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• Fluent is like an outsourced, data-driven customer acquisition arm for businesses, similar to how ADP manages payroll and HR functions for companies.
• Fluent is like a specialized 'McKinsey & Company' for digital customer acquisition, leveraging proprietary data and technology to execute highly targeted growth strategies for brands.

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• Customer Acquisition Services: Fluent provides data-driven performance marketing services to businesses, enabling them to acquire new customers through various digital channels on a cost-per-action or cost-per-lead basis.

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Fluent (symbol: FLNT) primarily sells its services to other companies (Business-to-Business, or B2B).

Based on Fluent's most recent annual report (Form 10-K filed with the SEC), no single customer represented more than 10% of their consolidated revenue for the years ended December 31, 2023, 2022, or 2021. This indicates that Fluent has a diversified customer base, and therefore, there are no individually identifiable "major customers" that meet the typical disclosure threshold requiring their specific naming.

Fluent serves a broad range of advertisers seeking customer acquisition and lead generation services. Their customer base generally includes, but is not limited to, the following categories of businesses:

• Direct Marketers: Companies that directly engage with consumers to sell products or services, often seeking new leads or customers.
• Advertising Agencies: Firms that manage marketing and advertising campaigns for various brands and clients, utilizing Fluent's platforms for customer acquisition on behalf of their clients.
• Large Brands: Established businesses across diverse industries looking to acquire new customers, expand their audience, or drive specific consumer actions.

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Don Patrick, Chief Executive Officer
Don Patrick has served as the Chief Executive Officer of Fluent since January 2022, having previously held the interim CEO role from July 2021. Before his CEO appointment, he was the Chief Operating Officer of Fluent, LLC from January 2018 to June 2021. Mr. Patrick has a strong background in leading various companies, including serving as CEO of Seneca One Finance, Inc., a specialty consumer finance company, from 2014 to 2017. He was also President of Infogroup Marketing Services from 2011 to 2013 and Chief Operating Officer of Merkle from 1997 to 2010. During his time at Merkle, he was an original executive team member that grew the business significantly, from $6 million to over $300 million in revenue.

Ryan Perfit, Chief Financial Officer
Ryan Perfit was appointed Chief Financial Officer of Fluent in September 2024, after serving as interim CFO since February 2023. He previously worked as a financial executive at Fluent from 2012 to 2019. Mr. Perfit brings over 20 years of experience, having served as CFO at multiple high-growth start-ups, where he was instrumental in fundraising efforts. His background also includes consulting roles at PricewaterhouseCoopers and FTI Consulting. As interim CFO at Fluent, he played a key role in navigating a settlement with the Federal Trade Commission, establishing the company's credentials in high-growth marketplaces, and securing a new $50 million debt facility.

Ryan Schulke, Chief Strategy Officer & Founder
Ryan Schulke co-founded Fluent, LLC in 2010 and served as its Chief Executive Officer from inception through June 2021. He also held the position of Chief Executive Officer for the public company Fluent from March 2018 to June 2021, and became Chief Strategy Officer in July 2021. Prior to founding Fluent, LLC, Mr. Schulke was the Media Director of Clash Media, a global digital advertising network. Fluent, LLC was a privately held company before its merger with IDI, Inc. in December 2015. He has been recognized as an EY Entrepreneur of the Year.

Matt Conlin, Chief Customer Officer & Founder
Matt Conlin co-founded Fluent, LLC in 2010 alongside Ryan Schulke. He served as President of Fluent, LLC from its inception through June 2021 and as President of the public company Fluent from March 2018 to June 2021. Since July 2021, he has been the Chief Customer Officer. Before co-founding Fluent, LLC, Mr. Conlin served as the Sales Director, U.S., at Clash Media, a global digital advertising network. He has been recognized as an EY Entrepreneur of the Year.

Tim Lukens, President, Commerce Media
Tim Lukens serves as the President of Commerce Media at Fluent. In this role, he oversees the company's commerce media initiatives. Further details on his specific background beyond his current role at Fluent are not readily available in the provided search results.

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The key risks to Fluent (FLNT) are primarily centered around its financial viability, the challenges of a critical business transition, and the competitive and regulatory landscape it operates within.

