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Fluent (FLNT) Financials

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$3.71 +0.20 (+5.58%)
As of 01:43 PM Eastern
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Annual Income Statements for Fluent

Annual Income Statements for Fluent

This table shows Fluent's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -84 -29 -53 -18 -1.75 2.21 -10 -123 -63 -29 -27
Consolidated Net Income / (Loss)		 -85 -29 -53 -18 -1.75 2.21 -10 -123 -63 -29 -27
Net Income / (Loss) Continuing Operations		 -43 -29 -32 3.19 -1.75 2.21 -10 -123 -63 -29 -27
Total Pre-Tax Income 		-59 -43 -32 3.24 -1.67 3.03 -9.81 -122 -63 -31 -27
Total Operating Income		 -44 -34 -21 11 5.22 8.38 -4.67 -120 -60 -24 -20
Total Gross Profit		 3.84 53 65 89 87 96 329 361 298 61 209
Total Revenue		 14 187 212 250 282 311 329 361 298 255 209
Operating Revenue		 14 187 212 250 282 311 329 361 298 255 209
Total Cost of Revenue		 10 134 146 162 194 215 0.00 0.00 0.00 194 0.00
Total Operating Expenses		 48 87 86 77 82 87 334 481 359 84 229
Selling, General & Admin Expense		 44 54 55 36 48 47 48 53 35 38 35
Marketing Expense		 2.93 16 12 14 12 12 13 17 19 17 14
Research & Development Expense		 - - 2.58 5.28 8.06 13 16 18 18 17 12
Depreciation Expense		 0.84 13 13 13 14 15 13 13 11 9.93 9.75
Other Operating Expenses / (Income)		 - - - - - - 244 267 220 - 158
Impairment Charge		 - 4.06 3.63 1.52 0.43 0.82 0.35 111 55 2.24 0.77
Total Other Income / (Expense), net		 -15 -9.09 -11 -8.13 -6.89 -5.35 -5.15 -1.97 -3.20 -7.43 -6.85
Interest Expense		 0.47 7.59 9.68 8.13 6.89 5.35 5.15 1.97 3.20 5.76 6.83
Interest & Investment Income		 - - - - - - - - 0.00 - -0.01
Income Tax Expense		 -17 -14 0.00 0.05 0.07 0.82 0.25 1.78 -0.12 -1.81 -0.00
Basic Earnings per Share		 ($6.48) ($0.65) ($0.87) ($0.23) ($0.02) $0.03 ($0.13) ($1.51) ($4.59) ($1.80) ($1.05)
Weighted Average Basic Shares Outstanding		 13.04M 44.54M 61.15M 76.71M 79.37M 78.61M 79.98M 81.41M 13.77M 16.26M 25.97M
Diluted Earnings per Share		 ($6.48) ($0.65) ($0.87) ($0.23) - $0.03 ($0.13) ($1.51) ($4.59) ($1.80) ($1.05)
Weighted Average Diluted Shares Outstanding		 13.04M 44.54M 61.15M 76.71M 79.37M 79.53M 79.98M 81.41M 13.77M 16.26M 25.97M
Weighted Average Basic & Diluted Shares Outstanding		 13.04M 44.54M 61.15M 76.71M 79.37M 81.55M 79.26M 80.31M 81.57M 20.64M 29.81M

Quarterly Income Statements for Fluent

This table shows Fluent's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -34 -1.90 -6.28 -12 -7.94 -3.43 -8.27 -7.22 -7.56 -4.12 -5.35
Consolidated Net Income / (Loss)		 -34 -1.90 -6.28 -12 -7.94 -3.43 -8.27 -7.22 -7.56 -4.12 -5.35
Net Income / (Loss) Continuing Operations		 -34 -1.90 -6.28 -12 -7.94 -3.43 -8.27 -7.22 -7.56 -4.12 -5.35
Total Pre-Tax Income 		-35 -2.57 -5.37 -12 -7.98 -5.34 -8.04 -7.33 -7.57 -4.24 -5.35
Total Operating Income		 -34 -1.78 -3.95 -10 -3.89 -5.44 -7.08 -7.11 -6.30 0.16 -3.91
Total Gross Profit		 16 182 19 13 16 14 55 10 11 176 10
Total Revenue		 66 73 66 59 65 65 55 45 47 62 45
Operating Revenue		 66 73 66 59 65 65 55 45 47 62 45
Total Cost of Revenue		 50 -110 47 46 49 52 0.00 34 36 -114 35
Operating Cost of Revenue		 50 - 47 46 49 52 - 34 36 - 35
Total Operating Expenses		 50 184 23 23 20 19 62 17 17 176 14
Selling, General & Admin Expense		 8.73 10 10 8.86 9.07 9.41 8.58 8.75 8.56 8.81 5.71
Marketing Expense		 4.43 5.12 4.81 4.61 3.98 3.92 4.07 3.22 3.51 3.69 3.72
Research & Development Expense		 4.51 4.39 4.84 4.72 4.12 3.60 3.40 2.94 2.62 2.88 2.82
Depreciation Expense		 2.66 2.76 2.57 2.57 2.37 2.42 2.46 2.48 2.48 2.33 1.68
Other Special Charges / (Income)		 - - - - - - 0.00 - - - 0.01
Total Other Income / (Expense), net		 -0.94 -0.78 -1.42 -2.02 -4.09 0.10 -0.96 -0.22 -1.27 -4.40 -1.44
Interest Expense		 0.94 0.78 1.42 2.02 1.28 1.04 0.88 0.70 0.71 4.54 0.61
Interest & Investment Income		 - - - - -2.81 - -0.08 0.48 - - -0.84
Income Tax Expense		 -1.24 -0.67 0.91 -0.78 -0.04 -1.91 0.23 -0.11 -0.01 -0.12 0.00
Basic Earnings per Share		 ($2.43) ($0.14) ($0.45) ($0.75) ($0.48) ($0.21) ($0.39) ($0.30) ($0.27) ($0.16) ($0.17)
Weighted Average Basic Shares Outstanding		 13.81M 13.77M 13.90M 15.53M 16.45M 16.26M 21.21M 24.06M 28.10M 25.97M 31.33M
Diluted Earnings per Share		 ($2.43) ($0.14) ($0.45) ($0.75) ($0.48) ($0.21) ($0.39) ($0.30) ($0.27) ($0.16) ($0.17)
Weighted Average Diluted Shares Outstanding		 13.81M 13.77M 13.90M 15.53M 16.45M 16.26M 21.21M 24.06M 28.10M 25.97M 31.33M
Weighted Average Basic & Diluted Shares Outstanding		 81.24M 81.57M 13.66M 16.87M 16.88M 20.64M 20.64M 24.27M 30.29M 29.81M 29.82M

