Good afternoon and welcome. Thank you for joining us to discuss Fluent's third quarter 2026 earnings results. 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. I would now like to remind you that this call is being webcast live and recorded. A replay of the event will be available following the call on Fluent's website. To access the webcast, please visit the investor relations page at www.fluentcall.com. Before we begin, I would like to advise listeners that certain information discussed by management during this conference call will contain forward-looking statements covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our outlook for the fourth quarter of 2026, the full year 2026 and 2027. Any forward-looking statements made during this call speak only as of the date hereof. 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, including our ability to continue as a going concern. The statements may be identified by words such as expect, plans, Projects, Could, Will, Estimates, and other words of similar meaning. The company undertakes no obligation to update the information provided on this call. Additional information concerning factors that could cause actual results to differ materially is contained in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the year ended December 31, 2025, and quarterly reports on Form 10-Q for the quarter ended September 30, 2026, which are available on our website and at sec.gov. The slides accompanying this call are on our investor relations page. During the call, management will also present certain non-GAAP financial information relating to media margin, Adjusted EBITDA and Adjusted Net Loss 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 measure are provided in the Earnings Press Release issued earlier today and in the appendix to the earnings presentation, both available on the investor relations page on our website. With that, I am pleased to introduce Fluence CEO, John Patrick. You may begin.

