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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Cardlytics (CDLX) investor relations material
Cardlytics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue was $52.0 million, down 22% year-over-year, with billings of $89.2 million, down 20.3%, mainly due to a major FI partner's content block and lower sales to existing marketers.
Net loss improved to $(72.7) million from $(145.2) million in Q3 2024, driven by lower impairment charges and cost reductions, including a 30% workforce reduction for $26 million in annualized savings.
Strategic focus on diversifying supply, growing advertiser demand, expanding CRP partners, and enhancing platform capabilities through new partnerships and product innovations.
Bank of America issued a non-renewal notice, impacting future revenue, while a key agreement with JPMorgan Chase was extended to 2028.
Management emphasized a strategic reset and disciplined execution to return to growth, with confidence in long-term prospects.
Financial highlights
Q3 2025 billings were $89.2 million (down 20.3% year-over-year); revenue was $52.0 million (down 22.4%); adjusted contribution was $30.0 million (down 17.5%).
Adjusted EBITDA was $3.2 million, up $5.0 million year-over-year; net loss per share was $(1.36), improved from $(2.90) in Q3 2024.
Operating cash flow was $1.8 million; free cash flow was negative $2.7 million, an improvement from prior year.
Ended Q3 with $44 million in cash and cash equivalents, with $12.4 million in unused borrowing capacity.
Gross margin for Q3 2025 was 47%, up from 43% in Q3 2024.
Outlook and guidance
Q4 2025 billings expected between $86–$96 million, revenue $51.1–$59.1 million, adjusted EBITDA $(5.5) million to $7.9 million.
Billings guidance implies a 17–26% year-over-year decrease, mainly due to further content restrictions.
Adjusted contribution margin expected in the mid to high 50% range; operating expenses to be at or below $28 million, down 19% year-over-year.
Management expects sufficient liquidity for at least 12 months but may need additional capital for long-term growth.
Positive adjusted EBITDA expected for Q4 and full year 2025.
Newest FI partner's Q4 billings trajectory
Breakdown of $26M annualized savings for 2026
CRP's expected 2026 financial contribution?
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Next Cardlytics earnings date
Q4 202512 Mar, 2026
Next Cardlytics earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Cardlytics Inc operates a purchase intelligence platform that helps make marketing more relevant and measurable. The company's platform enables marketers to have access to purchase insights based on aggregate, anonymized transaction data from millions of debit, credit and prepaid cards, while providing consumers with highly personalized and valuable offers directly within their existing banking environment.
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