Fluent | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 48.45 M

Revenue: As of FY2026 Q2, the actual value is USD 48.45 M, beating the estimate of USD 44.64 M.

EPS: As of FY2026 Q2, the actual value is USD -0.2, missing the estimate of USD -0.1733.

EBIT: As of FY2026 Q2, the actual value is USD -5.535 M.

Second Quarter (Q2) 2026 vs. Q2 2025

Revenue

• Consolidated revenue was $48.4 million in Q2 2026, an 8% increase compared to $44.7 million in Q2 2025.
• Commerce Media Solutions revenue grew by 90% to $30.5 million in Q2 2026, up from $16.1 million in Q2 2025, representing 63% of consolidated revenue in Q2 2026 compared to 36% in Q2 2025.
• Owned and Operated revenue decreased by 24% to $16.3 million in Q2 2026, down from $21.4 million in Q2 2025.
• Aggregate revenue from continuing businesses increased by 25% in Q2 2026 compared to Q2 2025, reaching $48.9 million.

Profitability and Margins

• Net loss was - $6.2 million in Q2 2026, an improvement from a net loss of - $7.2 million in Q2 2025.
• Consolidated gross profit was $14.0 million in Q2 2026, a 36% increase over Q2 2025, representing 29% of revenue, compared to $10.280 million (23% of revenue) in Q2 2025.
• Gross profit for Commerce Media Solutions was $8.2 million in Q2 2026, a 186% increase over Q2 2025, representing 27% of revenue, compared to $2.880 million (18% of revenue) in Q2 2025.
• Consolidated media margin was $17.5 million in Q2 2026, a 46% increase compared to $11.943 million in Q2 2025, representing 36.1% of revenue.
• Media margin for Commerce Media Solutions was $10.5 million in Q2 2026, a 226% increase over $3.217 million in Q2 2025, representing 34.3% of revenue.
• Adjusted EBITDA loss improved to - $1.8 million in Q2 2026 from - $2.8 million in Q2 2025.
• Adjusted net loss was - $4.2 million in Q2 2026, compared to - $5.8 million in Q2 2025.

Six Months Ended June 30, 2026 (H1 2026) vs. H1 2025

Revenue

• Consolidated revenue for H1 2026 was $93.3 million, a 7% decrease from $99.9 million in H1 2025.
• Commerce Media Solutions revenue increased by 96% to $56.4 million in H1 2026, up from $28.7 million in H1 2025.
• Owned and Operated revenue decreased by 39% to $32.0 million in H1 2026, down from $52.5 million in H1 2025.
• Aggregate revenue from continuing businesses increased by 10% in H1 2026 compared to H1 2025.

Profitability and Margins

• Net loss for H1 2026 was - $11.5 million, an improvement from a net loss of - $15.5 million in H1 2025.
• Consolidated gross profit was $24.0 million in H1 2026, an 11% increase over H1 2025, representing 26% of revenue, compared to $21.715 million (22% of revenue) in H1 2025.
• Gross profit for Commerce Media Solutions was $13.2 million in H1 2026, a 132% increase over H1 2025, representing 23% of revenue, compared to $5.692 million (20% of revenue) in H1 2025.
• Consolidated media margin was $31.5 million in H1 2026, a 23% increase compared to $25.674 million in H1 2025, representing 33.8% of revenue.
• Media margin for Commerce Media Solutions was $18.2 million in H1 2026, a 188% increase over $6.328 million in H1 2025, representing 32.3% of revenue.
• Adjusted EBITDA loss improved to - $5.4 million in H1 2026 from - $5.9 million in H1 2025.
• Adjusted net loss was - $10.0 million in H1 2026, compared to - $12.5 million in H1 2025.

Cash Flow for Six Months Ended June 30, 2026 vs. H1 2025

• Net cash provided by operating activities was $320 thousand in H1 2026, down from $3.047 million in H1 2025.
• Net cash used in investing activities was - $3.009 million in H1 2026, compared to - $3.231 million in H1 2025.
• Net cash used in financing activities was - $3.369 million in H1 2026, compared to - $3.198 million in H1 2025.
• Net decrease in cash, cash equivalents, and restricted cash was - $6.058 million in H1 2026, compared to a decrease of - $3.382 million in H1 2025.
• Cash, cash equivalents, and restricted cash totaled $7.587 million at the end of H1 2026, compared to $7.312 million at the end of H1 2025.

Unique Metrics

• The annual revenue run rate for Commerce Media Solutions now exceeds $125 million, with a gross margin of 27%.

Business Outlook & Goals

Fluent, Inc. expects to continue scaling Commerce Media Solutions, aiming to increase its percentage of total consolidated revenue and maintain gross margins in the mid-to-high twenties. The company plans to enhance its Commerce Media Solutions partnership network by adding top-tier media partners and expanding into new verticals and channels, including launching and scaling a new in-store commerce media offering. Fluent, Inc. anticipates full-year double-digit consolidated revenue growth on aggregate continuing businesses and improved full-year adjusted EBITDA in 2026.