Annual Cash Flow Statements for Fluent

This table details how cash moves in and out of Fluent's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 7.47 -3.37 6.70 2.69 0.91 2.41 12 -8.92 -9.74 -5.11 2.95
Net Cash From Operating Activities		 -11 2.10 2.51 23 26 20 12 1.96 8.14 -14 -1.47
Net Cash From Continuing Operating Activities		 -10 2.10 13 29 26 20 12 1.96 8.14 -14 -1.47
Net Income / (Loss) Continuing Operations		 -43 -29 -32 3.19 -1.75 2.21 -10 -123 -63 -29 -27
Consolidated Net Income / (Loss)		 -85 -29 -53 -18 -1.75 2.21 -10 -123 -63 -29 -27
Depreciation Expense		 0.84 13 13 13 14 15 13 13 11 9.93 9.75
Amortization Expense		 0.15 2.52 3.03 1.83 - 1.41 0.43 0.27 0.43 1.37 0.67
Non-Cash Adjustments To Reconcile Net Income		 34 35 34 16 15 8.26 9.99 116 59 7.29 7.54
Changes in Operating Assets and Liabilities, net		 -3.12 -19 -5.30 -5.21 -0.88 -6.87 -1.11 -4.00 0.77 -3.42 7.74
Net Cash From Investing Activities		 -94 -12 -8.13 -23 -12 -4.27 -2.99 -5.44 -7.11 -6.21 -6.37
Net Cash From Continuing Investing Activities		 -94 -12 -1.66 -21 -12 -4.27 -2.99 -5.44 -7.11 -6.21 -6.37
Purchase of Property, Plant & Equipment		 -3.73 -11 -1.66 -1.47 -4.71 -2.85 -2.99 -4.40 -5.86 -6.21 -6.37
Net Cash From Financing Activities		 112 6.55 12 1.79 -13 -14 2.47 -5.45 -11 15 11
Net Cash From Continuing Financing Activities		 112 6.55 12 1.79 -13 -14 2.47 -5.45 -11 15 11
Repayment of Debt		 - -2.93 -4.31 -77 -8.24 -12 -48 -5.00 -11 -70 -111
Repurchase of Common Equity		 - - 0.00 -0.01 -1.79 -1.30 - - 0.00 -0.56 -0.87
Issuance of Debt		 53 - 14 67 - 0.00 50 - 0.00 67 103
Issuance of Common Equity		 59 11 0.00 13 - 0.00 0.14 - 0.00 18 19
Other Financing Activities, net		 - -1.19 2.74 -1.99 -3.12 -0.52 0.21 -0.45 -0.24 0.00 0.00
Cash Interest Paid		 0.00 3.80 6.71 6.43 5.39 3.80 1.72 1.76 2.98 3.55 2.64
Cash Income Taxes Paid		 -0.12 0.09 0.00 0.00 0.14 0.84 0.36 1.01 -0.27 -0.32 -0.07

Quarterly Cash Flow Statements for Fluent

This table details how cash moves in and out of Fluent's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.47 -4.71 -4.15 -5.22 1.41 2.85 -4.61 1.23 2.65 3.69 -2.64
Net Cash From Operating Activities		 7.64 -1.56 -0.13 -13 1.24 -2.14 2.11 0.94 -7.30 2.79 5.11
Net Cash From Continuing Operating Activities		 7.64 -1.56 -0.13 -13 1.24 -2.14 2.11 0.94 -7.30 2.79 5.11
Net Income / (Loss) Continuing Operations		 -34 -1.90 -6.28 -12 -7.94 -3.43 -8.27 -7.22 -7.56 -4.12 -5.35
Consolidated Net Income / (Loss)		 -34 -1.90 -6.28 -12 -7.94 -3.43 -8.27 -7.22 -7.56 -4.12 -5.35
Depreciation Expense		 2.66 2.76 2.57 2.57 2.37 2.42 2.46 2.48 2.48 2.33 1.68
Amortization Expense		 0.20 0.10 0.71 0.13 0.37 0.17 0.18 0.19 0.20 0.10 0.08
Non-Cash Adjustments To Reconcile Net Income		 31 0.97 0.68 3.67 3.61 -0.67 0.41 0.57 0.99 5.57 -0.55
Changes in Operating Assets and Liabilities, net		 7.71 -3.49 2.18 -7.80 2.84 -0.63 7.33 4.92 -3.42 -1.10 9.26
Net Cash From Investing Activities		 -1.73 -1.75 -1.80 -1.75 -1.19 -1.48 -1.57 -1.66 -1.66 -1.48 -1.48
Net Cash From Continuing Investing Activities		 -1.73 -1.75 -1.80 -1.75 -1.19 -1.48 -1.57 -1.66 -1.66 -1.48 -1.48
Purchase of Property, Plant & Equipment		 -1.73 -1.75 -1.80 -1.75 -1.19 -1.48 -1.57 -1.66 -1.66 -1.48 -1.55
Sale of Property, Plant & Equipment		 - - - - - - 0.00 - - - 0.07
Net Cash From Financing Activities		 -6.39 -1.41 -2.22 9.59 1.36 6.48 -5.15 1.96 12 2.37 -6.27
Net Cash From Continuing Financing Activities		 -6.39 -1.41 -2.22 9.59 1.36 6.48 -5.15 1.96 12 2.37 -6.27
Repayment of Debt		 -6.39 -1.41 -2.22 -43 -12 -12 -32 -15 -7.32 -57 -69
Issuance of Debt		 - - 0.00 43 14 11 22 12 9.39 60 63
Issuance of Common Equity		 - - 0.00 9.90 0.10 8.38 5.00 3.97 10 - 0.00
Cash Interest Paid		 0.80 0.75 0.76 0.93 0.97 0.89 0.77 0.59 0.57 0.71 0.61
Cash Income Taxes Paid		 0.04 -0.39 0.03 0.01 - -0.37 -0.02 0.01 -0.06 - -0.12

Annual Balance Sheets for Fluent

This table presents Fluent's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 289 312 317 293 317 310 318 184 112 94 89
Total Current Assets		 38 43 57 68 82 86 107 92 78 66 67
Cash & Equivalents		 13 10 17 18 19 21 34 26 16 9.44 13
Accounts Receivable		 21 31 36 49 61 63 70 63 57 47 47
Prepaid Expenses		 2.93 2.05 1.87 1.97 1.92 2.44 2.51 3.51 6.07 8.73 7.80
Plant, Property, & Equipment, net		 1.06 1.35 0.69 1.38 2.86 2.20 1.46 0.96 0.59 0.30 0.10
Total Noncurrent Assets		 251 267 259 223 233 222 210 91 33 27 22
Intangible Assets		 87 99 74 62 56 45 36 29 27 22 17
Other Noncurrent Operating Assets		 1.32 2.67 1.10 1.89 12 11 8.69 6.93 4.80 5.56 3.57
Other Noncurrent Nonoperating Assets		 - - 24 - - - - - - 0.00 0.71
Total Liabilities & Shareholders' Equity		 289 312 317 293 317 310 318 184 112 94 89
Total Liabilities		 83 82 93 86 106 93 105 90 77 69 71
Total Current Liabilities		 21 26 33 33 52 50 58 50 49 65 65
Short-Term Debt		 2.25 4.14 2.75 3.50 6.87 7.29 5.00 5.00 5.00 32 31
Accounts Payable		 8.86 15 7.41 7.86 22 7.69 16 6.19 11 8.78 7.20
Accrued Expenses		 9.16 6.98 15 22 20 32 34 36 31 22 25
Current Deferred Revenue		 0.78 0.32 0.27 0.44 1.14 1.37 0.65 1.01 0.43 0.56 0.72
Other Current Liabilities		 - - - 0.00 2.28 2.29 2.23 2.39 2.30 1.84 1.10
Total Noncurrent Liabilities		 62 56 60 53 54 43 47 40 28 3.98 5.89
Long-Term Debt		 49 46 60 52 44 33 40 36 25 3.97 3.73
Other Noncurrent Operating Liabilities		 - 10 0.00 0.77 9.83 9.84 6.50 4.20 2.76 0.01 2.15
Commitments & Contingencies		 - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 206 230 224 207 211 217 213 94 34 25 18
Total Preferred & Common Equity		 206 230 224 207 211 217 213 94 34 25 18
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 206 230 224 207 211 217 213 94 34 25 18
Common Stock		 291 344 393 396 406 412 419 423 427 447 468
Retained Earnings		 -85 -114 -167 -185 -187 -185 -195 -318 -382 -411 -438
Treasury Stock		 - -0.53 -1.27 -3.27 -8.18 -10.00 -11 -11 -11 -11 -11

