Slide 1: Fourth Quarter & Full Year 2025 Results
Fourth Quarter & Full Year 2025 Results Monday, March 9, 2026 4Q25 Earnings Presentat ion | Nasdaq: FLN T Nasdaq: FLNT
Slide 2: Forward-looking statements
Forward-looking statements Forward-Looking Statements Safe Harbor Non-GAAP Financial Measures This presentation contains “forward-looking statements” within the This presentation contains “non-GAAP financial measures,” which are meaning of the Private Securities Litigation Reform Act of 1995, as adj
Slide 3: Executive Summary
Executive Summary • Significant progress throughout 2025 on strategic transformation to Commerce Media Solutions • Commerce Media Solutions comprised 56% of total consolidated revenue in 4Q 2025; 101% growth compared with 4Q 2024 • 99% growth in Commerce Media Solutions revenue in FY 2025 compared w
Slide 4: Commerce Media Solutions Comprised 56% Consolidated Revenue in 4Q25
Commerce Media Solutions Comprised 56% Consolidated Revenue in 4Q25 4Q23 4Q24 4Q25 10% 9% 15% 21% 26% 35% 56% 69% 59% Commerce Media Solutions O&O Other 4Q25 Earnings Presentat ion | Nasdaq: FLN T 4
Slide 5: The Commerce Media Opportunity
The Commerce Media Opportunity Industry Projections Have Commerce Media Poised for Significant Growth $100B • US commerce media market is expected to reach $100B by 20271 • Expect 2023 – 2027 US commerce media market CAGR of 21% 1 Estimated Size of US Commerce $105M Media Market by Fluent’s Commerce
Slide 6: Why Fluent is Winning in Commerce Media
Why Fluent is Winning in Commerce c Media Leading Brands Want to Partner with Fluent Because Fluent Delivers the Best Results Established Partners New Verticals Expanding into new for Expansion: and exciting verticals beyond post- • Travel checkout to enhance • Lifestyle • Home Services addressable
Slide 7: Strategic Partnerships & Enhanced Leadership Drove Strong Growth Throughout 2025
Strategic Partnerships & Enhanced Leadership Drove Strong Growth Throughout 2025 Appointed Adrian Stack as Chief Introduced Board of Advisors Partnered with Databricks to expand data Product Officer to accelerate AI- comprised of industry leaders intelligence & collaboration capabilities; powered in
Slide 8: Fourth Quarter & Year-End 2025 Financial Highlights
Fourth Quarter & Year-End 2025 Financial Highlights Three Months Ended Full Year Ended (in thousands) 12/31/25 12/31/24 12/31/25 12/31/24 Revenue $61,819 $65,407 $208,764 $254,623 Owned & Operated $21,281 $38,217 $94,509 $168,411 Commerce Media Solutions $34,720 $17,235 $82,268 $41,267 Other $5,818
Slide 9: Strengthened Balance Sheet
Strengthened Balance Sheet As of December 31, 2025 Significantly Enhanced Liquidity & In thousands Efficient Resource Allocation Cash and Cash Equivalents: $12,935 • March 2025: Closed $5.0 million private offering Total Assets: $89,133 • May 2025: Closed $4.0 million private offering • August 2025:
Slide 10: Strategic Roadmap
Strategic Roadmap Positioning Fluent for Long-Term Sustainable Value Creation Accelerate Commerce Media Leadership Optimize Monetization through AI Establish Fluent as a leader in performance marketing Deploy AI capabilities and proprietary first-party data to among media partners and advertisers ac
Slide 11: Q&A
Q&A 4Q25 Earnings Presentat ion | Nasdaq: FLN T 11
Slide 12: Investor Relations
Investor Relations fluent@imsinvestorrelations.com (203) 972-9200 4Q25 Earnings Presentat ion | Nasdaq: FLN T 12
Slide 13: Appendix
Appendix 4Q25 Earnings Presentat ion | Nasdaq: FLN T 13
Slide 14: Reconciliation to Consolidated Media Margin
Reconciliation to Consolidated Media Margin Income Statement Three Months Ended Twelve Months Ended (in thousands) 12/31/25 12/31/24 12/31/25 12/31/24 Revenue $61,819 $65,407 $208,764 $254,623 Less: Cost of revenue $43,167 $51,503 $157,523 $193,821 Gross profit (exclusive of depreciation and amortiz
Slide 15: Reconciliation to Commerce Media Solutions Media Margin
Reconciliation to Commerce Media Solutions Media Margin Income Statement Three Months Ended Twelve Months Ended (in thousands) 12/31/25 12/31/24 12/31/25 12/31/24 Revenue $34,720 $17,235 $82,268 $41,267 Less: Cost of revenue $23,433 $10,501 $61,195 $26,988 Gross profit (exclusive of depreciation and
Slide 16: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Income Statement Three Months Ended Twelve Months Ended (in thousands) 12/31/25 12/31/24 12/31/25 12/31/24 Net loss $(4,119) $(3,430) $(27,168) $(29,277) Income tax (expense) benefit (116) (1,909) (2) (1,811) Interest expense, net 781 1,038 3,074 4,749 Depreciation
Slide 17: Reconciliation to Adjusted Net Income
Reconciliation to Adjusted Net Income Income Statement Three Months Ended Twelve Months Ended (in thousands) 12/31/25 12/31/24 12/31/25 12/31/24 Net loss $(4,119) $(3,430) $(26,167) $(29,277) Share based compensation expense 1,102 480 2,246 1,970 Loss on early extinguishment of debt 3,759 - 3,759 1,