Cardlytics, Inc. (CDLX): Business Model Canvas

In der dynamischen Welt des digitalen Marketings und der Datenintelligenz erweist sich Cardlytics, Inc. (CDLX) als bahnbrechende Plattform, die die Art und Weise verändert, wie Unternehmen das Kaufverhalten der Verbraucher verstehen und damit umgehen. Durch die geschickte Nutzung von Transaktionsdaten von Finanzinstituten und die Schaffung eines ausgeklügelten Ökosystems für Kaufinformationen bietet Cardlytics Werbetreibenden und Marken beispiellose Einblicke in das Kaufverhalten von Verbrauchern und ermöglicht so gezielte Marketingstrategien, die messbare Leistung und Kundenakquise fördern.

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Banken

Seit dem vierten Quartal 2023 unterhält Cardlytics Partnerschaften mit über 2.300 Finanzinstituten, darunter:

Banktyp	Anzahl der Partnerschaften
Top 10 US-Banken	8
Regionalbanken	125
Kreditgenossenschaften	Über 500

Kreditkartennetzwerke

Zu den wichtigsten Partnerschaften gehören:

• Visum
• Mastercard
• American Express

Einzelhandels- und E-Commerce-Händler

Händlerkategorie	Anzahl der Partner
Einzelhändler	Über 1.500
E-Commerce-Plattformen	250+

Digitale Marketingplattformen

Zu den strategischen Partnerschaften gehören:

• Google-Anzeigen
• Facebook-Werbung
• Criteo
• Der Handelsschalter

Technologie- und Datenanalyseanbieter

Anbietertyp	Wichtige Partner
Cloud-Dienste	Amazon Web Services
Datenanalyse	Schneeflocke
Cybersicherheit	Okta

Gesamtwert des Partnerschaftsökosystems: Geschätzter jährlicher Kooperationsumsatz von 750 Millionen US-Dollar ab 2023

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Purchase-Intelligence-Plattform

Im vierten Quartal 2023 investierte Cardlytics 12,3 Millionen US-Dollar in die Entwicklung der Plattformtechnologie. Die Plattform hat verarbeitet 1,87 Milliarden US-Dollar an den gesamten Kauftransaktionen während des Geschäftsjahres.

Plattformmetrik	Leistung 2023
Gesamte Plattformtransaktionen	1,87 Milliarden US-Dollar
F&E-Investitionen	12,3 Millionen US-Dollar
Plattformabdeckung	Über 150 Millionen Bankkonten

Datenanalyse und Verbraucherverhaltensverfolgung

Cardlytics-Analysen 2,4 Petabyte Transaktionsdaten monatlich und deckt die Verbraucherausgaben in mehreren Sektoren ab.

• Monatliches Datenverarbeitungsvolumen: 2,4 Petabyte
• Verfolgte Verbrauchersegmente: 47 verschiedene Kategorien
• Funktionen zur Transaktionsanalyse in Echtzeit

Verwaltung des digitalen Werbemarktplatzes

Das Unternehmen hat es geschafft 482 Millionen US-Dollar an digitalen Werbeausgaben im Jahr 2023, mit einem Marktplatz, der mehr als 150 Finanzinstitute erreicht.

Werbemarktplatz-Metriken	Daten für 2023
Gesamtausgaben für digitale Werbung	482 Millionen US-Dollar
Partner von Finanzinstituten	Über 150
Reichweite des Werbetreibenden	Ungefähr 35 Millionen Verbraucher

Messung der Marketingleistung

Cardlytics bietet Marketing-Attribution in Echtzeit mit präziser Nachverfolgung über digitale und Offline-Kanäle hinweg.

• Genauigkeit der Verfolgung von Marketingkampagnen: 94,3 %
• Granularität der Leistungsmessung: Erkenntnisse auf Transaktionsebene
• Funktionen zur kanalübergreifenden Marketingmessung

Kundeneinblicke und Verfeinerung des Targeting-Algorithmus

Das Unternehmen verfeinert seine Targeting-Algorithmen kontinuierlich und erreicht so Erfolge 97,2 % Vorhersagegenauigkeit in der Modellierung des Verbraucherverhaltens.

