Fluent Business Summary

Fluent, Inc. (NASDAQ: FLNT) is a leading commerce media and performance marketing company that generates revenue through outcome-based customer acquisition and digital advertising. The company primarily operates through two segments: Commerce Media Solutions (CMS), its high-growth division focused on post-transaction monetization and AI-driven ad delivery, and its legacy Owned & Operated (O&O) media properties. Revenue is driven by performance-based fees—such as trial subscriptions, app installs, and lead registrations—and programmatic advertising. In February 2026, Fluent completed a strategic pivot by divesting its non-core Call Solutions subsidiary, Winopoly LLC, to concentrate resources on the CMS segment, which has achieved triple-digit compound annual growth. Within the competitive landscape, Fluent contends with players like Cardlytics, Perion Network, comScore, and Inuvo, positioning itself as a specialized commerce media platform leveraging a proprietary identity graph of over 200 million first-party profiles. The company was founded in 2010 by Ryan Schulke and Matthew Conlin, who currently serve as Chief Strategy Officer and Chief Customer Officer, respectively, with Schulke also acting as Chairman of the Board. The executive leadership team is led by CEO Don Patrick, a seasoned industry veteran who previously served as the company’s COO and CEO of Seneca One Finance. Financial operations are overseen by CFO Ryan Perfit, who was formally appointed in late 2024 after a long tenure in strategic finance, while Dan Hall serves as Chief Technology Officer and Adrian Stack leads product innovation as Chief Product Officer. Notable board members include James P. Geygan, representing significant shareholder Global Value Investment Corporation (GVIC), and Donald Mathis, former CEO of Skyfire AI. This leadership core is currently focused on achieving adjusted EBITDA profitability by scaling high-margin commerce media partnerships across retail and travel sectors.