Cardlytics, Inc. reported a decline in financial performance for the second quarter of 2025, with revenue totaling $63.2 million, down 9% from $69.6 million in the same period last year. For the first half of 2025, revenue decreased to $125.1 million from $137.2 million in 2024. The company also recorded a net loss of $9.3 million for the quarter, compared to a loss of $4.3 million in the prior year, and a total net loss of $22.6 million for the first half, an improvement from a loss of $28.5 million in 2024. The decrease in revenue was attributed to a reduction in billings, which fell to $104.0 million from $110.4 million year-over-year, primarily due to decreased sales to existing marketers.
In terms of operational metrics, Cardlytics reported a significant increase in Monthly Qualified Users (MQUs), which rose to 224,464 in Q2 2025, up from 188,816 in Q2 2024. This growth was driven by organic expansion among existing financial institution (FI) partners and the addition of new partners. However, the company faced challenges with its largest FI partner, which has restricted the publication of offers for certain marketers, impacting marketing budgets and overall revenue potential.
Strategically, Cardlytics has made several organizational changes, including the implementation of cost-saving measures that resulted in a one-time expense of approximately $1.5 million. The company also launched its 2025 Equity Incentive Plan, which allows for the issuance of up to 15.7 million shares of common stock. Additionally, Cardlytics has been actively managing its debt, having issued $172.5 million in convertible senior notes in April 2024, which were used to repurchase a portion of its existing debt.
Looking ahead, Cardlytics anticipates continued challenges in maintaining revenue growth due to macroeconomic conditions and the competitive landscape. The company is focused on expanding its partnerships and enhancing its platform to drive engagement and revenue. However, it acknowledges the uncertainty surrounding future performance, particularly in light of the recent restrictions imposed by its largest FI partner and the overall economic environment. The company remains committed to navigating these challenges while seeking to improve its financial position and operational efficiency.
About Cardlytics, Inc.
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