Fluent Inc (FLNT) 2026 Q1 法說會逐字稿

Good afternoon, and welcome. Thank you for joining us to discuss Fluent's first quarter 2026 earnings results.

午安，歡迎各位。感謝您加入我們，一同討論 Fluent 2026 年第一季財報結果。

With me today are Fluent's Chief Executive Officer, Don Patrick; Chief Financial Officer, Ryan Perfit; and Chief Strategy Officer, Ryan Schulke. Our call today will begin with comments from Don Patrick and Ryan Perfit, followed by a question-and-answer session.

今天與我一同出席的有 Fluent 執行長 Don Patrick；財務長 Ryan Perfit；以及策略長 Ryan Schulke。本次電話會議將先由 Don Patrick 與 Ryan Perfit 發表談話，接著進行問答環節。

I would like to remind you that this call is being webcast live and recorded. Additionally, there is a slide presentation that accompanies today's remarks, which can be accessed via the webcast and is also available on Fluent's website.

提醒各位，本次電話會議將進行線上直播並錄音。此外，今天的談話內容亦搭配投影片簡報，可透過網路直播存取，並同時提供於 Fluent 官網。

A replay of the event will also be made available following the call on Fluent's website. To access the webcast and slide presentation, please visit the Investor Relations page at www.fluentco.com.

會後也將於 Fluent 官網提供本活動的重播。若要收看網路直播與投影片簡報，請造訪 www.fluentco.com 的投資人關係頁面。

Before we begin, I would like to advise listeners that certain information discussed by management during the conference call will contain forward-looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements made during this call only speaks as of the date hereof.

在開始之前，我想提醒聽眾，管理團隊在本次電話會議中討論的部分資訊將包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法案》之安全港條款保障。本次電話會議中所作之任何前瞻性陳述僅以本日為準。

Actual results could differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with the company's business. These statements may be identified by words such as expects, plans, projects, could, will, estimates and other words of similar meaning.

由於與公司業務相關的風險與不確定性，實際結果可能與此等前瞻性陳述所述或暗示者有重大差異。此類陳述可由「預期」、「計畫」、「預測」、「可能」、「將」、「估計」及其他具有類似含義的詞語辨識。

The company undertakes no obligation to update the information provided on this call. For a discussion of the risks and uncertainties associated with Fluent's business, we encourage you to review the company's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

公司不承擔更新本次電話會議所提供資訊之任何義務。關於與 Fluent 業務相關之風險與不確定性的討論，我們建議您查閱公司向美國證券交易委員會（SEC）提交的文件，包括公司最近一期的 Form 10-K 年度報告與 Form 10-Q 季度報告。

During the call, management will also present certain non-GAAP financial information relating to media margins, adjusted EBITDA and adjusted net income. Management evaluates the financial performance of the company's business on a variety of indicators, including these non-GAAP metrics. The definitions of these metrics and reconciliations to the most directly comparable GAAP financial measures are provided in the earnings press release issued earlier today.

在本次電話會議中，管理團隊亦將呈現若干非 GAAP 財務資訊，涉及媒體毛利（media margins）、調整後 EBITDA 以及調整後淨利。管理團隊會以多項指標評估公司業務的財務表現，其中包括這些非 GAAP 指標。這些指標的定義，以及與最直接可比之 GAAP 財務衡量指標的調節表，已載於今日稍早發布的財報新聞稿中。

With that, I am pleased to introduce Fluent's CEO, Don Patrick.

接下來，我很高興介紹 Fluent 執行長 Don Patrick。

Good afternoon, and thank you all for joining our call today. I'm here with Ryan Schulke, our Chief Strategy Officer and Company Co-Founder; and Ryan Perfit, our Chief Financial Officer.

午安，感謝各位今天加入我們的電話會議。我與我們的策略長暨公司共同創辦人 Ryan Schulke，以及財務長 Ryan Perfit 一同出席。

We entered 2026 with a clear strategy, strong momentum and a commitment to deliver. Our strategy is to aggressively invest in a high-growth, high-margin commerce media industry, leveraging the competitive advantages of our owned and operated marketplaces as our foundation.

我們以明確的策略、強勁的動能與交付成果的承諾進入 2026 年。我們的策略是積極投資於高成長、高毛利的商務媒體（commerce media）產業，並以我們自有與自營（owned and operated）的市集平台所具備的競爭優勢作為基礎。

We've built a leading, highly differentiated Fluent brand with a clear and compelling purpose, delivering superior, measurable performance outcomes for our commerce partners and advertisers. We are establishing a leadership position in our industry, and we are just getting started. Q1 is proof that our strategy is winning.

我們打造了領先且高度差異化的 Fluent 品牌，具備清晰且具吸引力的使命，為我們的商務合作夥伴與廣告主帶來更優異、可衡量的成效。我們正在建立產業領導地位，而這才剛開始。第一季證明我們的策略正在奏效。

Let me take you through the quarter. Commerce Media is the lead story of this company and where we will deliver shareholder value. And Q1 gave us another powerful and strategic validating chapter. The consumer and our partners are verifying that Fluent's Commerce Media Solutions is redefining the industry performance standard. That is the foundation we can and will build upon.

我帶各位回顧本季。商務媒體是本公司的核心主軸，也是我們將為股東創造價值的所在。而第一季再次提供了強而有力且具策略意義的驗證篇章。消費者與合作夥伴正在證實，Fluent 的商務媒體解決方案正在重新定義產業的績效標準。這就是我們可以、也將持續建立的基礎。

Commerce Media Solutions delivered revenue of $25.9 million, 104% growth year over year. Gross profit grew 78% Commerce Media now represents 58% of our total consolidated revenue, up from 23% just four quarters ago. This is especially encouraging, given that the first quarter is seasonally our slowest of the year.

商務媒體解決方案營收達 2,590 萬美元，年增 104%。毛利成長 78%。商務媒體目前占我們合併總營收的 58%，而僅在四個季度前還是 23%。考量第一季在季節性上通常是全年最淡的一季，這尤其令人振奮。

The first quarter marks our ninth consecutive quarter of strong double to triple-digit Commerce Media revenue growth in a market defined by an incumbent with a decade head start. Not an easy place to establish your equity, yet we are doing just that. The consistency of that track record is what gives us confidence and what should give you confidence that this is not just momentum, it is a trajectory.

