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FLUENT Thanks for shopping , Kevin ! Order confirmation # 3488944 Second Quarter 2026 Results Monday , August 10 , 2026 You've unlocked special pricing Claim up to $ 600 off equipment or gym membership for as low as $ 6.99 / mo . Claim offer 2Q26 Earnings Presentation | Nasdaq : FLNT
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fluentco.comfluentco.com Forward-Looking Statements Safe Harbor This presentation contains “forward -looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward -looking statements speak only as of the date hereof and are based on the Company’s current plans and expectations. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward -looking statements are only predictions and involve a number of known and unknown uncertainties and risks, many of which are beyond the Company’s control. These factors include those contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, ("2025 Form 10 -K") including without limitation, those discussed in Item 1A. "Risk Factors" in Part IA. of the 2025 Form 10 -K, and other filings we make with the Securities and Exchange Commission (the "SEC"). You are cautioned not to place undue reliance on forward -looking statements when evaluating the information presented herein, and the Company undertakes no obligation to update or revise forward -looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations. Non-GAAP Financial Measures This presentation contains “non -GAAP financial measures,” which are adjusted financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States, or “GAAP.” We present non -GAAP measures, such as Media Margin (consolidated and for Commerce Media Solutions), Adjusted EBITDA, and adjusted net income (loss) and ratios based on these financial measures, herein as supplemental measures of our financial and operating performance because our management believes that such information provides useful information to investors about our operating performance. Non-GAAP financial measures do not have any standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of non -GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. For reconciliations of the non -GAAP financial measures used in this presentation to the most comparable GAAP measures, please see the Appendix to this presentation. Forward-Looking Statements 2Q26 Earnings Presentation | Nasdaq: FLNT | 2
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fluentco.comfluentco.comfluentco.comfluentco.com 2Q26 Executive Summary ● 8% growth in total consolidated revenue compared to 2Q25 ● 25% growth in revenue on aggregate continuing business compared to 2Q25; expect double-digit growth in revenue on aggregate continuing business for FY26 ● Commerce Media Solutions comprised 63% of total consolidated revenue in 2Q26 and increased 90% compared with 2Q25; 2Q26 CMS gross margin was 27% ● Launched Fluent’s in-store offering in partnership with Bilt Technologies, Inc. to bring Commerce Media Solutions to the physical retail environment; initial deployment at Beyond, Inc. retail locations ● Continue to win new partnerships with leading media partners across diverse market verticals Don Patrick CEO | 32Q26 Earnings Presentation | Nasdaq: FLNT
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fluentco.comfluentco.com Commerce Media Solutions Comprised 63% of Total Consolidated Revenue in 2Q26 CMS Annual Revenue Run Rate Now Exceeds $125 million 36% 48% 16% 63% 34% 3% 2Q262Q252Q24 Commerce Media Solutions O&O Other 76% 11% 13% 2Q26 Earnings Presentation | Nasdaq: FLNT | 4
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fluentco.comfluentco.comfluentco.comfluentco.com Strengthening Partnerships with Major Brands Through Post-Transaction Solutions Expanding Beyond Traditional Retail & Offerings to Strengthen Competitive Moat; New Verticals for Expansion Include Travel, Lifestyle, Home Services | 5 2Q26 Earnings Presentation | Nasdaq: FLNT
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fluentco.comfluentco.com | 6 Fluent In-Store New in-store commerce media offering bringing Commerce Media Solutions to the physical retail environment INTRODUCING In partnership with rewards and payment network Bilt Technologies, Inc., with initial deployment at Beyond, Inc. retail locations 10x383%2 Fluent In-Store allows Fluent’s Commerce Media Solutions offering to access the 83% of total retail transactions that aren’t happening online Deploying Commerce Media Solutions at the point of sale at grocery, pharmacy and home improvement retailers can drive a 10x increase in transaction volume for Fluent, media partners, and advertisers $140 Billion1 In a commerce media industry on pace to top $140 billion by 2030, in-store remains the hardest segment to measure — and this partnership is built to close that gap 1 eMarketer, 2026 2 eMarketer, 2026 3 Company estimates
