Fluent, Inc. reported its unaudited financial results for the second quarter ended June 30, 2025, with consolidated revenue of $44.7 million, a 24% decrease from the prior year. The company posted a net loss of $7.2 million, or $0.30 per share. Despite the overall revenue decline, Commerce Media Solutions (CMS) revenue surged 121% year-over-year to $16.1 million.
The CMS segment's annual revenue run rate exceeded $80 million, demonstrating a 23% quarter-over-quarter growth. CMS contributed 36% to total revenue in Q2 2025, up from 23% in Q1 2025, and is expected to become the majority revenue contributor in the second half of 2025. However, CMS media margin was 20% of CMS revenue, a decrease from 30.4% in Q2 2024, attributed to flexible pricing and new vertical expansion, with management expecting a return to the high 20s by Q4 2025.
The Owned and Operated (O&O) revenue decreased approximately 49% year-over-year to $21.4 million. Adjusted EBITDA for Q2 2025 was a loss of $2.8 million, an improvement from a loss of $4.5 million in Q2 2024. Fluent expects adjusted EBITDA profitability in Q4 2025 and projects full-year double-digit consolidated revenue growth and positive adjusted EBITDA profitability for 2026.
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