Fluent, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $208.8M | $254.6M | $298.4M | $361.1M | $329.2M |
| Research and development | $11.8M | $17.3M | $18.5M | $18.2M | $15.8M |
| Operating income | -$20.3M | -$23.7M | -$60.1M | -$119.6M | -$4.7M |
| Interest expense | $3.1M | $4.7M | $3.2M | $2.0M | $2.2M |
| Pretax income | -$27.2M | -$31.1M | -$63.3M | -$121.6M | -$9.8M |
| Income tax expense | -$2,000 | -$1.8M | -$116,000 | $1.8M | $246,000 |
| Net income | -$27.2M | -$29.3M | -$63.2M | -$123.3M | -$10.1M |
| Balance Sheet | |||||
| Cash and equivalents | $12.9M | $9.4M | $15.8M | $25.5M | $34.5M |
| Current assets | $67.5M | $66.0M | $78.4M | $92.2M | $107.2M |
| Total assets | $89.1M | $93.6M | $111.9M | $184.0M | $318.2M |
| Current liabilities | $65.0M | $64.7M | $49.2M | $50.2M | $57.9M |
| Total liabilities | $70.9M | $68.7M | $77.5M | $90.0M | $104.8M |
| Total debt | $34.2M | $35.2M | $31.2M | $41.2M | $46.2M |
| Stockholders' equity | $18.2M | $25.0M | $34.4M | $94.0M | $213.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$1.5M | -$14.1M | $8.1M | $2.0M | $12.4M |
| Depreciation and amortization | $9.8M | $9.9M | $10.9M | $13.2M | $13.2M |
| Stock-based compensation | $2.2M | $2.0M | $3.8M | $4.1M | $4.8M |
| Capital expenditure | $69,000 | $13,000 | $25,000 | $17,000 | $36,000 |
| Free cash flow | -$1.5M | -$14.1M | $8.1M | $1.9M | $12.4M |
| Share repurchases | — | — | — | — | $0 |
| Impairments | $774,000 | $2.2M | $55.4M | $111.3M | $354,000 |
Shares outstanding 29.8M
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.