第一季是我們連續第九個季度在商務媒體營收上維持強勁的雙位數到三位數成長；而這個市場由一家領先者主導，且其已領先十年。要在這樣的環境中建立自身的市場地位並不容易，但我們正在做到。這樣一致的成績紀錄讓我們有信心，也應該讓各位有信心：這不只是動能，而是一條成長軌跡。

Think about that for a moment. In four quarters, Commerce Media went from less than a quarter of our business to more than half. That is not incremental progress. This represents strategic transformation. Moreover, this is just the ground floor.

請各位想一想：在四個季度內，商務媒體從不到我們業務的四分之一，成長到超過一半。這不是漸進式的進展，而是策略性的轉型。此外，這還只是起點。

Our strategic plan is revealing business adjacencies that our partners are leaning into because we are solving for unmet consumer needs that sit at the top of their boardroom agendas. That is the road to long-term strategic partnerships.

我們的策略計畫正在揭示與核心業務相鄰的成長機會；合作夥伴也正積極投入，因為我們正在解決尚未被滿足、且位居其董事會議程首位的消費者需求。這就是通往長期策略合作夥伴關係的道路。

During the quarter, we entered into partnerships with Wyndham Hotels and Squire, a barbershop booking platform, two new verticals that validate the breadth of demand for what we are building. The platform is working, the partners are growing, the numbers prove it. And now we own a differentiated leadership position in the commerce media space.

本季我們與 Wyndham Hotels 以及理髮店預約平台 Squire 建立合作關係；這兩個新垂直領域驗證了市場對我們所打造方案的廣泛需求。平台正在運作、合作夥伴正在成長，數字證明了一切。而現在，我們在商務媒體領域擁有差異化的領導地位。

On a consolidated basis, our Q1 2026 results were as follows: Revenue of $44.9 million, that is down 19% versus Q1 2025, but that figure includes $10.9 million from Call Solutions in 2025, which we divested in January. Excluding the impact of the divestiture, revenue was down 3% year over year.

以合併口徑來看，我們 2026 年第一季的結果如下：營收 4,490 萬美元，較 2025 年第一季下降 19%；但該數字包含 2025 年來自 Call Solutions 的 1,090 萬美元，而我們已於 1 月完成該業務的出售。排除出售影響後，營收年減 3%。

Importantly, Commerce Media Solutions continued its strong revenue momentum in the first quarter with a 104% increase year over year, representing 58% of total consolidated revenue compared to 23% in the first quarter of 2025. Gross profit of $10 million, a decrease of 12% compared to Q1 2025 and representing 22% of revenue.

重要的是，商務媒體解決方案在第一季持續展現強勁營收動能，年增 104%，占合併總營收的 58%，而 2025 年第一季為 23%。毛利為 1,000 萬美元，較 2025 年第一季下降 12%，占營收比重為 22%。

Our Commerce Media gross profit grew 78% year over year, and the growth engine of this company is performing. Gross profit on our aggregate continuing businesses declined 7% year over year. Adjusted EBITDA of negative $3.6 million compared to a negative $3.1 million in Q1 2025.

我們的商務媒體毛利年增 78%，公司的成長引擎正在運轉。持續經營業務合計的毛利年減 7%。調整後 EBITDA 為負 360 萬美元，而 2025 年第一季為負 310 萬美元。

Our cost discipline is holding. Excluding a $2.4 million benefit from the divestiture, operating expenses are down over $1.4 million year over year. Slide 4 helps to visualize the growth of Commerce Media Solutions revenue over the last two years.

我們的成本紀律仍然穩健。排除出售帶來的 240 萬美元利益後，營業費用年減超過 140 萬美元。投影片第 4 頁有助於視覺化呈現過去兩年商務媒體解決方案營收的成長。

As you can see in the graphs on this slide, Commerce Media revenue in the first quarter of 2024, one year after its launch, accounted for just 10% of our total revenue during that period. Fast forward to the first quarter of 2025, and Commerce Media Solutions contribution to total consolidated revenue increased to 23%, representing an increase of 100% in Commerce Media Solutions revenue when compared to Q1 '24.

如本頁投影片的圖表所示，商務媒體在 2024 年第一季（推出後一年）的營收僅占該期間總營收的 10%。快轉到 2025 年第一季，商務媒體解決方案對合併總營收的貢獻提升至 23%；相較於 2024 年第一季，商務媒體解決方案營收成長 100%。

In the fourth quarter of 2025, Commerce Media Solutions broke the 50% threshold as the primary driver of total consolidated revenue in the quarter. And as of the first quarter of 2026, Commerce Media Solutions revenue accounted for 58% of the total consolidated revenue.

在 2025 年第四季，商務媒體解決方案突破 50% 門檻，成為該季度合併總營收的主要驅動力。而截至 2026 年第一季，商務媒體解決方案營收占合併總營收的 58%。

Our Commerce Media growth has been encouraging to put it simply, and we expect this trend to continue as we scale. I'd like to take a moment to reiterate the market opportunity that we're seeing for Commerce Media and why this offering is at the core of our business and growth strategy.

簡而言之，我們的商務媒體成長令人鼓舞，且我們預期隨著規模擴大，這一趨勢將持續。我想花一點時間重申我們所看到的商務媒體市場機會，以及為何此項產品是我們業務與成長策略的核心。

The US Commerce Media market is expected to reach $100 billion by 2027 and is expected to grow at a compound annual growth rate of 21% from 2023 to 2027. Our Commerce Media Solutions business demonstrated triple-digit growth in the first quarter and is currently operating at an annual revenue run rate of $110 million, positioning us well to capture new opportunities and market share as the Commerce Media market continues to expand.

美國商務媒體市場預計在 2027 年達到 1,000 億美元，並預期於 2023 年至 2027 年期間以 21% 的年複合成長率成長。我們的商務媒體解決方案業務在第一季展現三位數成長，目前的年化營收運行率（run rate）為 1.1 億美元，使我們在商務媒體市場持續擴張之際，具備良好條件以掌握新機會與市占。

At the core of our Commerce Media platform is our post-transaction solution, and Q1 demonstrated we are entering a new phase of maturity and scale. Post transaction is structurally one of the most valuable moments in the consumer journey. The consumer has just completed a purchase, they are engaged, their credit card is out and they are receptive to relevant offers.

