Fluent, Inc. Reports Strategic Pivot as Commerce Media Solutions Revenue Surges 101% in Q4 2025

Fluent, Inc. (NASDAQ: FLNT) is undergoing a fundamental transformation of its business model, shifting its focus from owned-and-operated assets toward a high-growth commerce media strategy. In its unaudited financial results for the fourth quarter and full year ended December 31, 2025, the company revealed a dramatic surge in its Commerce Media Solutions (CMS) segment, which now represents the majority of its consolidated revenue.

While total revenue saw a decline, the rapid scaling of the CMS business and a milestone achievement of positive adjusted EBITDA in the final quarter of 2025 signal a turning point for the company as it enters 2026.

The Surge of Commerce Media Solutions

The standout performer in Fluent’s latest report is the Commerce Media Solutions segment. In the fourth quarter of 2025, CMS revenue grew by 101% year-over-year, reaching $34.7 million, up from $17.2 million in Q4 2024. This growth has fundamentally altered the company’s revenue mix; CMS now accounts for 56% of consolidated revenue, a sharp increase from just 26% in the prior year period.

For the full year 2025, CMS revenue climbed 99% to $82.3 million, compared to $41.3 million in 2024. The company’s annual revenue run rate for Commerce Media Solutions now exceeds $105 million, reflecting a sequential improvement of $20 million compared to the third quarter of 2025.

This growth comes as Fluent intentionally scales back its “Owned and Operated” revenue, which fell 44% to $21.3 million in Q4 2025 and 44% to $94.5 million for the full year. This decline is a direct result of the company’s strategic pivot to prioritize the CMS model.

Financial Performance and the Path to Profitability

Fluent reported Q4 2025 revenue of $61.8 million, a 5.5% decrease from the $65.4 million reported in Q4 2024. Full-year 2025 revenue stood at $208.8 million, down 18% from $254.6 million in 2024.

Despite the top-line revenue dip, the company reached a critical financial milestone in the fourth quarter: positive adjusted EBITDA of $0.2 million. This represents an increase of $1.9 million compared to Q4 2024. CEO Donald Patrick attributed this achievement to the progress of the strategic pivot and a rigorous focus on expense discipline.

Other key financial metrics include:

• Q4 Net Loss: $4.1 million, or $0.13 per share, compared to a $3.4 million loss in Q4 2024.
• Full-Year Net Loss: $27.2 million, or $1.05 per share, an improvement over the $29.3 million loss in 2024.
• Q4 Gross Profit: $18.7 million (30% of revenue), with the CMS business specifically reporting a gross profit of $11.3 million (33% of revenue).

Strategic Partnerships and AI Integration

Fluent’s growth strategy relies heavily on expanding its partner network and utilizing artificial intelligence to monetize consumer engagement. In 2025, the company added several high-profile partners, most notably Authentic Brands Group, a brand owner with a portfolio generating over $32 billion in global annual retail sales.

The company also partnered with Rebuy to launch “Rebuy Monetize powered by Fluent.” This initiative brings Fluent’s AI-powered advertiser marketplace directly to merchants operating on the Shopify platform, expanding its reach within the e-commerce ecosystem.

Strengthening the Balance Sheet

To support its transition, Fluent took several decisive steps to improve liquidity and operational focus throughout 2025:

• Capital Infusion: In August 2025, the company closed a $10.3 million private placement, introducing new institutional shareholders.
• Financing Flexibility: In November 2025, Fluent entered into a new financing agreement to provide greater borrowing flexibility.
• Divestiture: Subsequent to the close of the fourth quarter, Fluent completed the sale of its Call Solutions subsidiary. This move allows the company to reallocate resources exclusively toward the growth of Commerce Media Solutions.

2026 Outlook: Scaling and Diversification

Looking ahead to 2026, Fluent aims to deliver a “financial trendline shift” characterized by double-digit consolidated revenue growth on a continuing operations basis and improved full-year adjusted EBITDA.

The company’s roadmap for 2026 includes:

• Vertical Expansion: Scaling CMS across new sectors, including travel, lifestyle, and home services.
• Margin Optimization: Using proprietary first-party data and AI capabilities to return gross margins to the mid-twenties.
• Partner Growth: Building on the momentum of 2025 to announce additional top-tier partnerships.