Cardlytics First Quarter 2026 Financial Results Driven By Strong Operational Performance

Key Terms

adjusted ebita financial

Adjusted EBITA is a measure of a company’s operating profit before interest, taxes and amortization, further modified to remove one-time or unusual items so it reflects ongoing business earnings. It matters to investors because it aims to show the company’s core cash-making ability — like listening to an engine without road noise — making comparisons across periods or peers easier, though companies may differ in what they exclude.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

free cash flow financial

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

monthly qualified users technical

Monthly qualified users are the distinct people who, during a given month, meet a company’s specific criteria for being a meaningful customer or audience — for example logging in, completing a purchase, subscribing, or otherwise showing the level of engagement the company uses to measure value. Investors care because this number is a clearer signal than raw traffic of how many users are likely to generate revenue or stick around long term, similar to counting active customers in a store rather than everyone who walked past the window.

adjusted contribution financial

Adjusted contribution is a measure of how much a product, division, or activity contributes to a company’s profit after subtracting the direct costs tied to it and removing one-time, non-cash, or unusual items so the result shows underlying performance. For investors it highlights the sustainable earnings from core operations—like judging a recipe by tasting the main ingredients after ignoring the garnish—making results easier to compare and forecast over time.

• Company delivers strong first quarter results:
  • Revenues from continuing operations $34.3 million; additional $4.2 million from Bridg discontinued operations
  • Billings from continuing operations of $58.1 million; additional $4.2 million from Bridg discontinued operations
  • Adjusted Contribution from continuing operations of $19.7 million; additional $3.6 million from Bridg discontinued operations
• Successfully completed the divestiture of Bridg on March 24, 2026
• Subsequently liquidated PAR shares, further bolstering the balance sheet

ATLANTA--(BUSINESS WIRE)-- Cardlytics, Inc. (NASDAQ: CDLX), a commerce media platform, today announced financial results for the first quarter ended March 31, 2026.

"The first quarter of 2026 marks a definitive shift from stabilization to execution. By exceeding the midpoint of our guidance range across all key metrics, we have demonstrated that our leaner, more disciplined operating model is delivering real results," said Amit Gupta, CEO of Cardlytics. "While we navigated the anticipated shift in our banking mix, our ability to drive high-intent commerce for our advertisers remains our core competitive advantage. We have a clear and focused path to drive long-term value for our shareholders."

"We continue to execute against our game plan for achieving sequential growth and self sustainability throughout 2026,” said David Evans, CFO of Cardlytics.

First Quarter 2026 Financial Results

• Revenue was $34.3 million, a decrease of 39% year-over-year compared to $56.4 million in the first quarter of 2025.
• Billings, a non-GAAP metric, was $58.1 million, a decrease of 37% year-over-year compared to $92.1 million in the first quarter of 2025.
• Adjusted Contribution, a non-GAAP metric, was $19.7 million, a decrease of 28% year-over-year compared to $27.3 million in the first quarter of 2025.
• Net Loss was $(4.5) million, or $(0.08) per diluted share, based on 54.9 million fully diluted weighted-average common shares, compared to a Net Loss of $(13.3) million, or $(0.26) per diluted share, based on 51.9 million fully diluted weighted-average common shares in the first quarter of 2025.
• Adjusted EBITDA, a non-GAAP metric, was $0.2 million compared to $(4.1) million in the first quarter of 2025.
• Adjusted Net Loss was $(6.2) million, or $(0.11) per diluted share, based on 54.9 million fully diluted weighted-average common shares, compared to Adjusted Net Loss of $(10.3) million, or $(0.20) per diluted share, based on 51.9 million fully diluted weighted-average common shares in the first quarter of 2025.
• Net cash used by operating activities was $(5.6) million, compared to $(6.7) million in the first quarter of 2025.
• Free Cash Flow, a non-GAAP metric, was $(7.9) million, compared to $(10.8) million in the first quarter of 2025.

Key Metrics

• Cardlytics monthly qualified users ("MQUs") were 197.0 million, a decrease of 8% year-over-year, compared to 214.9 million in the first quarter of 2025.
• Cardlytics adjusted contribution per user ("ACPU") was $0.10 compared to $0.13 in the first quarter of 2025.

Definitions of MQUs and ACPU are included below under the caption “Other Performance Metrics."

