Fluent, Inc.

Fluent reported Q2 2026 revenue of $48.4 million versus $44.7 million in Q2 2025, up 8% reported and up 25% on an aggregate continuing-business basis. Gross profit was $14 million, up 36% year over year, and gross margin was 28.9% of revenue, up 650 basis points from Q1 2026. Adjusted EBITDA was negative $1.8 million, a $1.8 million sequential improvement; adjusted net loss was $4.2 million, or $0.13 per share, versus $5.8 million, or $0.24 per share a year ago. For the balance of 2026, management said it expects double-digit consolidated revenue growth on aggregate continuing businesses, continued gross-margin expansion, continued adjusted EBITDA improvement, and a positive Q4; it gave no specific Q3 growth guide.

Don Patrick framed the quarter as proof that Fluent’s Commerce Media pivot is working, emphasizing that the company returned to year-over-year growth while margins improved. He stressed that Commerce Media is becoming the core of the business, and he called in-store a second growth front that is being built deliberately for 2027 rather than for near-term revenue. His tone was confident and strategic, with repeated references to validation, a growing partner roster, and a widening addressable market.

Ryan Perfit focused on the financial bridge from growth to profitability. He said Commerce Media Solutions revenue rose 90% to $30.5 million and that its gross profit was $8.2 million, up 186%, while total media margin improved to $17.5 million from $11.9 million; he also noted total operating expense of $17.3 million, interest expense of $637,000, and operating cash flow of about $300,000 in the first half. On liquidity, he said cash and equivalents were $6.9 million at June 30, short-term debt fell to $26.8 million from $30.8 million at year-end, and the company continues to rely on its receivables financing facility while aiming to improve free cash flow.

Analysts pressed on the CVS win, in-store commercialization, gross margin, and whether EBITDA could turn positive before Q4. Management said CVS is one of its largest wins, that the integration is straightforward for online post-transaction, and that there is a roadmap to add in-store with CVS in 2027; they also said Q3 guidance was not being given, but Q4 is expected to be positive due to seasonality. On margins, management said CMS margins returned to the mid-20s as expected, with some future upside potentially toward the upper-20s and eventually the low-30s at scale, though not in 2026.