Good afternoon, and thank you for joining us. I'm here with Ryan Schulke, our chief strategy officer and company co-founder. and Ryan Perfit, our Chief Financial Officer. Q3 results reflect the continued acceleration of our strategy. We are seeing the investments we've made over the last three years show up in both our top and bottom lines. Fluent continues to build its standing as an industry leader and a recognized brand, a reflection of the increased number of world-class partners we work with and the superior results we deliver. Our partner portfolio continues to expand and our existing relationships continue to grow. We've been steadfast in our strategy since we invested aggressively and pivoted our business in 2023. In Q3, those investments continued to yield the financial returns that we've been projecting since the pivot. And we've been consistently rewarded by the brand partnerships we've earned which are now the driving force behind our 11th consecutive quarter of high double-digit or better year-over-year revenue growth in our commerce media business. Our commerce media growth in Q3 came from continuing to grow our existing partners' businesses while winning new partnerships in online post transaction. In turn, Commerce Media Solutions ended the quarter operating at an annual revenue run rate of over $145 million, and then consolidated gross profit margins expanded as this higher margin business becomes a greater share of our mix. Financially, Commerce Media Solutions has scaled to where it is the driving growth across Fluent's total business. After returning the year-over-year revenue growth on aggregate continuing businesses in Q2, Fluent grew again in Q3, importantly, while continuing to expand margins year-over-year. Revenue grew 14% over Q3 prior year, which reflects revenue from our divested call solutions business and other runoff revenue. Revenue from aggregate continuing businesses grew 29% year-over-year in the third quarter. Our strategic positioning and the credibility we've earned in the rapidly growing commerce media industry have accelerated our business momentum. We are encouraged by the results we are delivering for our partners, as well as the shareholder value we are driving for our stakeholders. Importantly, our momentum continues in Q4. So as we look ahead, we believe that we are well positioned to drive double-digit revenue growth on our aggregate continuing businesses for the full year 2026. With our visibility today, we expect to continue driving double digit growth in total consolidated revenue in 2027. Let me take you through the quarter, starting with the financial results, and then spend time on where we see the industry heading as partner trust and measurable performance becomes the standard for commerce media. Q3 2026 results were as follows and exceeded what we advised last quarter. Revenue of $53.6 million. As I mentioned previously, revenue was up 14%, with revenue from our aggregate continuing businesses growing 29%. This is our second consecutive quarter of double-digit revenue growth on our aggregate continuing businesses. Commerce Media Solutions grew 100%. are 11th consecutive quarter of high double digit growth or better. Gross profit of 15.3 million of 41% year over year at a 28% margin. Year over year gross profit margin grew more than 500 basis points driven by the continued growth of Commerce Media Solutions, which now represents 70% of our consolidated revenue. nearly break even adjusted EBITDA, a 3.3 million improvement over last year. Two consecutive quarters of revenue growth on our continuing businesses is a start, not a conclusion. Our trend is built one quarter at a time and our commitment is to string more of them together consistently and durably. That is what strategic and financial alignment looks like. We pivoted into high growth Higher Margin Commerce Media Industry built the platform for superior partner performance on the foundation of our owned and operated marketplaces and invested aggressively behind it. And now, our thoughtful game plan has consolidated revenue, margin, and profitability improving in parallel. Commerce Media Solutions is a highlight, and the consistent growth we are seeing in the business is underscoring total consolidated revenue growth and improve adjusted EBITDA in the third quarter. As you can see, Commerce Media Solutions revenue now represents a large majority of our consolidated revenue at 70% compared to 40% in the third quarter of 2025 and just 16% in the third quarter of 2024 with CMS annual revenue run rate now exceeding $145 million. Growth like this doesn't happen unless world-class brands choose to partner with you and choose to stay based on fluent building, trusted strategic partnerships that deliver them strong financial results. We continue to onboard world-class partners and our partner ecosystem is now anchored by companies generating over 1.1 trillion in combined annual revenue. These brands are scaling with us because our outcomes are measurable and repeatable. Last quarter, we told you our partner pipeline had grown in both size and quality and that we expected it to convert in the second half. It is converting and continuing to scale as planned. Last quarter, we also outlined a shift in the industry. Captive retail media networks growth is slowing. and they're turning to non-endemic monetization for their next phase of expansion. Their audiences want products and services outside the core catalog. Our post-transaction platform meets the need at the point of sale, adding high margin incremental revenue for the partner. These networks require more tailored integrations than traditional enterprise deals. That effort also makes relationships durable and expands the market we can address. We are already delivering non-endemic demand into one of the world's largest retail media networks, showing how new revenue pools open up for our partners. But access to demand will not decide who leads. The industry is moving towards platform trust, data integrity, and verified performance. Advertisers want measurement that connects online and in-store outcomes. Retail networks want a partner that protects their first-party customer relationships. We have built to that standard for 16 years. That standard is also our path into physical retail. Through in-store and loyalty, we are aggressively validating it and we are building that opportunity deliberately. We'll discuss our progress here in future quarters. Q4 is about scaling new partners on our platform while leaning into retail seasonality and execution. It is the most important quarter of the year for our retail partners and our job is to deliver for them when it matters the most. We entered Q4 with strong momentum. Based on what we're seeing today, we expect continued double-digit year-over-year revenue growth in the fourth quarter and positive adjusted EBITDA for the quarter. With that, I'll turn the call over to Ryan Perfit for a deeper look at the financials.

