10-K · March 4, 2026
Cardlytics positions itself as a commerce media platform built on a financial media network (Cardlytics) and a POS/identity platform (Bridg). The company highlights network effects and data scale — analyzing…
Earnings analysis · 10-Q
CDLX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Cardlytics reported a Q1 2026 revenue of $34.3 million, down 39% year-over-year, falling short of estimates of $37.1 million. Despite missing on revenue, the company showed an EPS of -$0.11, an improvement from the…
Read full summary
Cardlytics reported a Q1 2026 revenue of $34.3 million, down 39% year-over-year, falling short of estimates of $37.1 million. Despite missing on revenue, the company showed an EPS of -$0.11, an improvement from the expected -$0.24, reflecting operational losses narrowing year-over-year. Management has provided guidance for Q2 2026 revenues expecting between $35 million and $40 million, indicating a continued decline from the prior year.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.11
- Gross margin
- 50.0%
What stood out
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Revenue Decline
Q1 2026 revenue was $34.3M, down 39% YoY from $56.4M.
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Narrowed EPS Loss
Reported EPS improved to -$0.11 from -$0.26 YoY, better than the -$0.24 estimate.
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Successful Bridg Divestiture
The sale of the Bridg platform resulted in a gain of $14.5M on divestiture.
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Reduced Partner Share Costs
Partner share costs dropped to $14.6M, a 50% decline from $29.1M YoY.
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Positive Cash Flow from Operations
Despite losses, Q1 2026 saw net cash used in operating activities improve to -$5.6M from -$6.7M YoY.
-
Increased Working Capital
Working capital rose to $69.2M from $58.9M at year-end 2025.
What to watch
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Revenue Misses Estimates
Reported revenue of $34.3M fell short of consensus estimates of $37.1M.
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MQUs Down 8%
Monthly Qualified Users decreased to 197,011 from 214,891 YoY.
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Negative Free Cash Flow
Free cash flow was -$7.9M, worsening from -$10.8M YoY.
Management's outlook
Management anticipates Q2 2026 revenue between $35M-$40M, reflecting a decline of 40%-31% YoY.
Earlier filings 4
10-Q · November 5, 2025
Cardlytics reported Q3 2025 revenue of $52.0M and GAAP net loss of $72.7M (EPS $(1.36)). Revenue declined year-over-year but gross margin improved; operating loss narrowed materially versus prior-year quarter. The…
10-Q · August 6, 2025
Cardlytics reported Q2 2025 revenue of $63,249,000, a small sequential increase versus Q1 2025 ($61,898,000) but a year-over-year decline versus Q2 2024 ($69,636,000). Operating loss improved to $12,789,000 in Q2 2025…
10-Q · August 7, 2024
Cardlytics, Inc. reported a decrease in revenue for Q2 2024, with $69.6 million, down 9.5% from $76.7 million in Q2 2023. The company incurred a net loss of $4.3 million, resulting in an EPS of -$0.09, which reflects a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.