Fluent (FLNT) Q2 2026 Earnings Call: Commerce Media Revenue Jumps 90%
Source Tradingkey
Key Takeaways
- Fluent (NASDAQ: FLNT) reported Q2 2026 revenue of $48.4 million, up 8% year over year on a reported basis and 25% across aggregate continuing businesses.
- Commerce Media Solutions revenue increased 90% to $30.5 million, accounting for 63% of consolidated revenue versus 36% a year earlier. The business ended the quarter with an annual revenue run rate above $125 million.
- Gross profit rose 36% to $14.0 million, while gross margin reached 28.9%, improving 650 basis points from Q1 2026. Better monetization and increased scale at key Commerce Media partnerships drove the expansion.
- Adjusted EBITDA was negative $1.8 million, improving by $1.8 million sequentially and by $1.0 million year over year. Management expects continued improvement and positive adjusted EBITDA in Q4 due partly to seasonality.
- CVS launched as an online post-transaction partner in Q3. Management described it as one of Fluent’s largest partner wins and outlined a roadmap to extend the relationship into in-store commerce media in 2027.
- Management continues to expect double-digit full-year 2026 revenue growth across aggregate continuing businesses. The company expects its in-store offering to contribute materially beginning in 2027, not 2026.
Core Financial Results
| Metric | Q2 2026 | Change and context |
|---|---|---|
| Consolidated revenue | $48.4 million | Up 8% year over year from $44.7 million |
| Aggregate continuing-business revenue | — | Up 25% year over year |
| Commerce Media Solutions revenue | $30.5 million | Up 90%; 63% of consolidated revenue |
| Owned and operated revenue | $16.3 million | Down 24% from $21.4 million |
| Gross profit | $14.0 million | Up 36% year over year |
| Gross margin | 28.9% | Up 650 basis points sequentially |
| Media margin | $17.5 million | 36% of revenue, versus $11.9 million and 26.7% a year earlier |
| Commerce Media Solutions gross profit | $8.2 million | Up 186%; 27% of segment revenue |
| Operating expenses | $17.3 million | Up from $14.9 million, mainly due to higher incentive-based compensation |
| Net loss | $6.2 million | Improved from a $7.2 million loss |
| Adjusted net loss | $4.2 million, or $0.13 per share | Versus $5.8 million, or $0.24 per share |
| Adjusted EBITDA | Negative $1.8 million | Versus negative $2.8 million a year earlier and a $1.8 million sequential improvement |
| Cash and cash equivalents | $6.9 million | Down from $12.9 million at December 31, 2025 |
| Short-term debt | $26.8 million | Down from $30.8 million at year-end 2025 |
| First-half operating cash flow | Approximately $0.3 million | Positive for the first six months of 2026 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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