Fluent Inc. reported third quarter 2025 revenue of $47.0 million and year-to-date 2025 revenue of $146.9 million. Adjusted EBITDA was negative $9.2 million, representing 6% of revenue, a decrease of $5.3 million compared to the previous year-to-date period. The company reported an adjusted net loss of $19.0 million, or $0.78 per share, compared to an adjusted net loss of $15.2 million, or $1.03 per share, for year-to-date 2024. Commerce Media Solutions revenue in the third quarter grew 81% to $18.8 million, representing 40% of consolidated revenue, compared to $10.4 million, or 16% of consolidated revenue, in the third quarter of 2024. The annual revenue run rate for Commerce Media Solutions now exceeds $85.0 million, with a gross margin of 22%, an improvement of 400 basis points from the previous quarter. Fluent expects adjusted EBITDA profitability in the fourth quarter of 2025 and full-year adjusted EBITDA profitability in 2026. The company aims to continue expanding its Commerce Media Solutions business and to leverage AI and first-party data to improve monetization and margins.