Thank you, Don, and thanks to everyone for joining us today. I'll now provide a deeper review of our third quarter results with commentary on year-to-date results where relevant. Total consolidated revenue was $53.6 million in the third quarter of 2026, compared with $47 million in the prior year period, an increase of 14%. This marks our second consecutive quarter of year-to-date consolidated revenue Third quarter 2025 includes revenue from our call solutions business divested in January and other runoff revenue. Revenue from our aggregate continuing businesses increased 29% compared to the third quarter of 2025, an acceleration from 25% in the second quarter of this year. Year-to-date, revenue on aggregate continuing businesses has increased 16%, and we remain on track to deliver double-digit growth on that basis for the full year. Additionally, as Don mentioned, based on our visibility today, we believe we are well-positioned to continue driving double-digit consolidated revenue growth in 2027. Commerce Media Solutions, now the primary driver of our business, doubled revenue to $37.5 million in the quarter when compared to the third quarter of 2025 and represented 70% of total consolidated revenue, compared with 40% in the prior year period. Sequentially, revenue grew 23% from $30.5 million in the second quarter. Commerce Media Solutions is now operating at an annual revenue run rate that exceeds $145 million. Demand remains strong, and we continue to be encouraged by the interest we are seeing from world-class brands across diverse industries, including some of the largest retailers in the United States. With visibility into our seasonally high fourth quarter, We expect commerce media solutions growth to moderate from the third quarter but remain in the high double digits. Owned and operated revenue decreased 33% to $13.8 million compared to $20.7 million in the third quarter of 2025 as we continue to shift focus towards commerce media solutions. Media margin, a non-GAAP measure, was $18.9 million in the third quarter, an increase of 48% and representing 35% of total consolidated revenue compared with 12.8 million or 27% of revenue in the prior year period. Commerce Media Solutions media margin in the third quarter of 2026 increased 189% to 13.3 million or 36% of Commerce Media Solutions revenue compared with 4.6 million or 25% of revenue in the third quarter of 2025. Consolidated gross profit, exclusive of depreciation and amortization, increased 41% to $15.3 million, representing 28% of revenue. Commerce Media Solutions gross profit was $11.1 million in the third quarter of 2026, an increase of 173% compared to the third quarter of 2025, and representing 30% of revenue, up from 27% in the second quarter. While Commerce Media Solutions gross margins exceeded our stated expectations for margins to return to the mid to high 20s range over the course of 2026, the increase this quarter was driven by improved monetization with certain Commerce Media partners and the benefit related to a partner contract for negotiation. A very direct member of our consolidated margin growth over the long term will be the continued scaling of Commerce Media Solutions and its increase as a percentage of total revenue as we move beyond early incentive periods. Operating expenses, excluding depreciation and amortization, were $16.7 million in the third quarter of 2026 compared with $14.7 million in the third quarter of 2025. The increase primarily reflects performance-related compensation and sales commissions that scale with our results. Higher Share Base Compensation, and a $504,000 provision for credit losses on the note receivable from our January divestiture. Cost management continues to be a focus as we drive towards profitability. Interest expense in the third quarter was $712,000, essentially flat with $711,000 in the third quarter of 2025. Income tax expense was $6,000 in the third quarter of 2026 compared with the benefit of $12,000 in the prior year period. We reported a net loss of $3.1 million or $0.10 per basic share and $0.12 per diluted share in the third quarter of 2026 compared with the net loss of $7.6 million or $0.27 per share in the prior year period, a 59% reduction in net loss. Adjusted net loss, a non-GAAP measure, was $2.5 million, or a loss of $0.08 per share, compared with an adjusted net loss of $6.5 million, or a loss of $0.23 per share in the third quarter of 2025, a 62% reduction in adjusted net loss. Importantly, we delivered near break-even adjusted EBITDA, a non-GAAP measure, of negative $43,000 compared with an adjusted EBITDA loss of 3.4 million in the third quarter of 2025. On a year-to-date basis, adjusted EBITDA loss narrowed to 5 million from 9.2 million in the prior year period, reflecting our ongoing commitment to improved profitability throughout 2026. Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release. Shifting now to our balance sheet and cash flow. We had $11.4 million in cash and cash equivalents at September 30, 2026, compared with $12.9 million at December 31, 2025. Accounts received were worth $41.4 million, compared with $46.7 million at year-end 2025. On a year-to-date basis, we generated positive operating cash flow of $2.8 million. compared with cash used in operating activities of 4.3 million in the first nine months of 2025, driven primarily by a smaller net loss with changes in working capitals continuing to provide cash. Short-term debt, net of unamortized discount fees was 31.5 million as of September 30th, 2026, compared with 30.8 million at year-end 2025. On September 30th, we amended our facility with Bayview to increase the maximum credit to $35 million to track with our growth. We appreciate their support. Overall, we're extremely pleased with our results this quarter and the progress that we've made year to date. Commerce Media Solutions is up 98% year to date and now represents over 70% of our revenue. We've returned the consolidated business to year-over-year growth in the second and third quarters, and we delivered near break-even adjusted EBITDA in the quarter while continuing to build the Fluent brand with world-class media partners across diverse market verticals. Our execution has been strong and with our visibility today, we continue to expect to deliver double-digit consolidated revenue growth on aggregate continuing businesses and improved full-year adjusted EBITDA in 2026 supported by the continued growth in Commerce Media Solutions. With that, I'll turn it back over to Don.

