Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results Tuesday, August 19, 2025 2Q25 Earnings Presentation | Nasdaq: FLNT 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: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights • 121% growth in Commerce Media Solutions revenue to $16.1 million compared with $7.3 million in 2Q24 • Commerce Media Solutions revenue represented 36% of consolidated revenue compared with 12% in 2Q24 • Commerce Media Solutions annual run rate surpassed $80 million;
Slide 4: Emerging Commerce Media Opportunity is Significant
Emerging Commerce Media Opportunity is Significant Fluent’s Commerce Media Solutions annual run rate1 currently exceeds $80 $100B+ million as segment continues to scale 2 aggressively The Commerce Media market is expected to grow to $100 billion over the next Legacy Owned & Operated five years and a
Slide 5: Commerce Media Continues to Become Larger Contributor of Consolidated Revenue
Commerce Media Continues to Become Larger Contributor of Consolidated Revenue 2Q23 2Q24 2Q25 1% 14% 16% 12% 16% 36% 85% 72% 48% Commerce Media Solutions O&O Other 2Q25 Earnings Presentation | Nasdaq: FLNT 5
Slide 6: Recently Expanded Partnership with Authentic Brands Group Reflects Expanding Business with Top Brands
Recently Expanded Partnership with Authentic Brands Group Reflects Expanding Business with Top Brands • Authentic Brands Group is a leading sports, lifestyle, and entertainment brand owner generating more than $32 billion in global annual retail sales • Expanded partnership follows successful campai
Slide 7: Second Quarter 2025 Financial Highlights
Second Quarter 2025 Financial Highlights Three Months Ended Six Months Ended (in thousands) 6/30/25 6/30/24 6/30/25 6/30/24 Revenue $44,706 $58,717 $99,916 $124,700 Owned & Operated $21,402 $42,000 $52,484 $86,654 Commerce Media Solutions $16,080 $7,292 $28,740 $13,668 Other $7,224 $9,425 $18,692 $2
Slide 8: Balance Sheet
Balance Sheet As of June 30, 2025 In thousands Cash and Cash Equivalents: $4,929 Total Assets: $74,471 Long Term Debt, Net: $19,860 Total Liabilities: $55,348 Shareholders’ Equity: $19,123 Reduced debt and enhanced cash position compared to Q1 2025; continue to strategically manage balance sheet and
Slide 9: Executing on Strategic Pivot and Strengthening Financial Model
Executing on Strategic Pivot and Strengthening Financial Model • Establish Commerce Media Solutions as a leader in performance marketing across numerous high volume market verticals • Leverage 14-year leadership position at forefront of customer acquisition to differentiate Fluent from competitors i
Slide 10: Q&A
Q&A 2Q25 Earnings Presentation | Nasdaq: FLNT 10
Slide 11: Investor Relations
Investor Relations fluent@imsinvestorrelations.com (203) 972-9200 2Q25 Earnings Presentation | Nasdaq: FLNT 11
Slide 12: Appendix
Appendix 2Q25 Earnings Presentation | Nasdaq: FLNT 12
Slide 13: Reconciliation to Consolidated Media Margin
Reconciliation to Consolidated Media Margin Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/25 6/30/24 6/30/25 6/30/24 Revenue $44,706 $58,717 $99,916 $124,700 Less: Cost of revenue $34,426 $46,109 $78,201 $93,457 Gross profit (exclusive of depreciation and amortization) $10
Slide 14: Reconciliation to Commerce Media Solutions Media Margin
Reconciliation to Commerce Media Solutions Media Margin Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/25 6/30/24 6/30/25 6/30/24 Revenue $16,080 $7,292 $28,740 $13,668 Less: Cost of revenue 13,200 5,272 23,047 9,825 Gross profit (exclusive of depreciation and amortization)
Slide 15: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/25 6/30/24 6/30/25 6/30/24 Net loss $(7,223) $(11,627) $(15,492) $(17903) Income tax (expense) benefit (107) (775) 126 133 Interest expense, net 702 1,015 1,582 2,430 Depreciation and amortizat
Slide 16: Reconciliation to Adjusted Net Income
Reconciliation to Adjusted Net Income Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/25 6/30/24 6/30/25 6/30/24 Net loss $(7,223) $(6,276) $(8,269) $(6,276) Share based compensation expense 331 430 666 1,030 Loss on early extinguishment of debt - 1,009 - 1,009 Goodwill impa