Business
Fluent Announces First Quarter 2023 Financial Results
Revenue of $77.3 million for Q1 2023Gross profit (exclusive of depreciation and amortization) of $19.0 million for Q1 2023Net loss of $31.9 million for Q1
About this update from Fluent, Inc.
[{"type":"text","content":"Revenue of $77.3 million for Q1 2023Gross profit (exclusive of depreciation and amortization) of $19.0 million for Q1 2023Net loss of $31.9 million for Q1 2023Media margin of $22.0 million for Q1 2023Adjusted EBITDA of $0.4 million for Q1 2023Adjusted net loss of $2.7 million for Q1 2023 NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) -- Fluent, Inc. (NASDAQ: FLNT), a leading data-driven performance marketing company, today reported financial results for the first quarter ended March 31, 2023. Don Patrick, Fluent’s Chief Executive Officer, commented, “Our first quarter results came in as expected and continue to reinforce the imperative behind ‘Quality as our North Star,’ while also reflecting the current macroeconomic headwinds in the digital advertising industry. Our foundational commitment to enhance the quality of consumer engagement within our Performance Marketplace, represents the strategic infrastructure that will facilitate our future growth while enhancing Fluent brand equity – both with consumers and our clients. This is our definitive strategic course that will ultimately create greater shareholder value for our investors. We continue to make disciplined progress against our strategic priorities, along with the required tactical enhancements to upgrade our consumer solutions. Execution against these initiatives has us encouraged by the positive trendline in our Performance Marketplace that began at the end of the first quarter and is continuing into Q2.” First Quarter Financial Highlights Revenue decreased 13% to $77.3 million, from $89.1 million in Q1 2022Gross profit (exclusive of depreciation and amortization) of $19.0 million, a decrease of 12% over Q1 2022 and representing 25% of revenueNet loss of $31.9 million, or $0.39 per share, primarily due to non-cash impairment charge of $25.7 million to goodwill, compared to net loss of $2.0 million, or $0.02 per share, for Q1 2022Media margin of $22.0 million, a decrease of 15% over Q1 2022 and representing 28.4% of revenueAdjusted EBITDA of $0.4 million, a decrease of $4.3 million over Q1 2022 and representing 0.6% of revenueAdjusted net loss of $2.7 million, or $0.03 per share, compared to adjusted net income $1.1 million, or $0.01 per share, for Q1 2022 Media margin, adjusted EBITDA, and adjusted net income are non-GAAP financial measures, as defined and reconciled below. B...