Thanks, Ryan. We are pleased with the third quarter performance and ability to deliver double-digit revenue growth with improved gross profit margin and nearly break-even adjusted EBITDA. Commerce media doubled for the 11th consecutive quarter of high double-digit growth or better, and world-class brands are choosing Fluent as their leading edge partner. This quarter's performance reflects the strategic commitment we made to accelerate our business throughout 2026. With strategy and financial results now structurally aligned, our focus shifts entirely to discipline execution as we scale this framework and work to deliver consistent growth.

And we will now open the lines for your questions. And as a reminder, to ask a question, press star 11 on your telephone. and wait for your name to be announced. To remove yourself, press star 11 again. One moment for our first question that comes from Patrick Scholl with Barrington Research. Please proceed.

Hi, thanks for taking the question. On commerce media and the outlook for Q4 and 2027, I guess, you know, thank you for providing that explanation on like the bump in commerce media margins, but Over time, as you get past some of the initial, I guess, better revenue share with partners at the earlier parts of the contracts, I guess, how do you see that margin going over time? And, you know, just with the kind of slow down, the step down in growth at Commerce Media and Q4, I guess, how much of that is just, you know, the timing of partner additions and how do you, like, It seems like a pretty significant step down just to be for your current run rate of growth. So I was kind of curious a little bit more detail on how you see the fourth quarter and the timing of additions helping to, you know, how that trends to growth. Thank you.

Hi, Pat. This is Ryan Perfit. Thanks for the question. I'll address the margin first. We were very pleased with the Commerce Media Solutions gross margin in Q3. That said, it did have a benefit from a partner renegotiation that would not affect us in future periods. So we're still guiding towards high 20s for gross margin on the Commerce Media business as we move forward. 2026 is kind of the end of the partner incentives rolling off. So from Q4 going forward, we shouldn't have that affecting us any further. In terms of the growth rate, you know, it's actually a good story there. The growth rate, we've seen an elevated growth rate Q1 through Q3. You know, I think it's 98% Commerce Media Solutions growth year to date over prior year through the first nine months. We do expect a step down. Part of that is a law of large numbers, but largely what's happening there is we're diversifying our partner base. So when we add partners like CVS and Wyndham this year, they don't have the same retail seasonality that you see in our partner base prior to this year, where Q4 isn't going to have the same sort of growth rate, but it does help us in other periods because They're a flatter business. So we're kind of flattening our seasonality curve, which is good for us, but you won't see the same sort of elevated growth rates in Q4 as we diversify our partner base.

And Pat, this is Don. I know you know this, but the growth dollars will still be increasing, but obviously the growth percentage is what Ryan was referring to. Yeah. So as we get larger, the growth rate will continue to go. Yep.

Okay. And on in-store integrations, I guess, are you at a point where you have like any sort of like early learnings on how that business can develop and the type of offers and type of advertising clients that are more effective there?

Pat, this is Don. Thanks for the question. We're consistent with what we said in Q2. We're being very deliberate and trying not to get out ahead of our partners on announcements. We are live with key partners on both these solutions in Q4, and 2027 will be the right time for more substantial conversation on this topic. Strategically, it's a huge market. We have Clients that are live in Q4. We have more coming on in 2027. And we are very excited about the combination of online and in-store post-transaction solutions connecting through loyalty in which they transact. It really makes the marketplace much more viable to both the shopper and the retail partners. So we will be deliberate about this, Pat. But we said we were going to test and learn in Q4. We are live in Q4 and we will be exactly on track for that.

Okay. Thank you.

Thanks, Pat.

Thank you. Our next question comes from the line of Maria Rips with Canaccord. Please proceed.

