Cardlytics Reports 22% Revenue Decline and $72.7 Million Net Loss in Q3 2025

Cardlytics, Inc. reported a significant decline in its financial performance for the third quarter of 2025, with revenues totaling $52.0 million, down 22% from $67.1 million in the same period last year. For the nine months ending September 30, 2025, revenue also decreased by 13% to $177.2 million compared to $204.3 million in 2024. The company attributed this decline primarily to a 20% drop in billings, which fell to $89.2 million from $111.9 million year-over-year. The decrease in revenue was accompanied by a net loss of $72.7 million for the quarter, an improvement from a loss of $145.2 million in the prior year, reflecting a reduction in operating expenses.

In terms of operational metrics, Cardlytics reported a notable increase in its Monthly Qualified Users (MQUs), which rose to 230.3 million in Q3 2025, up from 190.2 million in Q3 2024. This growth was driven by organic expansion among existing financial institution partners and the addition of new partners. However, the company also experienced a decrease in its Adjusted Contribution per User (ACPU), which fell to $0.11 from $0.16 year-over-year, indicating challenges in monetizing its user base effectively.

Strategically, Cardlytics has been focusing on cost-saving measures, including a workforce reduction plan that will eliminate approximately 90 positions, or 24% of its workforce. This initiative is expected to incur one-time costs of around $2.3 million. The company has also been active in managing its debt, having fully repaid its remaining $46.1 million in 2020 Convertible Senior Notes in September 2025. As of the end of the reporting period, Cardlytics had $43.9 million in cash and cash equivalents, down from $65.6 million at the end of 2024.

Looking ahead, Cardlytics faces several challenges, including the need to maintain relationships with key financial institution partners, particularly after receiving a non-renewal notice from Bank of America. The company is also navigating a competitive landscape and macroeconomic pressures that could impact its ability to grow revenue and billings. Despite these challenges, Cardlytics remains focused on enhancing its platform and expanding its market presence, although it anticipates continued operating losses in the near term. The company believes it has sufficient liquidity to fund operations for at least the next 12 months, but acknowledges that future capital requirements may necessitate additional financing.