Cardlytics Inc (CDLX)
NASDAQ:CDLX
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Cardlytics
(NASDAQ:CDLX)
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Rating:43Neutral
Price Target:
$0.95
▼(-5.54% Downside)
Action:ReiteratedDate:04/10/26
CDLX scores low primarily due to weak financial fundamentals (persistent net losses and balance-sheet strain with negative equity alongside substantial debt) and a pressured near-term outlook from Q1 2026 guidance tied to partner/content disruptions and the Bank of America exit. Partially offsetting this are improved operating efficiency and positive recent cash generation, plus mildly improving short-term technical momentum.
Positive Factors
Operating efficiency
A roughly 40% cut in infrastructure costs via platform migration and ad-server unification materially lowers fixed operating leverage. Sustained lower tech spend and 20% faster feature delivery improve margin durability, speed to market, and the company's ability to scale with less incremental cost.
Negative Factors
Loss of major FI partner
The exit of a top financial-institution partner reduces audience reach and high-yield inventory, impairing targeting and short-to-medium term revenue. Restoring equivalent supply or economics may take many quarters and can permanently reduce average campaign yields.
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Positive Factors
Negative Factors
Operating efficiency
A roughly 40% cut in infrastructure costs via platform migration and ad-server unification materially lowers fixed operating leverage. Sustained lower tech spend and 20% faster feature delivery improve margin durability, speed to market, and the company's ability to scale with less incremental cost.
Read all positive factors
Cardlytics (CDLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.62M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)―
Beta (1Y)2.48
Revenue Growth-16.18%
EPS Growth49.62%
CountryUS
Employees440
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.15
Shares Outstanding55,070,710
10 Day Avg. Volume2,000,092
30 Day Avg. Volume1,587,123
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 Cap4.36
Enterprise Value/Revenue0.93
Enterprise Value/Gross Profit2.06
Enterprise Value/Ebitda-3.26
Forecast
1Y Price Target
$1.13Price Target Upside11.39% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-0.84
Revenue Forecast (FY)$219.14M
Cardlytics Business Overview & Revenue Model
Company Description
Cardlytics, Inc. operates an advertising platform in the United States and the United Kingdom. It offers Cardlytics platform, a proprietary native bank advertising channel that enables marketers to reach customers through their network of financia...
How the Company Makes Money
Cardlytics primarily makes money by enabling merchants/advertisers to run performance-oriented advertising and promotional campaigns that are delivered to consumers through participating financial institutions’ digital banking channels. In this mo...
Cardlytics Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: meaningful operational and financial improvements (positive adjusted EBITDA, expense reductions, technology modernization, strong UK performance and notable advertiser wins) are offset by pronounced top-line pressure (material year-over-year declines in billings and revenue, a sharp Q1 guide decline, ACPU deterioration), the loss of a major FI partner (Bank of America), and the divestiture of Bridg that limits certain product capabilities in the near term. Management emphasizes a path to self-sustainability, sequential recovery, and several execution levers (new portfolios, UI enhancements, reinvestment in rewards, and Bridg proceeds to bolster the balance sheet) that could drive recovery later in 2026.Positive Updates
Positive Adjusted EBITDA and Improved Profitability
Fiscal 2025 annual adjusted EBITDA of $10.1M, up $7.5M year-over-year; Q4 adjusted EBITDA of $8.5M, up $2.1M year-over-year. Q4 adjusted contribution of $31.7M with margin expanded to 56.5% (highest to date).
Negative Updates
Significant Top-Line Declines
Fiscal 2025 billings of $385M, down 13.3% year-over-year, and revenue of $233M, down 16.2% year-over-year. Q4 billings $94.1M, down 19% year-over-year; Q4 revenue $56.1M, down 24.2% year-over-year; U.S. revenue (ex. Bridg) $40.1M, down 33.5% year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Positive Adjusted EBITDA and Improved Profitability
Fiscal 2025 annual adjusted EBITDA of $10.1M, up $7.5M year-over-year; Q4 adjusted EBITDA of $8.5M, up $2.1M year-over-year. Q4 adjusted contribution of $31.7M with margin expanded to 56.5% (highest to date).
