Cardlytics, Inc. (CDLX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de marketing digital e inteligencia de datos, Cardlytics, Inc. (CDLX) surge como una plataforma innovadora que transforma cómo las empresas comprenden e interactúan con los comportamientos de gasto de los consumidores. Al aprovechar ingeniosamente los datos de transacciones de las instituciones financieras y crear un sofisticado ecosistema de inteligencia de compra, Cardlytics ofrece a los anunciantes y marcas ideas sin precedentes sobre los patrones de compra de los consumidores, lo que permite estrategias de marketing hiperalteradas que impulsan el rendimiento medible y la adquisición de clientes.

Cardlytics, Inc. (CDLX) - Modelo de negocio: asociaciones clave

Instituciones y bancos financieros

A partir del cuarto trimestre de 2023, Cardlytics tiene asociaciones con más de 2.300 instituciones financieras, que incluyen:

Tipo de banco	Número de asociaciones
Top 10 bancos estadounidenses	8
Bancos regionales	125
Coeficientes de crédito	Más de 500

Redes de tarjetas de crédito

Las asociaciones clave incluyen:

• Visa
• Tarjeta MasterCard
• tarjeta American Express

Comerciantes minoristas y de comercio electrónico

Categoría de comerciante	Número de socios
Comerciantes minoristas	Más de 1.500
Plataformas de comercio electrónico	250+

Plataformas de marketing digital

Las asociaciones estratégicas incluyen:

• Ads de Google
• Publicidad de Facebook
• Citeo
• La mesa de comercio

Proveedores de tecnología y análisis de datos

Tipo de proveedor	Socios clave
Servicios en la nube	Servicios web de Amazon
Análisis de datos	Copo de nieve
Ciberseguridad	Okta

Valor del ecosistema de asociación total: estimado de $ 750 millones en ingresos colaborativos anuales a partir de 2023

Cardlytics, Inc. (CDLX) - Modelo de negocio: actividades clave

Desarrollo de plataforma de inteligencia de compra

En el cuarto trimestre de 2023, Cardlytics invirtió $ 12.3 millones en desarrollo de tecnología de plataformas. La plataforma procesada $ 1.87 mil millones En transacciones de compra total durante el año fiscal.

Métrica de plataforma	2023 rendimiento
Transacciones de plataforma total	$ 1.87 mil millones
Inversión de I + D	$ 12.3 millones
Cobertura de la plataforma	Más de 150 millones de cuentas bancarias

Análisis de datos y seguimiento de comportamiento del consumidor

Análisis de Cardlytics 2.4 petabytes de datos de transacciones mensualmente, cubriendo el gasto del consumidor en múltiples sectores.

• Volumen mensual de procesamiento de datos: 2.4 petabytes
• Segmentos de consumo rastreados: 47 categorías distintas
• Capacidades de análisis de transacciones en tiempo real

Gestión del mercado de publicidad digital

La empresa administrada $ 482 millones en gasto en publicidad digital Durante 2023, con un mercado que alcanza más de 150 instituciones financieras.

Métricas del mercado publicitario	2023 datos
Gasto total de publicidad digital	$ 482 millones
Socios de institución financiera	Más de 150
Alcance del anunciante	Aproximadamente 35 millones de consumidores

Medición del rendimiento de marketing

Cardlytics proporciona Atribución de marketing en tiempo real con rastreo de precisión en los canales digitales y fuera de línea.

• Precisión de seguimiento de la campaña de marketing: 94.3%
• Granularidad de medición del rendimiento: información a nivel de transacción
• Capacidades de medición de marketing de canal cruzado

Información del cliente y refinamiento de algoritmo de orientación

La compañía refina continuamente sus algoritmos de orientación, logrando 97.2% precisión predictiva En el modelado de comportamiento del consumidor.