Great. Thanks so much for taking my questions and congrats on the quarter. Can you maybe just go a little bit deeper into what drove sort of accelerating growth within your CMS segment in Q3? I guess what are some things that sort of played out ahead of your expectations and sort of understanding that you are sort of looking at some deceleration here in Q4, but given all the momentum, how are you sort of, can you talk about sort of the segment heading into a seasonally stronger quarter here?

Yep. Yep. Hi, Maria. It's Don. So two specific things that we, the one we talked about and is publicly disclosed is CVS. CVS went live in Q3 and is scaling and is growing aggressively. So that plays a big part and it's a very large client so obviously bringing a partner on like that for that type of supply obviously drives significant growth for us. We have talked about the second major growth which is really getting into what I'll call captive retail media networks. These are the very large networks like Amazon, Walmart, Kroger, et cetera. That's where 80% of the commerce market is today. Traditionally, we looked at our core target as what I call the enterprise clients that are just below that, that are not building their own retail media networks. But we now are working with one of the top retail captive retail media networks. We are growing with them. and it really comes down to the fact that they want to expand beyond the endemic demand that they currently have which is obviously selling products that they have like detergent ad on a grocery's checkout and they're now getting into non-endemic which is obviously what Fluent has been doing for 16 years which is connecting a high quality consumer to the category outside of that partner so like travel or insurance on on that same sort of grocery checkout. So those two trends, bigger, larger deals coming online and getting access to those captive retail media, we have a number that we have, we're in one of the largest, we see it as a growth opportunity to continue to grow into 2027.

Got it. That's very helpful. And then as you think about sort of double-digit revenue growth next year, how should we think about sort of the level of profitability and cash flow through? I guess, are there any investments that you feel like you need to implement as sort of this double-digit growth continues next year?

Yeah, I'll take the investment side and then we'll let Ryan kind of give you all the details on the financial side. You know, we invested very heavily into our platform in the early years, right? And you saw those in our financials, right? So you saw that in the growth of Commerce Media, but the Commerce Media business wasn't large enough to carry the whole consolidated company. And that changed in Q2, where Commerce Media now is the largest piece of our business, and that growth is large enough and significant enough to carry the whole company to a double-digit growth rate. So So I think when we built significant operating leverage into that business, and we feel very good about being able to scale that. When you look at in-store and you look at loyalty, that's probably the areas that we'll be investing in, which is add-ons and adjacent add-ons into our platform. But the good news is that they know it's a very, this is a much predictable model. It's very deliberate. We know how to integrate So it's going to be timed, and we can do a very good job tying it to revenue and tying it to profit. But that's the sort of investment side. Other than as we continue to scale, we add new partners, we'll have to bring on more support and operations, et cetera.

And following up on this, this is Ryan Perfit. As you probably saw, we were essentially breakeven in Q3 of this year, and one of our stated goals has been to improve adjusted EBITDA. We expect to continue to do that in 2027, but we are not giving any specific guidance at this point. But we are going to balance our investment opportunities with our profitability because that is important to us at this point. Given our history and where we've been, it's important that we continue to move towards profitability and drive dollars to the bottom line.

Got it.

That's very helpful. Thank you both. Thank you. Our next question comes from Eric Martinuzzi with Lake Street Capital Markets. Please proceed.

Hey, congratulations on the CMS doubling. That's a terrific bar that you've achieved. Wanted to focus on the expectations, I guess, you know, kind of the pipeline. You've delivered a lot, but we're always looking for more. So how would you characterize the pipeline of media partners now versus, say, 90 days ago or maybe a year ago? Give us some insight on the pipeline.

Hey, Eric, it's Don. Thanks for the question. So I touched on it in my earnings script. We don't give out numbers on our pipeline, but it is scaling significantly in both quality and size. So we're not only seeing it scale on the total number in terms of our ability to continue to drive that growth rate, but we also are seeing large, like the CVS, is the larger players coming on that could significantly add supply to us. at various points in time. So we do measure our pipeline in stages and how it moves through the stages. In order for us to do what we're saying around our double-digit growth revenue, we just have to continue to execute it what we've currently been running at. We're not looking for new, better conversion on the pipeline or bigger pipelines have to go. It is sitting out there. Commerce media is, as you know, there's great tailwinds in it. and we also have a great differentiated position so our pipeline continues to grow accordingly to hit those numbers.

