Fluent, Inc. (NASDAQ: FLNT) completed the sale of its Call Solutions subsidiary, Winopoly LLC, to InsureCo, LLC on February 6 2026. The transaction closed for a purchase price of $3 million, paid through a secured promissory note, and marks the company’s first major divestiture since its pivot to commerce media.
The divestiture removes a non‑core, lower‑margin business that has underperformed relative to Fluent’s high‑growth Commerce Media Solutions (CMS) platform. By shedding Winopoly, Fluent frees capital and management bandwidth that can be redirected toward scaling CMS, which now represents 40% of consolidated revenue and has driven a 98% year‑over‑year growth through the first three quarters of 2025.
CMS has become the engine of Fluent’s growth, with an annual revenue run rate exceeding $85 million and a gross margin of 22% in Q3 2025, up 400 basis points from Q2 2025. The segment’s rapid expansion is driven by strong demand for post‑transaction advertising, data‑driven targeting, and machine‑learning‑enabled inventory placement, allowing the company to capture higher‑margin opportunities than its legacy Call Solutions operations.
Despite CMS’s momentum, Fluent’s overall revenue fell 27% year‑over‑year to $47.0 million in Q3 2025, and the company posted a net loss of $7.6 million. The decline reflects the lower performance of legacy segments, including the O&O marketplaces, and the impact of a moderate debt‑to‑equity ratio of 1.36. Nevertheless, the company remains on track to achieve positive adjusted EBITDA by the end of 2025 and full‑year profitability in 2026, as it continues to invest in technology and talent for CMS.
Fluent’s recent financing activities support its strategic shift: a $30 million facility secured in December 2025 and an additional $10 million raised through a private placement in early 2025 provide liquidity for CMS expansion and margin improvement initiatives. These capital resources, combined with the proceeds from the Winopoly sale, position Fluent to accelerate product development, scale its advertising platform, and deepen customer relationships in the commerce media space.
CEO Don Patrick emphasized that the sale “sharpens our focus on Commerce Media Solutions and strengthens our ability to invest behind a business that is delivering sustained growth, scalability, and long‑term value for stakeholders.” He added that the divestiture will enable the company to deploy resources more efficiently, pursue higher‑margin opportunities, and accelerate the scaling of CMS to meet growing demand from brands and retailers.
In summary, Fluent’s sale of Winopoly represents a decisive step in its transformation from a legacy call‑center provider to a high‑growth commerce media platform. By eliminating a lower‑margin, underperforming asset, the company is better positioned to capitalize on CMS’s rapid expansion, improve overall margin dynamics, and move toward profitability while maintaining a strong balance sheet and ample liquidity for future growth initiatives.
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