Fluent Announces Third Quarter 2021 Financial Results

  • Q3 2021 revenue of $85.9 million, up 10% over Q3 2020
  • Net loss of $2.5 million, or $0.03 per share
  • Gross profit (exclusive of depreciation and amortization) of $22.1 million, down 13% over Q3 2020 and representing 25.7% of revenue
  • Media margin of $24.2 million, down 19% over Q3 2020 and representing 28.1% of revenue
  • Adjusted EBITDA of $6.4 million, representing 7.4% of revenue
  • Adjusted net income of $2.8 million, or $0.03 per share

Fluent, Inc., a leading data-driven performance marketing company, reported financial results for the third quarter ended September 30, 2021.

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Don Patrick, Fluent’s Interim Chief Executive Officer, commented, “In the third quarter, we continued to progress our strategic quality initiatives, spanning all facets of our performance marketplace. These initiatives are strengthening our ability to deliver value for our clients through measurable ROI goals and to scale new Fluent revenue streams.

Additionally, we fully acquired the Winopoly live agent business, re-launched as Fluent Sales Solutions, which expands our marketplace to better connect consumers with marketers in high-consideration, high-value categories including Insurance, Home, Financial and Legal Services.

Looking ahead on our strategic roadmap, we are resolute in our focus on building higher quality digital experiences for consumers, creating more effective and sustainable customer acquisition solutions for marketers, and ultimately building enterprise value for our stakeholders.”

Third Quarter Financial Summary

  • Q3 2021 revenue of $85.9 million, up 10% over Q3 2020
  • Net loss of $2.5 million or $0.03 per share, compared to net income of $1.2 million, or $0.01 per share, in Q3 2020
  • Gross profit (exclusive of depreciation and amortization) of $22.1 million, a decrease of 13% over Q3 2020 and representing 25.7% of revenue
  • Media margin of $24.2 million, a decrease of 19% over Q3 2020 and representing 28.1% of revenue
  • Adjusted EBITDA of $6.4 million, representing 7.4% of revenue
  • Adjusted net income of $2.8 million, or $0.03 per share

Media margin, adjusted EBITDA and adjusted net income are non-GAAP financial measures, as defined and reconciled below.

Business Outlook

  • Strategic quality initiatives progressing across Fluent’s marketplace
  • Monetization, as measured by media margin per registration, which was up two-fold in-year 2020 (Q4 vs. Q1), increased further in Q3 ’21 as Fluent Sales Solutions’ business scaled, and is benefiting further from seasonal market opportunities in Q4 ‘21
  • Newer revenue streams are generating incremental growth opportunities and enhancing lifetime value of consumers on our platform, reducing reliance on traffic volume for revenue growth
  • Client demand on Fluent’s performance marketplace demonstrated notable strength in Staffing & Recruitment and streaming services
  • We anticipate revenue growth in Q4, with media optimizations yielding improved profitability in gross profit (exclusive of depreciation and amortization) and media margin vis-à-vis Q3 ‘21

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