Cardlytics, Inc. (CDLX)
NASDAQ:CDLX
Want to see CDLX full AI Analyst Report?
Top Page
Cardlytics
(NASDAQ:CDLX)
Select Model
Select Model
Rating:45Neutral
Price Target:
$5.00
▲(395.05% Upside)
Action:Reiterated
Date:06/09/26
The score is held down primarily by weak financial performance (large ongoing losses, declining revenue, and negative equity with substantial debt). Technicals also remain bearish with the price far below major moving averages despite oversold readings. Offsetting factors include improving cash flow and operational efficiency cited on the earnings call, plus guidance for sequential improvement, but these are not yet strong enough to outweigh the balance-sheet and top-line risks.
Positive Factors
Margin Expansion / Cost Discipline
Record adjusted contribution margin and a 38% year‑over‑year reduction in adjusted operating expenses demonstrate durable cost discipline. Sustained margin expansion increases per‑campaign profitability, lowers cash burn, and creates a clearer path to operating profitability even if top‑line growth is gradual.
Negative Factors
Weak Balance Sheet / Leverage
High leverage and negative shareholders' equity materially weaken capital structure resilience. This raises refinancing and covenant risk, restricts strategic flexibility, and increases dependence on asset sales or external capital to fund operations, a structural constraint on long‑term strategy execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion / Cost Discipline
Record adjusted contribution margin and a 38% year‑over‑year reduction in adjusted operating expenses demonstrate durable cost discipline. Sustained margin expansion increases per‑campaign profitability, lowers cash burn, and creates a clearer path to operating profitability even if top‑line growth is gradual.
Read all positive factors
Cardlytics (CDLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.65M
Dividend YieldN/A
Average Volume (3M)793.43K
Price to Earnings (P/E)―
Beta (1Y)2.51
Revenue Growth-24.54%
EPS Growth42.74%
CountryUS
Employees440
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-17.80
Shares Outstanding5,807,863
10 Day Avg. Volume559,807
30 Day Avg. Volume793,426
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-9.39
Price to Sales (P/S)0.26
P/FCF Ratio6.93
Enterprise Value/Market Cap7.71
Enterprise Value/Revenue1.04
Enterprise Value/Gross Profit2.21
Enterprise Value/Ebitda-3.12
Forecast
1Y Price Target
$1.00Price Target Upside-0.99% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-8.77
Revenue Forecast (FY)$152.79M
Cardlytics Business Overview & Revenue Model
Company Description
Cardlytics, Inc. provides an advertising platform, operating in both the United States and the United Kingdom. Among its key offerings is the Cardlytics platform, a proprietary advertising channel integrated directly into banks' digital environmen...
How the Company Makes Money
Cardlytics primarily makes money by selling advertising and marketing programs to merchants (and their agencies) that are delivered to consumers through participating financial institutions’ digital banking channels. The company’s platform uses tr...
Cardlytics Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong execution on cost reductions, margin expansion (60.6% adjusted contribution margin), positive adjusted EBITDA on a continued-operations basis, improved cash-flow trends, robust U.K. growth (+21% YoY) and product/AI progress. However, these operational improvements were offset by significant year-over-year declines in core scale metrics (billings -37%, revenue -39%), a 21.3% drop in ACPU, and the material impact of losing Bank of America as a partner. Management provided sequential-growth guidance for Q2, indicating confidence in recovery, but near-term top-line weakness remains notable.Positive Updates
Supply Stabilization and FI Engagement
Supply has stabilized with many existing financial-institution partners actively engaging; new cardholder portfolios to be onboarded later this year and incentive programs (e.g., Double Days) drove 0.25 million new activators.
Negative Updates
Significant Year-over-Year Revenue and Billings Declines
Q1 billings from continued operations were $58.1 million, a 37% decrease year-over-year. Q1 revenue from continued operations was $34.3 million, down 39% year-over-year (total revenue inclusive of Bridg was $38.5M).
Read all updates
Q1-2026 Updates
Positive
Negative
Supply Stabilization and FI Engagement
Supply has stabilized with many existing financial-institution partners actively engaging; new cardholder portfolios to be onboarded later this year and incentive programs (e.g., Double Days) drove 0.25 million new activators.
