Cardlytics (CDLX) investor relations material

Executive summary

• Revenue for Q2 2026 was $36.9 million, down 36% year-over-year, with billings at $65.5 million, down 34% year-over-year, driven by the exit of a major U.S. FI partner and lower billings.

• Adjusted Contribution was $21.3 million, down 32% year-over-year, and Adjusted EBITDA was $1.7 million, compared to $3.0 million in Q2 2025.

• Net loss widened to $14.9 million from $9.3 million in the prior year period.

• The Bridg platform was divested in March 2026, resulting in a $13.9 million gain and a strategic shift to focus on the core purchase intelligence platform.

• Management highlighted improved margins each month, new advertiser relationships, and AI-driven technology enhancements.

Financial highlights

• Revenue: $36.9 million (Q2 2026), down 36% year-over-year; billings: $65.5 million, down 34% year-over-year.

• Adjusted Contribution: $21.3 million, down 32% year-over-year; Adjusted EBITDA: $1.7 million, down from $3.0 million year-over-year.

• Net loss: $14.9 million, compared to $9.3 million in Q2 2025; operating loss: $5.4 million, improved from $9.6 million.

• Adjusted operating expenses decreased 31% year-over-year to $19.6 million.

• Cash and cash equivalents were $28.0 million at quarter-end, with $20 million available on the credit facility.

Outlook and guidance

• Q3 2026 guidance: Billings $61–67 million, Revenue $34–39 million, Adjusted Contribution $20–23 million, Adjusted EBITDA $0–3 million.

• Guidance reflects comparable performance to Q2 as the business solidifies and matures; year-over-year declines expected to moderate.

• Free cash flow expected to trend closer to Adjusted EBITDA going forward.