Quarterly Balance Sheets for Fluent

This table presents Fluent's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 112 104 98 96 77 74 76 72
Total Current Assets		 77 71 67 66 51 47 50 49
Cash & Equivalents		 21 12 4.97 6.59 4.83 4.93 9.25 10
Accounts Receivable		 49 53 55 53 37 31 32 32
Prepaid Expenses		 8.07 6.34 7.11 7.06 8.13 9.12 8.17 7.37
Plant, Property, & Equipment, net		 0.69 0.50 0.43 0.36 0.23 0.19 0.14 0.13
Total Noncurrent Assets		 34 32 31 29 26 27 26 23
Intangible Assets		 28 26 24 23 21 20 19 17
Other Noncurrent Operating Assets		 5.34 4.26 7.15 6.64 5.05 7.00 6.80 5.30
Other Noncurrent Nonoperating Assets		 - - - - - 0.71 0.71 0.71
Total Liabilities & Shareholders' Equity		 112 104 98 96 77 74 76 72
Total Liabilities		 77 75 71 76 55 55 54 59
Total Current Liabilities		 72 74 70 70 52 50 48 52
Short-Term Debt		 32 31 33 33 22 20 22 23
Accounts Payable		 12 8.83 7.81 7.90 8.51 8.72 9.38 7.48
Accrued Expenses		 26 31 26 27 20 20 15 20
Current Deferred Revenue		 0.49 0.56 0.72 0.43 0.34 0.34 0.47 0.14
Other Current Liabilities		 2.30 2.28 2.26 2.22 1.31 1.05 1.09 1.10
Total Noncurrent Liabilities		 4.43 1.30 1.50 5.56 3.80 5.70 6.06 6.78
Long-Term Debt		 0.00 0.00 0.75 5.36 3.80 3.32 3.88 4.57
Other Noncurrent Operating Liabilities		 4.43 1.30 0.75 0.20 0.00 2.38 2.18 2.20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 35 29 27 20 22 19 22 13
Total Preferred & Common Equity		 35 29 27 20 22 19 22 13
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 35 29 27 20 22 19 22 13
Common Stock		 427 428 438 439 453 457 467 468
Retained Earnings		 -380 -388 -399 -407 -419 -426 -434 -443
Treasury Stock		 -11 -11 -11 -11 -11 -11 -11 -11

