Cardlytics (NASDAQ: CDLX) posts weaker 2025 sales but stronger cash flow and EBITDA
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cardlytics reported fourth-quarter and full-year 2025 results showing sharp top-line pressure but better profitability and cash flow. Q4 revenue was $56.1 million, down 24.2% year over year, while full-year revenue was $233.3 million, down 16.2%. Q4 net loss narrowed to $8.3 million from $15.6 million, and full-year net loss improved to $103.5 million from $189.3 million. Non-GAAP metrics strengthened: Q4 adjusted EBITDA rose to $8.5 million and full-year adjusted EBITDA to $10.1 million, with free cash flow improving to $10.5 million in Q4 and to a smaller full-year outflow of $6.5 million. MQUs grew to 227.0 million in Q4 and 224.2 million for 2025, but ACPU declined to $0.12 in Q4 and $0.50 for the year. Guidance for Q1 2026 signals significant year-over-year declines in Billings, revenue and adjusted contribution, with adjusted EBITDA expected to be negative.
Positive
- Profitability metrics strengthened despite revenue declines. Full-year adjusted EBITDA rose to $10.1 million from $2.5 million, Q4 adjusted EBITDA reached $8.5 million, and free cash flow improved to $10.5 million in Q4 with a much smaller full-year outflow of $6.5 million.
- Losses narrowed significantly. Net loss improved to $103.5 million in 2025 from $189.3 million in 2024, and Q4 net loss shrank to $8.3 million from $15.6 million, reflecting lower operating costs and fewer large non-cash charges.
Negative
- Revenue and Billings fell double digits. 2025 revenue declined 16.2% to $233.3 million and Billings fell 13.3% to $385.0 million, with Q4 revenue down 24.2%, signaling meaningful top-line pressure.
- Guidance points to steep near-term declines and renewed losses. Q1 2026 outlook calls for Billings down 41–35%, revenue down 43–35% year over year, and adjusted EBITDA between $(7.5) and $(3.5) million.
- Monetization per user weakened. While Cardlytics MQUs rose to 224.2 million for 2025, ACPU dropped 25.4% to $0.50 for the year and 35.0% in Q4 to $0.12, indicating reduced revenue per active user.
Insights
Cardlytics is trading revenue growth for improved margins and cash flow, but 2026 guidance is weak.
Cardlytics posted 2025 revenue of
Free cash flow improved meaningfully, reaching
Q1
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): March 4, 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 March 4, 2026, the Company issued a press release announcing its financial results for the quarter and year ended December 31, 2025, 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 March 4, 2026 | |||||||
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: | March 4, 2026 | By: | /s/ David Evans | ||||||||
| David Evans | |||||||||||
Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||||||
Exhibit 99.1
Cardlytics Announces Fourth Quarter and Full Year 2025 Financial Results
Atlanta, GA – March 4, 2026 – Cardlytics, Inc. (NASDAQ: CDLX) today announced financial results for the fourth quarter and full year ended December 31, 2025.
"In 2025, we took several steps to reset our business and improve our financial health,” said Amit Gupta, CEO of Cardlytics. "Going forward, we remain well positioned to execute our mandate and deliver for our partners and advertisers, even as we navigate a decrease in MQUs following the conclusion of our Bank of America campaigns in January. We are moving forward with sharper focus and discipline to control our own destiny by prioritizing our initiatives that build on our core fundamental strengths."
"It has been reinvigorating to rejoin the Cardlytics team,” said David Evans, CFO of Cardlytics. I continue to believe in the strength and uniqueness of our platform. Leading up to this quarter, the business made several necessary decisions to right size our balance sheet to position the business for self-sustainability going forward. As such, we're taking a very focused, disciplined approach to execution and cost management in 2026"
Fourth Quarter 2025 Financial Results
•Total Revenue was $56.1 million, a decrease of 24.2% compared to $74.0 million in the fourth quarter of 2024.
•Billings, a non-GAAP metric, was $94.1 million, a decrease of 19.0% compared to $116.3 million in the fourth quarter of 2024.
