Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 60

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1A
Chunk 60
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 segregated by both geography and industry. During the nine months ended September 30, 2025 and 2024, our top five marketers accounted for 20% and 12% of our Revenue, respectively, with no marketer accounting for over 10%. As of September 30, 2025 and 2024, our top five marketers accounted for 30% and 20% of our accounts receivable, respectively, with no marketer accounting for over 10%.

We do not have material long-term commitments from most of these marketers. If we were to lose one or more of our significant marketers, our revenue may significantly decline. In addition, revenue from significant marketers may vary from period-to-period depending on the timing or volume of marketing spend. Further, our credit risk is concentrated among a limited number of marketers. The loss of one or more of our significant marketers could adversely affect our business, results of operations and financial conditions. 

We have a relatively short operating history, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

We have a relatively short operating history, which limits our ability to forecast our future operating results and subjects us to a number of uncertainties, including with respect to our ability to plan for and model future growth. We have encountered and will continue to encounter risks and uncertainties frequently experienced by growing companies in developing industries. If our assumptions regarding these uncertainties, which we use to manage our business, are incorrect or change in response to changes in our markets, or if we do not address these risks successfully, our operating and financial results could differ materially from our expectations, our business could suffer and our stock price could decline. Any success that we may experience in the future will depend in large part on our ability to, among other things:

•maintain and expand our network of partners;

•build and maintain long-term relationships with marketers and their agencies;

•develop and offer competitive solutions that meet the evolving needs of marketers;

•expand our relationships with partners to enable us to use their purchase data for new solutions;

•improve the performance and capabilities of our solutions;

•successfully expand our business;

•successfully compete with other companies that are currently in, or may in the future enter, the markets for our solutions;

•increase market awareness of our solutions and enhance our brand;

•manage increased operating expenses as we continue to invest in our infrastructure to scale our business; and

•attract, hire, train, integrate and retain qualified and motivated employees.

Any failure of our partners