Annual Metrics And Ratios for Fluent

This table displays calculated financial ratios and metrics derived from Fluent's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 15,603,286.00 50,663,171.00 59,677,382.00 75,291,330.00 76,809,530.00 76,334,834.00 78,945,304.00 79,951,143.00 81,237,158.00 16,876,774.00 30,287,597.00
DEI Adjusted Shares Outstanding		 346,740.00 1,125,848.00 1,326,164.00 12,548,555.00 12,801,588.00 12,722,472.00 13,157,551.00 13,325,191.00 13,539,526.00 16,876,774.00 30,287,597.00
DEI Earnings Per Adjusted Shares Outstanding		 -243.42 -25.83 -40.12 -1.43 -0.14 0.17 -0.76 -9.26 -4.67 -1.73 -0.90
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1,624.72% 1,225.92% 13.30% 18.23% 12.55% 10.31% 5.96% 9.68% -17.37% -14.67% -18.01%
EBITDA Growth		 -7,493.16% 64.68% 70.86% 543.97% -27.36% 30.95% -64.38% -1,287.33% 53.98% 71.26% 29.42%
EBIT Growth		 -7,454.70% 39.46% 38.02% 151.64% -54.11% 60.55% -155.67% -2,463.58% 49.72% 57.87% 19.77%
NOPAT Growth		 -5,614.29% 23.34% 38.25% 176.20% -67.41% 67.11% -153.49% -2,463.58% 49.72% 60.65% 14.11%
Net Income Growth		 -13,758.20% 65.59% -82.93% 66.30% 90.26% 226.33% -555.78% -1,126.09% 48.74% 53.69% 7.21%
EPS Growth		 -4,528.57% 89.97% -82.93% 73.56% 0.00% 0.00% -533.33% -1,061.54% 48.74% 60.78% 41.67%
Operating Cash Flow Growth		 -2,151.69% 119.67% 19.72% 834.50% 10.79% -21.98% -38.79% -84.19% 314.36% -273.31% 89.59%
Free Cash Flow Firm Growth		 -15,731.02% 81.35% 106.85% 418.42% -70.22% 144.84% -31.82% 257.11% -43.52% -197.14% 79.60%
Invested Capital Growth		 3,882.18% 10.78% -6.73% -2.61% -0.67% -2.82% -5.12% -51.40% -54.97% 1.53% -21.45%
Revenue Q/Q Growth		 0.00% 30.22% 1.11% 6.06% 3.37% 0.64% 5.73% -4.03% -3.84% -2.81% -1.69%
EBITDA Q/Q Growth		 0.00% 61.66% 47.05% 9.44% -8.39% 3.94% 20.09% -208.17% 57.12% -66.43% 35.51%
EBIT Q/Q Growth		 0.00% 43.58% 19.69% 33.62% -15.00% -6.58% 33.19% -149.29% 52.10% -26.64% 21.62%
NOPAT Q/Q Growth		 0.00% 45.96% 23.36% 88.17% -15.00% -27.96% 33.19% -149.29% 52.10% -18.29% 21.62%
Net Income Q/Q Growth		 0.00% 48.37% -1.12% 29.82% -64.81% -26.06% 26.64% -137.11% 50.92% -5.52% -2.60%
EPS Q/Q Growth		 0.00% 42.48% -1.12% 30.30% 0.00% -25.00% 23.53% -135.94% 50.92% -6.51% -11.70%
Operating Cash Flow Q/Q Growth		 0.00% 302.88% 148.13% 6.29% -22.22% 65.51% 2,360.20% -92.59% 79.85% -4.32% 77.06%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 116.95% -25.56% -52.20% 170.06% 489.26% -14.63% -47.68% 6.71% 21.23%
Invested Capital Q/Q Growth		 0.00% 2.94% -4.36% -0.05% 2.11% -2.28% -6.27% -35.40% 4.94% -2.91% 3.92%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.24% 28.39% 30.85% 35.45% 30.97% 30.76% 100.00% 100.00% 100.00% 23.88% 100.00%
EBITDA Margin		 -409.54% -10.91% -2.81% 10.54% 6.80% 8.07% 2.71% -29.38% -16.36% -5.51% -4.74%
Operating Margin		 -315.09% -18.22% -9.93% 4.54% 1.85% 2.70% -1.42% -33.12% -20.15% -9.29% -9.73%
EBIT Margin		 -416.58% -19.02% -10.40% 4.54% 1.85% 2.70% -1.42% -33.12% -20.15% -9.95% -9.73%
Profit (Net Income) Margin		 -599.92% -15.57% -25.13% -7.16% -0.62% 0.71% -3.06% -34.15% -21.19% -11.50% -13.01%
Tax Burden Percent		 142.87% 67.44% 167.81% -553.80% 104.42% 72.86% 102.51% 101.46% 99.82% 94.17% 99.99%
Interest Burden Percent		 100.80% 121.37% 143.97% 28.47% -32.06% 36.15% 210.35% 101.64% 105.33% 122.73% 133.69%
Effective Tax Rate		 0.00% 0.00% 0.00% 1.42% 0.00% 27.14% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -24.92% -9.29% -5.65% 4.52% 1.50% 2.55% -1.42% -50.24% -53.25% -33.48% -31.97%
ROIC Less NNEP Spread (ROIC-NNEP)		 -364.75% -22.88% -119.96% -84.98% -13.93% -12.51% -46.18% -356.06% -195.37% -97.75% -88.46%
Return on Net Nonoperating Assets (RNNOA)		 -52.64% -4.07% -17.81% -12.84% -2.33% -1.51% -3.26% -30.01% -45.25% -65.16% -93.90%
Return on Equity (ROE)		 -77.55% -13.36% -23.46% -8.32% -0.84% 1.03% -4.68% -80.25% -98.50% -98.64% -125.87%
Cash Return on Invested Capital (CROIC)		 -215.12% -19.52% 1.32% 7.16% 2.17% 5.40% 3.84% 18.94% 22.55% -35.00% -7.94%
Operating Return on Assets (OROA)		 -38.81% -11.82% -7.00% 3.73% 1.71% 2.67% -1.48% -47.63% -40.65% -24.65% -22.24%
Return on Assets (ROA)		 -55.89% -9.68% -16.92% -5.88% -0.57% 0.70% -3.20% -49.12% -42.74% -28.50% -29.73%
Return on Common Equity (ROCE)		 -77.55% -13.36% -23.46% -8.32% -0.84% 1.03% -4.68% -80.25% -98.50% -98.64% -125.87%
Return on Equity Simple (ROE_SIMPLE)		 -41.06% -12.67% -23.75% -8.66% -0.83% 1.02% -4.71% -131.27% -183.75% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -31 -24 -15 11 3.65 6.11 -3.27 -84 -42 -17 -14
NOPAT Margin		 -220.57% -12.75% -6.95% 4.48% 1.30% 1.96% -0.99% -23.18% -14.11% -6.50% -6.81%
Net Nonoperating Expense Percent (NNEP)		 339.83% 13.59% 114.31% 89.49% 15.43% 15.06% 44.77% 305.83% 142.12% 64.27% 56.49%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -64.86% -27.36% -26.95%
Cost of Revenue to Revenue		 72.76% 71.61% 69.15% 64.55% 69.03% 69.24% 0.00% 0.00% 0.00% 76.12% 0.00%
SG&A Expenses to Revenue		 315.61% 28.95% 26.03% 14.39% 17.06% 15.06% 14.64% 14.81% 11.84% 14.81% 16.62%
R&D to Revenue		 0.00% 0.00% 1.22% 2.11% 2.86% 4.06% 4.80% 5.03% 6.18% 6.79% 5.67%
Operating Expenses to Revenue		 342.33% 46.61% 40.78% 30.90% 29.12% 28.07% 101.42% 133.12% 120.15% 33.17% 109.73%
Earnings before Interest and Taxes (EBIT)		 -59 -36 -22 11 5.22 8.38 -4.67 -120 -60 -25 -20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -58 -20 -5.94 26 19 25 8.94 -106 -49 -14 -9.90
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.56 0.76 1.17 1.31 0.91 1.87 0.74 0.93 1.58 1.70 3.99
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 63.53 12.49 8.63 8.59 13.47 77.66
Price to Revenue (P/Rev)		 8.13 0.94 1.24 1.08 0.68 1.30 0.48 0.24 0.18 0.17 0.35
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 183.66 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.54% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.62 0.80 1.23 1.26 0.92 1.80 0.75 0.94 1.41 1.35 2.41
Enterprise Value to Revenue (EV/Rev)		 10.79 1.15 1.46 1.23 0.80 1.37 0.51 0.28 0.23 0.26 0.45
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 11.71 11.71 16.93 18.79 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 27.15 42.98 50.70 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 27.54 61.40 69.59 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 102.29 122.95 13.15 8.62 20.93 13.52 52.03 8.49 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 90.12 17.37 42.38 32.78 19.01 3.24 3.88 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.25 0.22 0.28 0.27 0.24 0.19 0.21 0.43 0.89 1.43 1.90