•Adjusted Contribution, a non-GAAP metric, was $31.7 million, a decrease of 22.1% compared to $40.7 million in the fourth quarter of 2024.
•Net Loss was $(8.3) million, or $(0.15) per share, based on 54.3 million weighted-average common shares outstanding, compared to a Net Loss of $(15.6) million, or $(0.31) per share, based on 51.0 million weighted-average common shares outstanding in the fourth quarter of 2024.
•Adjusted EBITDA, a non-GAAP metric, was $8.5 million, an increase of $2.1 million compared to $6.4 million in the fourth quarter of 2024.
•Adjusted Net Income, a non-GAAP metric, was $1.6 million, or $0.03 per diluted share, based on 54.3 million weighted-average common shares outstanding in the fourth quarter of 2025, compared to an Adjusted Net Income of $0.2 million, or $0.00 per diluted share, based on 51.0 million weighted-average common shares outstanding in the fourth quarter of 2024.
•Net cash provided by operating activities was $13.0 million, an increase of $10.0 million compared to net cash provided by operating activities of $3.0 million in the fourth quarter of 2024.
•Free Cash Flow, a non-GAAP metric, was $10.5 million, an increase of $11.9 million compared to $(1.5) million in the fourth quarter of 2024.
Fiscal Year 2025 Financial Results
•Total Revenue was $233.3 million, a decrease of 16.2% compared to $278.3 million in 2024.
•Billings, a non-GAAP metric, was $385.0 million, a decrease of 13.3% compared to $443.8 million in 2024.
•Adjusted Contribution, a non-GAAP metric, was $130.3 million, a decrease of 13.4% compared to $150.5 million in 2024.
•Net Loss was $(103.5) million, or $(1.95) per share, based on 53.1 million weighted-average common shares outstanding, compared to a Net Loss of $(189.3) million, or $(3.91) per share, based on 48.4 million weighted-average common shares outstanding in 2024.
•Adjusted EBITDA, a non-GAAP metric, was $10.1 million, an increase of $7.5 million compared to $2.5 million in 2024.
Exhibit 99.1
•Adjusted Net Loss, a non-GAAP metric, was $(17.3) million, or $(0.33) per diluted share, based on 53.1 million weighted-average common shares outstanding in 2025, compared to an Adjusted Net Loss of $(18.9) million, or $(0.39) per diluted share, based on 48.4 million weighted-average common shares outstanding in 2024.
•Net cash provided by/(used in) operating activities was $9.3 million, an increase of $18.1 million compared to $(8.8) million in 2024.
•Free Cash Flow, a non-GAAP metric, was $(6.5) million an increase of $21.6 million compared to $(28.1) million in 2024.
Key Metrics
•Cardlytics MQUs in the quarter were 227.0 million, an increase of 18.4% compared to 191.7 million in the fourth quarter of 2024. For full year 2025, Cardlytics MQUs were 224.2 million, an increase of 17.7% compared to 190.5 million in 2024.
•Cardlytics ACPU in the quarter was $0.12, a decrease of 35.0% compared to $0.18 in the fourth quarters for 2025 and 2024. For the full year 2025, Cardlytics ACPU was $0.50, a decrease of 25.4% compared to $0.67 in 2024.
Definitions of MQUs and ACPU are included below under the caption “Non-GAAP Measures and Other Performance Metrics.”
CARDLYTICS, INC.
SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)
(Dollars in thousands)
| Three Months Ended December 31, | |||||||||||||||||
| 2025 | 2024 | Change % | |||||||||||||||
Billings(1) | $ | 94,136 | $ | 116,279 | (19.0) | % | |||||||||||
| Consumer Incentives | 38,041 | 42,283 | (10.0) | % | |||||||||||||
| Revenue | 56,095 | 73,996 | (24.2) | % | |||||||||||||
| Partner Share and other third-party costs | 24,395 | 33,285 | (26.7) | % | |||||||||||||
Adjusted Contribution(1) | 31,700 | 40,711 | (22.1) | % | |||||||||||||
| Delivery costs | 5,810 | 7,979 | (27.2) | % | |||||||||||||
| Gross Profit | $ | 25,890 | $ | 32,732 | (20.9) | % | |||||||||||
| Net Loss | $ | (8,250) | $ | (15,590) | (47.1) | % | |||||||||||
Adjusted EBITDA(1) | $ | 8,534 | $ | 6,398 | 33.4 | % | |||||||||||
| Adjusted Contribution | |||||||||||||||||
| % of Billings | 33.7 | % | 35.0 | % | |||||||||||||
| % of Revenue | 56.5 | % | 55.0 | % | |||||||||||||
| Adjusted EBITDA | |||||||||||||||||
| % of Billings | 9.1 | % | 5.5 | % | |||||||||||||
| % of Revenue | 15.2 | % | 8.6 | % | |||||||||||||
(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."