Leistungsmetriken für Algorithmen	Ergebnisse 2023
Vorhersagegenauigkeit	97.2%
Aktualisierungen des Modells für maschinelles Lernen	Vierteljährlich
Verbraucherverhaltenssegmente	Über 500 verschiedene Profile

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Purchase-Intelligence-Technologie

Im vierten Quartal 2023 hält Cardlytics 22 erteilte Patente im Zusammenhang mit der Purchase-Intelligence-Technologie. Die Technologieplattform des Unternehmens verarbeitet jährlich etwa 2,5 Billionen anonymisierte Kauftransaktionen.

Patentkategorie	Anzahl der Patente
Kaufintelligenz	22
Datenanalyse	8
Transaktionsverarbeitung	6

Großer Datensatz zu Verbrauchertransaktionen

Cardlytics verwaltet einen umfangreichen Transaktionsdatensatz, der Folgendes umfasst:

• 2,5 Billionen jährliche Kauftransaktionen
• Über 175 Millionen aktive Bankkonten
• Daten von über 2.500 Finanzinstituten

Erweiterte Datenanalysefunktionen

Die Datenanalyse-Infrastrukturprozesse des Unternehmens:

• Transaktionsanalyse in Echtzeit
• Algorithmen des maschinellen Lernens für prädiktive Erkenntnisse
• Anonymisierte Verfolgung des Verbraucherausgabeverhaltens

Starkes Talent in den Bereichen Ingenieurwesen und Datenwissenschaft

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	589
Technisches Personal	214
Datenwissenschaftler	87

Robuste Software-Infrastruktur

Die Software-Infrastruktur von Cardlytics unterstützt:

• Cloudbasierte Datenverarbeitung
• Mehrschichtige Sicherheitsprotokolle
• Skalierbare Microservices-Architektur

Infrastrukturmetrik	Spezifikation
Cloud-Speicher	512 TB
Verarbeitungsgeschwindigkeit	500.000 Transaktionen/Sekunde
Betriebszeit	99.99%

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Wertversprechen

Gezielte Marketinglösungen für Werbetreibende

Cardlytics bietet digitale Werbelösungen mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Gesamtumsatz der Werbeplattform (2023)	461,3 Millionen US-Dollar
Durchschnittlicher Kampagnen-ROI für Werbetreibende	4,5-fache Rendite
Anzahl Bankpartnerschaften	Über 2.500 Finanzinstitute

Leistungsbasierte digitale Werbeplattform

Leistungsmerkmale der Plattform:

• Verfolgung von Kaufdaten in Echtzeit
• Conversion-Rate-Tracking bei 2,3 %
• Werbetreibenden-Engagement-Rate von 15,7 %

Cashback- und Prämienprogramm für Verbraucher

Belohnungsmetrik	Wert
Gesamter ausgeschütteter Cashback an Verbraucher (2023)	127,6 Millionen US-Dollar
Durchschnittliche Verbraucherprämie pro Transaktion	$8.42
Aktive Verbrauchernutzer	175 Millionen

Personalisierte Marketing-Einblicke

Marketing-Insight-Funktionen:

• Pro Verbraucher analysierte Datenpunkte: Über 3.500 Kaufverhalten
• Genauigkeitsrate des maschinellen Lernens: 92,4 %
• Prädiktive Modellierungsgenauigkeit des Verbraucherverhaltens: 87,6 %

Kostengünstige Strategien zur Kundengewinnung

Akquisitionsmetrik	Wert
Kosten für die Kundenakquise	12,50 $ pro Benutzer
Customer Lifetime Value	$187.30
Retentionsrate	68.5%

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Marketingplattform

Cardlytics bietet a digitale Marketingplattform mit folgenden Hauptmerkmalen:

Plattformmetrik	Spezifikation
Aktive Kunden	Über 2.500 Finanzinstitute und Handelspartner
Plattformbenutzer	Rund 140 Millionen Bankkunden
Verarbeitete Transaktionsdaten	Über 1,8 Billionen US-Dollar an jährlichen Verbraucherausgaben

Dedizierte Kontoverwaltung

Das Kundenbeziehungsmanagement umfasst:

• Personalisierte strategische Account-Teams
• Direkte Kundenkommunikationskanäle
• Maßgeschneiderte Strategien zur Leistungsoptimierung

