Overview

• Commerce media solutions provider's Q1 revenue fell 19% yr/yr, missing analyst expectations

• Adjusted EPS and adjusted net income for Q1 beat analyst expectations

• Commerce Media Solutions revenue grew 104% yr/yr, now 58% of consolidated revenue

Outlook

• Company expects full-year double-digit revenue growth on aggregate continuing business in 2026

• Company sees full-year adjusted EBITDA improvement in 2026

• Company aims to return Commerce Media Solutions gross margins to the mid-twenties percent range

Result Drivers

• CALL SOLUTIONS DIVESTITURE - Revenue declined mainly due to the loss of Call Solutions revenue following its sale in January 2026

• COMMERCE MEDIA GROWTH - Commerce Media Solutions revenue more than doubled, offsetting much of the contraction in owned and operated business

• BUSINESS MIX SHIFT - Company continued shifting focus and revenue mix toward Commerce Media Solutions, reducing reliance on owned and operated business

Company press release: ID:nGNX2cR4D0

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$44.85 mln	$46.47 mln (4 Analysts)
Q1 Adjusted EPS	Beat	-$0.19	-$0.23 (4 Analysts)
Q1 EPS		-$0.17
Q1 Adjusted Net Income	Beat	-$5.9 mln	-$7.31 mln (4 Analysts)
Q1 Net Income		-$5.35 mln
Q1 Adjusted EBITDA	Beat	-$3.6 mln	-$4.09 mln (4 Analysts)
Q1 Operating Income		-$3.91 mln
Q1 Pretax Profit		-$5.35 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advertising & marketing peer group is "buy"

• Wall Street's median 12-month price target for Fluent Inc is $5.00, about 85.2% above its May 12 closing price of $2.70

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