Fluent: Encouraging Developments, Though I'm Not Touching The Stock

Fluent, Inc. is pivoting toward commerce media, now comprising 56% of Q4 2025 revenue, with strong sequential and YoY growth. Despite improved margins and operational efficiency, FLNT faces execution risk and a gap between long-term ambitions and short-term profitability. Valuation metrics like EV/Sales (0.53x forward) and P/S (0.45x forward) suggest FLNT shares are undervalued, but high EV/EBITDA (43.32x) exposes fragility.