Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 50

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1A
Chunk 50
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, including the timing of our payments of Partner Share and Partner Share commitments as compared to the timing of our receipt of payments from our marketers;

•changes in demand for our solutions or similar solutions;

•seasonal trends in the marketing industry;

•competitive market position, including changes in the pricing policies of our competitors;

•exposure related to our international operations and foreign currency exchange rates, including as a result of the impact of recently announced tariffs by the U.S. government;

•quarantine, private travel limitation, or business disruption in regions affecting our operations, stemming from actual, imminent or perceived outbreak of contagious disease;

•other events or factors, including those resulting from war, such as hostilities between Russia and Ukraine, and the current armed conflict in the Middle East, and incidents of terrorism;

•expenses associated with items such as litigation, regulatory changes, cyberattacks or security breaches;

•the introduction of new technologies, products or solution offerings by competitors; and

•costs related to acquisitions of other businesses or technologies.

Fluctuations in our quarterly operating results, non-GAAP and other metrics and the price of our common stock may be particularly pronounced in the current economic environment. Each factor above or discussed elsewhere in this "Risk Factors" section or the cumulative effect of some of these factors may result in fluctuations in our operating results. This variability and unpredictability could result in our failure to meet expectations with respect to operating results, or those of securities analysts or investors, for a particular period. If we fail to meet or exceed expectations for our operating results for these or any other reasons, the market price of our stock could fall and we could face costly lawsuits, including securities class action suits.

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We may not achieve or sustain revenue and billings growth in the future.

Our revenue decreased 22.4% to $52.0 million during the nine months ended September 30, 2025 from $67.1 million during the nine months ended September 30, 2024. Our billings decreased 20.3% to $89.2 million during the nine months ended September 30, 2025 from $112.0 million during the nine months ended September 30, 2024. We may not be able to achieve or maintain year-over-year billings growth and may not see revenue growth in the near term or at all, and you should not consider our revenue and billings growth in any specific historical periods as indicative of our future performance. Our revenue and billings may