Okay, and then as far as working that pipeline, I know for a lot of folks who are new to commerce media, they're looking to talk with somebody who's already using you guys. Have you been able, maybe it's more of a marketing question, Do you have a growing list of reference customers or would somebody like a Wyndham or a Dix or a CVS, are they not quite willing to share their experiences with other folks?

No, that is the best sales tool and sales relationship that we have, Eric, in terms of, you know, it's hard to get a partner to do a Press release with us, which is why we often don't talk about names on this call or with you. But in order to talk to their colleagues about how they've made decisions, who they've been with, why they chose Fluent, it is one of the main reasons why we're winning. And we deliver superior results for them. We match up well to them. We build strategic joint business plans with them. And we measure our strength of that relationship in a very disciplined way across the entire company.

Okay. And then you work with kind of the larger players in the industry, but in a given quarter, is anybody, you know, is there a 10% revenue customer that you'll have to disclose? I'm trying to get into what drove the outperformance here. Would it need to be a 10% of total revenue customer or a 10% of CMS revenue customer?

Hey, Eric, this is Ryan Perfit. We would have to disclose a customer of over 10% or a partner of over 10% of the entire business, not just CMS. At this point, there is nothing to report. And as we grow, it becomes less and less likely that any of those partners that we would add would hit that threshold. So we do not have concentration issues on the partner side. And there may be one customer on the advertiser side that was over 10%, but just barely. So I believe it was in Q2. I'm not sure about Q3.

Congratulations on the successful Q3 and good luck in Q4.

Thank you, Eric.

Thank you. Our next question comes from Frank DeLorenzo with Singular Research. Please proceed.

Hi, thanks for taking my call in the Monday night's quarter. Could you give us a little more granularity on the Commerce Media Solutions strength, where that's coming from as far as Potentially wins versus the competition, where your strongest verticals are right now and the potential you see amongst the verticals and just general economic strength relative to maybe the secular trend you're in within your addressable market. Thank you.

Thanks, Frank. Appreciate the question. So we have traditionally been very heavily focused on our strategy around retail partners. and in 2023 that was really our main focus was to build our ability to deliver superior results and quite honestly, you know, the hardest vertical in order to go after. So retail continues to be a high majority of our overall partnership verticals. Frank, we have, as you can see from Wyndham and you can see from CVS and public storage, things like that, we have started you know not only to get in from ticketing and into into grocery we're starting to get into the other channels and our strategy has been to get land a land a anchor client in that vertical prove that we can deliver superior results compared to the competition from both a revenue perspective to the partner but equally important the quality of that consumer that we connect to the advertiser and then we use those case studies with with in our sales to dive deep and dive into those channels. So still heavily winning, you know, we're winning in retail, but you're seeing a start to break out into the other channels. When we look at growth for 2027, you know, there are stated, you know, channels that were going out and trying to really expand out into it. But, you know, retail continues to be a large piece of this and a large piece of supply that's there.

Okay, and maybe a little broader than pharmacy, the pharmacy space, things like wellness and along those lines, is that something you're thinking about or something you think even has potential to put a focus on into the future?

Yes, absolutely.

I think, you know, when you start to look at our solutions together between not only online post-transaction but in-store, and you also talked about loyalty, It opens up a competitive advantage in those type of verticals also, especially with a large number of repeat consumers and how we can best interact with that consumer experience to drive better results for the partners.

Thank you. I just wanted a quick question revolving around AI. Is AI helping you to drive any growth, any wins, add-ons, anything along those lines? Have you been discussing that? Internally or with your clients, and I'm just wondering your thoughts on the AI drivers.

