Cardlytics (CDLX) investor relations material

Executive summary

• Achieved a strategic reset in 2025, focusing on self-sustainability, operational efficiency, and a leaner organization, with improved cost discipline and operational focus.

• Revenue declined 24.2% year-over-year in Q4 2025 and 16.2% for the full year, reflecting business reset and the end of major campaigns.

• Adjusted EBITDA rose to $8.5M in Q4 and $10.1M for the year, indicating better underlying profitability.

• MQUs grew 18.4% in Q4 and 17.7% for the year, but ACPU fell 35% in Q4 and 25.4% for the year.

• Ended relationship with Bank of America due to misalignment on economics and product direction, but deepened ties with other FI partners.

Financial highlights

• FY2025 billings were $385M, down 13.3% year-over-year; revenue was $233.3M, down 16.2% year-over-year.

• Q4 billings were $94.1M, down 19% year-over-year; Q4 revenue was $56.1M, down 24.2% year-over-year.

• Annual Adjusted EBITDA was $10.1M, up $7.5M year-over-year; Q4 Adjusted EBITDA was $8.5M, up $2.1M year-over-year.

• Q4 adjusted contribution was $31.7M, down 22.1% year-over-year; full year: $130.3M, down 13.4% year-over-year.

• Q4 net loss: $8.3M vs. $15.6M prior year; full year net loss: $103.5M vs. $189.3M prior year.

• Q4 free cash flow: $10.5M (up $11.9M YoY); full year: $(6.5)M (up $21.6M YoY).

Outlook and guidance

• Q1 2026 billings expected between $57.5M and $63.5M, revenue between $35M and $40M, Adjusted Contribution between $20M and $23M, and Adjusted EBITDA between -$7.5M and -$3.5M.

• Q1 billings guidance represents a 41% to 35% year-over-year decrease, mainly due to Bank of America exit and content restrictions.

• U.K. business expected to continue growing in Q1, with revenue as a percentage of billings in the low 60% range.

• Operating expenses for Q1 expected at or below $27M, a 27% reduction year-over-year.

• Confident in sequential growth returning later in 2026 as platform recalibrates post-BofA exit.