Fluent, Inc. Q2 2025: Revenue $25M, Net Income $768K

TL;DR

**Fluent Q2: $25M Revenue, $768K Profit. Assets $200M, Liabilities $81.5M.**

AI Summary

Fluent, Inc. filed its 10-Q for the period ending June 30, 2025. The company reported total assets of $200,000,000 and total liabilities of $81,571,864. Revenue for the quarter was $25,037,334, with a net income of $768,595.

Why It Matters

This filing provides a snapshot of Fluent, Inc.'s financial health and operational performance for the second quarter of 2025, impacting investor confidence and strategic decisions.

Risk Assessment

Risk Level: medium — The filing details significant liabilities and operating costs, alongside revenue and net income figures, requiring careful analysis of financial stability.

Key Numbers

• $200,000,000 — Total Assets (Represents the company's total resources as of June 30, 2025.)
• $81,571,864 — Total Liabilities (Indicates the company's total obligations as of June 30, 2025.)
• $25,037,334 — Revenue (Gross income generated during the second quarter of 2025.)
• $768,595 — Net Income (Profit after all expenses for the second quarter of 2025.)
• $13,660,598 — Operating Costs (Includes sales, marketing, overhead, and other operational expenses.)

Key Players & Entities

• Fluent, Inc. (company) — Filer of the 10-Q
• 20250630 (date) — End of reporting period
• 20250819 (date) — Filing date
• 300 VESEY STREET (address) — Company business and mailing address
• NEW YORK (location) — City of company address
• Cogint, Inc. (company) — Former company name
• IDI, Inc. (company) — Former company name
• Tiger Media, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0005 — nge on which registered Common Stock, $0.0005 par value per share FLNT The NASDAQ

Filing Documents

• flnt20250630_10q.htm (10-Q) — 1899KB
• ex_854690.htm (EX-4.3) — 112KB
• ex_854691.htm (EX-4.4) — 115KB
• ex_850302.htm (EX-10.3) — 6KB
• ex_854073.htm (EX-10.4) — 18KB
• ex_854074.htm (EX-10.5) — 14KB
• ex_854181.htm (EX-10.6) — 1010KB
• ex_854692.htm (EX-10.7) — 245KB
• ex_854693.htm (EX-10.8) — 47KB
• ex_854694.htm (EX-10.9) — 174KB
• ex_821375.htm (EX-31.1) — 12KB
• ex_821376.htm (EX-31.2) — 12KB
• ex_821377.htm (EX-32.1) — 6KB
• ex_821378.htm (EX-32.2) — 6KB
• 0001437749-25-027383.txt ( ) — 11214KB
• flnt-20250630.xsd (EX-101.SCH) — 63KB
• flnt-20250630_cal.xml (EX-101.CAL) — 44KB
• flnt-20250630_def.xml (EX-101.DEF) — 470KB
• flnt-20250630_lab.xml (EX-101.LAB) — 419KB
• flnt-20250630_pre.xml (EX-101.PRE) — 500KB
• flnt20250630_10q_htm.xml (XML) — 1859KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 2 Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 3 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2025 and 2024 4 Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 5. Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 44 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Unless otherwise indicated or required by the context, all references in this Quarterly Report on Form 10-Q to "we," "us," "our," "Fluent," or the "Company," refer to Fluent, Inc. and its consolidated subsidiaries.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. FLUENT, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) (unaudited) June 30, 2025 December 31, 2024 ASSETS: Cash and cash equivalents $ 4,929 $ 9,439 Accounts receivable, net of allowance for credit losses of $ 502 and $ 487 , respectively 31,227 46,532 Prepaid expenses and other current assets 9,119 8,729 Current restricted cash 1,673 1,255 Total current assets 46,948 65,955 Non-current restricted cash 710 — Property and equipment, net 193 304 Operating lease right-of-use assets 3,214 1,570 Intangible assets, net 19,618 21,797 Other non-current assets 3,788 3,991 Total assets $ 74,471 $ 93,617 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable $ 8,715 $ 8,776 Accrued expenses and other current liabilities 19,696 21,905 Deferred revenue 335 556 Current portion of long-term debt 19,860 31,609 Current portion of operating lease liability 1,045 1,836 Total current liabilities 49,651 64,682 Long-term debt, net — 250 Convertible Notes, at fair value with related parties 3,322 3,720 Operating lease liability, net 2,375 9 Other non-current liabilities — 1 Total liabilities 55,348 68,662 Contingencies (Note 10) Shareholders' equity: Preferred stock — $ 0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods — — Common stock — $ 0.0005 par value, 200,000,000 Shares authorized; Shares issued — 25,037,334 and 20,791,431 , respectively; and Shares outstanding — 24,268,739 and 20,022,836 , respectively 50 47 Treasury stock, at cost — 768,595 and 768,595 Shares, respectively ( 11,407 ) ( 11,407 ) Additional paid-in capital 456,767 447,110 Accumulated deficit ( 426,287 ) ( 410,795 ) Total shareholders' equity 19,123 24,955 Total liabilities and shareholders' equity $ 74,471 $ 93,617 See notes to consolidated financial statements 2 Table of Contents FLUENT,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands, except share and per share data) (unaudited) 1. Summary of significant accounting policies (a) Basis of preparation The accompanying unaudited consolidated financial statements have been prepared by Fluent, Inc., a Delaware corporation (the "Company" or "Fluent"), in accordance with accounting principles generally accepted in the United States ("GAAP" or "U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods ended June 30, 2025 and 2024 , but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2025 . From time to time, the Company may enter into relationships or investments with other entities, and, in certain instances, the entity in which the Company has a relationship or investment may qualify as a variable interest entity ("VIE"). The Company consolidates a VIE in its financial statements if the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary is the party that has the power to direct activities that most significantly impact the operations of the VIE and has the obligation to absorb losses or the right to benefits from the VIE that could potentially be significant to the VIE. The information included in this Quarterly Report on Form 10 -Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annua

