Cardlytics, Inc.

Cardlytics, Inc. reported a net loss of $103.5 million on revenue of $233.3 million for fiscal year 2025, representing a 16.2% decrease in revenue from $278.3 million in 2024. The operating loss was $101.8 million, an improvement from the $195.5 million operating loss in 2024. The company generated positive operating cash flow of $9.3 million, a significant improvement from the $8.8 million cash used in operations in 2024. Key factors impacting results included a $58.8 million impairment of goodwill and intangible assets, a $4.8 million gain on divestiture of the Dosh business, and continued investment in research and development ($39.8 million) and sales and marketing ($39.5 million). The company ended the year with $48.7 million in cash and cash equivalents and total debt of $208.9 million, including $168.9 million in convertible senior notes.

Key Takeaways