Yeah, AI from a channel perspective, Frank, in terms of shopping, indigenic shopping, or more from sort of a technology?

Your own technology and use of it, if that's helping with the business at all.

Yeah. Absolutely. I mean, you know, AI is critical. The part of the platform that we built starting in 2023, both from a product perspective and a tech perspective, and honestly, you know, how we best use our first-party data asset in order to identify that best, you know, the individual the best and what their purchasing behavior is and how we connect it. So from a product and a technology perspective, AI is a deep, integrated piece of our solution and why we drive better results.

Okay, great. And I don't know if you could give us a little more detail on CVS. You talked about it having a bigger impact, obviously, in 2027. Maybe it's too early to discuss it, but is that something that might be a ramp that has a larger impact in the second half as opposed to the first half? Or is that something you'd like to wait and maybe take a wait-and-see attitude on where that's going?

Yeah, it's a great question, Frank. You've given me it out already. But I'll talk about what we disclosed last quarter. CVS was an important milestone for us because we sold both an online post-transaction with an in-store post-transaction, right? And the roadmap was to get online in Q3, which we did. and start to scale with them in the various verticals that they have from pharmacy to online to web, et cetera. And then we have a full testing and integration plan on in-store also in 2027. So that is a very large opportunity to continue to penetrate and that as we take the learnings from from the in-stores that we have live now and the CVS and a couple other that we signed up. Obviously, we believe that will be a big accelerated and a big growth opportunity from our existing client base.

Thank you. And as a reminder, if you do have a question, simply press star 11 to get in the queue. Our next question comes from the line of Bill Desalem with Titan Capital Management.

Thank you. Thank you also for all of the insights and congratulations on a really great nice step forward. I do have a group of questions and the first one is just for clarification relative to 27 in your guidance about double digit revenue growth. Presumably that would mean Each and every quarter that you would see double-digit revenue growth for the total company versus the corresponding 2026 quarter. Is that what we're hearing you say?

Hi, Bill. This is Ryan Perfit. We did not say that specifically, but yes, I think that's a fair assumption. This is a continued trend here.

Great, thank you. And then I don't think in your opening remarks or to any of the questions you have have talked about either the number or the size of the new Converse Media customers that you added in Q3. So it's our understanding or impression that from a selling standpoint, Q3 is the most important quarter of the year for that selling process. Would you please walk through both the number of wins that you had here in Q3 and the size of that new business?

Yeah, they're great questions, Bill. We don't disclose that. Traditionally, we basically have said that you're absolutely right. Q3 is a critical time period for closing, especially retail partners because of their cycle and how they have code freeze in Q4. But the numbers that we are expecting to close and the size of those clients that we're expecting to close came in as we expected.

And I'll layer on top of that. Our annual revenue run rate that we give is a good indication of that. So we moved from $125 million to $145 million within the quarter. What we measure in that is partners that went live in that quarter. So we do have a closed period in Q3. Some of those partners don't go live until Q4. So although Q4 is not a selling period, the step-up that you see from Q2 through Q4 really indicates the number of partners that we closed in that period and is something that we expect to see additional significant step up on from Q3 to Q4.

Thank you. And that's exactly what I was trying to get a handle on is those customers that we didn't have a full quarters of revenue here in the Q3 and that turn on in Q4, the impact that those could have. So maybe I'll pause there and see what additional color that you can give on that.

I think you're absolutely right, Bill. Most of our clients in Q3 came in towards the latter half. of the quarter. And then as Ryan said, there was a number of contracts that we signed with new partners that came on early in October. So that does tend to be the seasonality, especially the retail vertical. So you can't take that The 125, it does count in every single one that came in in Q3 and would be there for the full year. So what's not capturing is the ones that signed in Q3 that will go live in Q4.

And to just maybe give a bit of scale and try one more angle with the same question before I move on is How would you characterize the number and or size of the aggregate wins in Q3 of this year versus Q3 of 25?

