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Cardlytics Announces Fourth Quarter and Full Year 2025 Financial Results

  • Cardlytics, Inc. reported Q4 2025 total revenue of $56.1 million, a 24.2% decrease compared to $74.0 million in Q4 2024.
  • Full-year 2025 total revenue was $233.3 million, a 16.2% decrease from $278.3 million in 2024.
  • Q4 2025 Net Loss was $8.3 million, or $0.15 per share, improved from a Net Loss of $15.6 million, or $0.31 per share, in Q4 2024.
  • Full-year 2025 Net Loss was $103.5 million, or $1.95 per share, compared to $189.3 million, or $3.91 per share, in 2024.
  • Q4 2025 Adjusted EBITDA was $8.5 million, an increase from $6.4 million in the prior year quarter.
  • Full-year 2025 Adjusted EBITDA was $10.1 million, an increase from $2.5 million in 2024.
  • Q4 2025 Net cash provided by operating activities was $13.0 million, up from $3.0 million in Q4 2024.
  • Full-year 2025 Net cash provided by operating activities was $9.3 million, a reversal from $8.8 million used in 2024.
  • Q4 2025 Free Cash Flow was $10.5 million, a significant improvement from $(1.5) million in Q4 2024.
  • Full-year 2025 Free Cash Flow was $(6.5) million, an improvement from $(28.1) million in 2024.
  • Cardlytics MQUs increased 18.4% to 227.0 million in Q4 2025 & 17.7% to 224.2 million for the full year 2025.
  • Cardlytics ACPU decreased 35.0% to $0.12 in Q4 2025 & 25.4% to $0.50 for the full year 2025.
  • CEO Amit Gupta cited the conclusion of Bank of America campaigns in January 2025 as a driver for decreased MQUs.
  • CFO David Evans noted the business right-sized its balance sheet to position for self-sustainability in 2026.
  • Q1 2026 Billings guidance is $57.5 million to $63.5 million, representing a 35% to 41% year-over-year decrease.
  • Q1 2026 Revenue guidance is $35.0 million to $40.0 million, representing a 35% to 43% year-over-year decrease.
  • Q1 2026 Adjusted EBITDA is projected to be a loss of $3.5 million to $7.5 million.
  • The company's cash and cash equivalents stood at $48.7 million as of December 31, 2025, down from $65.6 million in 2024.
  • Total liabilities were $292.1 million as of December 31, 2025, compared to $322.7 million in 2024.
  • Stockholders' equity turned negative to $(6.5) million in 2025 from $70.0 million in 2024 due to accumulated deficits.
  • The company recorded a $58.8 million impairment of goodwill & intangible assets during the full year 2025.
  • Earnings teleconference was held on March 4, 2026, at 5:00 PM ET to discuss results.