Read all positive updates
Company Guidance
For Q1 2026 Cardlytics guided billings of $57.5–$63.5 million (a −41% to −35% YoY decline), revenue of $35–$40 million (implying revenue as a percentage of billings in the low‑60% range), adjusted contribution of $20–$23 million (expected to be mid‑to‑high‑50% of revenue) and adjusted EBITDA of −$7.5 million to −$3.5 million; management said the primary drivers of the guidance are content restrictions at a large FI and the January 15 exit of Bank of America, with continued U.K. growth and an expectation to level-set and grow sequentially thereafter, operating expenses expected at or below $27 million in Q1 (ex‑stock compensation and severance, a 27% reduction YoY), and noted that proceeds from the planned Bridg sale should bolster the balance sheet — all in the context of Q4 results of $94.1M billings (−19% YoY), $56.1M revenue (−24.2% YoY), $31.7M adjusted contribution (56.5% margin), $8.5M adjusted EBITDA, 227M MQUs (+18% YoY), ACPU of $0.12 (−35% YoY), $48.7M cash on hand and $40.1M drawn on the credit facility.Cardlytics Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 233.27M | 278.30M | 309.20M | 298.54M | 267.12M |
| Gross Profit | 105.08M | 120.89M | 130.38M | 112.63M | 103.34M |
| EBITDA | -19.73M | -152.53M | -99.00M | -420.41M | -88.21M |
| Net Income | -103.49M | -189.30M | -134.70M | -465.26M | -128.56M |
Balance Sheet | |||||
| Total Assets | 285.64M | 392.71M | 574.14M | 691.24M | 1.26B |
| Cash, Cash Equivalents and Short-Term Investments | 48.72M | 65.59M | 91.83M | 121.91M | 233.47M |
| Total Debt | 215.31M | 221.65M | 266.11M | 235.26M | 197.23M |
| Total Liabilities | 292.15M | 322.72M | 439.35M | 479.63M | 573.10M |
| Stockholders Equity | -6.51M | 69.99M | 134.80M | 211.60M | 690.70M |
Cash Flow | |||||
| Free Cash Flow | 8.81M | -28.12M | -12.58M | -67.39M | -51.09M |
| Operating Cash Flow | 9.29M | -8.82M | -185.00K | -53.90M | -38.52M |
| Investing Cash Flow | -15.30M | -18.75M | -10.06M | -15.76M | -506.69M |
| Financing Cash Flow | -11.12M | 1.44M | -20.03M | -39.99M | 486.00M |
Cardlytics Technical Analysis
Positive
1.01
Price Trends
0.90
Positive
1.02
Negative
1.38
Negative
Market Momentum
0.03
Positive
53.37
Neutral
30.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDLX, the sentiment is Positive. The current price of 1.01 is above the 20-day moving average (MA) of 1.00, above the 50-day MA of 0.90, and below the 200-day MA of 1.38, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 53.37 is Neutral, neither overbought nor oversold. The STOCH value of 30.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $750.04M | 4.07 | 24.45% | ― | 19.04% | ― | |
67 Neutral | $987.74M | 7.45 | 13.04% | ― | 1.04% | 34.86% | |
63 Neutral | $1.82B | 30.42 | 2.62% | ― | 3.54% | -22.24% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $955.90M | -7.32 | -8.24% | 1.29% | 16.20% | -167.47% | |
43 Neutral | $49.62M | -0.59 | -370.98% | ― | -16.18% | 49.62% |
* Communication Services Sector Average
CDLX
Cardlytics
0.90
-0.54
-37.57%
ZD
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46.76
17.23
58.35%
QNST
Quinstreet
12.96
-4.56
-26.03%
CRTO
Criteo SA
19.42
-14.64
-42.98%
EEX
Emerald Expositions Events
4.71
0.83
21.49%
Cardlytics Corporate Events
Business Operations and StrategyM&A Transactions
Cardlytics to Sell Bridg Platform Assets to PAR
Neutral
Jan 26, 2026
On January 23, 2026, Cardlytics, Inc. agreed to sell all assets, properties and rights primarily related to its Bridg platform to DB Sub, LLC, an indirectly wholly owned subsidiary of PAR Technology Corporation, in a transaction structured as an a...
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.