# EDGAR Filing Document

**Accession Number:** 0001666071
**File Stem:** 0001666071-25-000156
**Filing Date:** 2025-11
**Character Count:** 37691
**Document Hash:** 5b20ee787c3e24bff7aef8c7032b0f84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001666071-25-000156.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001666071-25-000156

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cardlytics, Inc.
- **CENTRAL INDEX KEY:** 0001666071
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 263039436
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38386
- **FILM NUMBER:** 251453958

**BUSINESS ADDRESS:**
- **STREET 1:** 675 PONCE DE LEON AVENUE, NE
- **STREET 2:** SUITE 4100
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30308
- **BUSINESS PHONE:** 888-798-5802

**MAIL ADDRESS:**
- **STREET 1:** 675 PONCE DE LEON AVENUE, NE
- **STREET 2:** SUITE 4100
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30308

?xml version='1.0' encoding='ASCII'? cdlx-20251105

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 5, 2025** 

![cardlytics_logoa30.jpg](cdlx-20251105_g1.jpg)

**CARDLYTICS, INC.** 

(Exact Name of Registrant as Specified in its Charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-38386** | **001-38386** | **26-3039436** |
| (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File Number) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |
| **675 Ponce de Leon Avenue NE, Suite 4100** | **Atlanta** | **Georgia** | **30308** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |
|  | **(888)** | **798-5802** |  |
| (Registrant's telephone, including area code) | (Registrant's telephone, including area code) | (Registrant's telephone, including area code) | (Registrant's telephone, including area code) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

<u>Title of each class</u> <u>Trading symbol</u> <u>Name of each exchange on which registered</u> <br> Common Stock CDLX The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

------

**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

On November 5, 2025, Cardlytics, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 30, 2025, as well as information regarding a conference call to discuss these financial results and the Company's recent corporate highlights. The Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Description** |
| 99.1 | <u>[Press release dated November 5, 2025](cdlx_form8-kx2025q3xex991.htm)</u> |
| 104 | The cover page from Cardlytics, Inc.'s Form 8-K filed on November 5, 2025, formatted in Inline XBRL. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **Cardlytics, Inc.** | **Cardlytics, Inc.** |
| Date: | November 5, 2025 | By: | /s/ Alexis DeSieno |
|  |  |  | Alexis DeSieno |
|  |  |  | Chief Financial Officer<br>*(Principal Financial and Accounting Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

![cdlxfy2017earnrelimg05a.jpg](cdlxfy2017earnrelimg05a.jpg)

**Cardlytics Announces Third Quarter 2025 Financial Results**

**Atlanta, GA** – November 5, 2025 – Cardlytics, Inc. (NASDAQ: CDLX), a commerce media platform, today announced financial results for the third quarter ended September 30, 2025.

"In Q3, we've taken decisive action that we believe will reset our business, improve our financial health, and set ourselves on a viable path to return to growth," said Amit Gupta, CEO of Cardlytics. "We are moving forward with sharper focus and discipline, prioritizing initiatives that build on our fundamental strengths and where we believe we can win. Our mandate is clear – continue to deliver for our partners and advertisers, strengthen what differentiates us, and unlock long-term value for our shareholders."

**Third Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $52.0 million, a decrease of 22% year-over-year compared to $67.1 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Billings, a non-GAAP metric, was $89.2 million, a decrease of 20% year-over-year compared to $112.0 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Contribution, a non-GAAP metric, was $30.0 million, a decrease of 17% year-over-year compared to $36.4 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Loss was $(72.7) million, or $(1.36) per diluted share, based on 53.5 million fully diluted weighted-average common shares, compared to a Net Loss of $(145.2) million, or $(2.90) per diluted share, based on 50.0 million fully diluted weighted-average common shares in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA, a non-GAAP metric, was $3.2 million compared to $(1.8) million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Loss was $(3.8) million, or $(0.07) per diluted share, based on 53.5 million fully diluted weighted-average common shares, compared to Adjusted Net Loss of $(7.5) million, or $(0.15) per diluted share, based on 50.0 million fully diluted weighted-average common shares in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities was $1.8 million, compared to $1.4 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow, a non-GAAP metric, was $(2.7) million, compared to $(3.9) million in the third quarter of 2024.