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fluentco.comfluentco.com Three months ended Six months ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Revenue $48,449 $44,706 $93,301 $99,916 Owned & Operated $16,300 $21,402 $32,047 $52,484 Commerce Media Solutions $30,547 $16,080 $56,412 $28,740 Other $1,602 $7,224 $4,842 $16,692 Media margin 1 $17,493 $11,943 $31,493 $25,674 Media margin % of revenue 36.1% 26.7% 33.8% 25.7% Commerce Media Solutions media margin 1 $10,473 $3,217 $18,213 $6,328 Commerce Media Solutions media margin % of revenue 34.3% 20.0% 32.3% 22.0% Net loss $(6,177) $(7,223) $(11,531) $(15,492) Adjusted EBITDA 2 $(1,809) $(2,773) $(5,370) $(5,857) Adjusted net loss 3 $(4,161) $(5,847) $(10,011) $(12,505) Second Quarter 2026 Financial Highlights 1Media margin is a non -GAAP financial measure that adjusts GAAP gross profit to reflect the removal of the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses and one-time items . 2Adjusted EBITDA is a non -GAAP financial measure that adjusts GAAP net income to reflect the removal of (1) income taxes, (2) int erest expense, net, (3) depreciation and amortization, and (4) certain other non -cash charges and non -operating or one -time expe nses. 3Adjusted net income is a non -GAAP financial measure that adjusts GAAP net income to reflect the removal of certain non -cash char ges and non -operating or one -time expenses. | 72Q26 Earnings Presentation | Nasdaq: FLNT
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fluentco.comfluentco.comfluentco.comfluentco.com • Operating cash flow of $0.3 million in 1H26 • Reduced debt to $26.8 million compared with $30.8 million at year end 2025 Reduced Debt and Tightened Capital Allocation Focus on CMS Growth | 82Q26 Earnings Presentation | Nasdaq: FLNT Balance Sheet As of June 30, 2026 (In thousands) Cash and Cash Equivalents $6,877 Total Assets $75,133 Debt, Net (1) $26,759 Total Liabilities $67,029 Shareholders’ Equity $8,104 (1) Solely relates to the short-term debt under the AR Finance Agreement, less unamortized costs of $767
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fluentco.comfluentco.com Strategic Roadmap Positioning Fluent for Long-Term Sustainable Value Creation Accelerate Commerce Media Leadership Expand Media Partner Network Leverage Differentiated Data Capabilities Optimize Monetization through AI Drive Long-Term Value Creation Pursuing 2026 Financial Targets Establish Fluent as a leader in performance marketing among media partners and advertisers across high - volume market verticals Win top-tier media partners in new, diverse market verticals demonstrating depth and breadth of offerings in this competitive, high -growth market 15-year leadership position and robust first -party user database differentiates Fluent from competitors in the commerce media space Deploy AI capabilities and proprietary first -party data to improve monetization of commerce media placements and maintain CMS gross margin in the mid -to-high 20s Position Fluent for sustainable growth supported by CMS which continues to grow at near triple -digit rates and scale as a percentage of consolidated revenue Expect to achieve full -year double -digit consolidated revenue growth on aggregate continuing business and improved full -year adjusted EBITDA | 92Q26 Earnings Presentation | Nasdaq: FLNT
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fluentco.comfluentco.comfluentco.comfluentco.com Q&A | 102Q26 Earnings Presentation | Nasdaq: FLNT
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fluentco.comfluentco.comfluentco.comfluentco.com Investor Relations THANK YOU fluent@imsinvestorrelations.com (203) 972-9200 | 11
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fluentco.comfluentco.comfluentco.comfluentco.com Appendix | 122Q26 Earnings Presentation | Nasdaq: FLNT
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fluentco.comfluentco.com Reconciliation to Consolidated Media Margin (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses (2) Includes a one -time non-media revenue adjustment of ($156) in connection to a settlement with a media partne r. | 132Q26 Earnings Presentation | Nasdaq: FLNT Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Revenue $48,449 $44,706 $93,301 $99,916 Less: Cost of revenue $34,440 $34,426 $69,253 $78,201 Gross profit (exclusive of depreciation and amortization) $14,009 $10,280 $24,048 $21,715 Gross profit (exclusive of depreciation and amortization) % of revenue 29% 23% 26% 22% Non-media cost of revenue (1) $3,640 $1,663 $7,601 $3,959 One-time item (2) $(156) - $(156) - Media margin $17,493 $11,943 $31,493 $25,674 Media margin % of revenue 36.1% 26.7% 33.8% 25.7%