我們商務媒體平台的核心是我們的交易後（post-transaction）解決方案，而第一季顯示我們正進入成熟與規模化的新階段。交易後在消費者旅程中結構性地屬於最具價值的時刻之一。消費者剛完成購買、參與度高、信用卡仍在手上，且更願意接受相關的優惠。

That moment is premium real estate for advertisers. And Fluent through our post-transaction platform has built meaningful scale at that moment across a growing network of commerce partners. What makes our post-transaction solution increasingly powerful is the network effect at its core.

那一刻對廣告主而言是極具價值的黃金版位。而 Fluent 透過我們的交易後平台，已在不斷擴大的商務合作夥伴網路中，於該關鍵時點建立了具規模且有意義的觸達。讓我們的交易後解決方案愈發強大的關鍵，在於其核心的網路效應。

More commerce partners means more consumer touch points. More touch points means more value for advertisers. More advertiser demand means stronger yields and performance for commerce partners. That flywheel is turning and each quarter, it turns faster, earning Fluent real market credibility.

更多商務合作夥伴意味著更多消費者觸點；更多觸點意味著為廣告主創造更高價值；更多廣告主需求意味著為商務合作夥伴帶來更強的收益率與表現。這個飛輪正在轉動，而且每一季都轉得更快，為 Fluent 贏得真實的市場公信力。

Q1 Commerce Media performance is the financial proof that our post-transaction platform is scaling correctly. Revenue more than doubled, gross profit grew 78%. The trajectory into Q2, Q3 and Q4 and the second half is our strongest seasonal period gives us strong confidence in the full year outlook we have planned.

第一季（Q1）商務媒體（Commerce Media）的表現，是我們交易後平台正確擴張的財務證明。營收超過翻倍，毛利成長 78%。展望第二季（Q2）、第三季（Q3）與第四季（Q4），以及下半年（我們最強的季節性期間）的走勢，讓我們對已規劃的全年展望充滿信心。

As our post-transaction platform continues to scale, we are making targeted investments outside of traditional retail and in the Commerce Media adjacencies that deepen our value to the partners who know us best as well as those potential partners that are seeking a differentiated outcome.

隨著我們的交易後平台持續擴張，我們正於傳統零售之外進行有針對性的投資，並在商務媒體的相鄰領域（adjacencies）布局，以加深我們對最熟悉我們的合作夥伴的價值，同時也吸引那些尋求差異化成果的潛在合作夥伴。

During the first quarter, welcomed Wyndham and Squire as new commerce partners, two well-recognized brands that chose Fluent because of our proven performance and the quality of our platform. These partnerships are in line with our broader strategy to expand beyond traditional retail platforms, and we look forward to penetrating new verticals to expand our addressable market.

在第一季，我們迎來 Wyndham 與 Squire 成為新的商務合作夥伴；這兩個廣為人知的品牌選擇 Fluent，源於我們經驗證的績效與平台品質。這些合作符合我們擴展至傳統零售平台以外的整體策略，我們也期待切入新的垂直領域，以擴大可服務市場（addressable market）。

As demand for Commerce Media offerings grow, our commerce partners are asking us for more, and we are responding. We are currently developing and piloting adjacent opportunities that extend our Commerce Media Platform beyond the post-transaction moment and into new stages of the consumer journey.

隨著商務媒體產品需求成長，我們的商務合作夥伴對我們提出更多需求，而我們也正在回應。目前我們正在開發並試點相鄰機會，將我們的商務媒體平台從交易後時點延伸至消費者旅程的新階段。

These are demand-driven extensions validated by our existing partner relationships, not speculative bets. Our pipeline is strong, and we look forward to updating you on the new opportunities and partnership wins in future quarters.

這些延伸是由需求驅動、並由我們既有的合作夥伴關係所驗證，而非投機性的押注。我們的商機管線強勁，並期待在未來幾季向各位更新新的機會與合作勝利。

Before I turn the call over to our CFO, Ryan Perfit, I want to provide an update on our owned and operated business. Our owned and operated marketplace business has faced persistent headwinds, an uneven competitive landscape and inconsistent industry compliance standards that after three years, we are treating as a structural reality rather than a temporary condition.

在我把電話會議交給我們的財務長（CFO）Ryan Perfit 之前，我想先更新我們自有與營運（owned and operated）業務的情況。我們的自有與營運市集業務一直面臨持續性的逆風、不均衡的競爭環境，以及不一致的產業合規標準；在經歷三年後，我們將其視為結構性現實，而非暫時狀況。

We are not managing to those headwinds. We are managing through them. What I want to focus on is how we're responding strategically. We made a deliberate decision to reposition our owned and operated marketplace as the core enabler of our Commerce Media Platform.

我們不是在「對抗」這些逆風，而是在「穿越」它們。我想聚焦的是我們如何以策略方式回應。我們做出一項審慎的決策：將自有與營運市集重新定位為商務媒體平台的核心賦能者。

The first-party consumer data, intent signals and audience relationships that flow through our owned and operated properties are the exact assets that differentiate Fluent's Commerce Media offering in the market. That infrastructure takes years to build and it is proprietary. We have it, and we are putting it to work.

透過我們自有與營運資產所流動的一方（first-party）消費者資料、意圖訊號與受眾關係，正是讓 Fluent 的商務媒體產品在市場上形成差異化的關鍵資產。這套基礎設施需要多年才能建立，且具專有性。我們已具備，並正讓它發揮效用。

Our owned and operated marketplace is operating under two mandates. First, it is a disciplined gross profit contributor. We are managing it to margin. Second, it is a live test-and-learn engine that feeds consumer intelligence directly into Commerce Media, improving targeting, attribution and yield across the platform.

我們的自有與營運市集在兩項任務下運作。第一，它是具紀律的毛利貢獻者；我們以毛利率為管理目標。第二，它是一個即時的測試與學習引擎，將消費者洞察直接輸入商務媒體，提升整個平台的定向、歸因與收益率。

Bottom line, owned and operated is directly contributing to our aggressive Commerce Media growth. We are consciously redeployed owned and operated demand to Commerce Media. The growth we are driving in Commerce Media is not just expected to offset owned and operated pressure, is expected to more than replace it at better margins and with stronger long-term durability.