**Key Metrics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cardlytics monthly qualified users ("MQUs") were 230.3 million, an increase of 21% year-over-year, compared to 190.2 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cardlytics adjusted contribution per user ("ACPU") was $0.11 compared to $0.16 in the third quarter of 2024.

Definitions of MQUs and ACPU are included below under the caption "Other Performance Metrics."

------

**CARDLYTICS, INC.**

**SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)**

**(Dollars in thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | |
|  | **2025** | **2024** | <br>**Change %** |
| Billings<sup>(1)</sup> | $89193 | $111958 | (20)% |
| &nbsp;&nbsp;Consumer Incentives | 37162 | 44901 | (17)% |
| Revenue | 52031 | 67057 | (22)% |
| &nbsp;&nbsp;Partner Share and other third-party costs | 22001 | 30675 | (28)% |
| Adjusted Contribution<sup>(1)</sup> | 30030 | 36382 | (17)% |
| &nbsp;&nbsp;Delivery costs | 5730 | 7830 | (27)% |
| Gross Profit | $24300 | $28552 | (15)% |
| Net Loss | $(72673) | $(145182) | (50)% |
| Adjusted EBITDA<sup>(1)</sup> | $3204 | $(1816) | na |
| &nbsp;&nbsp;Adjusted Contribution |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Billings | 33.7% | 32.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Revenue | 57.7% | 54.3% |  |
| &nbsp;&nbsp;Adjusted EBITDA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Billings | 3.6% | (1.6)% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Revenue | 6.2% | (2.7)% |  |

---

(1)Billings, Adjusted Contribution and Adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA."

**Fourth Quarter 2025 Financial Expectations**

Cardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):

---

| | | |
|:---|:---|:---|
| | **Q4 2025 Guidance** | **YoY Change** |
| Billings<sup>(1)</sup> | $86.0 - $96.0 | (26%) - (17%) |
| Revenue | $51.1 - $59.1 | (31%) - (20%) |
| Adjusted Contribution<sup>(2)</sup> | $29.0 - $35.0 | (29%) - (14%) |
| Adjusted EBITDA<sup>(2)</sup> | $0.9 - $7.9 | ($5.5) - $1.5 |

---

(1)A reconciliation of Billings to GAAP Revenue on a forward-looking basis is presented below under the heading "Reconciliation of Forecasted GAAP Revenue to Billings."

(2)A reconciliation of Adjusted Contribution to GAAP Gross Profit and a reconciliation of Adjusted EBITDA to Net Loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.

**Earnings Teleconference Information**

Cardlytics will discuss its third quarter 2025 financial results during a live audio webcast today, November 5, 2025, at 5:00 PM ET / 2:00 PM PT. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics' website.

**About Cardlytics**

------

**Cautionary Language Concerning Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements related to our strategic initiatives to strengthen our business

and market position and to our financial guidance for the fourth quarter of 2025. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to unfavorable conditions, including, but not limited to, inflationary pressure or the imposition of tariffs and other trade protection measures, in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to our substantial dependence on our Cardlytics platform; risks related to our substantial dependence on JPMorgan Chase Bank, National Association ("Chase"), Bank of America, National Association ("Bank of America"), Wells Fargo Bank, National Association ("Wells Fargo"), American Express Travel Related Services Company, Inc. ("American Express") and a limited number of other financial institution ("FI") partners; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors; our ability to generate sufficient revenue to offset contractual commitments to FI partners; our ability to attract new partners, including FI partners, and maintain relationships with bank processors and digital banking providers; risks related to our competitive market, including our ability to compete successfully with our current or future competitors; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing partners and retailers, and develop and launch new services and features; and other risks detailed in the "Risk Factors" section of our Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results.

The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

**Non-GAAP Measures and Other Performance Metrics**

To supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States ("GAAP"), we also present the following non-GAAP measures of financial performance in this press release: Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Loss, Adjusted Net Loss per share and Free Cash Flow, as well as certain other performance metrics, such as MQUs and ACPU.

A "non-GAAP financial measure" refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.

