Fluent, Inc. (FLNT) Form 10-Q — Aug 13, 2026

$FLNTForm 10-QFiled Aug 13, 2026, 4:31 PM ET0001437749-26-027702Original filing

Fluent, Inc.'s Q2 2026 Form 10-Q carries a substantial-doubt going concern disclosure: management concluded that reliance on the uncommitted Bay View receivables financing facility means the company could have insufficient funds to meet obligations if advances were reduced or ceased. The operating picture actually improved — Q2 revenue rose about 8% year over year to $48.4 million as Commerce Media Solutions nearly doubled to $30.5 million, while the quarterly net loss narrowed to $6.2 million from $7.2 million and segment EBITDA losses more than halved.

Key figures

Eps: -$0.20 basic and diluted Q2 2026 (vs -$0.30 Q2 2025); -$0.37 H1 2026 (vs -$0.68 H1 2025)
Revenue: $48.4 million Q2 2026 (+8.4% YoY vs $44.7M); $93.3 million H1 2026 (-6.6% YoY vs $99.9M)
Net Income: -$6.2 million Q2 2026 (vs -$7.2 million Q2 2025); -$11.5 million H1 2026 (vs -$15.5 million H1 2025)
Total Debt: $31.9 million net (short-term debt $26.8 million; convertible notes at fair value $5.2 million)
Total Assets: $75.1 million (down from $89.1 million)
Cash Position: $6.9 million as of June 30, 2026 (down from $12.9 million at December 31, 2025)
Interest Rate: 11.75% annual finance charge rate on Bay View facility as of June 30, 2026; Convertible Notes bear 13% paid in kind
Shares Outstanding: 31607086
Going Concern Doubt: Yes
Accumulated Deficit: $449.5 million
Atm Program Capacity: $11.2 million at-the-market program with Lake Street; no shares sold as of June 30, 2026
Shareholders Equity: $8.1 million, down from $18.2 million at December 31, 2025
Warrants Outstanding: 7701383
Segment EBITDAQ2 2026: -$2.8 million (improved from -$4.9 million Q2 2025)
Customer Concentration: two international customers represented 11.2% and 10.2% of consolidated revenue
Bay View Facility Balance: $27.5 million outstanding under uncommitted facility with $30.0 million maximum credit
Call Solutions Divestiture: January 31, 2026; $427 credit-loss allowance on divestiture note
Commerce Media Solutions Q2: $30.5 million, up 90% YoY from $16.1 million
Convertible Notes Principal: $2.6 million principal vs $5.2 million fair value
Israel Revenue Concentration: 27.3% of H1 2026 revenue from customers located in Israel

Price after filing

1 day: -2.3%7 days: -1.7%30 days: -26.3%

Close on the filing date to close N calendar days later (from $4.19). Historical, not a forecast.

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