Cardlytics Q3 2026 revenue falls 30% to $32.9M
Q4 outlook includes revenue of $35.0 million to $39.0 million and Adjusted EBITDA ranging from a $1.0 million loss to $2.0 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Cardlytics, Inc. (CDLX) reported third-quarter 2026 revenue of $32.9 million, down 30% from $47.0 million a year earlier. Billings, a non-GAAP measure, were $57.2 million, down 32%; Adjusted Contribution, also non-GAAP, was $19.4 million, down 24%. Net loss was $8.9 million, compared with a net loss of $72.7 million, while Adjusted EBITDA was $0.4 million versus $3.3 million. Net cash used in operating activities was $5.9 million, compared with $1.8 million provided in the prior-year quarter. Monthly qualified users were 186.6 million, down 19% from 230.3 million; adjusted contribution per user was $0.10 versus $0.11.
For the fourth quarter of 2026, Cardlytics anticipates revenue of $35.0 million to $39.0 million, Billings of $63.0 million to $69.0 million, Adjusted Contribution of $20.0 million to $23.0 million, and Adjusted EBITDA from a $1.0 million loss to $2.0 million. Cardlytics completed the Bridg sale on March 24, 2026; PAR delivered 1,810,222 shares of PAR common stock as consideration. Bridg's results are presented as discontinued operations.
1 point · 0 major1 major · 4 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet loss narrowed to $8.9 million from $72.7 million year over year.
Negative
- Major pointRevenue fell 30% and billings fell 32% year over year.
- Moderate pointAdjusted EBITDA was $0.4 million, versus $3.3 million a year earlier.
- Moderate pointMonthly qualified users declined 19% to 186.6 million year over year.
- Moderate pointOperating cash flow shifted from $1.8 million provided to $5.9 million used.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $32.9 million
Billings: $57.2 million
Adjusted Contribution: $19.4 million
+5 more
8 metrics
Revenue
$32.9 million
Third quarter 2026; down 30% year over year from $47.0 million.
Billings
$57.2 million
Third quarter 2026; non-GAAP measure, down 32% year over year from $84.1 million.
Adjusted Contribution
$19.4 million
Third quarter 2026; non-GAAP measure, down 24% year over year from $25.6 million.
Net loss
$8.9 million loss
Third quarter 2026, compared with a $72.7 million loss in the third quarter of 2025.
Adjusted EBITDA
$0.4 million
Third quarter 2026; non-GAAP measure, compared with $3.3 million in the third quarter of 2025.
Monthly qualified users
186.6 million
Third quarter 2026; down 19% year over year from 230.3 million.
Net cash used in operating activities
$5.9 million used
Third quarter 2026, compared with $1.8 million provided in the third quarter of 2025.
Q4 2026 revenue guidance
$35.0 million to $39.0 million
Cardlytics anticipates this range for the fourth quarter of 2026.
Key Terms
Billings, Adjusted Contribution, Adjusted EBITDA, monthly qualified users (MQUs), +1 more
5 terms
Billings financial
"Billings represents the gross amount billed to customers and marketers"
Billings represent the total amount of money a company is expected to receive from customers for products or services delivered during a specific period. Think of it as the sales that have been agreed upon or scheduled, even if the cash hasn't been received yet. For investors, billings are an important indicator of future revenue and business growth, showing how well a company is selling its offerings.
Adjusted Contribution financial
"Adjusted Contribution measures the degree by which Revenue generated from our marketers exceeds"
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.
Adjusted EBITDA financial
"Adjusted EBITDA represents our Net Loss before interest expense, net"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
monthly qualified users (MQUs) financial
"Cardlytics monthly qualified users ("MQUs") were 186.6 million"
adjusted contribution per user (ACPU) financial
"Cardlytics adjusted contribution per user ("ACPU") was $0.10"
Earnings Snapshot
Revenue: $32.9 million · Guidance included
Third quarter 2026
Revenue
$32.9 million
Down 30% year over year from $47.0 million.