------

We have presented Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for services in order to generate revenue. Cardlytics platform Billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP Revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform Billings is the same as Bridg platform GAAP Revenue. Adjusted Contribution measures the degree by which Revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted Contribution demonstrates how incremental Revenue on our platforms generates incremental amounts to support our sales and marketing, research and development, general and administrative and other investments. Adjusted Contribution is calculated by taking our total Revenue less our Partner Share and other third-party costs. Adjusted Contribution does not take into account all costs associated with generating Revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. Management views Adjusted Contribution as the most relevant metric to measure the financial performance as it reflects the dollars we keep after all of our partners are paid. Adjusted EBITDA represents our Net Loss before interest expense, net; depreciation and amortization; stock-based compensation expense; foreign currency loss (gain); gain on debt extinguishment; acquisition, integration and divestiture costs; loss (gain) on disposal or divestiture; change in contingent consideration; reduction in force; and, in applicable periods, certain other income and expense items, such as impairment of goodwill and intangible assets; income tax benefit; and deferred implementation costs. Adjusted Net Loss as our Net Loss before stock-based compensation expense; foreign currency loss (gain); gain on debt extinguishment; acquisition, integration and divestiture costs; amortization of acquired intangibles; loss (gain) on disposal or divestiture; change in contingent consideration; reduction in force; and, in applicable periods, certain other income and expense items, such as impairment of goodwill and intangible assets and income tax benefit. We define Adjusted Net Loss per share as Adjusted Net Loss divided by our weighted-average common shares outstanding, diluted. We define Free Cash Flow as net cash provided by (used in) operating activities, plus acquisition of property and equipment and capitalized software development costs and, in applicable periods, acquisition of patents. We believe free cash flow is useful to measure the funds generated in a given period that are available for distribution or to sustain the business. We believe this supplemental information enhances stockholders' ability to evaluate our performance.

We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.

We define MQUs as targetable customers that have made a transaction using their account with an FI Partner or non-FI Partner in a given month, excluding pilot supply during the ramp up period, and whose transaction data was shared with Cardlytics. We then calculate a monthly average of these MQUs for the periods presented. We believe that the number of MQUs is an indicator of the Cardlytics platform's ability to drive engagement and is reflective of the consumer base and insights that we offer to marketers. We define ACPU as the Cardlytics platform Adjusted Contribution generated in the applicable period, divided by Cardlytics average MQUs in the applicable period. We believe that Adjusted Contribution is the most relevant metric as it reflects the value Cardlytics keeps after subtracting out rewards, Partner Share and other third-party costs. We believe that ACPU measures the Cardlytics platform's efficiency in converting marketer budgets into the value generated by customer engagement.

------

**CARDLYTICS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**(Amounts in thousands, except par value amounts)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $43961 | $65594 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and contract assets, net | 85496 | 103252 |
| &nbsp;&nbsp;&nbsp;Other receivables | 5908 | 3801 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 5345 | 5336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 140710 | 177983 |
| Long-term assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 2206 | 2596 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets under operating leases, net | 5328 | 6341 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 7007 | 11371 |
| &nbsp;&nbsp;&nbsp;Goodwill | 110305 | 159429 |
| &nbsp;&nbsp;&nbsp;Capitalized software development costs, net | 25595 | 33341 |
| &nbsp;&nbsp;&nbsp;Other long-term assets, net | 1656 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $292807 | $392711 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $3613 | $3689 |
| &nbsp;&nbsp;Accrued liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 7295 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 7474 | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partner Share liability | 22153 | 32479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Incentive liability | 32109 | 45513 |
| &nbsp;&nbsp;Short-term debt | 46070 | 45863 |
| &nbsp;&nbsp;Deferred revenue and other liabilities | 3372 | 2154 |
| &nbsp;&nbsp;Current operating lease liabilities | 1617 | 2025 |
| &nbsp;&nbsp;Current contingent consideration |  | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 123703 | 148955 |
| Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Convertible senior notes, net | 168570 | 167729 |
| &nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 5176 | 6034 |
| &nbsp;&nbsp;&nbsp;Long-term deferred revenue | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $297511 | $322718 |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;Common stock, $0.0001 par value—100,000 shares authorized, 53,806 and 51,257 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | $10 | $10 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1393138 | 1366958 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (2038) | 3601 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1395814) | (1300576) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' (deficit) equity | (4704) | 69993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $292807 | $392711 |

