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Sep 30
Cardlytics Q3 2025 Earnings Report
Cardlytics reported a decrease in revenue and billings, but showed improvement in net loss and adjusted EBITDA for Q3 2025.
Key Takeaways
Cardlytics announced its Q3 2025 financial results, with revenue decreasing by 22% year-over-year to $52.0 million and billings decreasing by 20% to $89.2 million. Despite the revenue decline, the company significantly reduced its net loss to $(72.7) million from $(145.2) million in the prior year, and achieved a positive Adjusted EBITDA of $3.2 million compared to a negative $(1.8) million in Q3 2024. Monthly Qualified Users (MQUs) increased by 21% to 230.3 million.
Revenue for Q3 2025 was $52.0 million, a 22% decrease year-over-year.
Net Loss significantly improved to $(72.7) million, compared to $(145.2) million in Q3 2024.
Adjusted EBITDA turned positive at $3.2 million, up from $(1.8) million in the same period last year.
Monthly Qualified Users (MQUs) grew by 21% year-over-year, reaching 230.3 million.
Cardlytics
Cardlytics
Cardlytics Revenue by Segment
Revenue by Segment
Cardlytics Platform Revenue
CapyFin.comBridg Platform Revenue
CapyFin.com Forward Guidance
For Q4 2025, Cardlytics anticipates Billings to be between $86.0 million and $96.0 million, Revenue between $51.1 million and $59.1 million, Adjusted Contribution between $29.0 million and $35.0 million, and Adjusted EBITDA between $0.9 million and $7.9 million.
Positive Outlook
- Anticipated positive Adjusted EBITDA for Q4 2025, ranging from $0.9 million to $7.9 million.
- Continued focus on strategic initiatives to improve financial health and return to growth.
- Prioritizing initiatives that build on fundamental strengths and competitive advantages.
- Commitment to delivering for partners and advertisers.
- Unlocking long-term value for shareholders.
Challenges Ahead
- Expected year-over-year decrease in Billings for Q4 2025, ranging from 17% to 26%.
- Expected year-over-year decrease in Revenue for Q4 2025, ranging from 20% to 31%.
- Expected year-over-year decrease in Adjusted Contribution for Q4 2025, ranging from 14% to 29%.
- High variability, complexity, and low visibility for certain non-GAAP measures make forward-looking reconciliation difficult.
- Subject to various risks and uncertainties, including unfavorable global economic conditions and dependence on key partners.
Revenue & Expenses
Visualization of income flow from segment revenue to net income