Exhibit 99.1
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | Change % | |||||||||||||||
Billings(1) | $ | 384,958 | $ | 443,840 | (13.3) | % | |||||||||||
| Consumer Incentives | 151,685 | 165,542 | (8.4) | % | |||||||||||||
| Revenue | 233,273 | 278,298 | (16.2) | % | |||||||||||||
| Partner Share and other third-party costs | 102,949 | 127,761 | (19.4) | % | |||||||||||||
Adjusted Contribution(1) | 130,324 | 150,537 | (13.4) | % | |||||||||||||
| Delivery costs | 25,711 | 29,643 | (13.3) | % | |||||||||||||
| Gross Profit | $ | 104,613 | $ | 120,894 | (13.5) | % | |||||||||||
| Net Loss | $ | (103,488) | $ | (189,304) | (45.3) | % | |||||||||||
Adjusted EBITDA(1) | $ | 10,057 | $ | 2,523 | 298.6 | % | |||||||||||
| Adjusted Contribution | |||||||||||||||||
| % of Billings | 33.9 | % | 33.9 | % | |||||||||||||
| % of Revenue | 55.9 | % | 54.1 | % | |||||||||||||
| Adjusted EBITDA | |||||||||||||||||
| % of Billings | 2.6 | % | 0.6 | % | |||||||||||||
| % of Revenue | 4.3 | % | 0.9 | % | |||||||||||||
(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."
First 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):
| Q1 2026 Guidance | YoY Change | ||||||||||
Billings(1) | $57.5 - $63.5 | (41%) - (35%) | |||||||||
| Revenue | $35.0 - $40.0 | (43%) - (35%) | |||||||||
Adjusted Contribution(2) | $20.0 - $23.0 | (38%) - (29%) | |||||||||
Adjusted EBITDA(2) | ($7.5) - ($3.5) | ($3.1) - $0.9 | |||||||||
(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 GAAP 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 fourth quarter and full year 2025 financial results during a teleconference today, March 4, 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.
Exhibit 99.1
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 growth opportunity, our ability to deliver stronger execution and shareholder value, our intention to strengthen our competitive position, enhance our product and tech capabilities and expand our network of partners and advertisers and our financial guidance for the first 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 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”), American Express Travel Related Services Company, Inc. (“American Express”) 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; 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; our ability to consummate the closing of the Bridg sale and receipts of the proceeds therefrom; and other risks detailed in the “Risk Factors” section of our Form 10-K filed with the Securities and Exchange Commission on March 4, 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.
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 Income (Loss), Adjusted Net Income (Loss) per share and Free Cash Flow, as well as certain other performance metrics, such as monthly qualified users (“MQUs”) and adjusted contribution per user (“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.
Exhibit 99.1
We have presented Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Net Income (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; acquisition, integration and divestiture costs; change in contingent consideration; foreign currency loss/(gain); impairment of goodwill and intangible assets; gain on debt extinguishment; loss on divestiture; and, in applicable periods, certain other income and expense items, such as restructuring and reduction of force; income tax benefit; and deferred implementation costs. Adjusted Net Income (Loss) represents our Net Loss before stock-based compensation expense; foreign currency loss/(gain); acquisition, integration and divestiture costs (benefits); amortization of acquired intangibles; change in contingent consideration; impairment of goodwill and intangible assets; gain on debt extinguishment; and loss on divestiture, and in applicable periods, certain other income and expense items, such as restructuring and reduction of force and income tax benefit. We define Adjusted Net Income (Loss) per share as Adjusted Net Income (Loss) divided by our weighted-average common shares outstanding, diluted. We define Free Cash Flow as net cash provided by/(used in) operating activities, plus acquisition of property and equipment and capitalized software development costs. 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 other partners 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.