Billings
$57.2 million
Down 32% year over year from $84.1 million; non-GAAP measure.
Adjusted Contribution
$19.4 million
Down 24% year over year from $25.6 million; non-GAAP measure.
Net loss
$8.9 million loss
Compared with a $72.7 million loss in the third quarter of 2025.
Adjusted EBITDA
$0.4 million
Compared with $3.3 million in the third quarter of 2025; non-GAAP measure.
Net cash used in operating activities
$5.9 million used
Compared with $1.8 million provided in the third quarter of 2025.
Guidance
Cardlytics anticipates Q4 2026 revenue of $35.0 million to $39.0 million, Billings of $63.0 million to $69.0 million, Adjusted Contribution of $20.0 million to $23.0 million, and Adjusted EBITDA from a $1.0 million loss to $2.0 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did CDLX report for Q3 2026?
Cardlytics reported $32.9 million in revenue for the third quarter of 2026, down 30% from $47.0 million in the year-earlier quarter.
What is CDLX's fourth-quarter 2026 guidance?
Cardlytics anticipates Q4 2026 revenue of $35.0 million to $39.0 million, Billings of $63.0 million to $69.0 million, Adjusted Contribution of $20.0 million to $23.0 million, and Adjusted EBITDA from a $1.0 million loss to $2.0 million.
How does CDLX define monthly qualified users?
Cardlytics defines monthly qualified users as targetable customers who made a transaction using an account with an FI Partner in a given month, excluding pilot supply during the ramp-up period, and whose transaction data was shared with Cardlytics. The company calculates a monthly average for the periods presented.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
| (Address of principal executive offices, including zip code) | |||||||||||
| (Registrant's telephone, including area code) | |||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 5, 2026, Cardlytics, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2026, as well as information regarding a conference call to discuss these financial results and the Company’s recent corporate highlights. The Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit | Exhibit Description | |||||||
| 99.1 | Press release dated November 5, 2026 | |||||||
| 104 | The cover page from Cardlytics, Inc.’s Form 8-K filed on November 5, 2026, formatted in Inline XBRL. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Cardlytics, Inc. | |||||||||||
| Date: | November 5, 2026 | By: | /s/ David Evans | ||||||||
| David Evans | |||||||||||
Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||||||
Exhibit 99.1
Cardlytics Reports Third Quarter 2026 Financial Results and Provides Fourth Quarter Outlook
◦Revenues of $32.9 million
◦Billings of $57.2 million
◦Adjusted Contribution of $19.4 million
◦Net Loss of $(8.9) million and Adjusted EBITDA, a non-GAAP metric, was $0.4 million
Atlanta, GA – November 5, 2026 – Cardlytics, Inc. (NASDAQ: CDLX), a purchase intelligence platform, today announced financial results for the third quarter ended September 30, 2026.
"Our third quarter results came in below expectations,” said Amit Gupta, CEO of Cardlytics. “However, we remain encouraged by the progress towards our priorities. We are building supply by adding new CRP partners and continuing to grow our advertising base."
"We are running a leaner business, with lower costs, and a higher contribution margin,” said David Evans, CFO of Cardlytics. “We expect sequential growth in the fourth quarter as we work toward self-sustainability."
Third Quarter 2026 Financial Results
•Revenue was $32.9 million, a decrease of 30% year-over-year compared to $47.0 million in the third quarter of 2025.
•Billings, a non-GAAP metric, was $57.2 million, a decrease of 32% year-over-year compared to $84.1 million in the third quarter of 2025.
•Adjusted Contribution, a non-GAAP metric, was $19.4 million, a decrease of 24% year-over-year compared to $25.6 million in the third quarter of 2025.
•Net Loss was $(8.9) million in the third quarter of 2026, compared to $(72.7) million in the third quarter of 2025.