Long-Term Debt to Equity		 0.24 0.20 0.27 0.25 0.21 0.15 0.19 0.38 0.74 0.16 0.21
Financial Leverage		 0.14 0.18 0.15 0.15 0.17 0.12 0.07 0.08 0.23 0.67 1.06
Leverage Ratio		 1.39 1.38 1.39 1.42 1.46 1.47 1.46 1.63 2.30 3.46 4.23
Compound Leverage Factor		 1.40 1.68 2.00 0.40 -0.47 0.53 3.07 1.66 2.43 4.25 5.66
Debt to Total Capital		 19.83% 17.88% 21.94% 21.12% 19.46% 15.76% 17.52% 30.17% 46.98% 58.78% 65.50%
Short-Term Debt to Total Capital		 0.88% 1.48% 0.96% 1.33% 2.62% 2.83% 1.93% 3.72% 7.71% 52.22% 58.43%
Long-Term Debt to Total Capital		 18.95% 16.40% 20.98% 19.79% 16.84% 12.93% 15.59% 26.45% 39.28% 6.56% 7.07%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 80.17% 82.12% 78.06% 78.88% 80.54% 84.24% 82.48% 69.83% 53.02% 41.22% 34.50%
Debt to EBITDA		 -0.88 -2.45 -10.60 2.10 2.66 1.62 5.07 -0.38 -0.62 -2.54 -3.49
Net Debt to EBITDA		 -0.65 -1.96 -7.81 1.43 1.69 0.78 1.22 -0.14 -0.30 -1.77 -2.19
Long-Term Debt to EBITDA		 -0.84 -2.25 -10.14 1.97 2.30 1.33 4.51 -0.34 -0.52 -0.28 -0.38
Debt to NOPAT		 -1.64 -2.10 -4.28 4.95 13.95 6.65 -13.88 -0.48 -0.72 -2.15 -2.43
Net Debt to NOPAT		 -1.21 -1.68 -3.15 3.36 8.84 3.19 -3.33 -0.18 -0.35 -1.50 -1.52
Long-Term Debt to NOPAT		 -1.57 -1.93 -4.09 4.64 12.07 5.45 -12.35 -0.43 -0.61 -0.24 -0.26
Altman Z-Score		 -0.14 1.05 1.48 2.13 1.31 3.00 1.21 -1.75 -3.15 -3.93 -4.64
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.79 1.65 1.74 2.05 1.56 1.72 1.85 1.84 1.59 1.02 1.04
Quick Ratio		 1.65 1.57 1.61 1.99 1.52 1.67 1.81 1.77 1.47 0.87 0.92
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -268 -50 3.43 18 5.29 13 8.84 32 18 -17 -3.53
Operating Cash Flow to CapEx		 -286.37% 19.21% 151.48% 1,593.22% 552.16% 712.96% 415.10% 44.64% 138.80% -227.08% -23.06%
Free Cash Flow to Firm to Interest Expense		 -573.33 -6.59 0.35 2.19 0.77 2.42 1.72 16.06 5.56 -3.01 -0.52
Operating Cash Flow to Interest Expense		 -22.81 0.28 0.26 2.89 3.78 3.79 2.41 1.00 2.54 -2.45 -0.21
Operating Cash Flow Less CapEx to Interest Expense		 -30.77 -1.16 0.09 2.71 3.09 3.26 1.83 -1.24 0.71 -3.53 -1.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.62 0.67 0.82 0.92 0.99 1.05 1.44 2.02 2.48 2.28
Accounts Receivable Turnover		 1.31 7.16 6.30 5.89 5.14 5.03 4.96 5.41 4.99 4.94 4.48
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 20.68 154.92 207.84 242.17 132.78 122.72 180.02 298.33 383.79 568.99 1,023.35
Accounts Payable Turnover		 2.22 11.34 13.23 21.17 13.21 14.70 0.00 0.00 0.00 19.65 0.00
Days Sales Outstanding (DSO)		 278.70 50.97 57.96 61.93 70.99 72.59 73.66 67.41 73.21 73.87 81.53
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 164.66 32.17 27.59 17.24 27.62 24.83 0.00 0.00 0.00 18.58 0.00
Cash Conversion Cycle (CCC)		 114.04 18.80 30.37 44.69 43.36 47.76 73.66 67.41 73.21 55.29 81.53
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 243 270 251 245 243 236 224 109 49 50 39
Invested Capital Turnover		 0.11 0.73 0.81 1.01 1.15 1.30 1.43 2.17 3.78 5.15 4.69
Increase / (Decrease) in Invested Capital		 237 26 -18 -6.56 -1.64 -6.86 -12 -115 -60 0.75 -11
Enterprise Value (EV)		 152 215 309 309 224 425 168 102 69 67 94
Market Capitalization		 115 175 263 271 192 405 157 87 54 43 73
Book Value per Share		 $13.20 $4.53 $3.75 $2.75 $2.75 $2.84 $2.70 $1.18 $0.42 $1.48 $0.60
Tangible Book Value per Share		 ($2.78) ($0.69) ($0.17) ($0.19) ($0.12) $0.08 $0.16 $0.13 $0.08 $0.19 $0.03
Total Capital		 257 280 287 263 262 257 259 135 65 61 53
Total Debt		 51 50 63 55 51 41 45 41 30 36 35
Total Long-Term Debt		 49 46 60 52 44 33 40 36 25 3.97 3.73
Net Debt		 37 40 46 38 32 19 11 15 15 25 22
Capital Expenditures (CapEx)		 3.73 11 1.66 1.47 4.71 2.85 2.99 4.40 5.86 6.21 6.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 5.35 11 10 21 17 22 20 21 18 22 20
Debt-free Net Working Capital (DFNWC)		 19 21 27 39 36 43 54 47 34 33 33
Net Working Capital (NWC)		 17 17 24 35 29 36 49 42 29 1.27 2.44
Net Nonoperating Expense (NNE)		 53 5.26 38 29 5.40 3.90 6.79 40 21 13 13
Net Nonoperating Obligations (NNO)		 37 40 27 38 32 19 11 15 15 25 21
Total Depreciation and Amortization (D&A)		 0.99 15 16 15 14 17 14 13 11 11 10
Debt-free, Cash-free Net Working Capital to Revenue		 37.96% 5.88% 4.91% 8.29% 6.21% 7.14% 6.01% 5.94% 6.16% 8.71% 9.75%
Debt-free Net Working Capital to Revenue		 133.50% 11.28% 12.73% 15.39% 12.84% 13.92% 16.48% 13.01% 11.46% 12.91% 15.94%
Net Working Capital to Revenue		 117.53% 9.07% 11.43% 14.00% 10.40% 11.58% 14.96% 11.63% 9.78% 0.50% 1.17%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($28.98) ($2.91) ($4.29) ($1.38) ($0.12) $0.18 ($0.78) ($9.06) ($4.62) ($1.80) ($1.05)
Adjusted Weighted Average Basic Shares Outstanding		 10.29M 12.03M 16.11M 12.62M 12.65M 13.10M 13.33M 13.57M 13.77M 16.26M 25.97M
Adjusted Diluted Earnings per Share		 ($28.98) ($2.91) ($4.29) ($1.38) ($0.12) $0.00 ($0.78) ($9.06) ($4.62) ($1.80) ($1.05)
Adjusted Weighted Average Diluted Shares Outstanding		 10.29M 12.03M 16.11M 12.62M 12.65M 13.25M 13.33M 13.57M 13.77M 16.26M 25.97M
Adjusted Basic & Diluted Earnings per Share		 ($28.98) ($2.91) ($4.29) ($1.38) ($0.12) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.92M 9.96M 12.44M 12.78M 13.23M 13.59M 13.21M 13.39M 13.60M 20.64M 29.81M
Normalized Net Operating Profit after Tax (NOPAT)		 -31 -21 -12 20 3.95 6.70 -3.02 -5.82 -3.31 -15 -14
Normalized NOPAT Margin		 -220.57% -11.23% -5.75% 8.11% 1.40% 2.16% -0.92% -1.61% -1.11% -5.89% -6.55%
Pre Tax Income Margin		 -419.90% -23.08% -14.98% 1.29% -0.59% 0.97% -2.98% -33.66% -21.22% -12.21% -13.01%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -125.43 -4.68 -2.27 1.40 0.76 1.57 -0.91 -60.86 -18.77 -4.40 -2.97
NOPAT to Interest Expense		 -66.41 -3.14 -1.52 1.38 0.53 1.14 -0.63 -42.60 -13.14 -2.88 -2.08
EBIT Less CapEx to Interest Expense		 -133.39 -6.12 -2.45 1.22 0.07 1.03 -1.49 -63.10 -20.60 -5.48 -3.91
NOPAT Less CapEx to Interest Expense		 -74.37 -4.58 -1.69 1.20 -0.15 0.61 -1.22 -44.84 -14.97 -3.96 -3.01
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -0.05% -102.58% 58.90% 0.00% 0.00% 0.00% -1.92% -3.18%

