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CDLX

Cardlytics, Inc.

CDLX

Cardlytics, Inc. • NASDAQ
$1.24 ▲ 0.81% (+0.01)
Market Cap $67.03 M
52w High $4.24
52w Low $0.85
Dividend Yield 0%
P/E -0.6
Volume 215.10K
Outstanding Shares 54.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $52.031M ▼ $93.154M ▲ $-72.673M ▼ -139.673% ▼ $-1.36 ▼ $-63.285M ▼
Q2-2025 $63.249M ▲ $42.052M ▲ $-9.283M ▲ -14.677% ▲ $-0.18 ▲ $3K ▲
Q1-2025 $61.898M ▼ $39.239M ▼ $-13.282M ▲ -21.458% ▼ $-0.26 ▲ $-3.983M ▲
Q4-2024 $73.997M ▲ $41.047M ▼ $-15.589M ▲ -21.067% ▲ $-0.31 ▲ $-6.718M ▲
Q3-2024 $67.057M $177.098M $-145.182M -216.505% $-2.9 $-135.301M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $43.961M ▼ $292.807M ▼ $297.511M ▼ $-4.704M ▼
Q2-2025 $46.745M ▼ $361.134M ▼ $302.428M ▼ $58.706M ▼
Q1-2025 $52.046M ▼ $369.073M ▼ $304.983M ▼ $64.09M ▼
Q4-2024 $65.594M ▼ $392.711M ▼ $322.718M ▼ $69.993M ▲
Q3-2024 $66.988M $399.393M $329.696M $69.697M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-72.673M ▼ $1.761M ▲ $-4.464M ▲ $-12K ▲ $-2.784M ▲ $-2.703M ▼
Q2-2025 $-9.283M ▲ $1.225M ▲ $-4.658M ▼ $-2.059M ▲ $-5.301M ▲ $1.225M ▲
Q1-2025 $-13.282M ▲ $-6.706M ▼ $-3.903M ▲ $-3.034M ▼ $-13.548M ▼ $-6.706M ▼
Q4-2024 $-15.589M ▲ $2.979M ▲ $-4.086M ▲ $-202K ▲ $-1.394M ▲ $-1.457M ▼
Q3-2024 $-145.182M $1.384M $-5.257M $-388K $-4.26M $877K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bridg Total Revenue
Bridg Total Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Cost Other
Cost Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Cost per Redemption
Cost per Redemption
 $50.00M ▲$30.00M ▼$40.00M ▲$30.00M ▼
Cost per Served Sales
Cost per Served Sales
 $80.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown only modestly over the last few years and even slipped recently, so the top line is not yet on a strong growth trajectory. The business consistently generates healthy gross profit relative to its size, which means the core product has value, but operating expenses remain high. As a result, operating income, EBITDA, and net income have all been negative every year. Losses were especially heavy a few years ago and have improved since then, but the company is still meaningfully in the red and far from sustained profitability. Overall, the income statement tells a story of a promising platform that has not yet been scaled or streamlined enough to cover its cost base.

Balance Sheet

Balance Sheet The balance sheet has shrunk from its peak, reflecting both asset reductions and accumulated losses. Cash levels are notably lower than a few years ago, leaving less of a cushion to absorb ongoing losses or shocks. Debt has remained sizeable relative to the company’s scale, while equity has eroded, indicating that past losses have eaten into the company’s capital base. This combination points to a more financially stretched position than in prior years and increases the importance of careful cost control, stable bank relationships, and access to funding if needed.

Cash Flow

Cash Flow Cash flow from operations has hovered around breakeven in recent years, slipping slightly negative but not at extreme levels. Free cash flow is also modestly negative, with only light spending on capital projects. This means the main drain on cash is ongoing operating losses rather than heavy investment. The company is not burning cash at a reckless pace, but it is still using cash rather than generating it, so its ability to move to consistently cash-positive operations will be a key indicator of financial health going forward.

Competitive Edge

Competitive Edge Cardlytics occupies a distinctive niche at the intersection of banks and advertisers, built around access to anonymized transaction data. Its integration directly into many banks’ digital channels, and operation inside bank firewalls, gives it a trust and data advantage that is hard to copy. Network effects are important: more banks bring more consumers, which attracts more advertisers, which in turn makes the program more valuable for banks. High switching costs for banks further protect this position. However, competition from bank-owned solutions and other purchase-data platforms is real, and recent issues with a major bank partner highlight the risk that concentration in a few large relationships can create.

Innovation and R&D

Innovation and R&D The company has invested heavily in building a differentiated technology stack, including its patented offer systems and the Bridg acquisition, which deepen insight down to the product level. Its strengths lie in privacy-conscious, first-party purchase intelligence and closed-loop measurement, which are attractive to brands that want proof of results. Newer initiatives like the Rewards Platform, self-service Ad Manager, and enhanced analytics portal show a push to broaden the ecosystem, move down-market to smaller advertisers, and expand beyond banks into other publishers. The challenge is to convert this innovation into scalable, profitable revenue while continuing to invest enough to stay ahead of rivals in a fast-evolving ad tech landscape.

Summary

Cardlytics combines a distinctive data asset and bank distribution network with a still-unproven economic model. The business clearly creates value for advertisers and financial institutions, but revenue growth has been uneven and costs remain too high relative to its current scale, leaving the company with persistent losses. The balance sheet is weaker than in the past and provides less room for prolonged missteps, making execution and cash discipline critical. On the positive side, the technology, bank relationships, and network effects provide a meaningful competitive moat, and the company is actively innovating to expand its platform and customer base. The key questions are whether it can accelerate growth, diversify and stabilize its bank supply, and bring expenses in line so that its strategic strengths show up in sustained profits and cash generation.

NEWS

November 5, 2025 · 4:05 PM UTC

Cardlytics Announces Third Quarter 2025 Financial Results

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October 22, 2025 · 4:05 PM UTC

Cardlytics Announces Timing of Its Third Quarter 2025 Earnings Release

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October 2, 2025 · 8:05 AM UTC

Cardlytics Announces Workforce Reductions As Part Of Organizational Realignment and Cost Savings Initiative

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September 15, 2025 · 9:00 AM UTC

Cardlytics Repays 2020 Convertible Senior Notes Due 2025

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