Highlights

  • Fluent amended its Accounts Receivable finance agreement on 30 September 2026, raising maximum advances from US$30 million to US$35 million.
  • Commerce Media Solutions Revenue rose 90% to US$30.5 million in Q2 2026, making up 63% of consolidated revenue.
  • Second-quarter net loss narrowed to US$6.2 million, or US$0.20 per share, from US$7.2 million a year earlier.
  • Management expects double-digit 2026 revenue growth across continuing businesses and improved full-year adjusted EBITDA.

Fluent, Inc. (NASDAQ:FLNT) has secured more room under its Working Capital facility, amending its accounts receivable finance agreement with CSNK Working Capital Finance Corp., doing Business as Bay View Funding, on 30 September 2026. The change, disclosed on 5 October 2026, lifts the maximum aggregate advance amount to US$35 million from US$30 million.

The larger Facility arrives as the performance Marketing company shifts its revenue mix toward Commerce Media Solutions, a business that delivered most of its second-quarter revenue.

Facility Amendment Adds US$5 Million of Capacity

The financing agreement, originally signed on 25 November 2025, covers Fluent and its subsidiaries Fluent, LLC, Fluent Media Labs, LLC and AdParlor, LLC. Advances are secured by substantially all of the company's assets. The amendment did not disclose changes to pricing or Maturity beyond the higher advance limit.

Funding remains a key consideration. At 30 June 2026, Fluent held US$6.9 million of cash and equivalents, down from US$12.9 million at the end of 2025, alongside short-term net Debt of US$26.8 million. The company lists among its risks that its uncommitted financing arrangement raises substantial doubt about its ability to continue as a going concern.

Commerce Media Drives Second-Quarter Growth

In its most recent quarterly results, released on 10 August 2026, Fluent reported Q2 2026 revenue of US$48.4 million, up 8% from US$44.7 million a year earlier. Revenue from continuing businesses rose 25% to US$48.9 million, as the prior-year quarter included US$5.6 million from Call Solutions, which was sold in January 2026.

Commerce Media Solutions revenue climbed 90% to US$30.5 million, while Owned and Operated revenue fell 24% to US$16.3 million. Gross profit, excluding Depreciation and amortization, rose 36% to US$14.0 million, lifting gross Margin to 29% from 23%. Media margin, a non-GAAP measure, increased 46% to US$17.5 million.

Losses Narrow on Improved Margins

The GAAP net loss for the quarter narrowed to US$6.2 million, or US$0.20 per share, from US$7.2 million, or US$0.30 per share. The adjusted EBITDA loss improved to US$1.8 million from US$2.8 million. For the first half of 2026, revenue declined 7% to US$93.3 million, but Commerce Media Solutions revenue nearly doubled to US$56.4 million and the net loss eased to US$11.5 million.

In-Store Expansion and 2026 Targets

Management said the Commerce Media Solutions annual revenue run rate now exceeds US$125 million, an operating metric rather than a forecast. For 2026, the company expects double-digit revenue growth across its continuing businesses, improved full-year adjusted EBITDA, and Commerce Media Solutions gross margins in the mid-to-high twenties.

Fluent has also launched an in-store commerce media offering, which is in a proof-of-concept phase during the second half of 2026, and management expects it to contribute materially to revenue in 2027. The company plans to expand into travel, lifestyle and home services verticals. Shares closed at US$3.44 on 30 October 2026, up 5.2% on the day, giving a market Capitalization of about US$108.73 million.