---

------

**CARDLYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(Amounts in thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $52031 | $67057 | $177178 | $204301 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Partner Share and other third-party costs | 22001 | 30675 | 78554 | 94476 |
| &nbsp;&nbsp;&nbsp;Delivery costs | 5730 | 7830 | 19901 | 21664 |
| &nbsp;&nbsp;&nbsp;Sales and marketing expense | 7865 | 13163 | 31954 | 41306 |
| &nbsp;&nbsp;&nbsp;Research and development expense | 8799 | 13194 | 31800 | 39712 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 10854 | 12076 | 37537 | 42712 |
| &nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture costs |  |  |  | 162 |
| &nbsp;&nbsp;&nbsp;Change in contingent consideration |  | 100 | 102 | 110 |
| &nbsp;&nbsp;Impairment of goodwill and intangible assets | 58843 | 131595 | 58843 | 131595 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on disposal or divestiture | 320 |  | (4831) |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 6473 | 6970 | 19039 | 19749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 120885 | 215603 | 272899 | 391486 |
| Operating Loss | (68854) | (148546) | (95721) | (187185) |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (2007) | (1479) | (5780) | (3859) |
| &nbsp;&nbsp;&nbsp;Foreign currency (loss) gain | (1812) | 4843 | 6263 | 4312 |
| &nbsp;&nbsp;&nbsp;Gain on debt extinguishment |  |  |  | 13017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income | (3819) | 3364 | 483 | 13470 |
| Loss before income taxes | (72673) | (145182) | (95238) | (173715) |
| Net Loss | $(72673) | $(145182) | $(95238) | $(173715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Loss per share, basic and diluted | $(1.36) | $(2.90) | $(1.81) | $(3.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic and diluted | 53493 | 50028 | 52708 | 47469 |

---

**CARDLYTICS, INC.**

**STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Delivery costs | $440 | $675 | $1441 | $2039 |
| Sales and marketing expense | 560 | 2096 | 3710 | 8140 |
| Research and development expense | 2575 | 3448 | 8514 | 12031 |
| General and administrative expense | 2847 | 1846 | 8952 | 9484 |
| &nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $6422 | $8065 | $22617 | $31694 |

---

------

**CARDLYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net Loss | $(95238) | $(173715) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense | 1782 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19039 | 19749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs charged to interest expense | 1194 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 1789 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal or divestiture | (4831) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt extinguishment |  | (13017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 22617 | 31694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill and intangible assets | 58843 | 131595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in contingent consideration | 102 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash income, net | (6251) | (4136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 14808 | 12909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (230) | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (193) | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 1762 | (3192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partner Share liability | (10920) | (18330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Incentive liability | (7993) | (2903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (3720) | (11803) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (455) | (1439) |
| &nbsp;&nbsp;&nbsp;Capitalized software development costs | (12770) | (13423) |
| &nbsp;&nbsp;&nbsp;Business divestiture and acquisitions, net of cash acquired | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (13025) | (14660) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of debt | 50000 | 172500 |
| &nbsp;&nbsp;&nbsp;Settlement of contingent consideration | (5000) | (14167) |
| &nbsp;&nbsp;&nbsp;Principal payment of debt | (50000) | (199291) |
| &nbsp;&nbsp;Proceeds from termination of capped calls related to convertible notes |  | 115 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock |  | 48634 |
| &nbsp;&nbsp;&nbsp;Equity issuance costs |  | (309) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (105) | (5836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (5105) | 1646 |
| Effect of exchange rates on cash and cash equivalents | 217 | (25) |
| Net decrease in cash and cash equivalents | (21633) | (24842) |
| Cash and cash equivalents — Beginning of period | 65594 | 91830 |
| Cash and cash equivalents — End of period | $43961 | $66988 |

---

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**CARDLYTICS, INC.**

**RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Consolidated** |  |  |  |  |
| Revenue | $52031 | $67057 | $177178 | $204301 |
| &nbsp;&nbsp;Plus: |  |  |  |  |
| &nbsp;&nbsp;Consumer Incentives | 37162 | 44901 | 113644 | 123260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Billings | $89193 | $111958 | $290822 | $327561 |
| **Cardlytics platform** |  |  |  |  |
| Revenue | $46962 | $61110 | $161438 | $187345 |
| &nbsp;&nbsp;Plus: |  |  |  |  |
| &nbsp;&nbsp;Consumer Incentives | 37162 | 44901 | 113644 | 123260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Billings | $84124 | $106011 | $275082 | $310605 |
| **Bridg platform** |  |  |  |  |
| Revenue | $5069 | $5947 | $15740 | $16956 |
| &nbsp;&nbsp;Plus: |  |  |  |  |
| &nbsp;&nbsp;Consumer Incentives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billings | $5069 | $5947 | $15740 | $16956 |

