Cardlytics Announces First Quarter 2025 Financial Results
Monday, May 12th, 2025
Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the first quarter ended March 31, 2025.
"We've made marked progress across our key business pillars, which continue to underpin our journey to 'platformize' Cardlytics and position ourselves as the leading commerce media platform," said Amit Gupta, CEO of Cardlytics. "Our expanding ecosystem, depth and breadth of our data, and ongoing tech investments are strengthening our position and providing differentiated value to our partners and advertisers."
"We’ve built a resilient platform and are making strategic decisions as we look to future-proof our business," said Alexis DeSieno, CFO of Cardlytics. "With recent actions to strengthen our balance sheet, we’re taking a targeted, disciplined approach to cost management while continuing to invest in key areas for growth."
First Quarter 2025 Financial Results
-
Revenue was $61.9 million, a decrease of 8% year-over-year compared to $67.6 million in the first quarter of 2024.
-
Billings, a non-GAAP metric, was $97.6 million, a decrease of 7% year-over-year compared to $105.2 million in the first quarter of 2024.
-
Adjusted Contribution, a non-GAAP metric, was $32.4 million, a decrease of 12% year-over-year compared to $37.1 million in the first quarter of 2024.
-
Net Loss was $(13.3) million, or $(0.26) per diluted share, based on 51.9 million fully diluted weighted-average common shares, compared to a Net Loss of $(24.3) million, or $(0.56) per diluted share, based on 43.2 million fully diluted weighted-average common shares in the first quarter of 2024.
-
Adjusted EBITDA, a non-GAAP metric, was $(4.4) million compared to $0.2 million in the first quarter of 2024.
-
Adjusted Net Loss was $(11.1) million, or $(0.21) per diluted share, based on 51.9 million fully diluted weighted-average common shares, compared to Adjusted Net Loss of $(4.1) million, or $(0.09) per diluted share, based on 43.2 million fully diluted weighted-average common shares in the first quarter of 2024.
-
Net cash used in operating activities was $(6.7) million, compared to $(17.6) million in the first quarter of 2024.
-
Free Cash Flow, a non-GAAP metric, was $(10.8) million, compared to $(22.4) million in the first quarter of 2024.
Key Metrics
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Cardlytics monthly qualified users ("MQUs") were 214.9 million, an increase of 12% year-over-year, compared to 191.2 million in the first quarter of 2024.
-
Cardlytics adjusted contribution per user ("ACPU") was $0.13 compared to $0.17 in the first quarter of 2024.
Definitions of MQUs and ACPU are included below under the caption "Other Performance Metrics."
The following table presents MQUs for the historical periods indicated:
|
|
Three Months Ended |
||||||||||||||
|
in thousands |
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
|
March 31, 2024 |
|
June 30, 2024 |
|
September 30, 2024 |
|
December 31, 2024 |
|
Cardlytics MQUs |
181,720 |
|
186,225 |
|
189,126 |
|
191,865 |
|
191,206 |
|
188,816 |
|
190,233 |
|
191,674 |
The following table presents ACPU for the historical periods indicated:
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
|
March 31, 2024 |
|
June 30, 2024 |
|
September 30, 2024 |
|
December 31, 2024 |
||||||||
|
Cardlytics ACPU |
$ |
0.14 |
|
$ |
0.17 |
|
$ |
0.20 |
|
$ |
0.21 |
|
$ |
0.17 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.18 |
|
CARDLYTICS, INC. |
||||||||||
|
SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED) |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
|
||||||||||
|
|
Three Months Ended March 31, |
|
|
|||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change % |
|
|
Billings(1) |
$ |
97,579 |
|
|
$ |
105,216 |
|
|
(7 |
)% |
|
Consumer Incentives |
|
35,681 |
|
|
|
37,608 |
|
|
(5 |
)% |
|
Revenue |
|
61,898 |
|
|
|
67,608 |
|
|
(8 |
)% |
|
Partner Share and other third-party costs |
|
29,450 |
|
|
|
30,543 |
|
|
(4 |
)% |
|
Adjusted Contribution(1) |
|
32,448 |
|
|
|
37,065 |
|
|
(12 |
)% |
|
Delivery costs |
|
7,288 |
|
|
|
6,173 |
|
|
18 |
% |
|
Gross Profit |
$ |
25,160 |
|
|
$ |
30,892 |
|
|
(19 |
)% |
|
Net Loss |
$ |
(13,282 |
) |
|
$ |
(24,275 |
) |
|
(45 |
)% |
|
Adjusted EBITDA(1) |
$ |
(4,384 |
) |
|
$ |
226 |
|
|
na |
|
|
|
|
|
|
|
|
|||||
|
Adjusted Contribution |
|
|
|
|
|
|||||
|
% of Billings |
|
33.3 |
% |
|
|
35.2 |
% |
|
|
|
|
% of Revenue |
|
52.4 |
% |
|
|
54.8 |
% |
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|||||
|
% of Billings |
|
(4.5 |
)% |
|
|
0.2 |
% |
|
|
|
|
% of Revenue |
|
(7.1 |
)% |
|
|
0.3 |
% |
|
|
|
|
(1) |
Billings, Adjusted Contribution and Adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA." |
Second Quarter 2025 Financial Expectations
Cardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):
|
|
Q2 2025 |
|
YoY Change |
|
Billings(1) |
$100.0 - 108.0 |
|
(9%) - (2%) |
|
Revenue |
$61.0 - $67.0 |
|
(12%) - (4%) |
|
Adjusted Contribution(2) |
$32.5 - $36.5 |
|
(11%) - 0% |
|
Adjusted EBITDA(2) |
($4.0) - $1.0 |
|
($1.7) - $3.3 |
|
(1) |
A reconciliation of Billings to GAAP Revenue on a forward-looking basis is presented below under the heading "Reconciliation of Forecasted GAAP Revenue to Billings." |
|
(2) |
A reconciliation of Adjusted Contribution to GAAP Gross Profit and a reconciliation of Adjusted EBITDA to Net Loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure. |
Earnings Teleconference Information
Cardlytics will discuss its first quarter 2025 financial results during a live audio webcast today, May 7, 2025, at 5:00 PM ET / 2:00 PM PT. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics’ website.
