Slide 1: Accelerating Growth for the World's Leading Brands
NASDAQ: FLNT Accelerating Growth for the World’s Leading Brands Investor Presentation | August 2026 fluentco.com
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 meaning of This presentation contains "non-GAAP financial measures," which are adjusted the Private Securities Litigation Reform Act of 199
Slide 3: Fluent is a leader in the commerce media industry
Fluent is a leader in the commerce media industry helping advertisers connect with high-value consumers and positioning media partners to unlock new revenue. (Nasdaq: FLNT) Investor Presentation | August 2026 fluentco.com | 3
Slide 4: Commerce Media is a Superior Digital Advertising Model Driving Favorable Economics
Commerce Media is a Superior Digital Advertising Model Driving Favorable Economics What is Commerce Media? Commerce media leverages first-party data and digital inventory from media partners to enrich customer experiences above and beyond traditional advertising, driving scalable revenue in a privac
Slide 5: Monetization & Acquisition at Scale
Supply Monetization & Acquisition at Scale High intent Incremental ad inventory customers Advertisers: • Extend marketing reach with incremental ad inventory • Increase engagement and customer conversion with robust audience targeting capabilities • Drive enhanced campaign performance Media Partners
Slide 6: Fluent has emerged as a leading innovator in commerce media solutions
Fluent has emerged as a leading innovator in commerce media solutions WHY FLUENT? Established Brand Growth Fueled Strong Growth Elevating with Acquisition By Proprietary Potential Through Performance with Expertise Data Curated Approach Industry-Leading Technology Deep industry relationships Focused
Slide 7: 2023–2025: Intentional Strategic Shift to Commerce Media is Driving a More Profitable Model
2023–2025: Intentional Strategic Shift to Commerce Media is Driving a More Profitable Model Consolidated revenue 2016–2024 2023–2024 $ In millions • O&O business impacted by FTC compliance and industry headwinds 400 • Leveraging existing extensive first party data, relationships and experience 350 f
Slide 8: Driving Strategic Shift in Revenue and Margin Composition to Commerce Media Solutions
Commerce Media Solutions Revenue And Gross Margin Driving Strategic Shift in 40 35 Revenue and Margin 30 25 Composition to 20 15 Commerce Media 10 5 Solutions 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 -214% -47% 8% 16% 29% 28% 31% 37% 22% 18% 22% 33% 19% 2
Slide 9: Industry Projections Have Commerce Media Poised for Significant Growth
Industry Projections Have Commerce $140B Media Poised for Estimated Size of US Significant Growth Commerce Media Market by 20301 $125M Fluent’s Commerce Media Solutions Annual Revenue Run eMarketer, 2026 1 Rate2 Annual Revenue Run Rate is an operating metric defined in Fluent’s Form 8-K, filed 2 Aug
Slide 10: Winning Leading Partners Across High-growth Industries
Winning Leading Partners Across High-growth Industries Expanding Beyond Traditional Retail & Offerings to Strengthen Competitive Moat; New Verticals for Expansion Include Travel, Lifestyle, Home Services (Nasdaq: FLNT) Investor Presentation | August 2026 fluentco.com | 10
Slide 11: Commerce Media Solutions Provides Multiple Touchpoints for Media Partners and Advertisers
Commerce Media Solutions Provides Multiple Touchpoints for Media Partners and Advertisers Home Page Window Shopping Shopping Cart Sponsored content Pop-up offers Provide cross selling welcomes and engages incentivize customers opportunities during customers. to act/make buying product selection. dec
Slide 12: Introducing Fluent In-Store
INTRODUCING Fluent In-Store New in-store commerce media offering bringing Commerce Media Solutions to the physical retail environment In partnership with rewards and payment network Bilt Technologies, Inc., with initial deployment at Beyond, Inc. retail locations $6.09 Trillion 1 83% 2 10x 3 America
Slide 13: Owned and Operated Business Provides Foundation for Commerce Media Solutions Growth
1 2 Owned and Operated Business Provides 15 years at the forefront of customer Proven marketing experience with Tier-1 Foundation for acquisition brands focused on driving measurable results Commerce Media Solutions Growth 3 4 These advantages can be leveraged across Fluent's high-growth Commerce Ex
Slide 14: Precision targeting powered by first-party data and AI
AI-driven models analyze rich first-party data, delivering highly personalized ads that resonate Precision with individual consumers targeting powered Predictive algorithms identify customer intent, by first-party data ensuring ads reach the right audience at the perfect moment and AI Continuous opt
Slide 15: How a Leading Crafts Retailer Achieved 54% More Conversions with Smarter Post-Purchase Offers
CUSTOMER ACQUISITION CASE STUDY: How a Leading Crafts Retailer Achieved 54% More Conversions with Smarter Post-Purchase Offers The Challenge Results A leading arts & crafts retailer needed to unlock incremental revenue from its checkout flow without disrupting the customer experience or compromising
Slide 16: How a Pet Food Subscription Brand Achieved a 500% Lift in Conversions with Post-Purchase Ads
CUSTOMER ACQUISITION CASE STUDY: How a Pet Food Subscription Brand Achieved a 500% Lift in Conversions with Post-Purchase Ads The Challenge Results A leading pet food subscription brand needed to grow its subscriber base quickly while keeping acquisition costs under control. +500% Conversion lift fr
Slide 17: Strategic Roadmap
Strategic Roadmap Positioning Fluent for long-term sustainable value creation Accelerate Commerce M edia 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 a
Slide 18: Thank you!
Thank you! INVESTOR RELATIONS investorrelations@fluentco.com (203) 972-9200 fluentco.com | 18
Slide 19: Appendix
Appendix FLUENT (Nasdaq: FLNT) Investor Presentation | August 2026 fluentco.com | 19
Slide 20: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights Three months ended Six months ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Revenue $48,449 $44,706 $93,301 $99,916 Owned & Operated $16,300 $21,402 $32,047 $52,484 Commerce Media Solutions $30,546 $16,080 $56,411 $28,740 Other $1,602 $7,224 $4,842 $16
Slide 21: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Income Statement Three Months Ended Six Months Ended (in thousands) 6/30/26 6/30/25 6/30/26 6/30/25 Net loss $(6,177) $(7,223) $(11,531) $(15,492) Income tax (expense) benefit 5 (107) 8 126 Interest expense, net 637 702 1,242 1,582 Depreciation and amortization 1,71
Slide 22: Strengthened Balance Sheet & Capital Structure
Cap table as of August 7, 2026 Common Shares Outstanding: 31,607,086 Strengthened Restricted Stock Units: 1,882,108 Balance Sheet & Options: ($16.35 WAEP) 331,667 Capital Structure Common Stock Warrants: (held by insiders and affiliates) 7,701,383 (1) Convertible Notes: (held by insiders and affilia