Cardlytics Stock Earnings Reports

Key points for investors: Cardlytics reported Q3 2025 billings of $89.2M (down 20.3% YoY) and revenue of $52.0M (down 22.4%). The decline was driven primarily by content restrictions from its largest financial-institution (FI) partner that effectively blocked roughly one-third of expected billings. Despite the headwind, the company retained the majority of advertisers, grew MQUs 21% to 230.3M (driven by new FI partners), and saw ACPU decline 31% to $0.11. Adjusted contribution was $30.0M (down 17.5%) but contribution margin expanded to 57.7% — the highest to date — reflecting a more favorable mix from newer, higher-margin FI partners. Adjusted EBITDA was positive $3.2M (improving $5.0M YoY). The company completed repayment of the remaining $46M of 2020 convertible notes and implemented substantial cost reductions (latest workforce reduction ~30%; total annualized cost savings expected of $26M in 2026 and $50M year-to-date reductions). Q4 guidance: billings $86M–$96M (down ~26% to 17% YoY), revenue $51.1M–$59.1M, adjusted contribution $29M–$35M, and adjusted EBITDA $0.9M–$7.9M; management expects adjusted EBITDA to be positive for Q4 and the full year. Strategic priorities: diversify and increase supply (Cardlytics Rewards Platform / CRP, new publisher deals including OpenTable), shift volume to other FIs, deepen consumer engagement (category-level offers, Double Days), expand UK growth (22% revenue growth YoY), and continue to invest in measurement and geo-targeting capabilities. Risks and near-term headwinds stem from the largest FI partner’s restrictions and resulting pressure on billings and ACPU; management is not assuming material CRP revenue in 2025 and is prioritizing margin preservation and return to profitable growth.