•Adjusted EBITDA, a non-GAAP metric, was $0.4 million compared to $3.3 million in the third quarter of 2025.
•Net Loss per share from continuing operations was $(1.26) per share, on a GAAP basis, compared to $(13.14) per share, in the third quarter of 2025. Adjusted Net Loss per share, on a Non-GAAP basis, was $(1.03) per share compared to $(0.58) per share in the third quarter of 2025.
•Net cash (used in) provided by operating activities was $(5.9) million, compared to $1.8 million in the third quarter of 2025.
•Free Cash Flow, a non-GAAP metric, was $(1.6) million, compared to $(2.7) million in the third quarter of 2025.
Key Metrics
•Cardlytics monthly qualified users ("MQUs") were 186.6 million, a decrease of 19% year-over-year, compared to 230.3 million in the third quarter of 2025.
•Cardlytics adjusted contribution per user ("ACPU") was $0.10 compared to $0.11 in the third 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 September 30, | |||||||||||||||||
| 2026 | 2025 | Change % | |||||||||||||||
Billings(1)(2) | $ | 57,224 | $ | 84,124 | (32) | % | |||||||||||
Consumer Incentives(2) | 24,342 | 37,162 | (34) | % | |||||||||||||
Revenue(2) | 32,882 | 46,962 | (30) | % | |||||||||||||
Partner Share and other third-party costs(2) | 13,485 | 21,397 | (37) | % | |||||||||||||
Adjusted Contribution(1)(2) | 19,397 | 25,565 | (24) | % | |||||||||||||
Delivery costs(2) | 3,155 | 4,136 | (24) | % | |||||||||||||
Gross Profit(2) | $ | 16,242 | $ | 21,429 | (24) | % | |||||||||||
| Net Loss | $ | (8,947) | $ | (72,673) | 88 | % | |||||||||||
Adjusted EBITDA(1)(2) | $ | 386 | $ | 3,339 | (88) | % | |||||||||||
| Adjusted Contribution | |||||||||||||||||
| % of Billings | 33.9 | % | 30.4 | % | |||||||||||||
| % of Revenue | 59.0 | % | 54.4 | % | |||||||||||||
| Adjusted EBITDA | |||||||||||||||||
| % of Billings | 0.7 | % | 4.0 | % | |||||||||||||
| % of Revenue | 1.2 | % | 7.1 | % | |||||||||||||
(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."
(2)Revenues, Consumer Incentives, Billings, Gross Profit, Adjusted Contribution, 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."
Fourth 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):
| Q4 2026 Guidance | YoY Change | ||||||||||
Billings(1) | $63.0 - $69.0 | (29%) - (22%) | |||||||||
| Revenue | $35.0 - $39.0 | (31%) - (23%) | |||||||||
Adjusted Contribution(2) | $20.0 - $23.0 | (26%) - (15%) | |||||||||
Adjusted EBITDA(2) | ($1.0) - $2.0 | ($10.2) - ($7.2) | |||||||||
(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 third quarter 2026 financial results during a live audio webcast today, November 5, 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) operates a purchase intelligence platform that transforms transaction data into targeted, personalized offers and rewards for consumer brands, delivered through a banking and commerce platform in the United States and the United Kingdom.
2
We offer a range of solutions to help advertisers and publishers grow and strengthen customer loyalty. With visibility into approximately 50% of card-based transactions in the U.S. and 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 our strategic priorities and our financial guidance for the fourth 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 purchase intelligence 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 November 5, 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 intangible 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 include 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.
