CDLX · Cardlytics, Inc.

Cardlytics delivered first quarter 2026 results reflecting a leaner operating model amid a shift in banking mix, with revenue declining 39% year-over-year to $34.3 million from continuing operations due to lower billings and consumer incentives, though Adjusted Contribution fell only 28% to $19.7 million, indicating improved monetization efficiency at 57.5% of revenue versus 48.4% last year. Gross profit decreased 20% to $17.1 million, supported by a 55% drop in delivery costs and 50% reduction in partner share costs. The standout achievement was narrowing net loss to $4.5 million or $0.08 per diluted share from $13.3 million or $0.26 per share, driven by cost discipline that flipped Adjusted EBITDA to a slight positive $0.2 million from a $4.1 million loss. Key metrics showed MQUs at 197.0 million, down 8% YoY, with ACPU at $0.10 versus $0.13. CEO Amit Gupta highlighted exceeding guidance midpoints and a path to sequential growth, while CFO David Evans emphasized self-sustainability in 2026. The March 24 completion of the Bridg divestiture, yielding 1,810,222 PAR shares later liquidated, removed $4.2 million in additional revenue but streamlined focus on core operations. Q2 guidance signals modest sequential improvement with billings expected at $61-67 million and revenue $35-40 million, positioning for recovery despite macroeconomic pressures on advertiser budgets and FI partner reliance.