--- title: "Fluent | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 44.85 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286313856.md" datetime: "2026-05-13T20:35:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286313856.md) - [en](https://longbridge.com/en/news/286313856.md) - [zh-HK](https://longbridge.com/zh-HK/news/286313856.md) --- # Fluent | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 44.85 M Revenue: As of FY2026 Q1, the actual value is USD 44.85 M, missing the estimate of USD 45.92 M. EPS: As of FY2026 Q1, the actual value is USD -0.17, beating the estimate of USD -0.2367. EBIT: As of FY2026 Q1, the actual value is USD -3.304 M. #### Consolidated Revenue - Total Revenue: $44.852 million for the three months ended March 31, 2026, a -19% decrease from $55.210 million for the same period in 2025. #### Segment Revenue - Owned and Operated: $15.747 million in 2026, down from $31.082 million in 2025. - Commerce Media Solutions: $25.865 million in 2026, up from $12.660 million in 2025. - Call Solutions: $1.213 million in 2026, down from $10.079 million in 2025, following its divestment on January 31, 2026. - AdParlor: $2.027 million in 2026, up from $1.397 million in 2025. #### Operational Metrics - Net Loss: -$5.354 million in 2026, an improvement from -$8.269 million in 2025. - Gross Profit (exclusive of depreciation and amortization): $10.039 million (22% of revenue) in 2026, decreased from $11.435 million (21% of revenue) in 2025. - Media Margin: $14.000 million (31.2% of revenue) in 2026, increased from $13.731 million (24.9% of revenue) in 2025. - Adjusted EBITDA: -$3.561 million in 2026, compared to -$3.084 million in 2025. - Adjusted Net Loss: -$5.850 million ($-0.19 per share) in 2026, compared to -$6.658 million ($-0.31 per share) in 2025. - Cost of Revenue (exclusive of depreciation and amortization): $34.813 million in 2026, decreased from $43.775 million in 2025. - O&O Sites media and related costs: $12.5 million in 2026, decreased from $24.8 million in 2025. - Commerce Media Solutions media and related costs: $20.9 million in 2026, increased from $9.8 million in 2025. - Other revenue streams media and related costs: $1.4 million in 2026, decreased from $9.2 million in 2025. - Sales and Marketing Expenses: $3.724 million in 2026, decreased from $4.070 million in 2025. - Product Development Expenses: $2.821 million in 2026, decreased from $3.398 million in 2025. - General and Administrative Expenses: $5.708 million in 2026, decreased from $8.582 million in 2025. - Depreciation and Amortization: $1.681 million in 2026, decreased from $2.461 million in 2025. - Loss on Disposal of Assets: $14 thousand in 2026, compared to $0 in 2025. - Interest Expense, Net: $605 thousand in 2026, decreased from $880 thousand in 2025. - Fair Value Adjustment of Convertible Notes with related parties: -$837 thousand in 2026, compared to -$80 thousand in 2025. - Loss Before Income Taxes: -$5.351 million in 2026, improved from -$8.036 million in 2025. - Income Tax Expense: -$3 thousand in 2026, decreased from -$233 thousand in 2025. #### Cash Flow - Net Cash Provided by Operating Activities: $5.1 million in 2026, increased from $2.1 million in 2025. - Net Cash Used in Investing Activities: -$1.481 million in 2026, compared to -$1.570 million in 2025. - Net Cash Used in Financing Activities: -$6.267 million in 2026, compared to -$5.153 million in 2025. - Cash, Cash Equivalents, and Restricted Cash at End of Period: $11.009 million as of March 31, 2026, decreased from $13.645 million as of December 31, 2025. #### Unique Metrics - Total Assets: $72.271 million as of March 31, 2026, decreased from $89.133 million as of December 31, 2025. - Fluent Segment Assets: $63.471 million as of March 31, 2026, decreased from $79.570 million as of December 31, 2025. - All Other Segment Assets: $8.800 million as of March 31, 2026, decreased from $9.563 million as of December 31, 2025. - Total Liabilities: $58.985 million as of March 31, 2026, decreased from $70.921 million as of December 31, 2025. - Total Shareholders’ Equity: $13.286 million as of March 31, 2026, decreased from $18.212 million as of December 31, 2025. - Intangible Assets, Net: $16.704 million as of March 31, 2026, decreased from $17.276 million as of December 31, 2025. - Debt, Net: $28.027 million as of March 31, 2026, decreased from $34.580 million as of December 31, 2025. - Common Stock Outstanding: 29,815,712 shares as of March 31, 2026, increased from 29,636,184 shares as of December 31, 2025. - Treasury Stock: 768,595 shares with a cost of -$11.407 million as of March 31, 2026, consistent with December 31, 2025. - Customer Concentration (Q1 2026): 27.3% of consolidated revenue from customers in Israel, and an international customer within the Fluent segment represented 13.1% of consolidated revenue. #### Future Outlook and Strategy Fluent, Inc. is focusing on scaling its Commerce Media Solutions business, which is projected to become the majority revenue source for the remainder of 2026 through new partnerships and vertical expansion. Despite acknowledging substantial doubt about its ability to continue as a going concern, management expects sufficient liquidity for the next twelve months based on current forecasts. The company has also established an At-The-Market (ATM) Issuance Sales Agreement to potentially sell up to $11.2 million in common stock, subject to market conditions. ### Related Stocks - [FLNT.US](https://longbridge.com/en/quote/FLNT.US.md) ## Related News & Research - [Fluent, Inc. 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