總結來說，自有與營運業務正直接推動我們積極的商務媒體成長。我們有意識地將自有與營運端的需求重新部署到商務媒體。商務媒體所帶動的成長不僅預期能抵銷自有與營運的壓力，更預期能以更佳毛利率、以及更強的長期韌性，超額取代其貢獻。

With that, I'll turn the call over to Ryan Perfit to take a deeper dive into our financial results in Q1.

接下來，我把電話會議交給 Ryan Perfit，請他更深入說明我們第一季（Q1）的財務結果。

Thank you, Don, and thanks to everyone for joining us today. I'll now provide a deeper review of our first quarter results.

謝謝你，Don，也感謝各位今天加入我們。接下來我將更深入回顧我們第一季的業績。

Total consolidated revenue was $44.9 million in the first quarter of 2026 compared with $55.2 million in the prior year period. The year-over-year decline primarily reflects the January 2026 divestiture of our Call Solutions business. As Don noted, revenue from our aggregate continuing businesses declined approximately 3% year over year as Commerce Media Solutions growth largely offset the expected contraction in our owned and operated business.

2026 年第一季合併總營收為 4,490 萬美元，較去年同期的 5,520 萬美元下降。年對年下滑主要反映我們於 2026 年 1 月處分 Call Solutions 業務。如 Don 所述，我們持續經營業務（continuing businesses）的合計營收年對年約下降 3%，因商務媒體解決方案（Commerce Media Solutions）的成長在很大程度上抵銷了我們自有與營運業務如預期的收縮。

As Don also noted, Commerce Media Solutions represented 58% of total consolidated revenue in the quarter compared with 23% in the first quarter of 2025 and above 50% for the second consecutive quarter. Commerce Media Solutions revenue of $25.9 million represents 104% growth compared with the first quarter of 2025.

如 Don 也提到，商務媒體解決方案在本季占合併總營收的 58%，相較於 2025 年第一季的 23%，且已連續第二季高於 50%。商務媒體解決方案營收為 2,590 萬美元，較 2025 年第一季成長 104%。

Revenue from our owned and operated business continued to decline in the quarter, which was in line with our expectations as we continue to prioritize Commerce Media. In the first quarter, owned and operated revenue decreased 49% to $15.7 million compared to $31.1 million in the first quarter of 2025.

本季我們自有與營運業務的營收持續下滑，符合我們在持續優先發展商務媒體下的預期。第一季自有與營運營收較 2025 年第一季的 3,110 萬美元下降 49% 至 1,570 萬美元。

Media margin in the first quarter was $14 million, representing 31% of total consolidated revenue compared with $13.7 million or 25% of revenue in the prior year period. Commerce Media Solutions media margin in the first quarter of 2026 was $7.7 million or 30% of Commerce Media Solutions revenue compared with $3.1 million or 25% of revenue in the first quarter of 2025.

第一季媒體毛利（media margin）為 1,400 萬美元，占合併總營收的 31%，相較去年同期為 1,370 萬美元、占營收 25%。2026 年第一季商務媒體解決方案的媒體毛利為 770 萬美元，占商務媒體解決方案營收的 30%；相較 2025 年第一季為 310 萬美元、占營收 25%。

Commerce Media Solutions gross profit was $5 million in the first quarter of 2026, an increase of 78% compared to the first quarter of 2025 and representing 19% of revenue. As we said last quarter, we expect our gross margin on Commerce Media Solutions to return to the mid-20s over the course of 2026 as our newer partnerships and placements move beyond early term incentive periods.

2026 年第一季商務媒體解決方案毛利為 500 萬美元，較 2025 年第一季增加 78%，占營收 19%。如同我們上季所說，隨著較新的合作關係與版位走出早期激勵期間，我們預期 2026 年內商務媒體解決方案的毛利率將回升至 20% 中段（mid-20s）。

Total operating expense in the first quarter of 2026 totaled $12.3 million compared with $16.1 million in the first quarter of 2025. The reduction in operating expenses benefited from a $2.4 million noncash gain on the sale of Call Solutions and a reduction of other operating expenses of $1.4 million, reflecting our continued cost discipline.

2026 年第一季總營業費用為 1,230 萬美元，較 2025 年第一季的 1,610 萬美元下降。營業費用的降低受惠於出售 Call Solutions 所帶來的 240 萬美元非現金收益，以及其他營業費用減少 140 萬美元，反映我們持續的成本紀律。

Interest expense in the first quarter decreased 31% to $605,000 from approximately $880,000 in Q1 2025, reflecting a lower daily average outstanding loan balance on the new facility with Bayview. We reported a net loss of $5.4 million in the first quarter of 2026 compared with a net loss of $8.3 million in the prior year period.

第一季利息費用較 2025 年第一季約 88 萬美元下降 31% 至 60.5 萬美元，反映我們與 Bayview 新融資安排下的日均未償貸款餘額較低。2026 年第一季我們淨損為 540 萬美元，較去年同期淨損 830 萬美元改善。

Adjusted net loss, a non-GAAP measure, was $5.9 million or a loss of $0.19 per share compared with an adjusted net loss of $6.7 million or a loss of $0.31 per share in the first quarter of 2025. The acquisition-related line in our non-GAAP reconciliation reflects the $2.4 million noncash gain on the Call Solutions divestiture, which is excluded from adjusted net loss and adjusted EBITDA, another non-GAAP measure, as a nonrecurring item.

調整後淨損（Adjusted net loss，非 GAAP 指標）為 590 萬美元，或每股虧損 0.19 美元；相較 2025 年第一季調整後淨損 670 萬美元、每股虧損 0.31 美元。我們非 GAAP 調節表中的併購相關項目反映出售 Call Solutions 所產生的 240 萬美元非現金收益；該項目屬一次性（nonrecurring）項目，因此自調整後淨損與調整後 EBITDA（另一項非 GAAP 指標）中排除。

We recognized adjusted EBITDA loss of approximately $3.6 million in the quarter compared with a loss of $3.1 million in the first quarter of 2025. As we stated on our fourth quarter call, we believe that we are well-positioned to deliver double-digit consolidated revenue growth on aggregate continuing businesses and improved full year adjusted EBITDA in 2026, supported by the continued growth of our Commerce Media Solutions business.

