Fluent Q1 net loss $31.9M (-$0.39) includes $25.7M goodwill impairment

Fluent, Inc.

2023-Q1 EPS reported -$0.39 revenue$77,254,000

Revenue $77.3M, down 13% YoY from $89.1M; media margin $22.0M (28.4% of revenue).
Net loss $31.9M ($0.39 per share) vs net loss $2.0M in Q1 2022; includes $25.7M non-cash goodwill impairment.
Adjusted EBITDA $0.4M (0.6% of revenue), down $4.3M from $4.7M in Q1 2022.
Adjusted net loss $2.7M ($0.03 per share) vs adjusted net income $1.1M ($0.01) in prior year.
CEO cites 'Quality as our North Star' strategy and positive trendline into Q2.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Fluent, Inc. reported first quarter ended March 31, 2023 results: revenue $77.3 million, net income $31.9 million, EPS $0.39 per share.

Period: first quarter ended March 31, 2023
Revenue: $77.3 million
Net income: $31.9 million
EPS: $0.39 per share
Result: reported results

Exact text from the filing

• Revenue decreased 13% to $77.3 million, from $89.1 million in Q1 2022 • Gross profit (exclusive of depreciation and amortization) of $19.0 million, a decrease of 12% over Q1 2022 and representing 25% of revenue • Net loss of $31.9 million, or $0.39 per share, primarily due to non-cash impairment charge of $25.7 million to goodwill, compared to net loss of $2.0 million, or $0.02 per share, for Q1 2022 • Media margin of $22.0 million, a decrease of 15% over Q1 2022 and representing 28.4% of revenue • Adjusted EBITDA of $0.4 million, a decrease of $4.3 million over Q1 2022 and representing 0.6% of revenue • Adjusted net loss of $2.7 million, or $0.03 per share, compared to adjusted net income $1.1 million, or $0.01 per share, for Q1 2022

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Source: SEC EDGAR

accession 0001437749-23-014577

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