1. Substantial Doubt About Going Concern and Financial Instability: Fluent faces significant financial uncertainty, with "substantial doubt about our ability to continue as a going concern" noted in its financial reports. This risk stems from a sustained decline in operating results, negative EBITDA, and substantial debt. The company has also faced non-compliance with financial covenants under its credit agreement and a critical need to raise additional capital, which, if unsuccessful, could lead to an event of default and severe financial repercussions. Fluent's ability to manage its cash burn and debt is critical for its sustainability.
2. Challenging Business Model Transition and Declining Legacy Revenue: Fluent is undergoing a strategic shift, transitioning from its traditional Owned & Operated digital marketing business to a Commerce Media Solutions (CMS) platform. While the CMS segment is experiencing rapid growth, revenue from the legacy Owned & Operated business is declining significantly, with a 52% year-over-year decrease in Q3 2025 and projected continued declines. This transition has led to overall declining total revenue. The success of this pivot relies heavily on the profitable scaling of CMS to offset the declines in other segments, which analysts describe as a "race against time" for the company. There is also pressure on margins due to investments in the new CMS segment.
3. Regulatory Hurdles and Intense Competition: Fluent's operating results have been adversely affected by strict regulatory requirements impacting its digital media properties. The company operates in a highly competitive digital marketing and advertising landscape, which poses a risk to its ability to compete effectively and respond to evolving user demands. Furthermore, Fluent's dependence on third-party publishers, internet search providers, and social media platforms for a significant portion of its web traffic introduces additional business risks.

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The ongoing industry-wide shift away from third-party cookies and identifiers, driven by major platform changes such as Apple's App Tracking Transparency (ATT) framework and Google's Privacy Sandbox initiatives for Chrome. These changes fundamentally alter the landscape for data-driven performance marketing, potentially impacting Fluent's ability to effectively target consumers, measure campaign performance, and monetize its owned and operated media properties.

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1. Accelerated Growth of Commerce Media Solutions (CMS): Fluent is strategically shifting its business mix to focus on its high-growth Commerce Media Solutions segment, which has demonstrated triple-digit year-over-year revenue growth. CMS is expected to become the majority of Fluent's total revenue by 2026. This segment's expansion is central to the company's financial and strategic agenda, with expectations for it to continue growing at a triple-digit rate through 2025 and 2026.
2. Expansion of Partnerships: A key driver for CMS growth is the continuous addition and expansion of partnerships with major brands and media partners. Fluent has been actively adding new partners, with 15 new additions in Q3 2024 alone, and anticipates these new partnerships to contribute to revenue in subsequent quarters. Notable expansions include relationships with Authentic Brands and a new partnership with Rebuy Engine, which provides access to over 12,000 Shopify brands, significantly accelerating market penetration.
3. Leveraging Proprietary Data and AI Technology: Fluent differentiates itself by leveraging its proprietary first-party data asset and AI technology to offer more personalized and effective services to clients. This data-driven approach enhances customer monetization and return on ad spend, thereby boosting growth and creating a competitive barrier in the market. The company aims to further develop its platform by expanding product strategy into key verticals like Mobile Gaming, Streaming, Subscription, and QSR Loyalty, and by enhancing its analytics and technology stack for improved conversions with predictive models.
4. Increased Monetization and Margin Improvement within CMS: As Fluent scales its Commerce Media Solutions, it expects to improve monetization in new verticals and move past short-term pricing incentives. This focus on optimizing pricing structure and enhancing operational efficiency within CMS is anticipated to lead to improved media margins, which, while not direct revenue, support sustained revenue growth by increasing profitability and allowing for reinvestment. The company anticipates adjusted EBITDA profitability by Q4 2025 and full-year profitability in 2026, driven by this shift in revenue mix.

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Share Issuance

• Fluent announced a private placement in August 2025, issuing approximately 5.87 million shares of common stock (or pre-funded warrants) at an effective purchase price of $1.75 per share, along with accompanying warrants at a $2.21 exercise price. This transaction is expected to generate gross proceeds of about $10.3 million, with potential additional gross proceeds of around $13.0 million if all warrants are fully exercised.
• In March 2025, Fluent completed a private offering of unregistered pre-funded warrants to purchase up to 2,332,104 shares of common stock at $2.174 per warrant, raising approximately $5.0 million in gross proceeds. The exercisability of these warrants is subject to stockholder approval.
• In November 2024, Fluent conducted a registered direct offering of 2,483,586 shares of common stock at $2.3152 per share and a concurrent private placement of unregistered pre-funded warrants for up to 1,187,802 shares at $2.3147 per warrant, resulting in estimated net proceeds of approximately $8.0 million ($5.3 million from the registered offering and $2.7 million from the private placement).

Capital Expenditures

• For the fiscal quarter ending June 30, 2025, Fluent reported Cash Flow from Investing Activities of -$3.23 million.
• Proceeds from the $5.0 million private offering in March 2025 are intended for general corporate purposes, which may include capital expenditures, working capital, and general and administrative expenses.
• The combined net proceeds of approximately $8.0 million from the November 2024 offerings were designated for general corporate purposes, potentially including capital expenditures and working capital.