本季調整後 EBITDA 虧損約 360 萬美元，較 2025 年第一季虧損 310 萬美元。正如我們在第四季電話會議所述，我們相信在商務媒體解決方案業務持續成長的支持下，我們具備良好條件於 2026 年在持續經營業務合計層面實現合併營收雙位數成長，並改善全年調整後 EBITDA。

Shifting now to our balance sheet and cash flow. We had $10.3 million in cash and cash equivalents at March 31, 2026, compared with $12.9 million at December 31, 2025. Accounts receivable declined from $46.7 million at the year end to $31.8 million at March 31, reflecting normal Q1 seasonal collections and the divestiture of Call Solutions.

接著談資產負債表與現金流。截至 2026 年 3 月 31 日，我們持有現金及約當現金 1,030 萬美元，較 2025 年 12 月 31 日的 1,290 萬美元下降。應收帳款自年末的 4,670 萬美元降至 2026 年 3 月 31 日的 3,180 萬美元，反映第一季正常的季節性回收，以及 Call Solutions 的處分。

AR collections drove positive operating cash flow of $5.1 million in Q1 of 2026 compared with $2.1 million in Q1 of 2025, a $3 million improvement year over year. That operating cash flow funded a net $6.3 million paydown on our revolving facility, driving a reduction in net debt from $30.8 million at year end to $23.5 million as of March 31, 2026.

應收帳款回收帶動 2026 年第一季營運現金流為正 510 萬美元，較 2025 年第一季的 210 萬美元增加 300 萬美元、年對年改善。該營運現金流用於我們循環授信額度（revolving facility）淨償還 630 萬美元，使淨負債自年末的 3,080 萬美元降至截至 2026 年 3 月 31 日的 2,350 萬美元。

To recap, our first quarter results were in line with expectations and continue to reflect the ongoing transformation of our business mix. Commerce Media Solutions grew 104% year over year and represented 58% of total consolidated revenue, up from 23% in the first quarter of 2025.

總結來說，我們第一季的業績符合預期，並持續反映我們業務組合正在進行的轉型。Commerce Media Solutions 年增 104%，占合併總營收的 58%，高於 2025 年第一季的 23%。

Although Q1 is our seasonally softest quarter, operating cash flow was positive and the continued growth of Commerce Media Solutions, coupled with OpEx discipline, will drive adjusted EBITDA improvement as the year progresses.

儘管第一季是我們季節性最疲弱的一季，營運現金流仍為正值；Commerce Media Solutions 的持續成長，加上對營運費用（OpEx）的紀律控管，將隨著年度推進帶動調整後 EBITDA 改善。

With that, I'll turn it back over to Don.

接下來，我把時間交還給 Don。

Our view on 2026 has not changed. First quarter demonstrated strong execution against our plan, and it gives us confidence in what the rest of the year will deliver. We entered Q2 with Commerce Media at 58% of revenue and growing.

我們對 2026 年的看法沒有改變。第一季展現了對計畫的強勁執行力，讓我們對今年其餘時間的表現更有信心。我們進入第二季時，Commerce Media 占營收 58%，且仍在成長。

And we see Q2 revenue similar to Q1 with improving margins. This will represent Fluent's returning to year-over-year revenue growth from aggregate continuing businesses in the quarter. And the strongest seasonal quarters of the year are ahead of us in the second half with an adjacent solution pipeline that is responding to real partner demand.

我們預期第二季營收與第一季相近，但毛利率將改善。這將代表 Fluent 在本季來自整體持續經營業務的營收，重回年對年成長。而一年中季節性最強的季度仍在下半年，且相鄰解決方案的管線正回應真實的合作夥伴需求。

For full year 2026, we expect double-digit year-over-year consolidated revenue growth on our aggregate continuing businesses, driven by Commerce Media acceleration in the second half. We expect expanding gross margins as our highest margin business becomes an increasingly dominant share of the mix.

就 2026 全年而言，我們預期整體持續經營業務的合併營收將呈現年對年雙位數成長，主要由下半年 Commerce Media 加速成長所帶動。隨著我們毛利率最高的業務在組合中的占比愈來愈高，我們也預期毛利率將擴張。

And we expect an improvement in adjusted EBITDA as that revenue growth and margin expansion flow through the P&L. Q1 is our seasonally softest quarter. The story of 2026 is written in Q2, Q3 and Q4. We are confident in what those quarters will show. Q1 delivered what we said it would.

我們也預期，隨著營收成長與毛利率擴張反映在損益表（P&L）上，調整後 EBITDA 將改善。第一季是我們季節性最疲弱的一季。2026 年的故事將在第二季、第三季與第四季寫下。我們對這些季度將呈現的結果充滿信心。第一季交出了我們所說會交出的成績。

Commerce Media grew 104%. Revenue was nearly flat ex-Call Solutions. Cost discipline continued. We are planning conservatively around strategic repositioning of our owned and operated marketplaces while we focus our resources against our strategy and growth.

Commerce Media 成長 104%。若排除 Call Solutions，營收幾乎持平。成本紀律持續。我們在自有與自營（owned and operated）市集的策略性重新定位上採取保守規劃，同時將資源聚焦於我們的策略與成長。

Nine consecutive quarters of strong double to triple-digit year over year Commerce Media growth, 58% of consolidated revenue and climbing, a post-transaction platform that is earning more partner trust every single quarter adjacent solutions being pulled by market demand and the strongest part of the year is still ahead.

Commerce Media 已連續九個季度呈現強勁的年對年雙位數到三位數成長，占合併營收 58% 且持續攀升；交易後的平台每一季都贏得更多合作夥伴信任；相鄰解決方案正被市場需求拉動；而一年中最強的時段仍在前方。

The strategy is right. The platform is built. The numbers are beginning to show what this company is becoming. We are energized by what lies ahead, and we look forward to demonstrating it quarter by quarter.

策略是正確的。平台已建置完成。數字開始展現這家公司正在成為什麼。我們對未來充滿動能，也期待一季一季地證明給大家看。

With that, we can now open the call for questions.

接下來，我們現在開放提問。

(Operator Instructions) Maria Ripps, Canaccord.

（接線員指示）Maria Ripps，Canaccord。

I just wanted to ask about some of the pricing dynamics within your Commerce Media segment. I think you mentioned extending price incentives to some of the newer clients. Can you maybe just talk about if those incentives have been stabilizing as clients mature on the platform?