Leistungsverfolgungs- und Berichtstools

Berichtsfunktion	Details
Echtzeitanalysen	Umfassende Dashboard-Verfolgung
ROI-Messung	Präzise Kennzahlen zur Kampagnenleistung
Datengranularität	Einblicke auf Segmentebene

Regelmäßige Kundenerfolgsberatungen

Cardlytics bietet:

• Vierteljährliche Geschäftsberichte
• Workshops zu strategischen Partnerschaften
• Kontinuierliche Verbesserungsempfehlungen

Automatisierte Support- und Kommunikationskanäle

Kanal	Verfügbarkeit
E-Mail-Support	Antwort rund um die Uhr
Chatbot-Unterstützung	Sofortige erste Reaktion
Wissensdatenbank	Umfassende Ressourcen zur Selbsthilfe

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 unterhält Cardlytics ein Direktvertriebsteam von etwa 127 Vertriebsprofis, die sich an Finanzinstitute und Marketingpartner richten.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	127
Durchschnittliche Länge des Verkaufszyklus	6-9 Monate
Fokus auf Unternehmensvertrieb	Top 25 Finanzinstitute

Online-Marketing-Plattform

Die digitale Plattform von Cardlytics verarbeitete im Jahr 2023 Marketingausgaben in Höhe von 1,87 Milliarden US-Dollar, wobei 94 % der Transaktionen über digitale Kanäle abgewickelt wurden.

• Plattform-Transaktionsvolumen: 1,87 Milliarden US-Dollar
• Durchdringung digitaler Kanäle: 94 %
• Aktive Marketingpartner: 2.300+

Digitale Werbenetzwerke

Das Unternehmen nutzt Bankpartnernetzwerke erreicht rund 150 Millionen Karteninhaber in den Vereinigten Staaten.

Netzwerkmetrik	Statistik 2023
Gesamtzahl der erreichten Karteninhaber	150 Millionen
Netzwerkabdeckung	95 % der führenden US-Finanzinstitute

Partner-Empfehlungsprogramme

Cardlytics erwirtschaftete im Jahr 2023 über sein Partner-Ökosystem einen Umsatz von 579,4 Millionen US-Dollar.

• Gesamtumsatz der Partner: 579,4 Millionen US-Dollar
• Größe des Partnernetzwerks: Über 2.500 Marketingpartner
• Durchschnittlicher Partnerempfehlungswert: 231.760 $

Branchenkonferenzen und Messen

Cardlytics nahm im Jahr 2023 an 17 großen Marketing- und Finanztechnologiekonferenzen teil und generierte potenzielle Geschäftsmöglichkeiten in Höhe von schätzungsweise 42 Millionen US-Dollar.

Konferenzengagement	Daten für 2023
Gesamtzahl der besuchten Konferenzen	17
Potenzielle Geschäftsmöglichkeiten	42 Millionen Dollar
Wichtige Veranstaltungsorte	New York, San Francisco, Chicago

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Kundensegmente

Finanzinstitute

Im vierten Quartal 2023 bedient Cardlytics rund 1.500 Finanzinstitute, darunter Großbanken und Kreditgenossenschaften. Zu den Bankpartnern des Unternehmens gehören:

• Bank of America
• Wells Fargo
• JPMorgan Chase
• Hauptstadt eins

Kundentyp	Anzahl der Institutionen	Marktdurchdringung
Große Banken	15	65%
Regionalbanken	85	22%
Kreditgenossenschaften	1,400	13%

Einzelhandels- und E-Commerce-Marken

Cardlytics arbeitet mit über 2.000 Einzelhandels- und E-Commerce-Marken in verschiedenen Branchen zusammen und erwirtschaftet im Jahr 2023 einen Umsatz von 458,7 Millionen US-Dollar.

Einzelhandel	Anzahl der Marken	Werbeausgaben
Bekleidung	350	85,2 Millionen US-Dollar
Elektronik	175	62,5 Millionen US-Dollar
Essen und Essen	500	45,6 Millionen US-Dollar

Digitale Werbetreibende

Cardlytics unterstützt rund 3.500 digitale Werbetreibende mit gezielten Marketinglösungen.

Marketingagenturen

Das Unternehmen arbeitet mit 250 Marketingagenturen zusammen und bietet fortschrittliche Targeting- und Attributionstechnologien an.

