CDLX earnings analysis
What we found in CDLX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue was $34.3M, down 39% YoY from $56.4M.
- Narrowed EPS Loss
- Reported EPS improved to -$0.11 from -$0.26 YoY, better than the -$0.24 estimate.
- Successful Bridg Divestiture
- The sale of the Bridg platform resulted in a gain of $14.5M on divestiture.
- Reduced Partner Share Costs
- Partner share costs dropped to $14.6M, a 50% decline from $29.1M YoY.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Misses Estimates
- Reported revenue of $34.3M fell short of consensus estimates of $37.1M.
- MQUs Down 8%
- Monthly Qualified Users decreased to 197,011 from 214,891 YoY.
- Negative Free Cash Flow
- Free cash flow was -$7.9M, worsening from -$10.8M YoY.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
- Gross margin
- 50.0%
What they said about what is next.
Management anticipates Q2 2026 revenue between $35M-$40M, reflecting a decline of 40%-31% YoY.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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