Exhibit 99.1
CARDLYTICS, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par value amounts)
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 48,719 | $ | 65,594 | |||||||
| Accounts receivable and contract assets, net | 82,669 | 103,252 | |||||||||
| Other receivables | 2,587 | 3,801 | |||||||||
| Prepaid expenses and other assets | 3,304 | 5,336 | |||||||||
| Total current assets | 137,279 | 177,983 | |||||||||
| Long-term assets: | |||||||||||
| Property and equipment, net | 2,025 | 2,596 | |||||||||
| Right-of-use assets under operating leases, net | 4,947 | 6,341 | |||||||||
| Intangible assets, net | 5,553 | 11,371 | |||||||||
| Goodwill | 110,305 | 159,429 | |||||||||
| Capitalized software development costs, net | 24,214 | 33,341 | |||||||||
| Other long-term assets, net | 1,318 | 1,650 | |||||||||
| Total assets | $ | 285,641 | $ | 392,711 | |||||||
| Liabilities and stockholders' (deficit) equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,360 | $ | 3,689 | |||||||
| Accrued liabilities: | |||||||||||
| Accrued compensation | 6,105 | 5,494 | |||||||||
| Accrued expenses | 7,725 | 7,175 | |||||||||
| Partner Share liability | 24,860 | 32,479 | |||||||||
| Consumer Incentive liability | 32,144 | 45,513 | |||||||||
| Deferred revenue | 2,589 | 2,154 | |||||||||
| Short-term debt | — | 45,863 | |||||||||
| Current operating lease liabilities | 1,607 | 2,025 | |||||||||
| Current contingent consideration | — | 4,563 | |||||||||
| Total current liabilities | 78,390 | 148,955 | |||||||||
| Long-term liabilities: | |||||||||||
| Convertible senior notes, net | 168,850 | 167,729 | |||||||||
| Line of credit | 40,070 | — | |||||||||
| Long-term deferred revenue | 52 | — | |||||||||
| Long-term operating lease liabilities | 4,787 | 6,034 | |||||||||
| Total liabilities | 292,149 | 322,718 | |||||||||
| Stockholders’ (deficit) equity: | |||||||||||
Common stock, $0.0001 par value—100,000 shares authorized and 54,514 and 51,257 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 10 | 10 | |||||||||
| Additional paid-in capital | 1,399,542 | 1,366,958 | |||||||||
| Accumulated other comprehensive income | (1,996) | 3,601 | |||||||||
| Accumulated deficit | (1,404,064) | (1,300,576) | |||||||||
| Total stockholders’ (deficit) equity | (6,508) | 69,993 | |||||||||
| Total liabilities and stockholders’ (deficit) equity | $ | 285,641 | $ | 392,711 | |||||||
CARDLYTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 56,095 | $ | 73,997 | $ | 233,273 | $ | 278,298 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Partner Share and other third-party costs | 24,395 | 33,285 | 102,949 | 127,761 | |||||||||||||||||||
| Delivery costs | 5,810 | 7,979 | 25,711 | 29,643 | |||||||||||||||||||
| Sales and marketing expense | 7,524 | 11,343 | 39,478 | 52,649 | |||||||||||||||||||
| Research and development expense | 7,965 | 9,895 | 39,765 | 49,607 | |||||||||||||||||||
| General and administrative expense | 9,730 | 13,770 | 47,267 | 56,482 | |||||||||||||||||||
| Acquisition, integration and divestiture costs | 561 | — | 561 | 161 | |||||||||||||||||||
| Change in contingent consideration | — | 100 | 102 | 210 | |||||||||||||||||||
| Impairment of goodwill and intangible assets | — | — | 58,843 | 131,595 | |||||||||||||||||||
| Gain on divestiture | — | — | (4,831) | — | |||||||||||||||||||
| Depreciation and amortization expense | 6,205 | 5,940 | 25,244 | 25,689 | |||||||||||||||||||
| Total costs and expenses | 62,190 | 82,312 | 335,089 | 473,797 | |||||||||||||||||||
| Operating loss | (6,095) | (8,315) | (101,816) | (195,499) | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense, net | (2,139) | (1,694) | (7,919) | (5,553) | |||||||||||||||||||
| Foreign currency (loss) gain | (16) | (5,581) | 6,247 | (1,269) | |||||||||||||||||||
| Gain on debt extinguishment | — | — | — | 13,017 | |||||||||||||||||||
| Total other (expense) income | (2,155) | (7,275) | (1,672) | 6,195 | |||||||||||||||||||
| Loss before income taxes | (8,250) | (15,590) | (103,488) | (189,304) | |||||||||||||||||||
| Net Loss | (8,250) | (15,590) | (103,488) | (189,304) | |||||||||||||||||||
| Net Loss per share, basic and diluted | $ | (0.15) | $ | (0.31) | $ | (1.95) | $ | (3.91) | |||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | 54,318 | 51,005 | 53,114 | 48,361 | |||||||||||||||||||
CARDLYTICS, INC.
