Here are 1-3 brief analogies for Fluent (FLNT):

• Fluent is like a digital headhunter for customers, using data and online campaigns to find and deliver new consumers to various brands, similar to how LinkedIn helps companies find talent.
• Fluent is like an Uber for customer acquisition, connecting brands with potential customers through digital channels and optimizing for performance, much like Uber connects riders with drivers efficiently.
• Fluent is like the Stripe for customer acquisition, providing a streamlined, data-driven service that helps businesses efficiently acquire new customers through digital marketing, much like Stripe simplifies payment processing.

• Customer Acquisition Services: Fluent provides data-driven digital marketing services that connect advertiser clients with consumers, focusing on acquiring new customers through performance-based campaigns.

Major Customers of Fluent (FLNT)

Fluent, Inc. primarily sells its data-driven digital marketing services to other companies (B2B). The provided company description indicates that Fluent connects its advertiser clients with consumers and delivers marketing executions to consumer brands, direct marketers, and agencies.

The description does not list specific names of customer companies. However, it identifies the following types of organizations as its major customers:

• Advertiser clients
• Consumer brands
• Direct marketers
• Agencies

These customers operate across a range of industries, including financial products and services, media and entertainment, health and wellness, retail and consumer, and staffing and recruitment.

Don Patrick, Chief Executive Officer

Don Patrick was appointed Chief Executive Officer of Fluent, Inc. in January 2022, having served as Interim CEO from July 2021, and Chief Operating Officer from March 2018 to June 2021. Prior to joining Fluent, he was the Chief Executive Officer of Seneca One Finance, Inc., a specialty consumer finance company, from 2014 to 2017. From 2011 to 2013, Mr. Patrick served as President of Infogroup Marketing Services, a business unit of InfoGROUP, Inc. Earlier in his career, he was Chief Operating Officer of Merkle from 1997 to 2010, where he was part of the original management team that significantly grew the company's revenue.

Ryan Perfit, Chief Financial Officer

Ryan Perfit is responsible for Fluent's financial strategy and capital allocation.

Ryan Schulke, Chief Strategy Officer & Co-founder

Ryan Schulke co-founded Fluent, LLC in 2010, which was initially a privately held digital marketing firm. He served as Chief Executive Officer of Fluent, Inc. from March 2018 until June 2021, when he transitioned to Chief Strategy Officer. Fluent, LLC was acquired by IDI, Inc. for $100 million in 2015. Before co-founding Fluent, Mr. Schulke was Media Director at Clash Media. He has been recognized as an EY Entrepreneur of the Year.

Matthew Conlin, Chief Customer Officer & Co-founder

Matthew Conlin co-founded Fluent, Inc. in 2010. He previously held the position of President of the company and became Chief Customer Officer on July 1, 2021. Mr. Conlin met co-founder Ryan Schulke at St. John's University, and their entrepreneurial journey in digital marketing began with prior experience at Innovation Ads and Clash Media.

Dan Hall, Chief Technology Officer

As Chief Technology Officer, Dan Hall is responsible for building Fluent's infrastructure to support its scalability and rapid growth.

Key Risks to Fluent, Inc. (FLNT)

1. Uncertainty Regarding Going Concern and Financial Distress: Fluent Inc. faces significant doubt about its ability to continue as a going concern, primarily due to a sustained decline in operating results and non-compliance with financial covenants under its credit agreement. The company has a critical need to raise additional capital, and failure to do so could lead to an event of default with severe financial repercussions, potentially impacting relationships with business partners and its stock price.
2. Impact of Strict Regulatory Requirements: A major factor contributing to the sustained decline in Fluent Inc.'s operating results is the imposition of strict regulatory requirements on its digital media properties. As a data-driven digital marketing services provider, the company is highly susceptible to evolving data privacy laws and regulations, which can significantly affect its ability to operate and connect advertiser clients with consumers.
3. Evolving Digital Marketing Landscape and Reliance on Third-Party Factors: The digital marketing industry in which Fluent Inc. operates is continuously evolving. This includes changes in technology, consumer preferences, and the policies of major digital platforms that impact data collection, usage, and advertising practices. The company's business, financial condition, and results of operations could be materially adversely affected if it cannot adapt to these ongoing changes or if third-party platforms alter their terms in ways that limit Fluent's access to data or advertising inventory.

