Cardlytics Inc (NASDAQ: CDLX) is a commerce media company that operates a financial media network embedded within bank partners' digital channels, connecting marketers to consumers through purchase-based targeting. Revenue comes from selling advertising to marketers, with Cardlytics paying financial institution partners a negotiated share of billings, called Partner Share, in exchange for access to anonymized purchase data and digital banking audiences. The company reported revenue of $233.3 million in FY2025, down from $278.3 million in FY2024 and $309.2 million in FY2023, reflecting consecutive annual declines. Gross profit was $104.6 million in FY2025. Net losses have been substantial: $103.5 million in FY2025, $189.3 million in FY2024, and $134.7 million in FY2023. Cardlytics also operated the Bridg platform, an identity resolution and loyalty marketing tool using point-of-sale data, but agreed to sell that business to PAR Technology Corporation in January 2026 for approximately $27.5 million in PAR common stock. Key FI partners include Bank of America and JPMorgan Chase. The company is headquartered in the United States and carries a history of goodwill and intangible asset impairments totaling $58.8 million in FY2025.

Revenue model

Cardlytics generates revenue by selling targeted advertising to marketers (brands, merchants, and service providers) through its financial media network. Billings to marketers are reduced by Consumer Incentives paid to bank customers and by Partner Share paid to financial institution partners. Partner Share is a negotiated fixed percentage of billings net of Consumer Incentives. The resulting net revenue was $233.3 million in FY2025, $278.3 million in FY2024, and $309.2 million in FY2023.

Products and services

Cardlytics platform: a financial media network embedded in bank partners' online and mobile applications, enabling purchase-data-based ad targeting and campaign measurement for marketers. Bridg platform: an identity resolution and loyalty marketing platform using point-of-sale and product-level purchase data; agreed to be sold to PAR Technology Corporation in January 2026.

Customers and end markets

Marketers across everyday spend, specialty retail, restaurant, travel, and entertainment categories are the paying customers. Financial institution partners, including Bank of America and JPMorgan Chase, supply consumer data and digital channel access. Advertising agencies also serve as intermediaries. The Bridg platform served merchant data partners who provided POS data.

Value-chain role

Cardlytics sits between financial institution data holders and brand marketers as a media intermediary. It aggregates anonymized bank purchase data, packages it into targetable advertising inventory within digital banking apps, sells that inventory to marketers, and distributes Consumer Incentives back to bank customers. Partner Share and other third-party costs were $102.9 million in FY2025, representing the largest cost component after revenue.

Geographic exposure

The filing references data transfer compliance obligations involving the European Economic Area and the United Kingdom, indicating some international operations or data flows, but specific revenue by geography is not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2026-03-04

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