Read all positive updates
Company Guidance
The company guided Q2 2026 (excluding Bridg) to billings of $61–67M, revenue of $35–40M, adjusted contribution of $20–23M and adjusted EBITDA of -$2.7M to $1.3M, representing sequential growth of ~10% for billings and ~9% for both revenue and adjusted contribution versus Q1 continued operations. For context, Q1 continued-op results were billings $58.1M (total incl. Bridg $62.3M), revenue $34.3M (total $38.5M), adjusted contribution $19.7M (total $23.3M) and adjusted EBITDA $0.2M (total -$2.2M), with an all‑time high adjusted contribution margin of 60.6%; Q1 ended with $35.7M cash, MQUs of $197M and ACPU of $0.10 (down 21.3% YoY).Cardlytics Financial Statement Overview
Summary
Income Statement
23
Negative
Balance Sheet
18
Very Negative
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 205.69M | 233.27M | 278.30M | 309.20M | 298.54M | 267.12M |
| Gross Profit | 96.59M | 105.08M | 120.89M | 130.38M | 112.63M | 103.34M |
| EBITDA | -68.24M | -19.73M | -152.53M | -99.00M | -420.41M | -88.21M |
| Net Income | -94.69M | -103.49M | -189.30M | -134.70M | -465.26M | -128.56M |
Balance Sheet | ||||||
| Total Assets | 263.91M | 285.64M | 392.71M | 574.14M | 691.24M | 1.26B |
| Cash, Cash Equivalents and Short-Term Investments | 59.80M | 48.72M | 65.59M | 91.83M | 121.91M | 233.47M |
| Total Debt | 210.03M | 215.31M | 221.65M | 266.11M | 235.26M | 197.23M |
| Total Liabilities | 267.91M | 292.15M | 322.72M | 439.35M | 479.63M | 573.10M |
| Stockholders Equity | -4.00M | -6.51M | 69.99M | 134.80M | 211.60M | 690.70M |
Cash Flow | ||||||
| Free Cash Flow | 5.89M | 8.81M | -28.12M | -12.58M | -67.39M | -51.09M |
| Operating Cash Flow | 10.35M | 9.29M | -8.82M | -185.00K | -53.90M | -38.52M |
| Investing Cash Flow | -13.70M | -15.30M | -18.75M | -10.06M | -15.76M | -506.69M |
| Financing Cash Flow | -13.11M | -11.12M | 1.44M | -20.03M | -39.99M | 486.00M |
Cardlytics Technical Analysis
Negative
1.01
Price Trends
8.24
Negative
8.70
Negative
11.97
Negative
Market Momentum
-0.69
Positive
24.51
Positive
16.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDLX, the sentiment is Negative. The current price of 1.01 is below the 20-day moving average (MA) of 6.49, below the 50-day MA of 8.24, and below the 200-day MA of 11.97, indicating a bearish trend. The MACD of -0.69 indicates Positive momentum. The RSI at 24.51 is Positive, neither overbought nor oversold. The STOCH value of 16.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CDLX.
Cardlytics Risk Analysis
Cardlytics disclosed 57 risk factors in its most recent earnings report. Cardlytics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cardlytics Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $693.94M | 10.57 | 23.85% | ― | 14.75% | ― | |
64 Neutral | $1.71B | 38.42 | 2.55% | ― | -1.81% | -35.73% | |
64 Neutral | $991.53M | -25.54 | -10.81% | 1.29% | 14.04% | -1310.49% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $854.17M | 7.50 | 10.17% | ― | -0.43% | -15.84% | |
45 Neutral | $27.65M | -0.28 | -870.86% | ― | -24.54% | 42.74% |
* Communication Services Sector Average
CDLX
Cardlytics
4.83
-12.27
-71.75%
ZD
Ziff Davis
45.80
11.96
35.34%
QNST
Quinstreet
12.31
-3.55
-22.38%
CRTO
Criteo SA
17.63
-8.71
-33.07%
EEX
Emerald Expositions Events
5.03
0.23
4.88%
Cardlytics Corporate Events
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Cardlytics Announces Reverse Stock Split Amid Nasdaq Deficiency
Negative
Jun 3, 2026
On June 3, 2026, Cardlytics received notice from Nasdaq that its common stock had closed below the $1.00 minimum bid price for 30 consecutive business days, triggering a deficiency under Nasdaq’s continued listing rules. The company has unti...
Executive/Board ChangesShareholder MeetingsStock Split
Cardlytics Shareholders Approve Reverse Split and Board Slate
Neutral
May 20, 2026
At its annual meeting held on May 20, 2026, Cardlytics, Inc. reported that 63.54% of outstanding shares were represented, and shareholders elected three board nominees—Amit Gupta, Jack Klinck and Shrishti Gupta—as Class II directors to...
Executive/Board Changes
Cardlytics Announces Planned Resignation of Chief Legal Officer
Neutral
May 12, 2026
On May 10, 2026, Cardlytics, Inc. announced that Chief Legal and Privacy Officer Nick Lynton intends to resign, effective upon the appointment of his successor or by the close of business on July 3, 2026, whichever comes first. The move introduces...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.