Quarterly Metrics And Ratios for Fluent

This table displays calculated financial ratios and metrics derived from Fluent's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 81,147,991.00 81,237,158.00 81,571,864.00 13,660,598.00 16,871,826.00 16,876,774.00 20,643,660.00 20,643,660.00 24,268,299.00 30,287,597.00 29,810,156.00
DEI Adjusted Shares Outstanding		 13,524,665.00 13,539,526.00 13,595,311.00 13,660,598.00 16,871,826.00 16,876,774.00 20,643,660.00 20,643,660.00 24,268,299.00 30,287,597.00 29,810,156.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.49 -0.14 -0.46 -0.85 -0.47 -0.20 -0.40 -0.35 -0.31 -0.14 -0.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -25.61% -14.06% -14.59% -28.52% -2.60% -10.11% -16.33% -23.86% -27.10% -5.49% -18.76%
EBITDA Growth		 -859.69% 101.69% 97.66% -177.58% 96.29% -364.66% -561.55% 42.25% -262.31% 191.13% 51.59%
EBIT Growth		 -5,512.12% 97.35% 87.31% -254.00% 88.54% -205.33% -79.00% 31.53% -76.36% 103.00% 44.76%
NOPAT Growth		 -233.87% 97.35% 87.31% -250.73% 88.54% -205.33% -79.00% 31.53% -62.11% 103.00% 44.76%
Net Income Growth		 -1,180.21% 97.19% 80.35% -373.51% 76.38% -80.62% -31.76% 37.88% 4.88% -20.09% 35.25%
EPS Growth		 -1,180.21% 97.19% 80.35% -341.94% 80.25% -50.00% 13.33% 60.00% 43.75% 23.81% 56.41%
Operating Cash Flow Growth		 -15.82% 69.88% -102.70% -360.27% -83.83% -37.51% 1,700.00% 107.16% -690.94% 230.27% 142.05%
Free Cash Flow Firm Growth		 11.22% -14.02% -80.80% -76.06% -107.41% -107.77% -93.73% -28.53% 227.09% 336.96% 444.71%
Invested Capital Growth		 -72.28% -54.97% -36.55% -34.50% 9.74% 1.53% -13.56% -37.25% -26.62% -21.45% -27.07%
Revenue Q/Q Growth		 -19.36% 9.85% -9.32% -11.01% 9.88% 1.38% -15.59% -19.03% 5.20% 31.45% -27.45%
EBITDA Q/Q Growth		 -413.74% 103.47% -162.24% -1,045.31% 84.98% -147.23% -55.59% 0.02% 5.79% 162.19% -182.65%
EBIT Q/Q Growth		 -603.55% 94.75% -121.83% -162.53% 62.54% -39.94% -30.05% -0.42% 3.50% 102.38% -2,498.16%
NOPAT Q/Q Growth		 -592.86% 94.75% -121.83% -162.53% 62.54% -39.94% -30.05% -0.42% 11.30% 102.59% -2,498.16%
Net Income Q/Q Growth		 -891.04% 94.35% -230.49% -85.26% 31.68% 56.82% -141.08% 12.65% -4.61% 45.49% -29.98%
EPS Q/Q Growth		 -891.04% 94.35% -230.49% -66.67% 36.00% 56.25% -85.71% 23.08% 10.00% 40.74% -6.25%
Operating Cash Flow Q/Q Growth		 369.25% -120.37% 91.52% -9,799.24% 109.46% -273.22% 198.65% -55.73% -881.18% 138.18% 83.29%
Free Cash Flow Firm Q/Q Growth		 6.31% -40.25% -57.51% -11.30% -132.93% 37.35% 134.27% 911.06% -41.45% 16.81% -21.23%
Invested Capital Q/Q Growth		 -45.06% 4.94% -2.08% 16.02% -7.95% -2.91% -16.63% -15.79% 7.65% 3.92% -22.59%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.29% 250.75% 28.24% 21.47% 24.27% 21.26% 100.00% 22.99% 23.12% 284.99% 22.38%
EBITDA Margin		 -46.92% 1.48% -1.02% -13.09% -1.79% -4.36% -8.04% -9.93% -8.89% 4.21% -4.79%
Operating Margin		 -51.23% -2.45% -5.99% -17.67% -6.03% -8.32% -12.82% -15.90% -13.40% 0.26% -8.72%
EBIT Margin		 -51.23% -2.45% -5.99% -17.67% -6.03% -8.32% -12.82% -15.90% -14.58% 0.26% -8.72%
Profit (Net Income) Margin		 -50.77% -2.61% -9.51% -19.80% -12.31% -5.24% -14.98% -16.16% -16.07% -6.66% -11.94%
Tax Burden Percent		 96.44% 74.01% 116.92% 93.75% 99.56% 64.24% 102.90% 98.54% 99.84% 97.26% 100.06%
Interest Burden Percent		 102.76% 144.00% 135.80% 119.50% 205.22% 98.13% 113.57% 103.15% 110.37% -2,598.16% 136.89%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -103.27% -6.47% -19.45% -46.31% -22.53% -29.98% -48.82% -56.35% -44.77% 0.87% -33.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 -202.20% -10.86% -41.27% -65.56% -47.02% -28.06% -65.89% -66.53% -58.02% -17.61% -48.02%
Return on Net Nonoperating Assets (RNNOA)		 -20.64% -2.51% -14.48% -31.08% -36.15% -18.71% -50.40% -63.12% -66.22% -18.69% -49.67%
Return on Equity (ROE)		 -123.91% -8.99% -33.93% -77.39% -58.68% -48.68% -99.22% -119.47% -110.99% -17.83% -83.36%
Cash Return on Invested Capital (CROIC)		 31.62% 22.55% 7.50% -8.03% -37.83% -35.00% -27.30% 9.51% -10.08% -7.94% -2.11%
Operating Return on Assets (OROA)		 -87.08% -4.94% -13.19% -36.76% -15.18% -20.62% -34.52% -42.24% -36.00% 0.60% -23.09%
Return on Assets (ROA)		 -86.29% -5.27% -20.95% -41.18% -31.01% -13.00% -40.34% -42.94% -39.67% -15.22% -31.63%
Return on Common Equity (ROCE)		 -123.91% -8.99% -33.93% -77.39% -58.68% -48.68% -99.22% -119.47% -110.99% -17.83% -83.36%
Return on Equity Simple (ROE_SIMPLE)		 -362.94% 0.00% -130.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -24 -1.25 -2.77 -7.26 -2.72 -3.81 -4.95 -4.97 -4.41 0.11 -2.74
NOPAT Margin		 -35.86% -1.71% -4.19% -12.37% -4.22% -5.82% -8.97% -11.13% -9.38% 0.18% -6.10%
Net Nonoperating Expense Percent (NNEP)		 98.93% 4.38% 21.82% 19.25% 24.49% -1.91% 17.07% 10.18% 13.25% 18.48% 14.33%
Return On Investment Capital (ROIC_SIMPLE)		 - -1.92% -4.63% -11.96% -4.70% -6.29% -10.40% -11.76% -9.26% 0.22% -6.62%
Cost of Revenue to Revenue		 75.71% -150.75% 71.76% 78.53% 75.73% 78.74% 0.00% 77.01% 76.88% -184.99% 77.62%
SG&A Expenses to Revenue		 13.17% 14.22% 15.71% 15.08% 14.05% 14.39% 15.54% 19.57% 18.21% 14.25% 12.73%
R&D to Revenue		 6.81% 6.03% 7.34% 8.03% 6.39% 5.50% 6.15% 6.58% 5.58% 4.66% 6.29%
Operating Expenses to Revenue		 75.52% 253.20% 34.23% 39.15% 30.29% 29.58% 112.82% 38.89% 36.52% 284.72% 31.10%
Earnings before Interest and Taxes (EBIT)		 -34 -1.78 -3.95 -10 -3.89 -5.44 -7.08 -7.11 -6.86 0.16 -3.91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -31 1.08 -0.67 -7.69 -1.15 -2.85 -4.44 -4.44 -4.18 2.60 -2.15
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.02 1.58 1.39 1.80 3.09 1.70 2.04 2.16 2.50 3.99 7.09
Price to Tangible Book Value (P/TBV)		 5.53 8.59 29.79 13.39 0.00 13.47 42.90 0.00 19.77 77.66 0.00
Price to Revenue (P/Rev)		 0.12 0.18 0.14 0.19 0.24 0.17 0.18 0.18 0.25 0.35 0.47
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.01 1.41 1.23 1.39 1.81 1.35 1.55 1.65 1.88 2.41 3.69
Enterprise Value to Revenue (EV/Rev)		 0.15 0.23 0.21 0.29 0.36 0.26 0.26 0.25 0.33 0.45 0.56
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.46 8.49 19.05 0.00 0.00 0.00 0.00 27.02 0.00 0.00 73.06
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.39 3.88 12.79 0.00 0.00 0.00 0.00 13.40 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.90 0.89 1.08 1.21 1.90 1.43 1.16 1.21 1.21 1.90 2.11
