Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fluent, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
187
220
250
282
311
329
361
298
255
209
Cost of revenue
162
194
215
244
267
220
194
158
Gross profit
53
88.7
87.2
95.6
85.5
93.6
78.5
60.8
51.2
Research and development
2.58
5.28
8.06
12.6
15.8
18.2
18.5
17.3
11.8
Selling and marketing
16.3
12
13.7
11.5
11.7
12.7
17.1
18.6
17.3
14.5
General and administrative
54.1
55.1
36
48.1
46.8
48.2
53.5
35.3
37.7
34.7
Operating expenses
87.1
Operating income
-34
-21
11.4
5.22
8.38
-4.67
-120
-60.1
-23.7
-20.3
Interest expense
7.59
9.68
8.13
6.89
5.35
2.18
1.97
3.2
4.75
3.07
Other non-operating income
-9.09
-10.7
Pre-tax income
-43.1
-31.7
3.24
-1.67
3.03
-9.81
-122
-63.3
-31.1
-27.2
Income tax
-14
0
0.05
0.07
0.82
0.25
1.78
-0.12
-1.81
-0
Income from continuing operations
-29.1
-31.7
3.19
-1.75
Net income
-29.1
-53.2
-17.9
-1.75
2.21
-10.1
-123
-63.2
-29.3
-27.2
EBITDA
-21.4
-7.96
24.5
19.2
23.7
8.51
-106
-49.3
-13.7
-10.6
EPS, basic
-3.51
-5.19
-1.37
-0.12
0.18
-0.77
-9.00
-4.59
-1.80
-1.05
EPS, diluted
-3.51
-5.19
-1.37
-0.12
0.18
-0.77
-9.00
-4.59
-1.80
-1.05
Shares, basic (weighted)
8.24
10.3
12.9
13.3
13.2
13.4
13.7
13.8
16.3
26
Shares, diluted (weighted)
8.24
10.3
12.9
13.3
13.3
13.4
13.7
13.8
16.3
26
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
10.1
16.6
17.8
18.7
21.1
34.5
25.5
15.8
9.44
12.9
Receivables
31
36.3
48.7
60.9
62.7
70.2
63.2
33.2
26.1
28.5
Other current assets
2.05
1.87
1.97
1.92
2.44
2.51
3.51
6.07
8.73
7.8
Total current assets
43.1
57
68.4
81.5
86.2
107
92.2
78.4
66
67.5
Property, plant and equipment
1.35
0.69
1.38
2.86
2.2
1.46
0.96
0.59
0.3
0.1
Lease right-of-use assets
9.87
8.28
6.81
5.2
3.4
1.57
2.86
Goodwill
166
160
160
166
165
165
55.1
1.26
0
0
Intangible assets
98.5
74.4
61.8
55.6
45.4
35.7
28.7
26.8
21.8
17.3
Other non-current assets
2.67
1.1
0.41
0.99
1.56
1.89
1.73
1.41
3.99
0.72
Total assets
312
317
293
317
310
318
184
93.6
93.6
89.1
Accounts payable
14.7
7.41
7.86
21.6
7.69
16.1
6.19
11
8.78
7.2
Accrued liabilities
2.53
4.43
Deferred revenue
0.32
0.27
0.44
1.14
1.37
0.65
1.01
0.43
0.56
0.72
Short-term debt
4.14
2.75
3.5
6.87
7.29
5
5
5
31.6
30.8
Total current liabilities
26.2
32.8
33.4
52.2
50.2
57.9
50.2
49.2
64.7
65
Long-term debt
45.9
60.2
52
44.1
33.3
40.3
35.6
25.5
3.97
3.73
Lease liabilities
9.06
7.29
5.69
3.74
1.7
0.01
1.99
Other non-current liabilities
0
0.77
0.78
2.55
0.81
0.46
1.06
0
0.17
Total liabilities
82.3
93
86.1
106
93.3
105
90
77.5
68.7
70.9
Total debt
50
63
55.5
51
40.6
40.3
40.6
30.5
35.6
34.6
Paid-in capital
344
393
396
406
412
419
423
427
447
468
Retained earnings
-114
-167
-185
-187
-185
-195
-318
-382
-411
-438
Treasury stock
-0.53
-1.27
-3.27
-8.18
-10
-10.7
-11.2
-11.4
-11.4
-11.4
Shareholders' equity
230
224
207
211
217
213
94
34.4
25
18.2
Total equity
230
224
207
211
217
213
94
34.4
25
18.2
Total liabilities and equity
312
317
293
317
310
318
184
112
93.6
89.1
Shares outstanding
9.91
10.3
12.6
12.7
12.8
13.2
13.4
13.6
20
29.6
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-29.1
-53.2
-17.9
-1.75
2.21
-10.1
-123
-63.2
-29.3
-27.2
Depreciation and amortization
12.6
13.1
13.2
13.9
15.3
13.2
13.2
10.9
9.93
9.75
Stock-based compensation
29.2
31.1
14.7
10.3
5.39
4.76
4.09
3.76
1.97
2.25
Deferred income tax
-14.1
0
0.05
0.04
0.12
0.2
-0.23
-0.15
-0.28
0.14
Change in receivables
-5.83
-7.75
-12.8
-6.98
-1.99
-7.65
6.62
6.51
9.47
-0.26
Change in payables
-2.86
0.25
6.03
-13.9
8.44
-9.94
4.76
-2.18
-1.58
Cash from operations
2.1
2.51
23.5
26
20.3
12.4
1.96
8.14
-14.1
-1.47
Capital expenditures
-0.76
-0.73
-0.24
-2.09