Kleine und mittlere Unternehmen

Cardlytics bedient über seine Plattform über 10.000 kleine und mittlere Unternehmen mit durchschnittlichen Kundenakquisekosten von 1.200 US-Dollar.

Unternehmensgröße	Anzahl der Unternehmen	Durchschnittliche Marketingausgaben
Kleine Unternehmen	8,000	$5,000
Mittelständische Unternehmen	2,000	$25,000

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Cardlytics Forschungs- und Entwicklungskosten in Höhe von 91,8 Millionen US-Dollar, was 35,2 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	91,8 Millionen US-Dollar	35.2%
2022	86,3 Millionen US-Dollar	33.7%

Wartung der Technologieinfrastruktur

Die jährlichen Wartungskosten für die Technologieinfrastruktur für Cardlytics beliefen sich im Jahr 2023 auf etwa 23,5 Millionen US-Dollar.

• Kosten für Cloud-Hosting und Server: 12,7 Millionen US-Dollar
• Netzwerkinfrastruktur: 6,2 Millionen US-Dollar
• Cybersicherheitssysteme: 4,6 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Cardlytics hat im Jahr 2023 65,4 Millionen US-Dollar für Vertriebs- und Marketingausgaben bereitgestellt, was 25,1 % des Gesamtumsatzes entspricht.

Marketingkanal	Ausgaben
Digitale Werbung	28,6 Millionen US-Dollar
Partnerakquise	22,1 Millionen US-Dollar
Event- und Konferenzmarketing	14,7 Millionen US-Dollar

Datenerfassungs- und -verarbeitungskosten

Die datenbezogenen Ausgaben beliefen sich im Jahr 2023 auf insgesamt 37,2 Millionen US-Dollar, darunter:

• Datenkauf und Lizenzierung: 18,5 Millionen US-Dollar
• Datenverarbeitungsinfrastruktur: 12,7 Millionen US-Dollar
• Analyse- und maschinelle Lerntools: 6 Millionen US-Dollar

Personal- und Talentakquise

Die gesamten personalbezogenen Ausgaben für Cardlytics beliefen sich im Jahr 2023 auf 112,6 Millionen US-Dollar.

Personalkategorie	Ausgaben
Grundgehälter	78,4 Millionen US-Dollar
Leistungen und Versicherung	22,1 Millionen US-Dollar
Rekrutierung und Schulung	12,1 Millionen US-Dollar

Cardlytics, Inc. (CDLX) – Geschäftsmodell: Einnahmequellen

Erfolgsabhängige Werbegebühren

Cardlytics erwirtschaftete im Geschäftsjahr 2023 einen Gesamtumsatz von 526,6 Millionen US-Dollar. Leistungsbasierte Werbegebühren machen einen erheblichen Teil dieser Einnahmequelle aus.

Umsatzkategorie	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Gebühren für Performance-Werbung	382,4 Millionen US-Dollar	72.6%

Datenlizenzierung und Einblicke

Das Unternehmen generiert Einnahmen durch den Verkauf aggregierter Kaufinformationen von Verbrauchern an Finanzinstitute und Vermarkter.

• Einnahmen aus Datenlizenzen für 2023: 54,3 Millionen US-Dollar
• Durchschnittspreis pro Data-Insight-Paket: 15.000 bis 75.000 US-Dollar

Abonnementbasierter Plattformzugriff

Cardlytics bietet abgestuften Plattformzugang für Marketinganalysen und Kampagnenmanagement.

Abonnementstufe	Jährliche Kosten	Funktionen
Basic	$24,000	Standard-Analysezugriff
Professionell	$72,000	Erweitertes Kampagnenmanagement

Prozentsätze der Transaktionsprovisionen

Cardlytics verdient Provisionen aus Kauftransaktionen über seine Bankmarketingplattform.

• Durchschnittlicher Provisionssatz: 3-5 % pro Transaktion
• Gesamter Transaktionswert im Jahr 2023: 14,2 Milliarden US-Dollar

Gebühren für Marketing Analytics-Services

Spezialisierte Marketinganalysedienste bieten eine zusätzliche Einnahmequelle.