我想請教一下你們 Commerce Media 部門內的一些定價動態。我記得你們提到對部分較新的客戶延長價格激勵。你們能否談談，隨著客戶在平台上逐漸成熟，這些激勵是否已趨於穩定？

And is that one of the key variables for the segment to return to the mid-20s gross margins? Or what are some other puts and takes for you to return to that level of gross margin?

另外，這是否是該部門毛利率回到 20% 中段水準的關鍵變數之一？或者，還有哪些因素的增減（puts and takes）會影響你們回到那個毛利率水準？

Great. Thanks, Maria. Thanks for the question. So we did talk about that in the last earnings release. And the answer is, yes, we did put incentives in place early on as we were scaling the Commerce Media business and started -- once we built up our brand, we stopped using those as part of our sales initiatives.

好的，謝謝，Maria。謝謝你的問題。我們在上一份財報新聞稿中確實談到過。答案是：是的，我們在早期擴張 Commerce Media 業務規模時確實設置了激勵；而當我們建立起品牌後，就停止把這些激勵作為銷售推進的一部分。

So they have stopped in terms of how we win business, but we are seeing them roll off and we'll see them roll off throughout 2026. So what you're seeing as part of the margin is really three things. Some is some of the incentives that are left.

因此，就我們如何贏得業務而言，這些激勵已經停止，但我們看到它們正在逐步到期，並將在 2026 年持續到期。所以你在毛利率中看到的，主要是三件事：其中一部分是仍然存在的少量激勵。

You're also seeing some of the investments that we're making in those adjacent Commerce Media solutions that haven't scaled yet and obviously are at lower margin while we get to scale. And some of -- a very small amount are some of the new partners that are coming on that have come on later in the quarter that we hadn't yet brought to the projected yield yet.

你也會看到我們在那些尚未規模化的相鄰 Commerce Media 解決方案上的一些投資；在達到規模之前，它們的毛利率顯然較低。另外還有一小部分，來自於一些在季度後段才上線的新合作夥伴，我們尚未把它們提升到預期的產出率（projected yield）。

So those are the three pieces that are in play. But you're absolutely right. We use those incentives when we started launching in 2023, and they are not part of our sales strategy or portfolio right now.

所以目前在運作中的就是這三個部分。不過你說得完全正確：我們在 2023 年剛開始推出時使用過這些激勵，而它們現在已不是我們的銷售策略或產品組合的一部分。

Got it. That's very helpful. And then secondly, you mentioned several newer verticals in addition to retail. Can you maybe talk about the time line of scaling those verticals?

了解，這很有幫助。第二個問題是，你們提到除了零售之外還有幾個較新的垂直領域。你們能否談談這些垂直領域的規模化時間表？

I know you mentioned that you added new clients across two different verticals here. I guess, is that largely a function of expanding your media partners or there are maybe other factors there? It just would be great to hear your thoughts on how you see that developing over the next couple of quarters.

我知道你們提到在兩個不同的垂直領域新增了客戶。我想問，這主要是因為擴大你們的媒體合作夥伴，還是還有其他因素？很希望聽聽你們對未來幾季發展的看法。

Yes. Great. Thanks, Maria. So as you know, retail has been our primary focus, and that is where we obviously spent all -- most of our investment in terms of sales and marketing and winning those great partners. And you can see the proof points in how we've been able to scale that business.

是的，很好，謝謝，Maria。如你所知，零售一直是我們的主要重點，我們在銷售與行銷方面的投資也主要放在那裡，以贏得這些優質合作夥伴。你也可以從我們如何把這項業務做大中看到具體成果。

We've gotten into ticketing. We're in early stage of grocery. And with the Wyndham, that is our entry into travel and Squire, obviously, into more of a marketplace platform. So we're excited specifically about Wyndham and Squire, not only because they get us into new verticals, but which is strategic and obviously proves that our platform can get outside of retail and start to scale.

我們已進入票務領域；雜貨仍在早期階段。而透過 Wyndham，我們切入旅遊；Squire 則顯然更偏向市集平台。我們對 Wyndham 與 Squire 特別感到興奮，不僅因為它們讓我們進入新的垂直領域（這具有策略性），也因為這證明我們的平台能走出零售並開始擴張。

But equally important, these partners already were in post transaction, and they chose Fluent. So that was very much a performance story that them coming over to us. So our strategy on the sales side is very similar on retail. We land a premier partner like Wyndham.

同樣重要的是，這些合作夥伴在交易後就已存在，且他們選擇了 Fluent。因此，他們轉向我們很大程度上是一個績效故事。我們在銷售端的策略與零售非常相似：我們先拿下像 Wyndham 這樣的一線合作夥伴。

We prove out and demonstrate that we can provide superior results that exist in the market. And then we leverage that into broader wins across that category. So you'll see us as we expand into 2026, you'll start to see the wins coming specifically around those other two verticals that we're in.

我們驗證並展示我們能提供市場上更優異的成果，然後把這個成功案例延伸為該類別中更廣泛的勝利。因此，隨著我們在 2026 年持續擴張，你會開始看到我們在另外兩個垂直領域的具體贏單。

You'll also see grocery starting to pick up also. That will also diversify a little bit of the seasonality that we have. We'll still for the next couple of years, be heavily seasonal towards the second half. But as we expand out in other verticals, some of that seasonality will go away.

你也會看到雜貨開始加速起來。這也會在一定程度上分散我們的季節性。我們在接下來幾年仍會明顯偏向下半年的季節性，但隨著我們擴展到其他垂直領域，部分季節性將會消退。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Just on some of the comments that you made around expanding the number of partners and how that contributing to a flywheel on expanding, I guess, the roster of advertisers. Could you maybe like talk about the additional scale you need and like maybe about the categories of advertisers that are maybe not spending as much as you think would warrant for the type of inventory that you deliver?

針對你提到擴大合作夥伴數量，以及這如何促成一個飛輪效應、進而擴大廣告主名單的評論，你能否談談你們還需要多少額外規模？以及是否有一些廣告主類別，對於你們所提供的庫存類型而言，他們目前的投放金額可能低於你認為合理的水準？

Pat, thanks for the question. Heavily in the retail is obviously cash back, streaming services, things that we've talked about before, credit card offers, et cetera. As we start to expand in these other verticals, some of them are very much like retail, and they play into the retail bucket. Travel is not, which is one, obviously, we're very excited about.