Threat 1: Increasing Data Privacy Regulations and Platform Restrictions

Fluent's core business relies on "data-driven digital marketing services" for customer acquisition. A clear emerging threat is the accelerating trend of stricter data privacy regulations (such as GDPR, CCPA, and new state-level privacy laws in the US) and platform-level restrictions (e.g., Apple's App Tracking Transparency framework, and Google's planned phasing out of third-party cookies). These changes fundamentally impact the ability to collect, process, and utilize consumer data for targeted advertising, measurement, and personalization. This could significantly diminish the effectiveness and reach of Fluent's digital marketing campaigns, forcing a fundamental re-evaluation and overhaul of their data strategies and service delivery models.

Threat 2: Rapid Advancements in Generative AI and Marketing Automation

Fluent provides customer acquisition services and operates digital marketing campaigns. The rapid evolution and deployment of generative artificial intelligence (AI) and advanced marketing automation tools pose a significant emerging threat. These technologies are increasingly capable of automating tasks such as ad creative generation, audience segmentation, campaign optimization, and performance analysis. This could empower advertisers and brands to manage more aspects of their digital marketing in-house with fewer resources, or to directly leverage AI-driven platforms, thereby reducing the reliance on third-party service providers like Fluent for strategic input, execution, and optimization.

Fluent, Inc. (FLNT) operates in several addressable markets within the digital marketing landscape, primarily focused on the United States.

The key addressable markets for Fluent's main products and services include:

• Digital Marketing Services: The broader USA digital marketing market was valued at approximately USD 23 billion in 2024. Additionally, the U.S. SEO & internet marketing market was valued at USD 103.7 billion in 2024 and is expected to grow to USD 380.2 billion by 2032.
• Customer Acquisition Services: For North America, the customer acquisition tool market was valued at approximately USD 2.5 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2025 to 2033.
• Commerce Media Solutions: Fluent has made a strategic pivot towards Commerce Media Solutions. The global commerce media sector is projected by Boston Consulting Group to reach USD 100 billion within five years (from September 2025) and is expected to constitute over 25% of digital media spending by 2026. While this is a global projection, Fluent primarily operates in the United States.

Here are the expected drivers of future revenue growth for Fluent (FLNT) over the next 2-3 years:

1. Rapid Expansion of Commerce Media Solutions (CMS): Fluent is strategically pivoting its business to focus on its high-growth Commerce Media Solutions segment. This segment has consistently delivered triple-digit year-over-year revenue growth and is expected to be the primary driver of consolidated revenue, projected to achieve double-digit growth in 2026.
2. Growth through Strategic Partnerships and Network Expansion: Fluent is actively forming new partnerships with prominent brands, including DICK'S Sporting Goods, Databricks, Authentic Brands Group, and Rebuy Engine. Expanding its commerce network is crucial for increasing market share and scaling its CMS business.
3. Investment in Advanced Monetization and Engagement Technologies: The company plans further strategic investments in areas such as relevance-driven monetization, creative intelligence, and rewards-based engagement within its Commerce Media Solutions. These investments aim to enhance the value offered to both advertisers and consumers, supporting sustained growth across its retail commerce network.
4. Leveraging First-Party Data and Proprietary Machine Learning: Fluent will continue to utilize its robust first-party data and proprietary machine learning capabilities. This technology enables the company to optimize performance marketing, connect brands with high-intent consumers more effectively, and unlock additional revenue streams for its partners.

Share Repurchases

No significant share repurchase programs or activities were identified for Fluent (FLNT) in the provided information for the last 3-5 years.

Share Issuance

• Fluent closed a $10.3 million private placement in August 2025, which improved its liquidity and introduced new institutional shareholders.
• Proceeds from the issuance of common stock and warrants amounted to approximately $19.37 million for the full year 2025 and $12.63 million in full year 2024.
• The number of outstanding shares for Fluent (FLNT) increased by 53.09% in 2025 to 28.09 million, from 18.35 million in 2024.

Inbound Investments

• In August 2025, Fluent secured $10.3 million through a private placement, which brought in new institutional shareholders.

Outbound Investments

• Fluent has aggressively invested in pivoting its business towards the high-growth commerce media industry over the last three years (since around 2023).
• Subsequent to the close of Q4 2025, in January 2026, the company completed the sale of its Call Solutions subsidiary to reallocate resources towards the growth of Commerce Media Solutions.

Capital Expenditures

• Purchases of property and equipment, representing capital expenditures, were approximately -$21,000 in the fourth quarter of 2025, indicating a slight increase of 75.0% year-over-year.
• The company is prioritizing growth investments, particularly in its Commerce Media Solutions business model, and expects to continue investing in its technology.