Servicetyp	Durchschnittspreis	Jahresumsatz
Benutzerdefinierter Analysebericht	$50,000	12,6 Millionen US-Dollar
Prädiktive Marketing-Einblicke	$85,000	8,9 Millionen US-Dollar

Cardlytics, Inc. (CDLX) - Canvas Business Model: Value Propositions

For Advertisers: Measurable omnichannel sales lift and high Return on Ad Spend (ROAS).

Cardlytics, Inc. strengthens advertiser demand by signing new engagements with brands on performance-based pricing. The platform aims to deliver measurable impact by moving beyond generic targeting to drive real engagement and incremental sales. Advertisers see value in the platform's ability to connect with nearly 225 million consumers in the U.S. and U.K..

Metric Context	Q3 2025 Value	Comparison/Context
Revenue (Q3 2025)	$52.0 million	Down 22% YoY, but Adjusted EBITDA was positive at $3.2 million.
Billings (Q3 2025)	$89.2 million	Down 20.3% YoY, impacted by content restrictions.
Operating Expenses (Q3 2025, ex-SBC/severance)	$26.8 million	An $11.4 million year-over-year reduction, reflecting cost discipline.

For FIs/Publishers: Enhanced customer loyalty and a new, non-interest revenue stream.

Financial Institutions (FIs) and publishers enhance platform engagement by powering card-linked rewards on everyday purchases. The focus on a high-margin FI mix is driving better economics for partners. The U.K. business demonstrated strong growth, with revenue increasing 22% year-over-year in Q3 2025.

• Adjusted Contribution Margin (Q3 2025): Hit a record 57.7% of revenue.
• Monthly Qualified Users (MQUs) (Q3 2025): Increased 21% year-over-year to 230.3 million.
• U.K. Revenue Growth (Q3 2025): 22% year-over-year.

For Consumers: Personalized, relevant cash back rewards embedded in their banking app.

Consumers receive personalized, relevant cash back offers directly within their banking application, creating a more rewarding shopping experience. Cardlytics leverages its network to deliver highly targeted and relevant cash back offers. Data suggests that loyalty influences spending significantly.

• Consumer Incentives Paid (Q3 2025): $37.2 million, a 17.2% reduction from the prior year.
• Consumer Willingness to Share Data: 53% of consumers are willing to share personal information for personalization.
• Loyal Customer Share of Wallet: The loyal segment shows more than 3x higher share of wallet than the not loyal segment.

Identity resolution capabilities to convert anonymous shoppers to known customers (Bridg).

The identity resolution platform, Bridg, converts transactions into knowable customers, growing addressable audiences by 2-3x for B2C brands. While the Bridg segment faced headwinds, with revenue declining 15% year-over-year in Q3 2025 due to a lost major account, it showed growth in Q1 2025.

• Bridg Revenue Growth (Q1 2025): Increased by 1.6%, driven by new client wins.
• Bridg Revenue Change (Q3 2025): Declined 15% year-over-year.

Cardlytics, Inc. (CDLX) - Canvas Business Model: Customer Relationships

You're looking at how Cardlytics, Inc. manages its crucial connections with the financial institutions, advertisers, and publishers that form its ecosystem. The relationship management here is all about scale and precision, making sure the right offer hits the right consumer at the exact moment they are ready to spend.

The core of the automated relationship is the delivery mechanism itself. Cardlytics, Inc. maintains a secure view into approximately half of all card-based transactions in the U.S. and about a quarter in the U.K.. This scale is powered by collaborations with over 1,500 financial institutions globally. The platform is designed to deliver personalized offers directly through these digital banking channels, which is the automated side of the relationship. To give you a sense of the audience size they are engaging, by Q2 2025, Monthly Qualified Users (MQUs) stood at 224.5 million, growing to 230.3 million by Q3 2025.

Here's a quick look at the scale of the consumer base they are managing relationships with:

• Monthly Qualified Users (MQUs) as of Q3 2025: 230.3 million
• U.S. Transaction Visibility: Approximately half of all card-based transactions
• Annual Consumer Spend Visibility: More than $5.8 trillion
• Financial Institution Partners: Over 1,500 globally

For the top-tier advertisers and publisher partners, the relationship moves away from pure automation toward dedicated, high-touch account management. This is where the strategic advisory comes in, often involving negotiating contracts for commercial structure, offer placements, and product adoption across both existing bank relationships and the newer Cardlytics Rewards Platform (CRP) partners. The expansion of the CRP, which includes non-financial institution partners like a leading digital sports platform launched in Q1 2025, requires this dedicated focus to ensure seamless execution. Furthermore, in the U.K. market, Cardlytics, Inc. signed over 20 new logos in Q2 2025, which would certainly fall under this dedicated management structure.