Long-Term Debt to Equity		 0.00 0.74 0.00 0.03 0.27 0.16 0.17 0.17 0.18 0.21 0.34
Financial Leverage		 0.10 0.23 0.35 0.47 0.77 0.67 0.76 0.95 1.14 1.06 1.03
Leverage Ratio		 1.87 2.30 2.84 2.65 3.75 3.46 3.57 3.71 4.14 4.23 4.24
Compound Leverage Factor		 1.92 3.32 3.86 3.17 7.70 3.40 4.05 3.83 4.57 -109.99 5.80
Debt to Total Capital		 47.26% 46.98% 51.87% 54.80% 65.51% 58.78% 53.74% 54.80% 54.68% 65.50% 67.84%
Short-Term Debt to Total Capital		 47.26% 7.71% 51.87% 53.57% 56.25% 52.22% 45.77% 46.94% 46.54% 58.43% 56.78%
Long-Term Debt to Total Capital		 0.00% 39.28% 0.00% 1.23% 9.25% 6.56% 7.98% 7.85% 8.14% 7.07% 11.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 52.74% 53.02% 48.13% 45.20% 34.49% 41.22% 46.26% 45.20% 45.32% 34.50% 32.16%
Debt to EBITDA		 -0.28 -0.62 -1.49 -0.87 -4.50 -2.54 -1.59 -1.80 -1.70 -3.49 -3.68
Net Debt to EBITDA		 -0.10 -0.30 -0.93 -0.74 -3.72 -1.77 -1.21 -1.29 -1.09 -2.19 -2.33
Long-Term Debt to EBITDA		 0.00 -0.52 0.00 -0.02 -0.64 -0.28 -0.24 -0.26 -0.25 -0.38 -0.60
Debt to NOPAT		 -0.36 -0.72 -1.34 -0.95 -2.71 -2.15 -1.37 -1.41 -1.43 -2.43 -2.33
Net Debt to NOPAT		 -0.13 -0.35 -0.84 -0.81 -2.24 -1.50 -1.04 -1.01 -0.93 -1.52 -1.48
Long-Term Debt to NOPAT		 0.00 -0.61 0.00 -0.02 -0.38 -0.24 -0.20 -0.20 -0.21 -0.26 -0.38
Altman Z-Score		 -2.64 -1.43 -2.30 -2.96 -2.91 -3.23 -4.25 -4.84 -4.88 -3.88 -5.11
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.07 1.59 0.97 0.97 0.94 1.02 0.99 0.95 1.02 1.04 0.95
Quick Ratio		 0.96 1.47 0.89 0.86 0.84 0.87 0.81 0.73 0.85 0.92 0.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 98 59 25 22 -7.28 -4.56 1.56 16 9.25 11 8.51
Operating Cash Flow to CapEx		 442.87% -89.23% -7.35% -748.40% 104.22% -144.37% 134.52% 56.29% -440.00% 189.08% 345.17%
Free Cash Flow to Firm to Interest Expense		 104.91 74.83 17.61 10.92 -5.68 -4.39 1.78 22.51 13.01 2.38 14.07
Operating Cash Flow to Interest Expense		 8.17 -1.99 -0.09 -6.46 0.96 -2.06 2.40 1.33 -10.27 0.61 8.45
Operating Cash Flow Less CapEx to Interest Expense		 6.32 -4.21 -1.36 -7.32 0.04 -3.49 0.62 -1.03 -12.61 0.29 6.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.70 2.02 2.20 2.08 2.52 2.48 2.69 2.66 2.47 2.28 2.65
Accounts Receivable Turnover		 5.35 4.99 5.21 4.66 5.18 4.94 5.39 5.33 5.01 4.48 5.77
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 354.63 383.79 421.32 434.43 499.48 568.99 663.54 736.66 846.02 1,023.35 1,099.20
Accounts Payable Turnover		 0.00 0.00 4.35 3.21 3.31 19.65 16.89 0.00 0.00 0.00 4.35
Days Sales Outstanding (DSO)		 68.26 73.21 70.03 78.33 70.46 73.87 67.69 68.52 72.85 81.53 63.27
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 83.86 113.63 110.42 18.58 21.61 0.00 0.00 0.00 83.86
Cash Conversion Cycle (CCC)		 68.26 73.21 -13.83 -35.29 -39.96 55.29 46.08 68.52 72.85 81.53 -20.59
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 47 49 48 56 51 50 42 35 38 39 30
Invested Capital Turnover		 2.88 3.78 4.64 3.74 5.34 5.15 5.44 5.06 4.77 4.69 5.52
Increase / (Decrease) in Invested Capital		 -122 -60 -28 -29 4.56 0.75 -6.52 -21 -14 -11 -11
Enterprise Value (EV)		 47 69 59 78 93 67 65 58 71 94 112
Market Capitalization		 36 54 40 49 62 43 45 41 54 73 94
Book Value per Share		 $0.44 $0.42 $0.35 $2.01 $1.21 $1.48 $1.31 $0.93 $0.89 $0.60 $0.44
Tangible Book Value per Share		 $0.08 $0.08 $0.02 $0.27 ($0.16) $0.19 $0.06 ($0.02) $0.11 $0.03 ($0.11)
Total Capital		 67 65 60 61 58 61 48 42 48 53 41
Total Debt		 32 30 31 33 38 36 26 23 26 35 28
Total Long-Term Debt		 0.00 25 0.00 0.75 5.36 3.97 3.80 3.32 3.88 3.73 4.57
Net Debt		 11 15 19 28 31 25 20 17 17 22 18
Capital Expenditures (CapEx)		 1.73 1.75 1.80 1.75 1.19 1.48 1.57 1.66 1.66 1.48 1.48
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 16 18 17 25 22 22 15 11 14 20 10
Debt-free Net Working Capital (DFNWC)		 37 34 29 30 28 33 21 17 23 33 21
Net Working Capital (NWC)		 4.92 29 -2.11 -2.40 -4.13 1.27 -0.43 -2.70 1.13 2.44 -2.78
Net Nonoperating Expense (NNE)		 9.87 0.65 3.51 4.36 5.22 -0.38 3.32 2.25 3.14 4.23 2.62
Net Nonoperating Obligations (NNO)		 11 15 19 28 31 25 20 16 16 21 17
Total Depreciation and Amortization (D&A)		 2.86 2.86 3.28 2.69 2.73 2.59 2.64 2.67 2.68 2.44 1.76
Debt-free, Cash-free Net Working Capital to Revenue		 5.22% 6.16% 5.99% 9.54% 8.35% 8.71% 6.27% 4.59% 6.62% 9.75% 5.23%
Debt-free Net Working Capital to Revenue		 11.83% 11.46% 10.05% 11.43% 10.86% 12.91% 8.76% 7.46% 10.97% 15.94% 10.42%
Net Working Capital to Revenue		 1.59% 9.78% -0.74% -0.91% -1.57% 0.50% -0.18% -1.18% 0.53% 1.17% -1.40%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.46) ($0.84) ($0.45) ($0.75) ($0.48) ($0.21) ($0.39) ($0.30) ($0.27) ($0.16) ($0.17)
Adjusted Weighted Average Basic Shares Outstanding		 13.81M 2.30M 13.90M 15.53M 16.45M 16.26M 21.21M 24.06M 28.10M 25.97M 31.33M
Adjusted Diluted Earnings per Share		 ($2.46) ($0.84) ($0.45) ($0.75) ($0.48) ($0.21) ($0.39) ($0.30) ($0.27) ($0.16) ($0.17)
Adjusted Weighted Average Diluted Shares Outstanding		 13.81M 2.30M 13.90M 15.53M 16.45M 16.26M 21.21M 24.06M 28.10M 25.97M 31.33M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.84) $0.00 $0.00 $0.00 ($0.21) $0.00 $0.00 $0.00 ($0.16) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.54M 13.60M 13.66M 16.87M 16.88M 20.64M 20.64M 24.27M 30.29M 29.81M 29.82M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.96 -1.25 -2.77 -5.70 -2.72 -3.81 -4.95 -4.97 -4.41 0.11 -2.73
Normalized NOPAT Margin		 -4.47% -1.71% -4.19% -9.70% -4.22% -5.82% -8.97% -11.13% -9.38% 0.18% -6.08%
Pre Tax Income Margin		 -52.64% -3.53% -8.14% -21.12% -12.37% -8.16% -14.56% -16.40% -16.09% -6.85% -11.93%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -36.25 -2.27 -2.79 -5.13 -3.04 -5.24 -8.04 -10.12 -9.64 0.04 -6.46
NOPAT to Interest Expense		 -25.38 -1.59 -1.96 -3.59 -2.12 -3.67 -5.63 -7.09 -6.21 0.03 -4.52
EBIT Less CapEx to Interest Expense		 -38.10 -4.50 -4.06 -5.99 -3.96 -6.67 -9.83 -12.49 -11.98 -0.29 -8.91
NOPAT Less CapEx to Interest Expense		 -27.22 -3.82 -3.22 -4.45 -3.05 -5.10 -7.41 -9.45 -8.54 -0.30 -6.97
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -1.92% 0.00% 0.00% -5.01% -3.18% 0.00%