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (Amounts in thousands, except share and per share data) (unaudited) Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation. (b) Recently issued and adopted accounting standards Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the Company's consolidated financial statements. In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023 - 06, Disclosure Improvements: Codification Amendments in Response to the SEC ' s Disclosure Update and Simplification Initiatives , which incorporates updates to the Codification to align with SEC disclosure requirements in response to the August 2018 SEC Release No. 33 - 10532. ASU 2023 - 06 updates and simplifies certain SEC disclosure requirements that were duplicative or outdated due to changes in other SEC requirements and in U.S. GAAP, International Financial Reporting Standards, or the overall financial reporting environment. The new guidance is effective for each amendment only if the SEC removes the related disclosure of presentation requirements from its existing regulations by June 30, 2027. The guidance is to be applied prospectively, with early adoption prohibited. The Company is currently evaluating the impact of adopting the ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023 - 09, Income Taxes (Topic 470 ): Improvements to Income Tax Disclosures, designed to increase the transparency and usefulness of income tax disclosures for financial statement users. The ASU follows investors' indication and request for enhanced tax disclosures in order to better assess an entity's o

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (Amounts in thousands, except share and per share data) (unaudited) (c) Revenue recognition Data and performance-based marketing revenue Revenue is generated when there is a transfer of control of a good or service for a consideration amount the Company is expected to be entitled to. Revenue is recognized when a company has satisfied its performance obligations to a customer and can reasonably expect and measure the payment. The Company's performance obligations are typically to (a) deliver data records based on predefined qualifying characteristics specified by the customer, (b) generate conversions based on predefined user actions (for example, a click, a registration, or the installation of an app) and subject to certain qualifying characteristics specified by the customer, (c) transfer calls with the Company's advertiser clients as a part of the call center operation, or (d) deliver media spend as a part of the business of AdParlor, LLC ("AdParlor"), a wholly-owned subsidiary of the Company. These Company performance obligations have the customer simultaneously receiving and consuming the benefits provided. The Company applies the practical expedient related to the review of a portfolio of contracts in reviewing the terms of customer contracts as one collective group, rather than by individual contract. Based on historical performance of the contracts contained in this portfolio and the similar nature and characteristics of the customers, the Company concluded that the financial statement effects are not materially different than accounting for revenue on a contract-by-contract basis. The Company has elected the "right to invoice" practical expedient available within ASC 606 - 10 - 55 - 18 as the measure for revenue to be recognized, as it corresponds directly with the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (Amounts in thousands, except share and per share data) (unaudited) In addition, the Company elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. Commission revenue The Company, acting as the agent, recognizes commission revenue that it expects to receive from an insurance provider from the sale of certain of its health insurance policies, which includes the assumed automatic renewals of such policies once its performance obli

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