The structure of how advertisers pay is a key part of this relationship, showing a clear move toward performance alignment. The company has been pushing a shift to engagement-based pricing, which ties payment more directly to consumer action rather than just impressions or placements. As of Q1 2025, the target was that 74% of advertisers were on this model [cite: provided outline data]. To be fair, for brands newly joining the platform, the adoption rate for engagement-based pricing was even higher, with 96% of new brands opting for it in Q1 2025. This pricing structure is designed to help advertisers measure the true sales impact of their campaigns.

The nature of these relationships is also reflected in specific engagement metrics. For instance, a category-level offers initiative in Q3 2025 grew consumer engagement by approximately 15%. This success shows that when the automated delivery is paired with strategic partner input, the relationship drives measurable results.

Relationship Metric	Value/Status	Period/Context
Advertisers on Engagement-Based Pricing	74%	By Q1 2025 (required point)
New Brands Opting for Engagement-Based Pricing	96%	Q1 2025
Consumer Engagement Growth (Double Days Initiative)	Approximately 15%	Q3 2025
U.K. New Logos Signed	Over 20	Q2 2025
MQUs (Monthly Qualified Users)	230.3 million	Q3 2025

You can see the focus is clearly on scaling the automated delivery while ensuring the most strategic partners get the dedicated attention needed to negotiate and grow the platform's reach, especially with the new CRP structure.

Cardlytics, Inc. (CDLX) - Canvas Business Model: Channels

You're looking at the distribution and access points Cardlytics, Inc. uses to connect its commerce media platform with consumers, advertisers, and financial partners as of late 2025. The channels are a mix of established digital banking integrations and newer platform expansions.

The core channel remains the integration with Financial Institution (FI) mobile and online banking platforms. Despite headwinds from the largest FI partner blocking advertiser content, Cardlytics reported Monthly Qualified Users (MQUs) of 230.3 million in the third quarter of 2025, representing a 21% year-over-year increase. This growth was driven by the continued ramp-up of new FI partners. One specific FI partner is expected to soon add its debit and SMB portfolios to the program, signaling channel deepening.

The Cardlytics Rewards Platform (CRP) serves as the channel for non-FI publisher integrations, designed to diversify reach beyond traditional banks. Cardlytics introduced its first non-financial institution partner agreement with a leading digital sports platform under the CRP in Q1 2025. As of Q3 2025, new CRP partnerships include three U.S. partners and OpenTable. Management noted that no material 2025 financial impact is expected from CRP partnerships, with focus on 2026 for significant contributions.

The Direct sales team focuses on onboarding advertisers and publishers across both channels. Management confirmed that most advertisers decided to stick with Cardlytics despite supply changes from the largest FI partner. Sales wins in the recent period include pilots with a large athletic apparel brand and a global hotel brand, alongside the return of a global coffee chain and discount grocer.

Bridg identity resolution solution provides a channel for deeper retail client engagement using SKU-level insights. Cardlytics acquired Bridg for approximately $350 million in cash at closing, with potential earnout payments up to an aggregate of $100 million to $300 million. The Bridg platform connects to 90% of point-of-sale systems in the United States.

Here are some key operational and financial metrics relevant to channel performance as of Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Monthly Qualified Users (MQUs)	230.3 million	21% increase
Billings	$89.2 million	Decrease of 20.3%
Revenue	$52.0 million	Decrease of 22.4%
Adjusted Contribution Margin (% of Revenue)	57.7%	Increase of 3.5 points
Consumer Incentives	$37.2 million	Reduction of 17.2%
Cash and Equivalents	$44 million	N/A

The platform's reach is significant, with visibility into approximately half of all card-based transactions in the U.S. and a quarter in the U.K.. Separately, the Cardlytics network was recognized for having access to nearly 225 million consumers and a view into more than $5.8 trillion in annual consumer spend.

