Fluent Expects Double-Digit Growth in 2027 as Commercial Media Run Rate Tops $145 Million
Key Facts
Fluent said on November 12 that it expects double-digit growth in consolidated revenue in 2027, citing continued expansion of its commercial media solutions business. In a statement accompanying its filing with the U.S. Securities and Exchange Commission, the company said it had a "current view" supporting the outlook. The guidance comes as revenue from the business grew in the third quarter, while the company also posted an increase in total quarterly revenue. Chief Executive Don Patrick said consolidated continuing business revenue grew 29% year over year in the third quarter, compared with 25% growth in the second quarter. That puts the 2027 outlook in the context of accelerating growth between the two quarters, as the company focuses on expanding its commercial media solutions.
Fluent revenue was $53.6 million in the quarter ended September 30, 2026, up 14% from $47.0 million in the third quarter of 2025. Growth in total revenue coincided with a clear shift in the business mix between commercial media solutions and Owned and Operated. Owned and Operated revenue fell 33% to $13.8 million, compared with $20.7 million in the year-earlier period. The company attributed the decline to the continued shift in its focus and revenue mix toward commercial media solutions. Total revenue therefore expanded despite contraction in the other business, in a quarter that saw Fluent continue its transition toward the commercial media sector.
Fluent said the annualized operating revenue run rate for commercial media solutions topped $145 million at the end of the third quarter, with a gross margin of 30% during the quarter. The run rate is an operating metric based on active partnerships at current monetization levels and is not a forecast of future revenue. On the earnings call, the chief financial officer said the run rate rose from $125 million in the second quarter to $145 million in the third quarter, noting that the measure includes partners that began operating during the quarter. The change indicates a broader base of active partners in the business, while the run rate remains separate from the company's outlook for consolidated revenue growth in 2027. Fluent links its forward guidance to continued expansion of the sector, while the gross margin illustrates one aspect of its operating performance in the quarter.
Third-quarter net loss narrowed to $3.1 million, or $0.10 per basic share, from $7.6 million, or $0.27 per share, in the third quarter of 2025. The company said the decline was 59% year over year. In cash flow, Fluent generated net cash from operating activities of $2.8 million in the first nine months of 2026, after using $4.3 million in operating cash in the same period of 2025. The figures show an improvement in quarterly loss and net operating cash over the extended period, alongside third-quarter revenue growth. Based on its reported results, the company remains in a phase of narrowing losses as its revenue mix continues to shift toward commercial media solutions.
FLNT shares moved in both directions during the November 12 session, falling 4.05% in regular trading to close at $3.32, then rising 13.82% after hours to $3.779 following the results and outlook. The move reflects the stock's response after the release of third-quarter results and the 2027 outlook. The company statement included in the evidence did not provide details on the session's trading range. The main disclosure was Fluent's guidance for double-digit growth in consolidated revenue, alongside continued expansion of its commercial media business. The company also clarified that the sector's annualized operating revenue run rate measures activity from existing partnerships and should not be treated as a forecast of future revenue.