FLNT · Fluent, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $208.76M | $254.62M | $298.40M | $361.13M | $329.25M | $310.72M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $11.84M | $17.28M | $18.45M | $18.16M | $15.79M | $12.60M |
| SG&A | $34.70M | $37.70M | $35.33M | $53.47M | $48.20M | $46.80M |
| Total Operating Expenses | $229.09M | $278.28M | $358.53M | $480.73M | $333.92M | $302.34M |
| D&A | $9.75M | $9.93M | $10.88M | $13.21M | $13.17M | $15.30M |
| Operating Income | ($20.32M) | ($23.66M) | ($60.13M) | ($119.59M) | ($4.67M) | $8.38M |
| Interest Expense | $4.75M | $4.75M | $3.20M | $1.97M | $2.18M | $5.35M |
| Income Tax | ($2.0K) | ($1.81M) | ($116.0K) | $1.78M | $246.0K | $822.0K |
| Net Income | ($27.17M) | ($29.28M) | ($63.22M) | ($123.33M) | ($10.06M) | $2.21M |
| EPS - Basic | ($1.05) | ($1.80) | ($4.62) | ($9.06) | ($0.78) | $0.18 |
| EPS - Diluted | ($1.05) | ($1.80) | ($4.62) | ($9.06) | ($0.78) | $0.18 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.94M | $9.44M | $15.80M | $25.55M | $34.47M | $21.09M |
| Accounts Receivable | $28.50M | $46.53M | $56.53M | $63.16M | $70.23M | $62.67M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $7.20M | $8.78M | $10.95M | $6.19M | $16.13M | $7.69M |
| Current Assets | $67.47M | $65.95M | $78.41M | $92.22M | $107.20M | $86.19M |
| Total Assets | $89.13M | $93.62M | $111.87M | $183.97M | $318.18M | $310.22M |
| Current Liabilities | $65.03M | $64.68M | $49.21M | $50.22M | $57.94M | $50.22M |
| Long-term Debt | $3.73M | $3.97M | $25.49M | $35.59M | $40.33M | $33.28M |
| Total Liabilities | $70.92M | $68.66M | $77.46M | $90.01M | $104.77M | $93.33M |
| Stockholders' Equity | $18.21M | $24.95M | $34.40M | $93.95M | $213.41M | $216.88M |
| Retained Earnings | ($437.96M) | ($410.80M) | ($381.52M) | ($318.30M) | ($194.97M) | ($184.91M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.47M) | ($14.10M) | $8.14M | $1.96M | $12.42M | $20.30M |
| Investing Cash Flow | ($6.37M) | ($6.21M) | ($7.11M) | ($5.44M) | ($2.99M) | ($4.27M) |
| Financing Cash Flow | $10.79M | $15.21M | ($10.77M) | ($5.45M) | $2.47M | ($13.62M) |
| CapEx | $69.0K | $13.0K | $25.0K | $17.0K | $36.0K | $64.0K |
| Free Cash Flow | ($1.54M) | ($14.12M) | $8.11M | $1.95M | $12.39M | $20.23M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -9.7% | -9.3% | -20.2% | -33.1% | -1.4% | 2.7% |
| EBITDA margin | -5.1% | -5.4% | -16.5% | -29.5% | 2.6% | 7.6% |
| Net margin | -13.0% | -11.5% | -21.2% | -34.2% | -3.1% | 0.7% |
| Free cash flow margin | -0.7% | -5.5% | 2.7% | 0.5% | 3.8% | 6.5% |
| FCF / Net income | 0.06 | 0.48 | -0.13 | -0.02 | -1.23 | 9.17 |
| R&D / Revenue | 5.7% | 6.8% | 6.2% | 5.0% | 4.8% | 4.1% |
| SG&A / Revenue | 16.6% | 14.8% | 11.8% | 14.8% | 14.6% | 15.1% |
| Effective tax rate | - | - | - | - | - | 27.1% |
| Return on assets | -30.5% | -31.3% | -56.5% | -67.0% | -3.2% | 0.7% |
| Return on equity | -149.2% | -117.3% | -183.8% | -131.3% | -4.7% | 1.0% |
| Return on invested capital | -73.2% | -64.6% | -79.3% | -72.9% | -1.5% | 2.4% |
| Liquidity | ||||||
| Current ratio | 1.04 | 1.02 | 1.59 | 1.84 | 1.85 | 1.72 |
| Quick ratio | 1.04 | 1.02 | 1.59 | 1.84 | 1.85 | 1.72 |
| Cash ratio | 0.20 | 0.15 | 0.32 | 0.51 | 0.59 | 0.42 |
| Leverage | ||||||
| Debt / Equity | 0.21 | 0.16 | 0.74 | 0.38 | 0.19 | 0.15 |
| Debt / Assets | 0.04 | 0.04 | 0.23 | 0.19 | 0.13 | 0.11 |
| Debt / EBITDA | - | - | - | - | 4.74 | 1.41 |
| Interest coverage | -4.3x | -5.0x | -18.8x | -60.9x | -2.1x | 1.6x |
| Equity multiplier | 4.89 | 3.75 | 3.25 | 1.96 | 1.49 | 1.43 |
| Liabilities / Assets | 0.80 | 0.73 | 0.69 | 0.49 | 0.33 | 0.30 |
| Efficiency | ||||||
| Asset turnover | 2.34 | 2.72 | 2.67 | 1.96 | 1.03 | 1.00 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 50d | 67d | 69d | 64d | 78d | 74d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | 177.0x |
| P / B | 3.4x | 1.6x | 9.7x | 5.7x | 4.5x | 11.7x |
| P / S | 0.3x | 0.2x | 1.1x | 1.5x | 2.9x | 8.2x |
| EV / EBITDA | - | - | - | - | 113.0x | 107.5x |
| Growth | ||||||
| Revenue growth (YoY) | -18.0% | -14.7% | -17.4% | 9.7% | 6.0% | 10.3% |
| Revenue CAGR (3y) | -16.7% | -8.2% | -1.3% | 8.6% | 15.9% | 12.2% |
| Revenue CAGR (5y) | -7.6% | -2.0% | 7.1% | 10.4% | 12.0% | 85.6% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 14.1% | 60.7% | 49.7% | -2463.6% | - | 60.5% |
| Net income growth (YoY) | 7.2% | 53.7% | 48.7% | -1126.1% | - | - |
| EPS growth (YoY) | 41.7% | 61.0% | 49.0% | -1061.5% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 89.1% | - | 316.7% | -84.3% | -38.8% | -15.4% |
| FCF CAGR (5y) | - | - | -19.0% | 12.0% | 56.1% | - |
| Book value growth (YoY) | -27.0% | -27.5% | -63.4% | -56.0% | -1.6% | 2.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$201.54M totalFluent Segment$201.54M · 100.0%
Product / service
$208.76M totalOwned And Operated$94.51M · 45.3%
Commerce Media Solutions$82.27M · 39.4%
Call Solutions$24.77M · 11.9%
Ad Parlor$7.17M · 3.4%
Product And Service Other$47.0K · 0.0%
Geographic
$201.54M totalUS$129.69M · 64.3%
Non Us$71.85M · 35.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-2.41
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Advertising
Comparing Fluent against the 5 most active filers in the same SIC group.