Fluent Inc. (NASDAQ: FLNT) has secured a $30 million credit facility from Bay View Funding, a subsidiary of Heritage Bank of Commerce. The facility is collateralized by all of Fluent’s assets and carries no liquidity or financial covenants, giving the company broad working‑capital flexibility. The new agreement replaces a $50 million senior credit facility with SLR Credit Solutions that was fully repaid, incurring a $1 million early‑termination fee.
The financing is earmarked to support Fluent’s Commerce Media Solutions business, which grew 81 % year‑over‑year in the third quarter of 2025, and to bolster the balance sheet as the company pursues double‑digit consolidated revenue growth and profitability targets for 2026. By removing covenant restrictions, the facility allows Fluent to invest aggressively in its high‑growth segment without the constraints that previously limited capital deployment.
Prior to the new facility, Fluent reported third‑quarter 2025 revenue of $47 million and a net loss, with a current ratio of 1.02. The early‑termination fee for the previous facility underscored the company’s need for a more flexible liquidity source. The $30 million line provides a safety net that addresses short‑term liquidity pressures while supporting strategic investments.
CFO Ryan Perfit said the new facility “marks an important step forward for Fluent. Partnering with Bay View Funding enhances our financial flexibility and liquidity, supporting continued investment in the growth of our commerce media business.” CEO Don Patrick added that the company is “confident in our strategic pivot and expects adjusted EBITDA profitability in Q4 2025 and full‑year profitability in 2026.”
Investors welcomed the liquidity boost, noting that the absence of covenants and the focus on the high‑growth Commerce Media Solutions segment align with Fluent’s long‑term strategy. Analysts highlighted the facility’s role in mitigating short‑term cash constraints while enabling the company to accelerate its growth trajectory.
The credit line positions Fluent to invest in its Commerce Media Solutions platform, potentially accelerating the projected double‑digit revenue growth for 2026 and improving profitability as the company scales its high‑margin offerings. The facility also strengthens the balance sheet, providing a buffer that supports future capital needs and strategic initiatives.
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