Yeah, I don't have that. It's a good question, but I don't have it at my fingerprints. The fingertips are at exactly where, you know, how many do we go online in Q3 versus Q3 this year and also the size of it. But As I said to you, our pipeline has gotten larger. The size of the average supply has gotten larger by those partners. And we talked about this a little bit with Frank's question. We have a very disciplined approach to the stages in the pipeline and how they go and what converts and how they convert and They are converting as we expected compared to last year, and we're not projecting anything different or any other improvement around that when we give the revenue guidance in 2027.

Great, thank you. And then I don't want Ryan Schulke to feel left out. So, Ryan, would you please discuss your vision for the business from this point forward, now that the commerce media business is not only spun up, but actually is truly meaningful. Walk us through your vision with where this goes forward. and maybe how that relates to where you're spending and focusing most of your time right now.

Yeah, thanks, Bill. I was feeling kind of left out, so I appreciate the question. I think we've laid the groundwork in terms of where the business is heading. Obviously, we're partnering with some of the world's largest and most iconic retailers. We're using our performance marketing heritage to really Introduce advertisers and new verticals into these ecosystems and also coach these retailers on how we can really expand beyond just that post-transaction moment that we're known for so much into loyalty, into in-store. Whereas in previous years, access to incremental supply has always been a pain point for performance marketers across many different verticals, that's not going to be the problem anymore. It's really going to be how do we curate personalized offers, more personalization towards the shopper themselves, create stronger value for these retail partners and their shoppers, but also the brands that we work with on the other side so that they can see the value in this and scaling against it so that they have more alternatives as opposed to The traditional walled gardens where they've been spending the vast majority of their marketing budgets. So that's really where we see things going. The opportunity is massive, as Don and Ryan have really articulated here on the call today. And that's where we see this going. We'll continue partnering, but we'll really focus on More personalization, using data in a smart way, privacy safe, of course, but creating better experiences for shoppers, better outcomes for these brands, and that leads to better unit economics across the board for our partners as well as our advertising customers.

And Ryan, with all of that in mind, where in that process do you see the, I mean, ultimately where you're spending the most time? And I'd like to ask where the most, the biggest pressure point or pain point is, and presumably that is going to match where you're spending your time. But maybe there's a better way to ask the question. So now that you get the concept, I'll let you take it from there.

Absolutely. I would say the biggest pain point is, you know, Facebook, Google, these are businesses designed to sell ads. It's literally, they'll coach you how to come in and play the game. Whereas when you're dealing with retail partners and commerce media, different retailers have different sensitivities. They don't all act exactly the same way. There's different rules of the game to work with a Dick's Sporting Goods, for instance, versus a CVS. So our job, a big part of our job at this point, is not to necessarily make it a uniform ecosystem, but to just understand those sensitivities as well as the opportunities. Different retailers are going to have different types of sale events going on, things like that. And how do we talk to their shopper? How do we personalize and make this work better? Because whereas You get coached on that with Meta, with Google and the like. This is a different ecosystem with different types of sensitivities. So the bulk of the legwork at this point, now that our reputation has grown so much that our pipeline, as Don's earlier stated, is very sturdy and growing on the supply side of things, it's really about coaching advertisers how to buy this inventory, how to think about it, and how to look at their down funnel metrics in terms of quality and how they price it long term. I hope that answers your question.

It does. Thank you all for the perspectives. And again, congratulations on a good quarter.

Thank you, Bill.

Thank you. And this will conclude our Q&A session. And I will turn the call back to Tom Patrick for closing remarks.

Thank you all for joining us today. Q3 was our second consecutive quarter of revenue growth on continuing businesses. and our 11th consecutive quarter of high double-digit or better growth in commerce media. Our financial results are now reflecting in the strategy that we set out to execute and we are winning top of the market brands and we're seeing a large opportunity ahead of us as non-endemic becomes more strategic to our partners and quite honestly a space that Fluent has exceeded at for the last 16 years. So we look forward to updating you on our Q4 and our full year results.

This concludes our conference and you may now disconnect.