Pat，謝謝你的問題。在零售方面，主要是現金回饋、串流服務（我們之前談過的）、信用卡優惠等。當我們開始擴展到其他垂直領域時，其中一些非常像零售，也會歸入零售這個範疇。旅遊則不同，這也是我們特別興奮的一點。

You're going to start to see different verticals based on that audience. And also, we'll have additional placements with Wyndham outside of the transaction. You'll also see us in other areas of their commerce platform. So that will also bring in diversification across that.

你會開始看到基於該受眾而出現不同的垂直領域。同時，我們也會在 Wyndham 的交易之外看到更多版位；你也會看到我們進入他們商務平台的其他區域，這也將帶來更多元的分散。

In -- on the Squire side, what's exciting about that is that it's very much of a very specific age and demographic audience, which will open up a number of different verticals that we are just really testing and learning right now.

在 Squire 方面，令人興奮的是它對應的是非常特定的年齡與人口統計受眾，這將開啟許多不同的垂直領域；而我們目前正處於測試與學習階段。

So we've been -- as you know, our advertiser base is diversified across -- there's no one specific advertiser that has very -- that has a high concentration that we have to report against. But we do, from a retail perspective, heavily into cashback offers and into streaming that we'll start to diversify away from.

所以我們一直以來——如你所知——我們的廣告主基礎相當多元，沒有任何單一廣告主的占比高到需要我們特別揭露。但從零售角度來看，我們目前仍高度集中在現金回饋優惠與串流領域，接下來我們會開始逐步分散。

Okay. And then I guess just on the turnaround in the Commerce Media margins back into the mid-20s. I guess, are you seeing that shift in strategy away from the promotional margin affecting the, I guess, client acquisition? Or I guess -- I guess maybe just a general -- maybe any comments on the general competitive environment, customer acquisition?

好的。接著我想問一下 Commerce Media 毛利率回升到 20% 中段這件事。我想問的是，你們是否看到策略從促銷型毛利率（promotional margin）轉移，進而影響到——我想——客戶獲取？或者——我想——更廣泛地說，對整體競爭環境、客戶獲取方面有沒有任何評論？

Yes. Yes. Thanks. It's a great question, Pat. So specifically, and I think this is what we're most excited about, we -- and you see a little bit on our investor presentation. We have proven our ability to drive superior results for our partners and advertisers compared to the competition, right?

是的。是的。謝謝。Pat，這是個很好的問題。具體來說，而且我認為這也是我們最興奮的部分——我們——你在我們的投資人簡報裡也能看到一些。我們已經證明，相較於競爭對手，我們有能力為合作夥伴與廣告主帶來更優異的成果，對吧？

So companies that have -- partners that have left our competitors that have come to us, we've been able to do head-to-head tests, and we've been able to prove not only do we provide superior revenue to the media partners we're working with, but we'll drive better quality audiences to those advertisers embedded return on ad spend, which in turn brings them back to buy more onto the platform.

所以，那些——曾經離開競爭對手、轉而與我們合作的夥伴，我們能做正面對比測試（head-to-head tests），並且證明的不只是我們能為正在合作的媒體夥伴帶來更高的營收，我們也能為這些廣告主帶來更高品質的受眾、提升其廣告投資報酬（ROAS）的內嵌回報，進而讓他們回到平台上購買更多投放。

So now that we've proven that out, we -- as you guys know, we started in 2023. We have great results around and case studies around proving that out, and that's how we lead. We lead specifically, we're looking -- we can drive the best results across the industry.

所以現在我們已經把這點證明出來了——如各位所知，我們在 2023 年開始推進。我們有非常好的成果與案例研究來證明這一點，而這也是我們的帶領方式。我們帶領的方式很明確——我們在尋求——我們能在全產業範圍內驅動最佳成果。

And if you're looking for a commerce partner that can drive results and also help manage other places across your commerce sites and also drive -- help you drive the strategy, we are the right partner for you. If you're looking for more of a tech play or a with a SaaS tech play, then obviously, there are other competitors that are out there that are better in terms of how we position ourselves.

如果你在找一個能帶來成果的商務合作夥伴，同時也能協助你管理你商務網站上的其他版位，並且推動——協助你推動策略，那我們就是適合你的合作夥伴。如果你要找的是更偏技術導向、或偏 SaaS 技術方案的玩法，那很顯然，市場上也有其他競爭者在那方面更強，這也符合我們對自身定位的方式。

Regarding the competitive environment, and this is where I think the adjacent solutions play significantly, our partners are asking us to get -- and it's a demand-driven helping them get into other pieces and other adjacent sites. And the more we can get there, the stickier we are, and it becomes a much more strategic relationship.

至於競爭環境，我認為相鄰解決方案（adjacent solutions）在這裡扮演了非常重要的角色。我們的合作夥伴正在要求我們——這是需求驅動的——協助他們切入其他版塊與其他相鄰網站。我們能觸及得越多，我們的黏著度就越高，關係也會變得更具策略性。

And that is why we keep talking about those adjacent solutions and the importance to that. So we have a very big competitor that is very aggressive. We have smaller competitors that compete on price. We feel great about our brand and how we compete on results and can win when we're on our playing field and we're with someone who matches up to our solutions and our capabilities.

這也是為什麼我們一直在談那些相鄰解決方案，以及它們的重要性。所以我們有一個非常大的競爭對手，攻勢非常積極；也有一些較小的競爭者以價格競爭。我們對自己的品牌很有信心，也相信我們能以成果來競爭；只要是在我們擅長的戰場上，並且對方的需求與我們的解決方案與能力相匹配，我們就能贏。

(Operator Instructions) Eric Martinuzzi, Lake Street Capital Markets.

（接線員指示）Eric Martinuzzi，Lake Street Capital Markets。

Congrats on that terrific triple-digit growth rate on CMS. That 104% was ahead of where I was modeling things. I wanted to ask a couple of questions on partners, in particular, to the extent you can talk about it. The Wyndham implementation, just wondering if you're -- any lessons learned hot takes from your diving into travel/hospitality in helping that partner ramp up.