3
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, Adjusted Net Loss per share and Free Cash Flow 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 purchase intelligence platform Billings is recognized gross of both Consumer Incentives and Partner Share. GAAP Revenue is recognized net of Consumer Incentives and gross of Partner Share. 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 from continuing operations; separation costs and reduction in force; foreign currency (gain) loss; loss on investment; loss (gain) on divestiture; change in contingent consideration; impairment of goodwill and intangible assets; and loss (income) from discontinued operations and, in applicable periods, certain other income and expense items, such as income tax benefit; gain on debt extinguishment; and deferred implementation costs. Adjusted Net Loss represents our Net Loss from continuing operations before stock-based compensation expense from continuing operations; foreign currency loss (gain); separation costs and reduction in force; loss on investment; gain on divestiture; change in contingent consideration; impairment of goodwill and intangible assets; and, in applicable periods, certain other income and expense items, such as gain on debt extinguishment and intangible assets, 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) provided by operating activities, plus acquisition of property and equipment and capitalized software development costs and, in applicable periods, acquisition of patents, and legal indemnification payments. 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 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 purchase intelligence 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 purchase intelligence 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 purchase intelligence platform's efficiency in converting marketer budgets into the value generated by customer engagement.
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CARDLYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 32,882 | $ | 46,962 | $ | 104,083 | $ | 161,438 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Partner Share and other third-party costs | 13,485 | 21,397 | 43,696 | 77,222 | |||||||||||||||||||
| Delivery costs | 3,155 | 4,136 | 8,384 | 15,278 | |||||||||||||||||||
| Sales and marketing expense | 6,679 | 6,546 | 20,045 | 25,871 | |||||||||||||||||||
| Research and development expense | 3,713 | 7,472 | 15,683 | 27,618 | |||||||||||||||||||
| General and administrative expense | 7,089 | 10,250 | 23,225 | 35,431 | |||||||||||||||||||
| Change in contingent consideration | — | — | — | 102 | |||||||||||||||||||
| Impairment of goodwill and intangible assets | — | 58,843 | — | 58,843 | |||||||||||||||||||
| Loss (gain) on divestiture | — | 320 | — | (4,831) | |||||||||||||||||||
| Depreciation and amortization expense | 4,182 | 4,447 | 12,186 | 13,038 | |||||||||||||||||||
| Total costs and expenses | 38,303 | 113,411 | 123,219 | 248,572 | |||||||||||||||||||
| Operating loss | (5,421) | (66,449) | (19,136) | (87,134) | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense, net | (2,294) | (2,007) | (7,108) | (5,780) | |||||||||||||||||||
Loss on investment | — | — | (2,387) | — | |||||||||||||||||||
| Foreign currency gain (loss) | 288 | (1,812) | (1,253) | 6,263 | |||||||||||||||||||
| Total other (expense) income | (2,006) | (3,819) | (10,748) | 483 | |||||||||||||||||||
| Loss before income taxes from continuing operations | (7,427) | (70,268) | (29,884) | (86,651) | |||||||||||||||||||
| Income tax benefit | — | — | — | — | |||||||||||||||||||
| Loss from continuing operations | (7,427) | (70,268) | (29,884) | (86,651) | |||||||||||||||||||
| (Loss) income from discontinued operations | (1,520) | (2,405) | 1,581 | (8,587) | |||||||||||||||||||
| Net loss | $ | (8,947) | $ | (72,673) | $ | (28,303) | $ | (95,238) | |||||||||||||||
| Net (loss) income per share, basic and diluted: | |||||||||||||||||||||||
| Continuing operations | $ | (1.26) | $ | (13.14) | $ | (5.23) | $ | (16.44) | |||||||||||||||
| Discontinued operations | $ | (0.26) | $ | (0.45) | $ | 0.28 | $ | (1.63) | |||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | 5,902 | 5,349 | 5,718 | 5,270 | |||||||||||||||||||
CARDLYTICS, INC.
STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)
(Amounts in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Delivery costs | $ | 89 | $ | 379 | $ | 463 | $ | 1,233 | |||||||||||||||
| Sales and marketing expense | 274 | 885 | 1,323 | 3,228 | |||||||||||||||||||
| Research and development expense | 311 | 2,315 | 2,688 | 8,047 | |||||||||||||||||||
| General and administrative expense | 951 | 2,599 | 4,067 | 8,215 | |||||||||||||||||||
Discontinued operations | — | 244 | 267 | 1,894 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 1,625 | $ | 6,422 | $ | 8,808 | $ | 22,617 | |||||||||||||||
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CARDLYTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except par value amounts)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 29,947 | $ | 48,719 | |||||||
| Accounts receivable and contract assets, net | 59,891 | 82,458 | |||||||||
| Other receivables | 2,479 | 2,474 | |||||||||
| Prepaid expenses and other assets | 4,157 | 3,213 | |||||||||
| Current assets of discontinued operations | — | 415 | |||||||||
| Total current assets | 96,474 | 137,279 | |||||||||
| Long-term assets: | |||||||||||
| Property and equipment, net | 1,478 | 1,931 | |||||||||
| Right-of-use assets under operating leases, net | 3,786 | 4,723 | |||||||||
| Goodwill | 110,305 | 110,305 | |||||||||
| Capitalized software development costs, net | 15,303 | 19,005 | |||||||||
| Other long-term assets, net | 1,169 | 1,235 | |||||||||
| Noncurrent assets of discontinued operations | — | 11,163 | |||||||||
| Total assets | $ | 228,515 | $ | 285,641 | |||||||
| Liabilities and stockholders' deficit | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 2,857 | $ | 2,655 | |||||||
| Accrued compensation | 4,015 | 6,038 | |||||||||
| Accrued expenses | 6,959 | 7,125 | |||||||||
| Partner Share liability | 14,250 | 24,792 | |||||||||
| Consumer Incentive liability | 21,603 | 32,144 | |||||||||
| Deferred revenue and other liabilities | 2,048 | 2,541 | |||||||||
| Current operating lease liabilities | 1,305 | 1,438 | |||||||||
| Current liabilities of discontinued operations | — | 1,657 | |||||||||
| Total current liabilities | 53,037 | 78,390 | |||||||||
| Long-term liabilities: | |||||||||||
| Convertible senior notes, net | $ | 169,692 | $ | 168,850 | |||||||
| Lines of credit | 25,000 | 40,070 | |||||||||
| Long-term operating lease liabilities | 3,810 | 4,748 | |||||||||
| Long-term liabilities of discontinued operations | — | 91 | |||||||||
| Total liabilities | $ | 251,539 | $ | 292,149 | |||||||
| Stockholders’ deficit: | |||||||||||
| Common stock, $0.0001 par value—10,000 shares authorized and 5,922 and 5,451 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. | $ | 1 | $ | 1 | |||||||
| Additional paid-in capital | 1,410,330 | 1,399,551 | |||||||||
| Accumulated other comprehensive loss | (988) | (1,996) | |||||||||
| Accumulated deficit | (1,432,367) | (1,404,064) | |||||||||
| Total stockholders’ deficit | (23,024) | (6,508) | |||||||||
| Total liabilities and stockholders’ deficit | $ | 228,515 | $ | 285,641 | |||||||
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CARDLYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities | |||||||||||
Net loss | $ | (28,303) | $ | (95,238) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Credit loss expense | 1,204 | 1,782 | |||||||||
| Depreciation and amortization | 12,661 | 19,039 | |||||||||
| Amortization of financing costs charged to interest expense | 968 | 1,194 | |||||||||
| Amortization of right-of-use assets | 942 | 1,789 | |||||||||