STOCK-BASED COMPENSATION EXPENSE
(Amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Delivery costs | $ | 232 | $ | 641 | $ | 1,673 | $ | 2,680 | |||||||||||||||
| Sales and marketing expense | 901 | 1,877 | 4,611 | 10,017 | |||||||||||||||||||
| Research and development expense | 1,917 | 2,926 | 10,431 | 14,957 | |||||||||||||||||||
| General and administrative expense | 2,462 | 3,229 | 11,414 | 12,713 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 5,512 | $ | 8,673 | $ | 28,129 | $ | 40,367 | |||||||||||||||
CARDLYTICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating activities | |||||||||||
| Net Loss | $ | (103,488) | $ | (189,304) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Credit loss expense | 2,134 | 6,106 | |||||||||
| Depreciation and amortization | 25,244 | 25,689 | |||||||||
| Amortization of financing costs charged to interest expense | 1,522 | 1,633 | |||||||||
| Amortization of right-of-use asset | 2,165 | 2,187 | |||||||||
| Impairment of goodwill and intangible assets | 58,843 | 131,595 | |||||||||
| Gain on debt extinguishment | — | (13,017) | |||||||||
| Gain on divestiture | (4,831) | — | |||||||||
| Stock-based compensation expense | 28,129 | 40,367 | |||||||||
| Change in contingent consideration | 102 | 210 | |||||||||
| Other non-cash expense (income), net | (6,243) | 1,481 | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable and contracts assets, net | 20,643 | 12,497 | |||||||||
| Prepaid expenses and other assets | 1,803 | 1,360 | |||||||||
| Accounts payable | 179 | 499 | |||||||||
| Other accrued expenses | (724) | (6,644) | |||||||||
| Partner Share liability | (8,208) | (16,350) | |||||||||
| Customer Incentive liability | (7,980) | (7,133) | |||||||||
| Net cash provided by (used in) operating activities | 9,290 | (8,824) | |||||||||
| Investing activities | |||||||||||
| Acquisition of property and equipment | (480) | (1,562) | |||||||||
| Capitalized software development costs | (15,302) | (17,736) | |||||||||
| Proceeds from divestitures, net of cash divested | 480 | 552 | |||||||||
| Net cash used in investing activities | (15,302) | (18,746) | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of debt | 56,000 | 172,500 | |||||||||
| Principal payments of debt | (62,000) | (199,303) | |||||||||
| Proceeds from termination of capped calls related to convertible notes | — | 115 | |||||||||
| Proceeds from issuance of common stock | — | 48,645 | |||||||||
| Settlement of contingent consideration | (5,000) | (14,167) | |||||||||
| Deferred equity issuance costs | — | (309) | |||||||||
| Debt issuance costs | (122) | (6,037) | |||||||||
| Net cash (used in) provided by financing activities | (11,122) | 1,444 | |||||||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | 259 | (110) | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (16,875) | (26,236) | |||||||||
| Cash, cash equivalents, and restricted cash — Beginning of period | 65,594 | 91,830 | |||||||||
| Cash, cash equivalents, and restricted cash — End of period | $ | 48,719 | $ | 65,594 | |||||||
CARDLYTICS, INC.
