-273.2% $1.2M+109.5% -$13.1M-9799.2% -$132K+91.5% -$1.6M
Capital Expenditures $17K N/A N/A $12K+1100.0% $1K N/A N/A $0
Free Cash Flow -$7.3M N/A N/A -$2.2M-274.3% $1.2M N/A N/A -$1.6M
Investing Cash Flow -$1.7M+0.1% -$1.7M-5.8% -$1.6M-5.9% -$1.5M-25.0% -$1.2M+32.1% -$1.7M+2.8% -$1.8M-2.9% -$1.7M
Financing Cash Flow $11.6M+493.8% $2.0M+137.9% -$5.2M-179.6% $6.5M+377.9% $1.4M-85.9% $9.6M+532.5% -$2.2M-57.6% -$1.4M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

FLNT Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin 23.1%+0.1pp 23.0%+2.3pp 20.7%-0.6pp 21.3%-3.0pp 24.3%+2.8pp 21.5%-6.8pp 28.2%-0.4pp 28.6%
Operating Margin -13.4%+2.5pp -15.9%-3.1pp -12.8%-4.5pp -8.3%-2.3pp -6.0%+11.6pp -17.7%-11.7pp -6.0%-3.5pp -2.5%
Net Margin -16.1%+0.1pp -16.2%-1.2pp -15.0%-9.7pp -5.2%+7.1pp -12.3%+7.5pp -19.8%-10.3pp -9.5%-6.9pp -2.6%
Return on Equity -35.0%+2.8pp -37.8%-0.2pp -37.5%-23.8pp -13.7%+26.0pp -39.8%+2.6pp -42.4%-20.5pp -21.8%-16.3pp -5.5%
Return on Assets -9.9%-0.2pp -9.7%+1.0pp -10.7%-7.0pp -3.7%+6.6pp -10.3%+1.6pp -11.8%-5.7pp -6.1%-4.0pp -2.0%
Current Ratio 1.02+0.1 0.95-0.0 0.99-0.0 1.02+0.1 0.94-0.0 0.970.0 0.97-0.6 1.59
Debt-to-Equity 0.180.0 0.170.0 0.17+0.0 0.16-0.1 0.27+0.2 0.03+0.0 0.00-0.7 0.74
FCF Margin -15.6% N/A N/A -3.3%-5.2pp 1.9% N/A N/A -2.1%

Similar Companies

Frequently Asked Questions

Fluent, Inc. (FLNT) reported $208.8M in total revenue for fiscal year 2025. This represents a -18.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Fluent, Inc. (FLNT) revenue declined by 18% year-over-year, from $254.6M to $208.8M in fiscal year 2025.

No, Fluent, Inc. (FLNT) reported a net income of -$27.2M in fiscal year 2025, with a net profit margin of -13.0%.

Fluent, Inc. (FLNT) reported diluted earnings per share of $-1.05 for fiscal year 2025. This represents a 41.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fluent, Inc. (FLNT) had EBITDA of -$10.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Fluent, Inc. (FLNT) had $12.9M in cash and equivalents against $3.7M in long-term debt.

Fluent, Inc. (FLNT) had a gross margin of 24.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Fluent, Inc. (FLNT) had an operating margin of -9.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Fluent, Inc. (FLNT) had a net profit margin of -13.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Fluent, Inc. (FLNT) has a return on equity of -149.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Fluent, Inc. (FLNT) generated -$1.5M in free cash flow during fiscal year 2025. This represents a 89.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Fluent, Inc. (FLNT) generated -$1.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Fluent, Inc. (FLNT) had $89.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Fluent, Inc. (FLNT) invested $69K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Fluent, Inc. (FLNT) invested $11.8M in research and development during fiscal year 2025.

Fluent, Inc. (FLNT) had 30M shares outstanding as of fiscal year 2025.

Fluent, Inc. (FLNT) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.

Fluent, Inc. (FLNT) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Fluent, Inc. (FLNT) had a return on assets of -30.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Fluent, Inc. (FLNT) had $12.9M in cash against an annual operating cash burn of $1.5M. This gives an estimated cash runway of approximately 106 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Fluent, Inc. (FLNT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Fluent, Inc. (FLNT) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Fluent, Inc. (FLNT) has an interest coverage ratio of -6.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Fluent, Inc. (FLNT) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

Back to top