CARDLYTICS, INC.
SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)
(Dollars in thousands)
	Three Months Ended March 31,
	2026				2025				Change %
Billings(1)(2)	$	58,146			$	92,115			(37	)%
Consumer Incentives(2)		23,827				35,680			(33	)%
Revenue(2)		34,319				56,435			(39	)%
Partner Share and other third-party costs(2)		14,597				29,104			(50	)%
Adjusted Contribution(1)(2)		19,722				27,331			(28	)%
Delivery costs(2)		2,581				5,786			(55	)%
Gross Profit(2)	$	17,141			$	21,545			(20	)%
Net Loss(2)	$	(4,480	)		$	(13,282	)		66	%
Adjusted EBITDA(1)(2)	$	230			$	(4,119	)		106	%
Adjusted Contribution
% of Billings		33.9	%			29.7	%
% of Revenue		57.5	%			48.4	%
Adjusted EBITDA
% of Billings		0.4	%			(4.5	)%
% of Revenue		0.7	%			(7.3	)%

(1)

Billings, Adjusted Contribution and Adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA." In addition, reconciliations of Bridg discontinued operations Billings and Adjusted Contribution to the most comparable GAAP measures are presented below under the heading “Reconciliation of Bridg Revenue and Gross Profit to Billings, Adjusted Contribution and Income (Loss) from Discontinued Operations”.

(2)

Revenues, Consumer Incentives, Billings, Gross Profit, Adjusted Contribution, Net Loss and Adjusted EBITDA reflect the effects of disposed businesses through the respective disposal dates. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA."

Second Quarter 2026 Financial Expectations

Cardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):

	Q2 2026 Guidance		YoY Change
Billings(1)	$61.0 - $67.0		(38%) - (32%)
Revenue	$35.0 - $40.0		(40%) - (31%)
Adjusted Contribution(2)	$20.0 - $23.0		(36%) - (27%)
Adjusted EBITDA(2)	($2.7) - $1.3		($5.7) - ($1.7)

(1)	A reconciliation of Billings to GAAP Revenue on a forward-looking basis is presented below under the heading "Reconciliation of Forecasted GAAP Revenue to Billings."
(2)	A reconciliation of Adjusted Contribution to GAAP Gross Profit and a reconciliation of Adjusted EBITDA to Net Loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.

Earnings Teleconference Information

Cardlytics will discuss its first quarter 2026 financial results during a live audio webcast today, May 7, 2026, at 5:00 PM ET / 2:00 PM PT. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics’ website.

About Cardlytics

Cardlytics (NASDAQ: CDLX) is a commerce media platform, powered by our publishers’ first-party purchase data, that makes commerce smarter and more rewarding for everyone. We offer a range of solutions to help advertisers and publishers grow and strengthen customer loyalty. With visibility into approximately half of all card-based transactions in the U.S. and a quarter in the U.K., Cardlytics enables advertisers to engage consumers at scale and drive incremental sales through our industry-leading card-linked offer network. Publisher partners can enhance their platforms with relevant and personalized offers that improve the shopping experience for their customers. Learn more at www.cardlytics.com or follow us on LinkedIn.

Cautionary Language Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements related to driving long-term value for shareholders and our financial guidance for the second quarter of 2026. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to unfavorable conditions, including, but not limited to, inflationary pressure or the imposition of tariffs and other trade protection measures, in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to our substantial dependence on our Cardlytics platform; risks related to our substantial dependence on JPMorgan Chase Bank, National Association (“Chase”), Wells Fargo Bank, National Association (“Wells Fargo”) and a limited number of other financial institution (“FI”) partners; risks related to our ability to maintain relationships with Chase and Wells Fargo; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors; our ability to generate sufficient revenue to offset contractual commitments to FI partners; our ability to attract new partners, including FI partners, and maintain relationships with bank processors and digital banking providers; risks related to our competitive market, including our ability to compete successfully with our current or future competitors; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing partners and retailers, and develop and launch new services and features; and other risks detailed in the “Risk Factors” section of our Form 10-Q filed with the Securities and Exchange Commission on May 7, 2026 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results.

The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Divestitures and Presentation

On March 24, 2026 (the “Closing Date”), we completed the Bridg Sale. Pursuant to the Purchase Agreement, on the Closing Date, PAR delivered to us 1,810,222 shares of PAR’s common stock as consideration for the Bridg Sale.

