"Management confirmed "some advertiser pricing and budget pullback in the later part of Q3. This appeared tied to advertiser-specific issues," and continued into early Q4. Adjusted net loss (non-GAAP) widened to $6.5 million (23¢ per share) in Q3 2025 from $3.7 million (22¢ per share) in Q3 2024, with adjusted EBITDA loss (non-GAAP) increasing to $3.4 million from $71,000 over the same period, reflecting profitability pressures despite segment growth."
"Commerce Media Solutions Revenue -- $18.8 million, up 81% from $10.4 million, now 40% of total revenue compared to 16% last year, and 4% two years ago. Commerce Media Solutions Annual Run Rate -- Surpassed $85 million, up from $80 million in the prior quarter, underpinning Fluent's strategic pivot. Owned and Operated Revenue -- Dropped 52%, with management projecting continued roughly 50% declines. Media Margin -- $12.8 million (27.2% of revenue), down from $18.2 million (28.1% of revenue) last year as high-margin legacy business was replaced by scaling commerce media."
Total revenue fell to $47 million from $64.5 million as the company accelerates a strategic shift from owned-and-operated offerings to commerce media. Commerce Media Solutions revenue increased 81% to $18.8 million and now represents 40% of total revenue, with an annual run rate surpassing $85 million. Owned-and-operated revenue dropped 52% and is expected to decline roughly 50% in Q4 amid advertising and regulatory headwinds and advertiser budget pullbacks. Adjusted net loss widened to $6.5 million and adjusted EBITDA loss rose to $3.4 million, while media margin compressed as legacy high-margin business recedes.
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