Fluent, Inc. Supplemental Financial Information and Operating Metrics Q4 2018 Earnings ($ in thousands, except per share amounts; rounding differences may occur) 2017 2018 Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 GAAP - As Reported (unaudited) (unaudited) (unaudited) Revenue $49,194 $51,031 $54,942 $56,523 $55,989 $56,935 $66,535 $70,821 $211,690 $250,280 Cost of revenue (exclusive of depreciation and amortization) (a) 34,851 36,042 37,780 37,709 37,619 35,757 41,744 46,440 146,382 161,560 Sales and marketing expenses (a)(b) 3,169 3,053 3,161 2,590 3,102 3,166 3,640 3,755 11,973 13,663 Product development (a)(b) 662 612 647 657 734 1,142 1,680 1,723 2,578 5,279 General and administrative expenses (a)(b) 11,286 13,921 18,392 11,495 6,659 8,954 9,775 10,619 55,094 36,007 Depreciation and amortization 3,205 3,234 3,297 3,319 3,331 3,338 3,352 3,153 13,055 13,174 Write-off of long-lived assets 3,626 - - - - - - 1,517 3,626 1,517 Spin-off transaction costs (b) - - - - 7,708 - - - - 7,708 Total costs and expenses 56,799 56,862 63,277 55,770 59,153 52,357 60,191 67,207 232,708 238,908 (Loss) income from operations (7,605) (5,831) (8,335) 753 (3,164) 4,578 6,344 3,614 (21,018) 11,372 Interest expense, net (2,227) (2,445) (2,426) (2,585) (2,394) (1,933) (1,882) (1,925) (9,683) (8,134) Other expenses, net - - - (1,005) - - - - (1,005) - (Loss) income before income taxes from continuing operations (9,832) (8,276) (10,761) (2,837) (5,558) 2,645 4,462 1,689 (31,706) 3,238 Income taxes - - - - - - - (46) - (46) Net (loss) income from continuing operations (9,832) (8,276) (10,761) (2,837) (5,558) 2,645 4,462 1,643 (31,706) 3,192 Discontinued operations: Loss from operations of discontinued operations, net of $0 income taxes (2,893) (12,133) (3,334) (3,140) (2,084) - - - (21,500) (2,084) Loss on disposal of discontinued operations, net of $0 income taxes - - - - (19,040) - - - - (19,040) Net loss from discontinued operations (2,893) (12,133) (3,334) (3,140) (21,124) - - - (21,500) (21,124) Net (loss) income ($12,725) ($20,409) ($14,095) ($5,977) ($26,682) $2,645 $4,462 $1,643 ($53,206) ($17,932) Basic and diluted (loss) earnings per share: Continuing operations ($0.16) ($0.14) ($0.18) ($0.04) ($0.08) $0.03 $0.06 $0.02 ($0.52) $0.04 Discontinued operations (0.05) (0.20) (0.05) (0.05) (0.30) - - - (0.35) (0.28) Net (loss) income ($0.21) ($0.34) ($0.23) ($0.09) ($0.37) $0.03 $0.06 $0.02 ($0.87) ($0.23) Weighted average number of shares outstanding: Basic and Diluted 60,157,609 60,647,307 61,159,471 65,138,638 71,537,743 78,196,959 78,199,579 78,201,971 61,153,069 76,705,877 (a) Gives effect to the reclassification of certain operating expenses as described in Note 2 to the Consolidated Financial Statements included in Form 10-K for the year ended December 31, 2018. (b) Amounts include share-based compensation expense as follows: Sales and marketing expenses $666 $704 $671 $213 $666 $742 $717 $731 $2,254 $2,856 Product development 118 116 71 118 158 193 136 189 423 676 General and administrative expenses 6,070 7,274 9,766 5,338 414 1,679 1,740 1,906 28,448 5,739 Spin-off transaction costs - - - - 5,410 - - - - 5,410 Total share-based compensation $6,854 $8,094 $10,508 $5,669 $6,648 $2,614 $2,593 $2,826 $31,125 $14,681

