Cardlytics Stock Earnings Reports

Cardlytics reported Q3 2025 results impacted by content restrictions from its largest financial-institution (FI) partner that blocked roughly one-third of expected billings. Management mitigated much of the impact by shifting volume to other banks in the network, expanding supply and engagement initiatives (e.g., Double Days, category-level offers), and growing non-FI publisher efforts through the Cardlytics Rewards Platform (CRP) including a signed partnership with OpenTable. Key financials: Q3 billings $89.2M (-20.3% YoY), revenue $52.0M (-22.4% YoY), adjusted contribution $30.0M (-17.5% YoY), adjusted EBITDA positive $3.2M (improvement of $5.0M YoY). MQUs were 230.3M (+21% YoY) and ACPU fell to $0.11 (-31% YoY). The U.K. business grew 22% YoY. The company completed repayment of its 2020 convertible notes, reduced headcount by ~30% and expects $26M in annualized cash savings from recent cost actions (total $50M in reductions year-to-date). Guidance for Q4 2025: billings $86M–$96M, revenue $51.1M–$59.1M, adjusted contribution $29M–$35M, adjusted EBITDA $0.9M–$7.9M. Management expects adjusted EBITDA to be positive for Q4 and full-year 2025, intends to prioritize supply diversification (CRP and new FI ramps), omnichannel performance offerings, and operational discipline to return to growth in 2026. Investors should watch: pace of reallocation of blocked volume to other FI partners, CRP launches and monetization cadence (OpenTable and two other partners), improvement in revenue-to-billings margin and adjusted contribution margin (now among the highest to date), and realized cost savings versus guidance.