The results of Bridg business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Operations for all periods presented. The assets and liabilities of Bridg business have been reflected as assets and liabilities of discontinued operations in the accompanying Condensed Consolidated Balance Sheets for all prior periods presented. The Company ceased depreciating and amortizing its long-lived assets for the Bridg business which primarily included acquired intangibles assets, capitalized software, and right-of-use assets as of the held for sale date, during the three months ended March 31, 2026. Our consolidated statements of cash flows includes cash flows from discontinued operations for all periods presented.

Non-GAAP Measures and Other Performance Metrics

To supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States (“GAAP”), we also present the following non-GAAP measures of financial performance in this press release: Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Loss, Adjusted Net Loss per share and Free Cash Flow, as well as certain other performance metrics, such as MQUs and ACPU.

A “non-GAAP financial measure” refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.

We have presented Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for services in order to generate revenue. Cardlytics platform Billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP Revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform Billings is the same as Bridg platform GAAP Revenue. Adjusted Contribution measures the degree by which Revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted Contribution demonstrates how incremental Revenue on our platforms generates incremental amounts to support our sales and marketing, research and development, general and administrative and other investments. Adjusted Contribution is calculated by taking our total Revenue less our Partner Share and other third-party costs. Adjusted Contribution does not take into account all costs associated with generating Revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. Management views Adjusted Contribution as the most relevant metric to measure the financial performance as it reflects the dollars we keep after all of our partners are paid. Adjusted EBITDA represents our Net Loss before interest expense, net; depreciation and amortization; stock-based compensation expense continuing operations; foreign currency loss (gain); loss on investment; change in contingent consideration and Income (loss) from discontinued operations and, in applicable periods, certain other income and expense items, such as impairment of goodwill and intangible assets; income tax benefit; gain on debt extinguishment; reduction in force and deferred implementation costs. Adjusted Net Loss as our Net Loss before stock-based compensation expense continuing operations; foreign currency loss (gain); loss on investment; gain on divestiture; change in contingent consideration; and, in applicable periods, certain other income and expense items, such as impairment of goodwill, gain on debt extinguishment and intangible assets, reduction in force and income tax benefit. We define Adjusted Net Loss per share as Adjusted Net Loss divided by our weighted-average common shares outstanding, diluted. We define Free Cash Flow as net cash used in operating activities, plus acquisition of property and equipment and capitalized software development costs and, in applicable periods, acquisition of patents. We believe free cash flow is useful to measure the funds generated in a given period that are available for distribution or to sustain the business. We believe this supplemental information enhances stockholders' ability to evaluate our performance.

We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.

We define MQUs as targetable customers that have made a transaction using their account with an FI Partner or non-FI Partner in a given month, excluding pilot supply during the ramp up period, and whose transaction data was shared with Cardlytics. We then calculate a monthly average of these MQUs for the periods presented. We believe that the number of MQUs is an indicator of the Cardlytics platform's ability to drive engagement and is reflective of the consumer base and insights that we offer to marketers. We define ACPU as the Cardlytics platform Adjusted Contribution generated in the applicable period, divided by Cardlytics average MQUs in the applicable period. We believe that Adjusted Contribution is the most relevant metric as it reflects the value Cardlytics keeps after subtracting out rewards, Partner Share and other third-party costs. We believe that ACPU measures the Cardlytics platform's efficiency in converting marketer budgets into the value generated by customer engagement.

CARDLYTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except par value amounts)
	March 31, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	35,673			$	48,719
Marketable securities		24,130				—
Accounts receivable and contract assets, net		63,076				82,458
Other receivables		2,674				2,474
Prepaid expenses and other assets		2,966				3,213
Current assets of discontinued operations		—				415
Total current assets		128,519				137,279
Long-term assets:
Property and equipment, net		1,743				1,931
Right-of-use assets under operating leases, net		4,403				4,723
Goodwill		110,305				110,305
Capitalized software development costs, net		17,779				19,005
Other long-term assets, net		1,160				1,235
Noncurrent assets of discontinued operations		—				11,163
Total assets	$	263,909			$	285,641
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,600			$	2,655
Accrued liabilities:
Accrued compensation		4,572				6,038
Accrued expenses		9,918				7,125
Partner Share liability		17,470				24,792
Consumer Incentive liability		20,586				32,144
Deferred revenue and other liabilities		2,738				2,541
Current operating lease liabilities		1,467				1,438
Current liabilities of discontinued operations		—				1,657
Total current liabilities	$	59,351			$	78,390
Long-term liabilities:
Convertible senior notes, net	$	169,131			$	168,850
Lines of credit		35,070				40,070
Long-term operating lease liabilities		4,360				4,748
Long-term liabilities of discontinued operations		—				91
Total liabilities	$	267,912			$	292,149
Stockholders’ deficit:
Common stock, $0.0001 par value—100,000 shares authorized and 55,071 and 54,514 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	$	10			$	10
Additional paid-in capital		1,405,063				1,399,542
Accumulated other comprehensive loss		(532	)			(1,996	)
Accumulated deficit		(1,408,544	)			(1,404,064	)
Total stockholders’ deficit		(4,003	)			(6,508	)
Total liabilities and stockholders’ deficit	$	263,909			$	285,641

CARDLYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands, except per share amounts)
	Three Months Ended March 31,
	2026				2025
Revenue	$	34,319			$	56,435
Costs and expenses:
Partner Share and other third-party costs		14,597				29,104
Delivery costs		2,581				5,786
Sales and marketing expense		6,761				10,382
Research and development expense		6,430				10,278
General and administrative expense		8,281				12,943
Change in contingent consideration		—				60
Gain on divestiture		—				(5,350	)
Depreciation and amortization expense		3,943				4,347
Total costs and expenses		42,593				67,550
Operating loss		(8,274	)			(11,115	)
Other income (expense):
Interest expense, net		(2,533	)			(1,830	)
Loss on investment		(1,285	)			—
Foreign currency (loss) gain		(1,706	)			2,627
Total other income (expense)		(5,524	)			797
Loss before income taxes from continuing operations		(13,798	)			(10,318	)
Income tax benefit		—				—
Loss from continuing operations		(13,798	)			(10,318	)
Income (loss) from discontinued operations		9,318				(2,964	)
Net loss	$	(4,480	)		$	(13,282	)
Net (loss) income per share, basic and diluted:
Continuing operations	$	(0.25	)		$	(0.20	)
Discontinued operations	$	0.17			$	(0.06	)
Weighted-average common shares outstanding, basic and diluted		54,896				51,863

CARDLYTICS, INC.
STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026			2025
Delivery costs	$	268		$	473
Sales and marketing expense		708			1,605
Research and development expense		1,993			2,799
General and administrative expense		1,592			3,062
Discontinued operations		267			755
Total stock-based compensation expense	$	4,828		$	8,694

CARDLYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026				2025
Operating activities
Net loss	$	(4,480	)		$	(13,282	)
Adjustments to reconcile net loss to net cash used in operating activities:
Credit loss expense		335				643
Depreciation and amortization		4,418				6,291
Amortization of financing costs charged to interest expense		330				405
Amortization of right-of-use assets		322				632
Gain on divestiture		(14,543	)			(5,350	)
Stock-based compensation expense		4,828				8,694
Change in contingent consideration		—				60
Loss on investments		1,285				—
Other non-cash expense (income), net		1,764				(2,620	)
Change in operating assets and liabilities:
Accounts receivable		18,316				7,536
Prepaid expenses and other assets		154				(56	)
Accounts payable		(167	)			551
Other accrued expenses		586				1,895
Partner Share liability		(7,238	)			(3,860	)
Consumer Incentive liability		(11,552	)			(8,245	)
Net cash used in operating activities		(5,642	)			(6,706	)
Investing activities
Acquisition of property and equipment		(28	)			(119	)
Capitalized software development costs		(2,276	)			(3,984	)
Proceeds from divestiture, net of cash divested		—				200
Net cash used in investing activities		(2,304	)			(3,903	)
Financing activities
Proceeds from issuance of debt		5,000				—
Settlement of contingent consideration		—				(3,000	)
Principal payment of debt		(10,000	)			—
Debt issuance costs		(22	)			(34	)
Net cash used in financing activities		(5,022	)			(3,034	)
Effect of exchange rates on cash and cash equivalents		(78	)			95
Net decrease in cash and cash equivalents		(13,046	)			(13,548	)
Cash and cash equivalents — Beginning of period		48,719				65,594
Cash and cash equivalents — End of period	$	35,673			$	52,046

CARDLYTICS, INC.
RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026			2025
Revenue(1)	$	34,319		$	56,435
Plus:
Consumer Incentives		23,827			35,680
Billings(1)	$	58,146		$	92,115

(1)

Revenue and Billings reflect the effects of disposed businesses through the respective disposal dates. Refer to Note 3—Discontinued Operations to our consolidated financial statements in our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for additional information regarding the divestiture of the Bridg business.

