Cardlytics, Inc. reported a revenue of $61.9 million for the first quarter of 2025, a decrease of 8.4% from $67.6 million in the same period last year. The decline in revenue was attributed to a 7.3% drop in billings, which totaled $97.6 million, down from $105.2 million in the prior year. The company also experienced a reduction in consumer incentives, which fell to $35.7 million from $37.6 million. Despite the revenue decline, Cardlytics managed to reduce its net loss to $13.3 million, compared to a net loss of $24.3 million in the first quarter of 2024.
In terms of operational metrics, Cardlytics reported an increase in Monthly Qualified Users (MQUs), which rose to 214,891 from 191,206 year-over-year. This growth was primarily driven by organic expansion among existing financial institution partners and the addition of a new partner in the U.S. The company also noted a decrease in its employee headcount, which stood at 440 as of March 31, 2025, reflecting ongoing cost-saving measures.
Strategically, Cardlytics has made significant changes, including the decommissioning of the Dosh app, which resulted in a gain of $5.4 million due to the derecognition of associated liabilities. The company also issued $172.5 million in convertible senior notes in April 2024, which were used to repurchase a portion of its existing debt. Additionally, Cardlytics has entered into an equity distribution agreement allowing for the sale of up to $50 million in common stock, which could provide further capital for operational needs.
Looking ahead, Cardlytics faces challenges related to macroeconomic conditions, including inflation and potential changes in consumer spending behavior. The company has acknowledged that its future growth will depend on maintaining relationships with key financial institution partners, expanding its customer base, and adapting to evolving market demands. The management remains cautious about the potential for continued operating losses in the near term but believes it has sufficient liquidity to fund operations for at least the next 12 months.
About Cardlytics, Inc.
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