Fluent, Inc. reported second-quarter 2026 financial results, with consolidated revenue rising 8% year-over-year to $48.4 million, driven by a 90% surge in Commerce Media Solutions revenue to $30.5 million. The company's adjusted net loss narrowed to $0.13 per share from $0.24 per share in Q2 2025, while gross profit margin expanded to 29% from 23%. Commerce Media Solutions now represents 63% of total consolidated revenue, with an annual revenue run rate exceeding $125 million and a gross margin of 27%.

Q2 2026 Financial Highlights

The following table summarizes Fluent's key financial metrics for Q2 2026 compared to Q2 2025:

CEO Don Patrick commented, "Our second quarter marked an inflection point we have been building toward. Consolidated revenue returned to year-over-year growth, increasing 8% to $48.4 million, revenue from aggregate continuing businesses increased 25% to $48.9 million, and Commerce Media Solutions revenue increased 90% to $30.5 million in the second quarter."

Commerce Media Solutions Performance

Commerce Media Solutions was the primary growth engine in Q2 2026, with revenue rising 90% to $30.5 million and now accounting for 63% of consolidated revenue, compared to 36% in Q2 2025. The segment's gross profit (exclusive of depreciation and amortization) surged 186% to $8.2 million, representing a gross margin of 27%, up from 18% in Q2 2025. Commerce Media Solutions media margin reached $10.5 million, an increase of 226% over Q2 2025, and represented 34% of segment revenue. The annual revenue run rate for Commerce Media Solutions now exceeds $125 million.

Owned and Operated revenue declined 24% to $16.3 million from $21.4 million in Q2 2025, reflecting the company's deliberate strategic shift in focus and revenue mix toward Commerce Media Solutions. Aggregate revenue from continuing businesses — which excludes the $5.6 million contribution from Call Solutions (sold in January 2026) and a $0.4 million write-down for the discontinued ACA business — increased 25% in Q2 2026 compared to Q2 2025.

H1 2026 Financial Highlights

For the six months ended June 30, 2026, Fluent reported the following results compared to H1 2025:

H1 2025 revenue included $15.7 million from Call Solutions, which was sold in January 2026. Excluding divested and discontinued businesses, aggregate revenue from continuing businesses increased 10% in H1 2026 compared to H1 2025.

In-Store Commerce Media and Strategic Outlook

During Q2 2026, Fluent added several new media partners and announced the launch of its in-store commerce media offering, which extends Commerce Media Solutions to the physical retail environment. Mr. Patrick noted that with 83% of retail transactions taking place in a physical store, this initiative creates a new, high-volume revenue stream for retailers. The company expects the in-store offering to begin contributing materially to revenue in 2027.

For the full year 2026, Fluent continues to expect double-digit revenue growth on aggregate continuing businesses and improved adjusted EBITDA. The company's strategic goals include scaling Commerce Media Solutions as a percentage of total revenue, maintaining Commerce Media Solutions gross margins in the mid-to-high twenties, expanding its media partner network into new verticals including travel, lifestyle, and home services, and launching the in-store commerce media offering across existing and new retail partners.

Key Balance Sheet Metrics

As of June 30, 2026, Fluent reported total assets of $75.1 million compared to $89.1 million as of December 31, 2025. Cash and cash equivalents stood at $6.9 million, down from $12.9 million at year-end 2025. Total liabilities were $67.0 million versus $70.9 million at December 31, 2025, and total shareholders' equity was $8.1 million compared to $18.2 million at year-end 2025.

FLUENT Corp, a vertically integrated multi-state cannabis company headquartered in Tampa, Florida, has secured shareholder approval for its all-stock plan of arrangement with Vireo Growth Inc., a significant milestone in the company's broader strategic restructuring. At its annual general and special meeting held on July 28, 2026, shareholders voted in favour of the Arrangement Resolution authorising the transaction under the Business Corporations Act (Ontario), pursuant to which Vireo Growth Inc. will acquire all issued and outstanding common shares of FLUENT in exchange for subordinate voting shares in the capital of Vireo.

Shareholder Vote Results

A total of 428,415,699 Voting Shares, representing 67.17% of the votes attached to all outstanding Voting Shares, were cast at the meeting. The Arrangement Resolution required approval from at least two-thirds of votes cast by all shareholders and a majority of votes cast excluding shares beneficially owned or controlled by William Smith (the "Minority Shares"), comprising 1,421,538 Proportionate Voting Shares and 64,189,527 Common Shares. The detailed voting results are as follows:

Next Steps Toward Transaction Closing

Following the shareholder vote, FLUENT intends to seek a final order approving the Arrangement from the Ontario Superior Court of Justice (Commercial List) on August 4, 2026, in Toronto, Ontario. The transaction is expected to close in the fourth quarter of 2026, subject to receipt of final Court approval, all required regulatory approvals, and the satisfaction or waiver of other customary closing conditions. The arrangement agreement between FLUENT and Vireo was originally dated April 29, 2026, and subsequently amended on June 8, 2026.

New York License Sale Advances Regulatory Requirements

Complementing the shareholder vote, FLUENT had previously announced on July 23, 2026, a definitive agreement to sell its New York cannabis operations — a move directly tied to satisfying regulatory requirements for the Vireo arrangement. Under a Purchase Agreement dated July 22, 2026, FLUENT will transfer Etain LLC, its New York operating entity, along with its Registered Organization license, certain operating assets, and associated leases to a third-party operator in exchange for cash consideration subject to customary purchase price adjustments.

New York Transaction Details

Completion of the New York sale remains contingent on approval of the change of ownership by the New York State Cannabis Control Board, in addition to the satisfaction of all conditions precedent to the completion of the Arrangement with Vireo Growth Inc.

Company Overview

FLUENT operates across Florida, New York, and Texas, employing approximately 500 people across seven cultivation and manufacturing facilities and 34 active retail locations. The company produces cannabis products under brands including MOODS, Knack, Wandr, Bag-O, and Hyer Kind. The dual developments — shareholder approval of the Vireo arrangement and the pending divestiture of the New York license — reflect FLUENT's ongoing efforts to streamline its portfolio and satisfy the regulatory conditions necessary to advance the larger corporate transaction.