---

**CARDLYTICS, INC.**

**RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED)**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $52031 | $67057 | $177178 | $204301 |
| Minus: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Partner Share and other third-party costs | 22001 | 30675 | 78554 | 94476 |
| &nbsp;&nbsp;Delivery costs<sup>(1)</sup> | 5730 | 7830 | 19901 | 21664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit | 24300 | 28552 | 78723 | 88161 |
| Plus: |  |  |  |  |
| &nbsp;&nbsp;Delivery costs<sup>(1)</sup> | 5730 | 7830 | 19901 | 21664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Contribution | $30030 | $36382 | $98624 | $109825 |

---

(1)Stock-based compensation expense recognized in consolidated delivery costs totaled $0.4 million and $0.7 million during the three months ended September 30, 2025 and 2024, respectively. Stock-based compensation expense recognized in consolidated delivery costs totaled $1.4 million and $2.0 million during the nine months ended September 30, 2025 and 2024, respectively.

------

**CARDLYTICS, INC.**

**RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net Loss | $(72673) | $(145182) | $(95238) | $(173715) |
| &nbsp;&nbsp;Plus: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 2007 | 1479 | 5780 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6473 | 6970 | 19039 | 19749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 6422 | 8065 | 22617 | 31694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency loss (gain) | 1812 | (4843) | (6263) | (4312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt extinguishment |  |  |  | (13017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture costs |  |  |  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal or divestiture | 320 |  | (4831) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in contingent consideration |  | 100 | 102 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill and intangible assets | 58843 | 131595 | 58843 | 131595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in force |  |  | 1474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $3204 | $(1816) | $1523 | $(3875) |

---

**CARDLYTICS, INC.**

**RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET LOSS**

**AND ADJUSTED NET LOSS PER SHARE (UNAUDITED)**

**(Amounts in thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net Loss | $(72673) | $(145182) | $(95238) | $(173715) |
| Plus: |  |  |  |  |
| &nbsp;&nbsp;Stock-based compensation expense | 6422 | 8065 | 22617 | 31694 |
| &nbsp;&nbsp;Foreign currency loss (gain) | 1812 | (4843) | (6263) | (4312) |
| &nbsp;&nbsp;Gain on debt extinguishment |  |  |  | (13017) |
| &nbsp;&nbsp;Acquisition, integration and divestiture costs |  |  |  | 162 |
| &nbsp;&nbsp;Amortization of acquired intangibles | 1455 | 2785 | 4364 | 8355 |
| &nbsp;&nbsp;Loss (gain) on disposal or divestiture | 320 |  | (4831) |  |
| &nbsp;&nbsp;Change in contingent consideration |  | 100 | 102 | 110 |
| &nbsp;&nbsp;Impairment of goodwill and intangible assets | 58843 | 131595 | 58843 | 131595 |
| &nbsp;&nbsp;Reduction in force | $— | $— | $(1474) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Loss | $(3821) | $(7480) | $(21880) | $(19128) |
| &nbsp;&nbsp;Weighted-average number of shares of common stock used in computing Adjusted Net Loss per share: |  |  |  |  |
| &nbsp;&nbsp;Weighted-average common shares outstanding, diluted | 53493 | 50028 | 52708 | 47469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Loss per share, diluted | $(0.07) | $(0.15) | $(0.42) | $(0.40) |

---

------

**CARDLYTICS, INC.**

**RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $1761 | $1388 | $(3720) | $(11803) |
| Plus: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (14) | (507) | (455) | (1439) |
| &nbsp;&nbsp;&nbsp;Capitalized software development costs | (4450) | (4750) | (12770) | (13423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow | $(2703) | $(3869) | $(16945) | $(26665) |

---

**CARDLYTICS, INC.**

**RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED)**

**(Amounts in thousands)**

---

| | |
|:---|:---|
| | **Q4 2025** |
| Revenue | $51.1 - $59.1 |
| Plus: |  |
| &nbsp;&nbsp;&nbsp;Consumer Incentives | $26.9 - $44.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Billings | $86.0 - $96.0 |

---

**Contacts:**

Public Relations:

pr@cardlytics.com

Investor Relations:

ir@cardlytics.com