-0.06
-0.04
-0.02
-0.03
-0.01
-0.07
Acquisitions
-0.05
-7.25
-1.43
0
-1.04
-1.25
0
Cash from investing
-12
-8.13
-22.6
-12
-4.27
-2.99
-5.44
-7.11
-6.21
-6.37
Debt repaid
-2.25
-4.31
-76.8
-8.03
-11.8
-46.7
-5
-10
-68.2
-110
Stock issued
10.1
0
13.4
0
0.14
0
Share buybacks
0
-0.01
-1.79
-1.3
0
Cash from financing
6.55
12.3
1.79
-13.2
-13.6
2.47
-5.45
-10.8
15.2
10.8
Net change in cash
-3.37
6.54
2.69
0.91
2.41
11.9
-8.92
-9.74
-5.11
2.95
Free cash flow
1.34
1.78
23.2
23.9
20.2
12.4
1.95
8.11
-14.1
-1.54
Interest paid
3.8
6.71
6.43
5.39
3.8
1.72
1.76
2.98
3.55
2.64
Income taxes paid
0.09
0
0
0.14
0.84
0.36
1.01
-0.27
-0.32
-0.07
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.16 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
26.5%
Gross profit / revenue.
Operating margin
-7.4%
Operating income / revenue.
EBITDA margin
-3.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-11.5%
Pre-tax income / revenue.
Net margin
-11.5%
Net income / revenue.
FCF margin
-2.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2.1%
Cash from operations / revenue.
Return on equity (ROE)
-286.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-30.9%
Net income / average total assets.
Return on invested capital (ROIC)
-35.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
5.6%
Research and development expense / revenue.
Stock-based pay / revenue
2.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
4.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-18.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-16.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-7.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-15.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-18.2%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-11.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-27.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-42.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-39.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-21.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-22.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
59.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
23.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
14.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.88x
Current assets / current liabilities.
Quick ratio
0.56x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.12x
(Cash + short-term investments) / current liabilities.
Debt / equity
3.94x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
42.5%
Total debt / total assets.
Liabilities / assets
89.2%
Total liabilities / total assets.
Net debt
$25.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.41
Revenue / diluted weighted shares.
FCF per share
-$0.14
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.13
Cash from operations / diluted weighted shares.
Book value per share
$0.26
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.49x
Market cap / revenue.
P/B
12.3x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
0.62x
Enterprise value / revenue.
FCF yield
-4.3%
Free cash flow / market cap.
Earnings yield
-23.2%
Net income / market cap (the inverse of P/E).
What was Fluent, Inc.'s revenue in fiscal 2025?
Fluent, Inc. reported revenue of $208.8M for fiscal 2025, 18% lower than the year before.
Was Fluent, Inc. profitable in fiscal 2025?
No. It reported a net loss of $27.2M.
How much free cash flow did Fluent, Inc. generate in fiscal 2025?
Cash from operations of $1.5M minus capital expenditures of $69.0K left free cash flow of -$1.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.