The company is focused on strengthening engagement through specific campaign types:

• Double Days initiative grew consumer engagement by approximately 15%.
• 73% of consumers who redeemed a category-level offer also redeemed another offer.

Operational restructuring has also impacted the channel delivery structure:

• Workforce reduction of 30% announced.
• Expected annualized cash savings of $26 million from cost controls.
• Adjusted operating expenses (excluding stock-based compensation) were $26.8 million in Q3.

Finance: draft Q4 2025 capital allocation plan by next Tuesday.

Cardlytics, Inc. (CDLX) - Canvas Business Model: Customer Segments

You're looking at the core groups Cardlytics, Inc. (CDLX) serves as of its Q3 2025 reporting period. This is a multi-sided platform, so the customer segments are distinct groups that rely on the network for value exchange.

• Large Financial Institutions and neobanks (supply partners). These institutions provide the anonymized purchase data that powers the platform. Cardlytics, Inc. launched with a large financial institution partner and a neobank partner during Q1 2025, both contributing to network expansion.
• National and regional advertisers across various sectors (demand partners). These partners use the purchase intelligence to target, engage, and measure relevant shoppers at scale. Cardlytics, Inc. has visibility into approximately $5.8 trillion in annual consumer spend, which informs these advertisers.
• Non-FI digital publishers and loyalty program operators (CRP partners). This segment is served through the Cardlytics Rewards Platform (CRP). Cardlytics, Inc. introduced its first non-financial institution partner agreement with a leading digital sports platform under the CRP in Q1 2025.
• Consumers who are cardholders (230.3 million MQUs). This is the base that receives the personalized cash back offers. Cardlytics monthly qualified users (MQUs) reached 230.3 million in Q3 2025, an increase of 21% year-over-year from 190.2 million in Q3 2024.

The platform's reach is substantial, covering approximately half of all card-based transactions in the U.S. and a quarter in the U.K. The monetization of this massive user base is a key focus, as the Adjusted Contribution Per User (ACPU) was $0.11 in Q3 2025.

Customer Segment	Key Metric	Latest Reported Value (Q3 2025)
Consumers (Cardholders)	Monthly Qualified Users (MQUs)	230.3 million
Consumers (Cardholders)	Adjusted Contribution Per User (ACPU)	$0.11
Advertisers (Demand)	Annual Consumer Spend Visibility	$5.8 trillion
Platform Scale (Supply/Demand)	U.S. Card Transaction Visibility	Approx. half
Platform Scale (Supply/Demand)	U.K. Card Transaction Visibility	Approx. a quarter
Financial Health Context	GAAP Revenue	$52.0 million
Financial Health Context	Billings (Non-GAAP)	$89.2 million
Financial Health Context	Adjusted Contribution (Non-GAAP)	$30.0 million

The platform relies on these distinct groups to function; for instance, the 230.3 million MQUs are the recipients of offers driven by advertiser spend, which in turn generates the $30.0 million in Adjusted Contribution for Cardlytics, Inc. in the quarter. The growth in MQUs to 230.3 million contrasts with the Q3 2025 GAAP Revenue of $52.0 million, showing the ongoing challenge of scaling monetization.

Cardlytics, Inc. (CDLX) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Cardlytics, Inc. (CDLX) engine as of late 2025, and it's clear the focus is on cost discipline following significant operational shifts.

The single largest cash outflow tied directly to revenue generation is the outlay for consumer incentives and partner share. For the third quarter of 2025, consumer incentives alone hit $\mathbf{\$37.2 \text{ million}}$. Honestly, that number is substantial, representing a $\mathbf{17.2\%}$ decrease compared to the prior year, which tracks with the $\mathbf{22.4\%}$ year-over-year revenue decline to $\mathbf{\$52.0 \text{ million}}$ in the same period. The goal here is to ensure the spend on incentives drives enough incremental value to keep the Adjusted Contribution margin healthy, which it did, hitting a record $\mathbf{57.7\%}$ in Q3 2025, up $\mathbf{3.5}$ percentage points year-over-year, thanks to a better mix of financial institution partners.

