Monitor the impact of losing Bank of America campaigns on revenue, assess whether cost discipline can maintain profitability during the transition, and evaluate if user growth can eventually translate into revenue growth despite current ACPU pressure.
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Executive Summary
Cardlytics reported mixed Q4 2025 results with declining revenue and ACPU but improving profitability and cash flow. Revenue fell 24.2% YoY to $56.1M, while Adjusted EBITDA increased to $8.5M. The company expects significant revenue declines of 35-43% in Q1 2026 due to the loss of Bank of America campaigns, despite growing user base (MQUs up 18.4% YoY).
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $56.1M, down 24.2% YoY
- Adjusted EBITDA improved to $8.5M from $6.4M in Q4 2024
- Monthly Qualified Users (MQUs) grew 18.4% YoY to 227M
- Adjusted Contribution Per User (ACPU) declined 35% to $0.12
- Company expects Q1 2026 revenue to decline 35-43% YoY
- Free cash flow improved to $10.5M from -$1.5M in Q4 2024
Financial Impact
Revenue down $17.9M YoY, Adjusted EBITDA up $2.1M, with projected revenue decline of 35-43% in Q1 2026
Risk Factors
- Significant projected revenue decline in Q1 2026 (35-43%)
- Continuing decline in monetization per user (ACPU down 35% YoY)
- Dependence on key financial institution partners as highlighted in risk factors
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001666071-26-000008 |
| Document: cdlx-20260304.htm | 0001666071-26-000008 |
| Document: 0001666071-26-000008-index-headers.html | 0001666071-26-000008 |
| Document: 0001666071-26-000008-index.html | 0001666071-26-000008 |
| Document: 0001666071-26-000008.txt | 0001666071-26-000008 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 6w ago | 8-K | $4.15 $2.06 | ▼ −50.36% | ▼ −52.23% | $1.68 (−59.52%) |
Aug 5, 2026 11w ago | 8-K | $3.52 $3.64 | ▼ −3.41% | ▼ −2.81% | $1.68 (+52.27%) |
Apr 7, 2026 29w ago | 144 | $10.50 $7.95 | ▼ −24.29% | ▼ −32.84% | $1.68 (−84.00%) |
Mar 4, 2026 33w ago | 8-K | $0.8160 $1.13 | ▲ +38.48% | ▲ +42.27% | $1.68 (+105.88%) |
US Market Status
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