Fluent, Inc. Supplemental Financial Information and Operating Metrics Q4 2018 Earnings ($ in thousands, except per share amounts; rounding differences may occur) 2017 2018 Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 Reconciliation of Non-GAAP Measures (unaudited) (unaudited) (unaudited) Reconciliation of net (loss) income from continuing operations to media margin(a): Net (loss) income from continuing operations ($9,832) ($8,276) ($10,761) ($2,837) ($5,558) $2,645 $4,462 $1,643 ($31,706) $3,192 Income taxes - - - - - - - 46 - 46 Non-cash loss on amendment of warrants - - - 1,005 - - - - 1,005 - Interest expense, net 2,227 2,445 2,426 2,585 2,394 1,933 1,882 1,925 9,683 8,134 Spin-off transaction costs - - - - 7,708 - - - - 7,708 Write-off of long-lived assets 3,626 - - - - - - 1,517 3,626 1,517 Depreciation and amortization 3,205 3,234 3,297 3,319 3,331 3,338 3,352 3,153 13,055 13,174 General and administrative expenses 11,286 13,921 18,392 11,495 6,659 8,954 9,775 10,619 55,094 36,007 Product development 662 612 647 657 734 1,142 1,680 1,723 2,578 5,279 Sales and marketing expenses 3,169 3,053 3,161 2,590 3,102 3,166 3,640 3,755 11,973 13,663 Non-media cost of revenue(b) 873 709 1,100 889 943 814 1,010 706 3,571 3,473 Media margin $15,216 $15,698 $18,262 $19,703 $19,313 $21,992 $25,801 $25,087 $68,879 $92,193 Revenue 49,194 51,031 54,942 56,523 55,989 56,935 66,535 70,821 211,690 250,280 Media margin % of revenue 30.9% 30.8% 33.2% 34.9% 34.5% 38.6% 38.8% 35.4% 32.5% 36.8% Reconciliation of net (loss) income from continuing operations to adjusted EBITDA(c): Net (loss) income from continuing operations ($9,832) ($8,276) ($10,761) ($2,837) ($5,558) $2,645 $4,462 $1,643 ($31,706) $3,192 Income taxes - - - - - - - 46 - 46 Non-cash loss on amendment of warrants - - - 1,005 - - - - 1,005 - Interest expense, net 2,227 2,445 2,426 2,585 2,394 1,933 1,882 1,925 9,683 8,134 Write-off of long-lived assets 3,626 - - - - - - 1,517 3,626 1,517 Depreciation and amortization 3,205 3,234 3,297 3,319 3,331 3,338 3,352 3,153 13,055 13,174 Share-based compensation expense 6,854 8,094 10,508 5,669 6,648 2,614 2,593 2,826 31,125 14,681 Acquisition and restructuring costs 668 1,650 2,474 749 2,713 317 119 - 5,541 3,149 Litigation and other costs - - 3 201 72 92 - - 204 164 Adjusted EBITDA $6,748 $7,147 $7,947 $10,691 $9,600 $10,939 $12,408 $11,110 $32,533 $44,057 Reconciliation of net (loss) income from continuing operations to adjusted net income(d): Net (loss) income from continuing operations ($9,832) ($8,276) ($10,761) ($2,837) ($5,558) $2,645 $4,462 $1,643 ($31,706) $3,192 Non-cash loss on amendment of warrants - - - 1,005 - - - - 1,005 - Write-off of long-lived assets 3,626 - - - - - - 1,517 3,626 1,517 Share-based compensation expense 6,854 8,094 10,508 5,669 6,648 2,614 2,593 2,826 31,125 14,681 Acquisition and restructuring costs 668 1,650 2,474 749 2,713 317 119 - 5,541 3,149 Litigation and other costs - - 3 201 72 92 - - 204 164 Adjusted net income $1,316 $1,468 $2,224 $4,787 $3,875 $5,668 $7,174 $5,986 $9,795 $22,703 Adjusted net income per share: Basic and Diluted $0.02 $0.02 $0.04 $0.07 $0.05 $0.07 $0.09 $0.08 $0.16 $0.30 Weighted average number of shares outstanding: Basic and Diluted 60,157,609 60,647,307 61,159,471 65,138,638 71,537,743 78,196,959 78,199,579 78,201,971 61,153,069 76,705,877 (a) Defined as: revenue minus cost of revenue (exclusive of depreciation and amortization) attributable to variable costs paid for media and related expenses. (b) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses. (c) Defined as: net income (loss) from continuing operations, excluding (1) income taxes, (2) non-cash loss on amendment of warrants, (3) interest expense (net), (4) write-off of long-lived assets, (5) depreciation and amortization, (6) share- based compensation expense, (7) acquisition and restructuring costs, and (8) litigation and other costs. (d) Defined as: net income (loss) from continuing operations, excluding (1) non-cash loss on amendment of warrants, (2) write-off of long-lived assets, (3) share-based compensation expense, (4) acquisition and restructuring costs, and (5) litigation and other costs.