Gain on divestiture | (13,856) | (4,831) | |||||||||
| Stock-based compensation expense | 8,808 | 22,617 | |||||||||
Impairment of goodwill and intangible assets | — | 58,843 | |||||||||
| Change in contingent consideration | — | 102 | |||||||||
| Loss on investments | 2,387 | — | |||||||||
Other non-cash expense (income), net | 1,211 | (6,251) | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable and contracts assets, net | 21,070 | 14,808 | |||||||||
| Prepaid expenses and other assets | (1,107) | (230) | |||||||||
| Accounts payable | (550) | (193) | |||||||||
| Other accrued expenses | (4,488) | 1,762 | |||||||||
| Partner Share liability | (10,544) | (10,920) | |||||||||
| Consumer Incentive liability | (10,541) | (7,993) | |||||||||
| Net cash used in operating activities | (20,138) | (3,720) | |||||||||
| Investing activities | |||||||||||
| Acquisition of property and equipment | (50) | (455) | |||||||||
| Capitalized software development costs | (6,531) | (12,770) | |||||||||
| Proceeds from sale of marketable securities, net | 23,029 | — | |||||||||
| Business divestiture and acquisitions, net of cash acquired | — | 200 | |||||||||
| Net cash provided by (used in) investing activities | 16,448 | (13,025) | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of debt | 15,000 | 50,000 | |||||||||
| Settlement of contingent consideration | — | (5,000) | |||||||||
| Principal payment of debt | (30,070) | (50,000) | |||||||||
| Debt issuance costs | (60) | (105) | |||||||||
Net cash used in financing activities | (15,130) | (5,105) | |||||||||
| Effect of exchange rates on cash and cash equivalents | 48 | 217 | |||||||||
| Net decrease in cash and cash equivalents | (18,772) | (21,633) | |||||||||
| Cash and cash equivalents — Beginning of period | 48,719 | 65,594 | |||||||||
| Cash and cash equivalents — End of period | $ | 29,947 | $ | 43,961 | |||||||
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CARDLYTICS, INC.
RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)
(Amounts in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Revenue(1) | $ | 32,882 | $ | 46,962 | $ | 104,083 | $ | 161,438 | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Consumer Incentives | 24,342 | 37,162 | 76,756 | 113,644 | |||||||||||||||||||
Billings(1) | $ | 57,224 | $ | 84,124 | $ | 180,839 | $ | 275,082 | |||||||||||||||
(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 and nine months ended September 30, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Revenue(1) | $ | 32,882 | $ | 46,962 | $ | 104,083 | $ | 161,438 | |||||||||||||||
| Minus: | |||||||||||||||||||||||
Partner Share and other third-party costs(1) | 13,485 | 21,397 | 43,696 | 77,222 | |||||||||||||||||||
Delivery costs(1)(2) | 3,155 | 4,136 | 8,384 | 15,278 | |||||||||||||||||||
Gross Profit(1) | 16,242 | 21,429 | 52,003 | 68,938 | |||||||||||||||||||
| Plus: | |||||||||||||||||||||||
Delivery costs(1)(2) | 3,155 | 4,136 | 8,384 | 15,278 | |||||||||||||||||||
Adjusted Contribution(1) | $ | 19,397 | $ | 25,565 | $ | 60,387 | $ | 84,216 | |||||||||||||||
(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 and nine months ended September 30, 2026 for additional information regarding the divestiture of the Bridg business.
(2)Stock-based compensation expense recognized in consolidated delivery costs totaled $0.1 million and $0.4 million during the three months ended September 30, 2026 and 2025, respectively. Stock-based compensation expense recognized in consolidated delivery costs totaled $0.5 million and $1.2 million during the nine months ended September 30, 2026 and 2025, respectively.