恭喜 CMS 出現那麼亮眼的三位數成長率。104% 高於我原本的模型預估。我想就合作夥伴問幾個問題，特別是在你們能談的範圍內。關於 Wyndham 的導入，我想了解你們在切入旅遊／飯店（travel/hospitality）領域、協助該合作夥伴加速成長的過程中，有沒有任何經驗教訓或第一手觀察（hot takes）？

Eric, welcome. It's exciting to have you here. So thanks for the question. This is where I'm going to go back to our owned and operated strategy and why it's such a competitive advantage.

Eric，歡迎。很高興你加入。謝謝你的問題。這裡我會回到我們的自營（owned and operated）策略，以及為什麼它是一個很大的競爭優勢。

So if we didn't have that owned and operated business, I think your answer, Eric, would be there'd be a learning curve to understand that audience, understand how they behave, understand how we build a meaningful relationship and be able to provide the right offer at the right time.

如果我們沒有自營業務，我想你的答案，Eric，會是：我們需要一段學習曲線，去理解那個受眾、理解他們的行為方式、理解我們如何建立有意義的關係，並且在正確的時間提供正確的優惠。

Having that owned and operated business and having 15 years of understanding how to curate audiences we were -- we assumed that Wyndham would take a little bit of a time to scale from a results perspective. And actually, it launched right out of the blocks very strong.

因為我們有自營業務，而且有 15 年對如何策展（curate）受眾的理解，我們原本假設 Wyndham 從成果角度要擴大規模會需要一些時間。但實際上，它一上線就表現非常強勁。

So it is a different audience. It does react differently than a retail, but that's where the owned and operated comes to a huge competitive advantage to us. I'm going to stay on this topic for a second because it's so relevant. If we start to work with a partner like Wyndham and say we want to start to do creative testing, we want to start to do different offers. It takes time, right?

所以那確實是不同的受眾，反應方式也和零售不同；但這正是自營業務對我們而言成為巨大競爭優勢的地方。我想在這個主題上再多停留一下，因為非常相關。如果我們開始與像 Wyndham 這樣的合作夥伴合作，並說我們想開始做創意測試、想開始做不同的優惠，這是需要時間的，對吧？

It takes time for approval, it takes time to get the offer in, it takes time to get the results back. On our owned and operated, we can test within hours, and we can have results in days, and we can use those results to inform how we how we move our Commerce Media strategy. So that has been a huge competitive advantage as we get into new verticals there.

需要時間取得核准、需要時間把優惠上架、需要時間把結果回收。在我們的自營業務上，我們可以在幾小時內完成測試，並在幾天內拿到結果，然後用這些結果來指引我們如何推進 Commerce Media 策略。因此，當我們進入新的垂直領域時，這一直是我們很大的競爭優勢。

Okay. And then penetrating a vertical, a lot of times, people in the industry in saying vertical know each other. What's the dynamic as far as maybe using one account as a reference to penetrate another account? Is that sort of, hey, these people don't talk to each other? Or is there a potential opportunity?

好的。再來談到滲透某個垂直領域，很多時候業界所謂的「垂直」圈子裡的人彼此都認識。就動態而言，是否能用一個客戶作為參考案例來滲透另一個客戶？是那種「他們彼此不會交流」的情況？還是其實存在潛在機會？

It is spot on there. That is our best sales strategy is to have our current partners talk to our prospects and partners. And that is absolutely why we like our land and expand. We make sure we get results. We make sure that partner is incredibly satisfied and then we use them.

你說得非常到位。我們最好的銷售策略，就是讓現有合作夥伴去和我們的潛在客戶與合作夥伴交流。這也正是為什麼我們喜歡「先落地再擴張」（land and expand）。我們確保能做出成果，確保合作夥伴非常滿意，然後我們就運用他們。

And they're actually sometimes they're willing to talk. So yes, they all talk to each other, CMO market retail media network heads of that, they can move around and they do move around, and it is a very tightened group in terms of how they talk.

而且他們有時候其實願意出面分享。所以是的，他們彼此都會交流；CMO、市場端、零售媒體網路（retail media network）負責人等等，他們會互相流動，也確實在流動；就交流方式而言，這是一個非常緊密的圈子。

Okay. And then you talked about some of the -- as far as the artificial -- not artificial, but the pressure on the current CMS gross margins. You talked about some incentives haven't run their course yet, some subscale adjacent solutions and then some new partners later in the quarter.

好的。然後你提到一些——就目前 CMS 毛利率的壓力而言——你談到有些激勵措施還沒完全結束、有些尚未達規模的相鄰解決方案，以及本季後段新增的一些合作夥伴。

I was wondering the Rebuy with somebody that just signed up in 2025, and they're more of a a reseller type margin. I was wondering if that also is a factor in the pressure on CMS gross margin?

我想問的是，Rebuy 是 2025 年才剛簽下的合作方，而且它比較偏轉售商（reseller）型的毛利結構。我想知道這是否也是造成 CMS 毛利率承壓的因素之一？

Yes. You're absolutely right, Eric, we do -- because of the partnership and strategic partnership, we do have a lower margin with the -- with what we're doing with Rebuy, but it hasn't been -- it's not a major factor.

是的。Eric，你完全說對了。我們確實——因為這個合作關係與策略性合作——在與 Rebuy 的合作上毛利率較低，但它並不是——不是主要因素。

That -- we're very happy with that partnership. It continues to grow, and we think there's a lot of opportunity and road forward to continue to grow that relationship in revenue and both strategic position, but that is not a big factor on the margin.

我們對這個合作非常滿意。它持續成長，我們也認為未來在營收與策略地位上都有很多機會可以持續擴大這段關係，但它不是毛利率方面的重要因素。

The major factor in that margin was the fact that the incentives rolling off and the new adjacent solutions that we are getting -- we have a specific number of adjacent solutions that are in -- that are out there working with our partners. They're lower margin as we scale up the business, similar to the way post transaction was when we launched in 2023.

毛利率的主要因素是激勵措施逐步到期（rolling off），以及我們正在推進的新相鄰解決方案——我們有一定數量的相鄰解決方案已經在外部、正在與合作夥伴運作。隨著業務規模擴大，它們的毛利率較低，類似於我們在 2023 年推出 post transaction 時的情況。

And as I see no further questions in the queue, I will conclude the Q&A session and conference for today. Thank you for participating, and you may now disconnect.

由於我看到隊列中沒有進一步的問題，我將結束今天的問答環節與電話會議。感謝各位參與，現在您可以斷線。