Fluent is a digital performance marketing company that connects advertisers with consumers online, charging on a per-click, per-lead, or per-action basis. Fluent operates through two main channels. Its growing Commerce Media Solutions (CMS) business embeds ad-serving technology into e-commerce transaction flows — primarily serving targeted ads to consumers immediately after a purchase on a partner's site. Partners include large retailers like Dick's Sporting Goods and Authentic Brands Group, and Fluent signs exclusive, multi-year revenue-share agreements with these media partners. CMS has grown from roughly 4% of consolidated revenue in 2023 to about 40% in Q3 2025. Fluent's legacy Owned and Operated (O&O) business runs its own digital properties, attracting consumers through promotions and sweepstakes, then serving targeted ads or selling consumer data to clients. O&O has been declining roughly 50% YoY due to an FTC settlement and concentrated reliance on costly social media platforms. Fluent sells to approximately 400 advertisers across verticals including media, financial services, health, and retail. A key asset is Fluent's proprietary first-party consumer database, built over 15 years, which enables more relevant ad targeting, improving conversion rates for advertisers and revenue per transaction for media partners. Fluent's strategy centers on accelerating CMS growth to more than offset the declining O&O business, while also expanding into adjacent ad placements like pre-checkout and loyalty programs.