Fluent Q3 revenue down 27% to $47M; Commerce Media up 81% to $18.8M, 40% of total

Fluent, Inc.

2025-Q3 EPS reported -$0.94 vs consensus -$0.13 ▼ miss (-608.9%)

Net loss of $7.6M ($0.27/share) vs $7.9M loss ($0.48) in Q3 2024; Adjusted EBITDA loss of $3.4M.
Commerce Media Solutions gross margin improved 400 bps sequentially to 22%; annual run rate now >$85M.
New partnerships with Authentic Brands and Databricks; Rebuy Monetize ad sessions topped 1M in Sept (+79% MoM).
Management expects adjusted EBITDA profitability in Q4 2025 and double-digit revenue growth with EBITDA profit for FY 2026.
Owned & Operated revenue fell 52% to $20.7M as company shifts focus to commerce media.

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