Financials Breakdown Chart

Key Financial Trends

Fluent (NASDAQ: FLNT) shows a business that is still generating revenue and operating cash, but the latest quarter highlights continued losses, heavy leverage, and a very thin equity cushion. Over the last several years, revenue has trended lower from 2023 levels, while profitability has remained negative and the balance sheet has become more strained. The good news is that the company did generate positive operating cash flow in Q1 2026, but that was not enough to offset recurring losses and a debt-heavy capital structure.

  • Q1 2026 operating cash flow was positive at $5.1 million, showing the core business can still produce cash even while reporting a net loss.
  • Cash and equivalents rose to $10.3 million in Q1 2026 from $9.2 million in Q3 2025, indicating some short-term liquidity improvement.
  • The company reduced long-term debt to $4.6 million in Q1 2026 from $5.4 million in Q3 2025, which modestly improved the noncurrent debt burden.
  • Revenue rebounded sequentially in Q1 2026 to $44.9 million from $61.8 million in Q4 2025? actually, compared with the prior reported quarters, FLNT has shown it can still sustain meaningful top-line volume despite weaker trends.
  • Q1 2026 gross profit was $10.0 million, but operating expenses of $13.9 million kept the company in an operating loss.
  • Depreciation and amortization remain sizable non-cash add-backs, helping cash flow but also signaling a business with meaningful prior acquisition or asset costs still running through the income statement.
  • Share count has fluctuated significantly over time, suggesting dilution has been a recurring financing tool.
  • Q1 2026 net loss was $5.4 million, or -$0.17 per share, showing profitability remains out of reach.
  • Current liabilities of $52.2 million exceeded current assets of $49.4 million in Q1 2026, implying a current ratio below 1.0 and limited near-term liquidity.
  • Total liabilities of $59.0 million versus total equity of only $13.3 million leaves Fluent highly levered and with a thin equity buffer.
  • Retained earnings were deeply negative at -$443.3 million in Q1 2026, reflecting a long history of cumulative losses.
  • Revenue has declined materially from the 2023 level: Q3 2023 revenue was $66.2 million versus $44.9 million in Q1 2026, while Q4 2023 revenue was $72.8 million versus $61.8 million in Q4 2025.
  • The company has been consistently unprofitable across the periods provided, with quarterly net losses ranging from roughly $1.9 million to $33.6 million, depending on impairment and other items.
  • Q3 2023 and Q2 2024 included large impairment charges, underscoring prior asset write-downs and the risk of further non-cash charges.
  • Operating cash flow has been volatile, swinging from positive in some quarters to negative in others, which makes the business model less predictable.

Bottom line: Fluent appears to be a cash-generating but challenged turnaround story. The company can still bring in revenue and sometimes produce operating cash, but shrinking revenue versus 2023, persistent losses, high leverage, and a weak equity position make the stock look risky. Investors will likely want to see sustained revenue stabilization, better operating margins, and continued debt reduction before the financial picture becomes more convincing.

07/14/26 11:51 AM ETAI Generated. May Contain Errors.

Fluent Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fluent's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Fluent's net income were at -$27.17 million at the end of 2025, a 7.2% decrease from 2024, and a 67.9% decrease since 2015. View Fluent's forecast to see where analysts expect Fluent to go next.

Fluent's total operating income in 2025 was -$20.32 million, based on the following breakdown:
  • Total Gross Profit: $208.76 million
  • Total Operating Expenses: $229.09 million

Over the last 10 years, Fluent's total revenue changed from $14.09 million in 2015 to $208.76 million in 2025, a change of 1,381.5%.

Fluent's total liabilities were at $70.92 million at the end of 2025, a 3.3% increase from 2024, and a 14.9% decrease since 2015.

In the past 10 years, Fluent's cash and equivalents has ranged from $9.44 million in 2024 to $34.47 million in 2021, and is currently $12.94 million as of their latest financial filing in 2025.

Over the last 10 years, Fluent's book value per share changed from 13.20 in 2015 to 0.60 in 2025, a change of -95.4%.


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Financial statements for NASDAQ:FLNT last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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