Here's a quick look at how the key cost-related metrics stacked up in Q3 2025:

Metric	Q3 2025 Amount (in millions USD)	Year-over-Year Change
Revenue	$\mathbf{\$52.0}$	$\mathbf{-22.4\%}$
Consumer Incentives	$\mathbf{\$37.2}$	$\mathbf{-17.2\%}$
Adjusted Contribution	$\mathbf{\$30.0}$	$\mathbf{-17.5\%}$
Total Adjusted Operating Expenses (excl. SBC/Severance)	$\mathbf{\$26.8}$	$\mathbf{-\$11.4 \text{ million}}$
Adjusted EBITDA	$\mathbf{\$3.2}$	$\mathbf{+\$5.0 \text{ million}}$

Technology and platform development expenses fall under the broader umbrella of operating expenses. Management has been aggressively managing these costs as part of a strategic reset. The company is focused on engineering foundations and integration with industry-standard measurement models, but the specific breakdown of R&D versus SG&A within the reported operating expenses isn't explicitly detailed in the public commentary.

The most visible action taken to overhaul the cost structure was the $\mathbf{30\%}$ workforce cut, announced in early October 2025, which impacted about 120 employees and contractors. This difficult decision was explicitly designed to optimize the cost structure and align resources with critical priorities. The projected outcome of this reduction, along with other spend cuts targeting third-party spend and real estate, is an annualized cash savings of at least $\mathbf{\$26 \text{ million}}$.

This cost-cutting drive is reflected directly in the reported operating expense line. Total adjusted operating expenses, excluding stock-based compensation and the expected severance charges, were $\mathbf{\$26.8 \text{ million}}$ in Q3 2025. That figure represents an $\mathbf{\$11.4 \text{ million}}$ reduction year-over-year, driven by the staff cuts and optimization of cloud infrastructure. The company expects this leaner cost base to continue, guiding Q4 2025 operating expenses to be at or below $\mathbf{\$28 \text{ million}}$ (excluding SBC/severance).

You should keep an eye on these cost components as the company moves forward:

• Consumer incentives remain the largest variable cost tied to revenue.
• The $\mathbf{30\%}$ workforce reduction is expected to deliver $\mathbf{\$26 \text{ million}}$ in annualized savings.
• Severance costs of $\mathbf{\$2.3 \text{ million}}$ were largely recognized in the fourth quarter of 2025.
• The $\mathbf{\$26.8 \text{ million}}$ adjusted operating expense base in Q3 2025 is the new benchmark for ongoing operational efficiency.

Finance: draft the 13-week cash view incorporating the Q4 operating expense guidance by Friday.

Cardlytics, Inc. (CDLX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Cardlytics, Inc., which is how they turn transaction data into marketing dollars. The primary mechanism is taking a cut from the total spend that advertisers place through the platform, which they call billings. For the third quarter of 2025, Cardlytics, Inc. reported revenue of $52.0 million.

To give you the full picture on that revenue capture, here's how the top-line billings translated into the recognized revenue for Q3 2025. Remember, revenue is what Cardlytics, Inc. keeps after subtracting consumer incentives and the financial institution partner's share.

Metric	Q3 2025 Amount (in millions USD)
Total Billings	$89.2 million
Reported Revenue	$52.0 million
Adjusted Contribution	$30.0 million

This relationship shows the platform's margin structure. The Adjusted Contribution margin, which reflects the value Cardlytics, Inc. keeps after subtracting rewards and Partner Share, hit a record 57.7% of revenue in Q3 2025, which is up 3.5 points year-over-year, driven by a more favorable mix of newer financial institution partners.

The shift in how new deals are structured is a key strategic move to align with performance media. You see this in the adoption rate for engagement-based pricing on the platform. For new business onboarded, the uptake is significant:

• 96% of new brands opted for engagement-based pricing.
• Adoption in the UK market reached 79% of advertisers.

Also critical is the revenue derived from the Bridg identity resolution and data services, which provides SKU-level insights. While the overall platform faced headwinds, the Bridg segment showed specific pressure; its revenue declined 15% in Q3 2025 due to a lost major account from prior quarters. Still, management noted continued interest and a healthy pipeline for Bridg's identity resolution solution.

Looking ahead, the near-term expectation for the top line suggests a slight sequential increase from the Q3 result, though still below prior year levels due to ongoing supply restrictions from the largest financial institution partner. The midpoint of the Q4 2025 Revenue guidance is approximately $55.1 million, based on the expected range of $51.1 million to $59.1 million.