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Fluent, Inc.(FLNT), a leading player in the marketing and advertising technology industry, has released its unaudited consolidated financial statements for the second quarter of 2023. The company reported a net income of $4.25 million for the quarter, marking a significant turnaround from the loss of $56.94 million in the same period last year. The company's revenue for the second quarter amounted to $82.15 million, showcasing its continued growth and recovery.
Fluent, Inc. demonstrated strong financial performance by achieving a net income of $4.25 million in the second quarter of 2023. This marked improvement compared to the same period in 2022, during which the company reported a substantial net loss of $56.94 million. The significant swing from loss to profit reflects the company's focused efforts on improving operational efficiency and optimizing its business strategies.
Revenue for Q2 2023
Fluent, Inc. reported revenue of $82.15 million for the second quarter of 2023. While this figure represents a decrease from the $98.36 million reported in the second quarter of 2022, it demonstrates the company's ability to maintain a strong revenue base even in challenging market conditions. The company continues to leverage its position in the marketing and advertising technology sector to drive sustainable revenue growth.
Balance Sheet Highlights
As of June 30, 2023, Fluent, Inc. reported total assets of $155.08 million, compared to $183.97 million as of December 31, 2022. The decrease in assets is attributed to various factors, including changes in cash and cash equivalents, accounts receivable, and other current assets. The company's property and equipment, operating lease right-of-use assets, intangible assets, and goodwill remained substantial components of its asset structure.
Fluent, Inc.'s total liabilities as of June 30, 2023, amounted to $86.95 million, compared to $90.01 million at the end of December 2022. The company's liabilities include accounts payable, accrued expenses, deferred revenue, long-term debt, and operating lease liabilities. The company's shareholders' equity stood at $68.14 million as of June 30, 2023, reflecting a decrease from $93.95 million at the end of December 2022. The decrease in equity is influenced by factors such as net income/loss and changes in the company's stock and stock-related activities.
Cash Flow and Financing
Fluent, Inc. reported positive cash flow from operating activities, with net cash provided by operating activities amounting to $2.05 million for the first six months of 2023. The company reported cash used in investing activities of $3.64 million, mainly driven by capital expenditures and business acquisitions. Financing activities resulted in a net cash outflow of $2.97 million, primarily due to debt repayments and taxes related to stock-based compensation.
Fluent, Inc. has demonstrated a remarkable financial recovery in the second quarter of 2023, reporting a net income of $4.25 million and showcasing its ability to generate substantial revenue despite market challenges. The company's strategic focus on improving operational efficiency and optimizing its business strategies has contributed to its positive financial performance. With its solid balance sheet and commitment to innovation, Fluent, Inc. remains poised for sustained growth in the dynamic marketing and advertising technology sector.