Slide 1: First Quarter 2026 Results
First Quarter 2026 Results Wednesday, May 13, 2026 1Q26 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: 1Q26 Executive Summary
1Q26 Executive Summary • Commerce Media Solutions comprised 58% of total consolidated revenue in 1Q 2026; 104% growth compared with 1Q 2025 • 9th consecutive quarter of strong double- or triple-digit year-over- year growth in Commerce Media Solutions revenue • Entered partnerships with Wyndham Hotel
Slide 4: Commerce Media Solutions Comprised 58% Consolidated Revenue in 1Q26
Commerce Media Solutions Comprised 58% Consolidated Revenue in 1Q26 Second consecutive quarter over 50% of total consolidated revenue 1Q24 1Q25 1Q26 10% 7% 22% 21% 23% 35% 58% 68% 56% Commerce Media Solutions O&O Other 1Q26 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 Estimated Size of US Commerce commerce media market CAGR of 21%1 $110M Media Market by Fluent’s Commerce
Slide 6: Strengthening Partnerships with Major Brands Through Post-Transaction Solutions
Strengthening Partnershipsc with Major Brands Through Post-Transaction Solutions Established Media Partners Include Tier 1 Brands and Households Names that Drive Consistent Advertising Traffic and Demand 1Q26 Earnings Presentat ion | Nasdaq: FLN T 6 fluentco.com fluentco.com
Slide 7: Expanding Beyond Traditional Retail & Offerings to Strengthen Competitive Moat
Expanding Beyond Traditional c Retail & Offerings to Strengthen Competitive Moat • Partnership with Wyndham Hotels – expanding into travel verticals with premier hotel partner New Verticals for Expansion Include: • Partnership with Squire – expanding into booking with leading all-in-one barbershop m
Slide 8: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights Three Months Ended (in thousands) 3/31/26 3/31/25 Revenue $44,852 $55,210 Owned & Operated $15,747 $31,082 Commerce Media Solutions $25,865 $12,660 Other $3,240 $11,468 Media margin1 $14,000 $13,731 Media margin % of revenue 31.2% 24.9% Commerce Media Solution
Slide 9: Reduced Debt and Tightened Capital Allocation Focus on CMS Growth
Reduced Debt and Tightened Capital Allocation Focus on CMS Growth Balance Sheet As of March 31, 2026 In thousands • Reduced net debt in the quarter to $23.5 Cash and Cash Equivalents: $10,299 million compared with $30.8 million at Total Assets: $72,271 year end 2025. • Sale of non-core Call Solution
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 1Q26 Earnings Presentat ion | Nasdaq: FLN T 11
Slide 12: Investor Relations
Investor Relations fluent@imsinvestorrelations.com (203) 972-9200 1Q26 Earnings Presentat ion | Nasdaq: FLN T 12
Slide 13: Appendix
Appendix 1Q26 Earnings Presentat ion | Nasdaq: FLN T 13
Slide 14: Reconciliation to Consolidated Media Margin
Reconciliation to Consolidated Media Margin Income Statement Three Months Ended (in thousands) 3/31/26 3/31/25 Revenue $44,852 $55,210 Less: Cost of revenue $34,813 $43,775 Gross profit (exclusive of depreciation and amortization) $10,039 $11,435 Gross profit (exclusive of depreciation and amortizat
Slide 15: Reconciliation to Commerce Media Solutions Media Margin
Reconciliation to Commerce Media Solutions Media Margin Income Statement Three Months Ended (in thousands) 3/31/26 3/31/25 Revenue $25,865 $12,660 Less: Cost of revenue $20,858 $9,847 Gross profit (exclusive of depreciation and amortization) $5,007 $2,813 Gross profit (exclusive of depreciation and
Slide 16: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Income Statement Three Months Ended (in thousands) 3/31/26 3/31/25 Net loss $(5,354) $(8,269) Income tax (expense) benefit 3 233 Interest expense, net 605 880 Depreciation and amortization 1,681 2,461 Share-based compensation expense 954 335 Loss on disposal of asse
Slide 17: Reconciliation to Adjusted Net Income
Reconciliation to Adjusted Net Income Income Statement Three Months Ended (in thousands) 3/31/26 3/31/25 Net loss $(5,354) $(8, 269) Share based compensation expense 954 335 Loss on disposal of assets 14 - Fair value adjustments of Convertible Notes, with related parties 837 80 Acquisition related c