CARDLYTICS, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026			2025
Revenue(1)	$	34,319		$	56,435
Minus:
Partner Share and other third-party costs(1)		14,597			29,104
Delivery costs(1)(2)		2,581			5,786
Gross Profit(1)		17,141			21,545
Plus:
Delivery costs(1)(2)		2,581			5,786
Adjusted Contribution(1)	$	19,722		$	27,331

(1)

Revenue, Partner Share and other third-party costs, Delivery costs, Gross Profit and Adjusted Contribution reflect the effects of disposed businesses through the respective disposal dates. Refer to Note 3—Discontinued Operations to our consolidated financial statements in our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for additional information regarding the divestiture of the Bridg business.

(2)

Stock-based compensation expense recognized in consolidated delivery costs totaled $0.3 million and $0.5 million during the three months ended March 31, 2026 and 2025, respectively.

RECONCILIATION OF BRIDG REVENUE AND, GROSS PROFIT TO BILLINGS, ADJUSTED CONTRIBUTION AND INCOME (LOSS) FROM DISCONTINUED OPERATIONS (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026				2025
Revenue(1)	$	4,175			$	5,463
Minus:
Partner Share and other third-party costs		589				346
Delivery costs		1,364				1,502
Gross Profit(1)		2,222				3,615
Plus:
Delivery costs		1,364				1,502
Adjusted Contribution(1)		3,586				5,117
Minus:
Delivery costs		1,364				1,502
Sales and marketing expense		929				2,372
Research and development		552				1,428
General and administrative		3,460				835
Divestiture costs		2,031				—
Gain on divestiture		(14,543	)			—
Depreciation and amortization expense		475				1,944
Income (loss) from discontinued operations	$	9,318			$	(2,964	)

(1)	Bridg revenue equals billings.

CARDLYTICS, INC.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026				2025
Net Loss	$	(4,480	)		$	(13,282	)
Plus:
Interest expense, net		2,533				1,830
Depreciation and amortization		3,943				4,347
Stock-based compensation expense continuing operations		4,561				7,939
Foreign currency loss (gain)		1,706				(2,627	)
Loss on investment		1,285				—
Gain on divestiture		—				(5,350	)
Change in contingent consideration		—				60
(Income) loss from discontinued operations		(9,318	)			2,964
Adjusted EBITDA	$	230			$	(4,119	)

CARDLYTICS, INC.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET LOSS
AND ADJUSTED NET LOSS PER SHARE (UNAUDITED)
(Amounts in thousands, except per share amounts)
	Three Months Ended March 31,
	2026				2025
Net Loss	$	(4,480	)		$	(13,282	)
Plus:
Stock-based compensation expense continuing operations		4,561				7,939
Foreign currency loss (gain)		1,706				(2,627	)
Loss on investment		1,285				—
Gain on divestiture		—				(5,350	)
Change in contingent consideration		—				60
(Income) loss from discontinued operations, net of tax		(9,318	)			2,964
Adjusted Net Loss	$	(6,246	)		$	(10,296	)
Weighted-average number of shares of common stock used in computing Adjusted Net Income (Loss) per share:
Weighted-average common shares outstanding, diluted		54,896				51,863
Adjusted Net Income (Loss) per share, diluted	$	(0.11	)		$	(0.20	)

CARDLYTICS, INC.
RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(Amounts in thousands)
	Three Months Ended March 31,
	2026				2025
Net cash used in operating activities	$	(5,642	)		$	(6,706	)
Plus:
Acquisition of property and equipment		(28	)			(119	)
Capitalized software development costs		(2,276	)			(3,984	)
Free Cash Flow	$	(7,946	)		$	(10,809	)

CARDLYTICS, INC.
RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED)
(Amounts in thousands)
	Q2 2026
Revenue	$35.0 - $40.0
Plus:
Consumer Incentives	$26.0 - 27.0
Billings	$61.0 - $67.0

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507732145/en/

Public Relations:
pr@cardlytics.com

Investor Relations:
ir@cardlytics.com

Source: Cardlytics, Inc.