Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the third quarter ended September 30, 2023. Supplemental information is available on the Investor Relations section of Cardlytics' website at http://ir.cardlytics.com/.

"We are gathering speed with each passing quarter - our platform is starting to look different and the collective improvements we are making to our product and operations are far exceeding our pace from prior years," said Karim Temsamani, Chief Executive Officer. "Our dedication to product leadership, financial health, and strategic growth is setting us on a promising course, and I am looking forward to the future."

"Cardlytics is positioned to be the leader in providing trusted and intelligent business insights, and there are few other platforms that have the level of data and reach that we do," said Alexis DeSieno, Chief Financial Officer. "We are on a path to sustain positive operating cash flow and adjusted EBITDA on an annual basis, while continuing to focus on profitability and improving our balance sheet and capital structure."

Third Quarter 2023 Financial Results

• Revenue was $79.0 million, an increase of 9% year-over-year, compared to $72.7 million in the third quarter of 2022.

• Billings, a non-GAAP metric, was $116.4 million, an increase of 5% year-over-year, compared to $110.4 million in the third quarter of 2022.

• Gross profit was $35.8 million, an increase of 38% year-over-year, compared to $26.0 million in the third quarter of 2022.

• Adjusted contribution, a non-GAAP metric, was $42.9 million, an increase of 22% year-over-year, compared to $35.1 million in the third quarter of 2022.

• Net loss attributable to common stockholders was $(24.0) million, or $(0.63) per diluted share, based on 38.0 million fully diluted weighted-average common shares, compared to a net income attributable to common stockholders of $6.3 million, or $0.19 per diluted share, based on 33.3 million fully diluted weighted-average common shares in the third quarter of 2022.

• Non-GAAP net loss was $0.3 million, or $0.01 per diluted share, based on 38.0 million fully diluted weighted-average common shares, compared to non-GAAP net loss of $(16.5) million, or $(0.50) per diluted share, based on 33.3 million fully diluted weighted-average common shares in the third quarter of 2022.

• Adjusted EBITDA, a non-GAAP metric, was a gain of $3.9 million compared to a loss of $(12.7) million in the third quarter of 2022.