RECONCILIATION OF GAAP REVENUE TO BILLINGS
(Amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 56,095 | $ | 73,996 | $ | 233,273 | $ | 278,298 | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Consumer Incentives | 38,041 | 42,283 | 151,685 | 165,542 | |||||||||||||||||||
| Billings | $ | 94,136 | $ | 116,279 | $ | 384,958 | $ | 443,840 | |||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION
(Amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 56,095 | $ | 73,996 | $ | 233,273 | $ | 278,298 | |||||||||||||||
| Minus: | |||||||||||||||||||||||
| Partner Share and other third-party costs | 24,395 | 33,285 | 102,949 | 127,761 | |||||||||||||||||||
Delivery costs(1) | 5,810 | 7,979 | 25,711 | 29,643 | |||||||||||||||||||
| Gross Profit | 25,890 | 32,732 | 104,613 | 120,894 | |||||||||||||||||||
| Plus: | |||||||||||||||||||||||
Delivery costs(1) | 5,810 | 7,979 | 25,711 | 29,643 | |||||||||||||||||||
| Adjusted Contribution | $ | 31,700 | $ | 40,711 | $ | 130,324 | $ | 150,537 | |||||||||||||||
(1)Stock-based compensation expense recognized in delivery costs totaled $0.2 million and $0.6 million during the three months ended December 31, 2025 and 2024, respectively. Stock-based compensation expense recognized in consolidated delivery costs totaled $1.7 million and $2.7 million during the year ended December 31, 2025 and 2024, respectively.
CARDLYTICS, INC.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(Amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net Loss | $ | (8,250) | $ | (15,590) | $ | (103,488) | $ | (189,304) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Interest expense, net | 2,139 | 1,694 | 7,919 | 5,553 | |||||||||||||||||||
| Depreciation and amortization | 6,205 | 5,940 | 25,244 | 25,689 | |||||||||||||||||||
| Stock-based compensation expense | 5,512 | 8,673 | 28,129 | 40,367 | |||||||||||||||||||
| Acquisition, integration and divestiture costs | 561 | — | 561 | 161 | |||||||||||||||||||
| Change in contingent consideration | — | 100 | 102 | 210 | |||||||||||||||||||
| Foreign currency loss (gain) | 16 | 5,581 | (6,247) | 1,269 | |||||||||||||||||||
| Impairment of goodwill and intangible assets | — | — | 58,843 | 131,595 | |||||||||||||||||||
| Gain on debt extinguishment | — | — | — | (13,017) | |||||||||||||||||||
| Gain on divestiture | — | — | (4,831) | — | |||||||||||||||||||
| Restructuring and reduction of force | 2,351 | — | 3,825 | — | |||||||||||||||||||
| Adjusted EBITDA | $ | 8,534 | $ | 6,398 | $ | 10,057 | $ | 2,523 | |||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER SHARE
(Amounts in thousands except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net Loss | $ | (8,250) | $ | (15,590) | $ | (103,488) | $ | (189,304) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Stock-based compensation expense | 5,512 | 8,673 | 28,129 | 40,367 | |||||||||||||||||||
| Foreign currency loss (gain) | 16 | 5,581 | (6,247) | 1,269 | |||||||||||||||||||
| Acquisition, integration and divestiture costs (benefits) | 561 | — | 561 | 161 | |||||||||||||||||||
| Amortization of acquired intangibles | 1,455 | 1,455 | 5,818 | 9,810 | |||||||||||||||||||
| Change in contingent consideration | — | 100 | 102 | 210 | |||||||||||||||||||
| Impairment of goodwill and intangible assets | — | — | 58,843 | 131,595 | |||||||||||||||||||
| Gain on debt extinguishment | — | — | — | (13,017) | |||||||||||||||||||
| Gain on divestiture | — | — | (4,831) | — | |||||||||||||||||||
| Restructuring and reduction of force | 2,351 | — | 3,825 | — | |||||||||||||||||||
| Adjusted Net Income (Loss) | $ | 1,645 | $ | 219 | $ | (17,288) | $ | (18,909) | |||||||||||||||
| Weighted-average number of shares of common stock used in computing Adjusted Net Income (Loss) per share: | |||||||||||||||||||||||
| GAAP weighted-average common shares outstanding, diluted | 54,318 | 51,005 | 53,114 | 48,361 | |||||||||||||||||||
| Adjusted Net Income (Loss) per share, diluted | $ | 0.03 | $0.00 | $ | (0.33) | $ | (0.39) | ||||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW
(Amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 13,010 | $ | 2,979 | $ | 9,290 | $ | (8,824) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Acquisition of property and equipment | (25) | (123) | (480) | (1,562) | |||||||||||||||||||
| Capitalized software development costs | (2,532) | (4,313) | (15,302) | (17,736) | |||||||||||||||||||
| Free Cash Flow | $ | 10,453 | $ | (1,457) | $ | (6,492) | $ | (28,122) | |||||||||||||||
CARDLYTICS, INC.
RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS
(Amounts in millions)
| Q1 2026 Guidance | |||||
| Revenue | $35.0 - $40.0 | ||||
| Plus: | |||||
| Consumer Incentives | $17.5 - $28.5 | ||||
| Billings | $57.5 - $63.5 | ||||
Contacts:
Public Relations:
pr@cardlytics.com
Investor Relations:
ir@cardlytics.com
FAQ
How did Cardlytics (CDLX) perform financially in full-year 2025?
Cardlytics reported 2025 revenue of $233.3 million, down 16.2% from 2024, with a net loss of $103.5 million. However, adjusted EBITDA improved to $10.1 million, and free cash flow narrowed to a $6.5 million outflow, reflecting better cost control.
What were Cardlytics (CDLX) fourth-quarter 2025 results?
In Q4 2025, Cardlytics generated $56.1 million in revenue, a 24.2% year-over-year decline. Net loss narrowed to $8.3 million, while adjusted EBITDA increased to $8.5 million and free cash flow improved to $10.5 million, indicating stronger profitability and cash generation.
What guidance did Cardlytics (CDLX) provide for Q1 2026?
For Q1 2026, Cardlytics expects revenue of $35.0–$40.0 million and Billings of $57.5–$63.5 million, implying roughly 35–43% year-over-year declines. Adjusted EBITDA is forecast between $(7.5) and $(3.5) million, indicating an expected return to losses.
How are Cardlytics (CDLX) user metrics trending, including MQUs and ACPU?
Cardlytics MQUs reached 227.0 million in Q4 2025, up 18.4% year over year, and 224.2 million for the full year. However, ACPU declined to $0.12 in Q4 and $0.50 for 2025, reflecting lower adjusted contribution per user.
Did Cardlytics (CDLX) improve its profitability and cash flow in 2025?
Yes. Adjusted EBITDA increased to $10.1 million in 2025 from $2.5 million, and net loss declined to $103.5 million. Net cash provided by operating activities improved to $9.3 million, while free cash flow narrowed to a $6.5 million outflow for the year.
What do Cardlytics (CDLX) management comments highlight about strategy and outlook?
Management emphasized steps to reset the business, right-size the balance sheet and focus on cost discipline. They noted challenges from a decrease in MQUs following Bank of America campaign conclusions but believe Cardlytics remains positioned to execute its mandate with sharper focus.
Filing Exhibits & Attachments
5 documentsPress Releases
Cardlytics
NASDAQ:CDLX
CDLX Rankings
CDLX Latest News
CDLX Latest SEC Filings
Mar 4, 2026
[10-K] Cardlytics, Inc. Files Annual Report
Feb 20, 2026
[Form 4] Cardlytics, Inc. Insider Trading Activity
Feb 18, 2026
[Form 4] Cardlytics, Inc. Insider Trading Activity
Feb 18, 2026
[144] Cardlytics, Inc. SEC Filing
CDLX Stock Data
44.77M
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