Fluent Q4 2025 revenue down 5.5% to $61.8M; Commerce Media revenue up 101% to $34.7M, 56% of total

Fluent, Inc.

Q4 net loss $4.1M ($0.13/sh) vs $3.4M ($0.19/sh) in Q4 2024; full-year net loss $27.2M ($1.05/sh).
Q4 adjusted EBITDA positive $0.2M, an improvement of $1.9M YoY; full-year adjusted EBITDA -$9.0M.
Commerce Media Solutions Q4 revenue $34.7M (33% gross margin); annual run rate now >$105M.
Full-year 2025 revenue $208.8M (-18% YoY); Owned & Operated revenue fell 44% to $94.5M.
Expects double-digit consolidated revenue growth and improved adjusted EBITDA in FY 2026.

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