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CARDLYTICS, INC.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)
(Amounts in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Loss | $ | (8,947) | $ | (72,673) | $ | (28,303) | $ | (95,238) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Interest expense, net | 2,294 | 2,007 | 7,108 | 5,780 | |||||||||||||||||||
| Depreciation and amortization | 4,182 | 4,447 | 12,186 | 13,038 | |||||||||||||||||||
| Stock-based compensation expense from continuing operations | 1,625 | 6,178 | 8,541 | 20,723 | |||||||||||||||||||
| Separation costs and reduction in force | — | — | 727 | 1,474 | |||||||||||||||||||
| Foreign currency (gain) loss | (288) | 1,812 | 1,253 | (6,263) | |||||||||||||||||||
| Loss on investment | — | — | 2,387 | — | |||||||||||||||||||
| Loss (gain) on divestiture | — | 320 | — | (4,831) | |||||||||||||||||||
| Change in contingent consideration | — | — | — | 102 | |||||||||||||||||||
Impairment of goodwill and intangible assets | — | 58,843 | — | 58,843 | |||||||||||||||||||
| Loss (income) from discontinued operations | 1,520 | 2,405 | (1,581) | 8,587 | |||||||||||||||||||
| Adjusted EBITDA | $ | 386 | $ | 3,339 | $ | 2,318 | $ | 2,215 | |||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF GAAP NET LOSS FROM CONTINUING OPERATIONS TO ADJUSTED NET LOSS
AND ADJUSTED NET LOSS PER SHARE (UNAUDITED)
(Amounts in thousands, except per share amounts)
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2026 | Loss per share | 2025 | Loss per share | ||||||||||||||||||||
| Net Loss from continuing operations | $ | (7,427) | $ | (1.26) | $ | (70,268) | $ | (13.14) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Stock-based compensation expense from continuing operations | 1,625 | 0.28 | 6,178 | 1.16 | |||||||||||||||||||
| Foreign currency (gain) loss | (288) | (0.05) | 1,812 | 0.34 | |||||||||||||||||||
| Loss on divestiture | — | — | 320 | 0.06 | |||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 58,843 | 11.00 | |||||||||||||||||||
Adjusted Net Loss | $ | (6,090) | $ | (1.03) | $ | (3,115) | $ | (0.58) | |||||||||||||||
| Weighted-average number of shares of common stock used in computing Adjusted Net Loss per share: | |||||||||||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | 5,902 | 5,349 | |||||||||||||||||||||
9
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2026 | Loss per share | 2025 | Loss per share | ||||||||||||||||||||
| Net Loss from continuing operations | $ | (29,884) | $ | (5.23) | $ | (86,651) | $ | (16.44) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Stock-based compensation expense from continuing operations | 8,541 | 1.49 | 20,723 | 3.93 | |||||||||||||||||||
| Foreign currency loss (gain) | 1,253 | 0.22 | (6,263) | (1.19) | |||||||||||||||||||
| Separation costs and reduction in force | 727 | 0.13 | 1,474 | 0.28 | |||||||||||||||||||
| Loss on investment | 2,387 | 0.42 | — | — | |||||||||||||||||||
| Gain on divestiture | — | — | (4,831) | (0.92) | |||||||||||||||||||
| Change in contingent consideration | — | — | 102 | 0.02 | |||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 58,843 | 11.17 | |||||||||||||||||||
Adjusted Net Loss | $ | (16,976) | $ | (2.97) | $ | (16,603) | $ | (3.15) | |||||||||||||||
| Weighted-average number of shares of common stock used in computing Adjusted Net Loss per share: | |||||||||||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | 5,718 | 5,270 | |||||||||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(Amounts in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash (used in) provided by operating activities | $ | (5,899) | $ | 1,761 | $ | (20,138) | $ | (3,720) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Acquisition of property and equipment | (20) | (14) | (50) | (455) | |||||||||||||||||||
| Capitalized software development costs | (2,152) | (4,450) | (6,531) | (12,770) | |||||||||||||||||||
| Legal indemnification payments | 6,442 | — | 6,442 | — | |||||||||||||||||||
| Free Cash Flow | $ | (1,629) | $ | (2,703) | $ | (20,277) | $ | (16,945) | |||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED)
(Amounts in millions)
| Q4 2026 | |||||
| Revenue | $35.0 - $39.0 | ||||
| Plus: | |||||
| Consumer Incentives | $28.0 - $30.0 | ||||
| Billings | $63.0 - $69.0 | ||||
Contacts:
Public Relations:
pr@cardlytics.com
Investor Relations:
ir@cardlytics.com
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