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what it is
Cardlytics sells ads inside banking apps, using anonymized purchase data to target offers and share rewards with users.
how it gets paid
Last year Cardlytics made $212M in revenue. Cardlytics Direct US was the main engine at $149M, or 70% of sales.
why growth slowed
Revenue fell 16.9% last year. The business showed mixed results. Revenue beat by a hair.
what just happened
Quarterly revenue came in at $56.1M, beating forecasts by 1.69%, while the company still posted a loss.
At a glance
C balance sheet — red flag territory — real financial stress
40/100 earnings predictability — expect surprises
-$1.19 fy2024 eps est
$278M fy2024 rev est
48.0% operating margin
xvary composite: 26/100 — weak
What they do
Cardlytics sells ads inside banking apps, using anonymized purchase data to target offers and share rewards with users.
Cardlytics wins by sitting inside financial institutions' digital channels, where your bank app already has your attention. That data-and-distribution combo produced $212 million of revenue in the last year, even after a 16.9% decline, according to EDGAR. Leaving those bank relationships is painful because the ad slot is tied to the bank experience, not a random website.
How they make money
$212M
annual revenue · their business grew -16.9% last year
Cardlytics Direct US
$149M
Cardlytics Direct UK
$23M
Other Platform Solutions US
$30M
Other Platform Solutions International
$10M
The products that matter
bank channel advertising platform
Cardlytics Direct
$212M revenue base · core operating business
This is the company, not a segment. One dataset view shows annual revenue of $212M. Another shows $233.3M trailing revenue. Either way, the point is the same: revenue fell after the Bank of America loss, so your thesis lives or dies on rebuilding volume through the remaining bank channel.
single engine
Key numbers
$174M
long-term debt
That debt stack is about 4.7 times the company’s $37 million market cap, which tells you the creditors matter more than the shareholders.
48.0%
operating margin
Operating margin → profit after running the business → so what: Cardlytics loses nearly 48 cents for every dollar of sales.
$212M
annual revenue
Revenue is still real, but it fell 16.9% vs. prior year, which means the business is shrinking while carrying heavy debt.
2.2
beta
Beta → how much a stock moves versus the market → so what: this name is built for violent swings, not peaceful compounding.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $174M (82% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CDLX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue came in at $56.1M, beating forecasts by 1.69%, while the company still posted a loss.
The business showed mixed results. Revenue beat by a hair, but EPS stayed negative at -$0.28 in the March 4, 2026 company earnings report, and the broader backdrop still includes annual revenue pressure.
$56.1M
revenue
$0.28
eps
44.9%
gross margin
the number that mattered
$56.1 million mattered most because it showed the top line can still beat expectations, even if only by 1.69% in a business still fighting shrinkage.
source: company earnings report, 2026
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What could go wrong
the main risk is simple: the core bank-offers business does not stabilize before cash and credibility run thinner.
med
the distribution hole never really closes
Bank of America was not just another partner. It was a scale partner. Snapshot data ties the post-loss period to a 16.2% decline in trailing revenue and a 16.9% decline in annual revenue.
If replacement bank volume does not show up, you are left owning a smaller platform with weaker advertiser appeal and less operating leverage.
med
cash burn meets a balance sheet that already looks stretched
$48.7M of cash versus $174M of long-term debt is a harsh contrast on its own. Add a -44.36% net margin and the margin for error gets very small very fast.
If operating losses stay deep, the next capital raise becomes a question of terms, not a question of whether investors like dilution.
med
the $27M expense test is missed early
Management expects Q1 2026 operating expenses at or below $27M. That is unusually concrete. It also means investors have a clean way to check whether discipline is real or just presented well.
If expenses come in above that level while revenue is still weak, your runway shortens and management credibility takes a hit in the same quarter.
med
the Bridg sale does less than the market wants it to do
The company is selling Bridg to PAR Technology, but the terms are not disclosed here. When the stock is this small, undisclosed proceeds are not a footnote. They are missing context.
If proceeds are modest, Cardlytics loses an asset without materially changing liquidity pressure. That keeps the turnaround dependent on operating improvement alone.
$48.7M of cash against $174M of long-term debt and a -44.36% net margin means the risk case is measurable, not theoretical.
source: institutional data · regulatory filings · risk analysis
Pay attention to
event
Q1 2026 earnings
Expected late May 2026. This is your first clean read on whether cost control and revenue stabilization are showing up in the same quarter.
metric
operating expenses versus the $27M promise
Management gave you a real number. If they miss it this early, the turnaround loses credibility before it gains traction.
trend
revenue stability at or above $56.1M
One quarter at $56.1M does not prove a floor. Two straight quarters would at least tell you the business stopped sliding.
risk
Bridg sale proceeds and cash impact
Watch for the final sale price and the balance-sheet effect. In a $37M equity story, even modest cash changes can alter the timeline.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts do not trust the quarter-to-quarter consistency here.
risk rank
5
This ranks safer than only about 5% of stocks in the dataset. You are being paid with volatility, not stability.
price stability
5 / 100
The chart trades like a distressed small cap. If you own it, expect the tape to swing harder than the operating business changes.
source: institutional data
Institutional activity
institutional ownership data for CDLX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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