Wed, May 15, 8:55 PM (72 days ago)
The provided text is a detailed financial report for Fluent, Inc. for the quarter ended March 31, 2024. Key financial highlights include: - **Revenue**: Decreased by 15% to $66.0 million compared to $77.3 million in Q1 2023. - **Net Loss**: Reduced to $6.3 million ($0.45 per share) from $31.9 million ($2.34 per share) in Q1 2023. - **Gross Profit**: Slightly decreased to $18.6 million (28% of revenue) from $19.0 million (25% of revenue). - **Adjusted EBITDA**: Increased by 48% to $0.7 million from $0.4 million. - **Media Margin**: Increased to $22.1 million (33.6% of revenue) from $22.0 million (28.4% of revenue). The company faced challenges due to regulatory impacts and economic conditions, leading to decreased revenue and cost-cutting measures, including workforce reductions. Future uncertainties include maintaining compliance with financial covenants and the ability to secure necessary financing. The company raised $10 million through a private placement to address short-term liquidity needs. The report indicates substantial doubt about Fluent's ability to continue as a going concern due to these challenges.