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fluentco.comfluentco.com Reconciliation to Commerce Media Solutions Media Margin (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses. (2) Includes a one -time non-media revenue adjustment of ($156) in connection to a settlement with a media partne r. | 142Q26 Earnings Presentation | Nasdaq: FLNT Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Revenue $30,546 $16,080 $56,411 $28,740 Less: Cost of revenue $22,323 $13,200 $43,181 $23,048 Gross profit (exclusive of depreciation and amortization) $8,223 $2,880 $13,230 $5,692 Gross profit (exclusive of depreciation and amortization) % of revenue 27% 18% 23% 20% Non-media cost of revenue (1) $2,406 $337 $5,139 $636 One-time item (2) $(156) - $(156) - Media margin $10,473 $3,217 $18,213 $6,328 Media margin % of revenue 34.3% 20.0% 32.3% 22.0%
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fluentco.comfluentco.com Reconciliation to Adjusted EBITDA | 152Q26 Earnings Presentation | Nasdaq: FLNT Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Net loss $(6,177) $(7,223) $(11,523) $(15,492) Income tax (expense) benefit 5 (107) 8 126 Interest expense, net 637 702 1,242 1,582 Depreciation and amortization 1,710 2,479 3,391 4,940 Share-based compensation expense 1,838 331 2,792 666 Loss on disposal of assets - - 14 - Fair value adjustments of Convertible Notes, with related parties 584 (478) 1,421 (398) Acquisition related costs (1) - 1,213 (2,352) 1,094 Restructuring and other severance costs - 10 51 1,325 Certain Litigation and other related costs (250) 300 (250) 300 One-time item (2) (156) - (156) - Adjusted EBITDA $(1,809) $(2,773) $(5,370) $(5,857) (1) Balance includes gain on the conveyance of the membership interest of Winopoly in January 2026 of $2,352. Balance also includes a $698 write -off of intangibles and related expenses related to the write -off of TAPP Influencers Corp. in May 2025. Additionally, the balance include s compensation expense related to non -compete agreements and earn -out expenses incurred as a result of business combinations. The ea rn -out expe nse was $0 and ($9) for the three months ended June 30, 2026 and 2025, respectively, and $0 and ($128) for the six months ended June 30, 2026 and 2025, respectively, while the non -compete agreements expense was $0 and $412 for the three months ended June 30, 2026 and 2025, respec tively, and $0 and $412 for the six months ended June 30, 2026 and 2025, respectively. (2) Includes a one -time non -media revenue adjustment of ($156) in connection to a settlement with a media partne r.
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fluentco.comfluentco.com Reconciliation to Adjusted Net Income (1) Balance includes gain on the conveyance of the membership interest of Winopoly in January 2026 of $2,352. Balance also includes a $698 write -off of intangibles and related expenses related to the write -off of TAPP Influencers Corp. in May 2025. Additionally, the balance include s compensation expense related to non -compete agreements and earn -out expenses incurred as a result of business combinations. The ea rn -out expe nse was $0 and ($9) for the three months ended June 30, 2026 and 2025, respectively, and $0 and ($128) for the six months ended June 30, 2026 and 2025, respectively, while the non -compete agreements expense was $0 and $412 for the three months ended June 30, 2026 and 2025, respec tively, and $0 and $412 for the six months ended June 30, 2026 and 2025, respectively. (2) Includes a one -time non -media revenue adjustment of ($156) in connection to a settlement with a media partne r. | 162Q26 Earnings Presentation | Nasdaq: FLNT Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Net loss $(6,177) $(7,223) $(11,531) $(15,492) Share based compensation expense 1,838 331 2,792 666 Loss on disposal of assets - - 14 - Fair value adjustments of Convertible Notes, with related parties 584 (478) 1,421 (398) Acquisition related costs (1) - 1,213 (2,352) 1,094 Restructuring and other severance costs - 10 51 1,325 Certain litigation and other related costs (250) 300 (250) 300 One-time item (2) (156) - (156) - Adjusted Net Loss $(4,161) $(5,847) $(10,011) $(12,505)