Métricas de rendimiento del algoritmo	Resultados de 2023
Precisión predictiva	97.2%
Actualizaciones del modelo de aprendizaje automático	Trimestral
Segmentos de comportamiento del consumidor	Más de 500 perfiles distintos

Cardlytics, Inc. (CDLX) - Modelo de negocio: recursos clave

Tecnología de inteligencia de compra patentada

A partir del cuarto trimestre de 2023, Cardlytics posee 22 patentes emitidas relacionadas con la tecnología de inteligencia de compra. La plataforma de tecnología de la compañía procesa aproximadamente 2.5 billones de transacciones de compra anonimizadas anualmente.

Categoría de patente	Número de patentes
Compra de inteligencia	22
Análisis de datos	8
Procesamiento de transacciones	6

Gran conjunto de datos de transacciones de consumo

Cardlytics administra un conjunto de datos de transacciones masivas:

• 2.5 billones de transacciones de compra anual
• Más de 175 millones de cuentas bancarias activas
• Datos de más de 2.500 instituciones financieras

Capacidades de análisis de datos avanzados

Procesos de infraestructura de análisis de datos de la compañía:

• Análisis de transacciones en tiempo real
• Algoritmos de aprendizaje automático para ideas predictivas
• Seguimiento de patrones de gasto del consumidor anónimo

Fuerte talento de ingeniería y ciencia de datos

Categoría de empleado	Número
Total de empleados	589
Personal de ingeniería	214
Científicos de datos	87

Infraestructura de software robusta

Soporte de infraestructura de software de Cardlytics:

• Procesamiento de datos basado en la nube
• Protocolos de seguridad de múltiples capas
• Arquitectura de microservicios escalables

Infraestructura métrica	Especificación
Almacenamiento en la nube	512 TB
Velocidad de procesamiento	500,000 transacciones/segundo
Tiempo de actividad	99.99%

Cardlytics, Inc. (CDLX) - Modelo de negocio: propuestas de valor

Soluciones de marketing específicas para anunciantes

Cardlytics proporciona soluciones de publicidad digital con las siguientes métricas clave:

Métrico	Valor
Ingresos totales de la plataforma publicitaria (2023)	$ 461.3 millones
ROI de campaña promedio para anunciantes	4.5x de regreso
Número de asociaciones bancarias	2,500+ instituciones financieras

Plataforma de publicidad digital basada en el rendimiento

Características de rendimiento de la plataforma:

• Seguimiento de datos de compra en tiempo real
• Seguimiento de la tasa de conversión al 2.3%
• Tasa de participación del anunciante del 15,7%

Programa de reembolso y recompensas de consumo

Métrica de recompensa	Valor
Total de reembolso de consumo distribuido (2023)	$ 127.6 millones
Recompensa promedio del consumidor por transacción	$8.42
Usuarios de consumidores activos	175 millones

Ideas de marketing personalizadas

Capacidades de comprensión de marketing:

• Puntos de datos analizados por consumidor: Más de más de 3,500 comportamientos de compra
• Tasa de precisión del aprendizaje automático: 92.4%
• Precisión predictiva de modelado de comportamiento del consumidor: 87.6%

Estrategias de adquisición de clientes rentables

Métrica de adquisición	Valor
Costo de adquisición de clientes	$ 12.50 por usuario
Valor de por vida del cliente	$187.30
Tasa de retención	68.5%

Cardlytics, Inc. (CDLX) - Modelo de negocio: relaciones con los clientes

Plataforma de marketing de autoservicio

Cardlytics proporciona un plataforma de marketing digital con las siguientes características clave:

Métrica de plataforma	Especificación
Clientes activos	Más de 2.500 instituciones financieras y socios minoristas
Usuarios de la plataforma	Aproximadamente 140 millones de clientes bancarios
Datos de transacción procesados	Más de $ 1.8 billones en gastos anuales del consumidor

Gestión de cuentas dedicada

La gestión de la relación con el cliente incluye:

• Equipos de cuentas estratégicas personalizadas
• Canales directos de comunicación del cliente
• Estrategias de optimización de rendimiento personalizadas

Herramientas de seguimiento e informes de rendimiento

Capacidad de informes	Detalles
Análisis en tiempo real	Seguimiento completo del tablero
Medición de ROI	Métricas precisas de rendimiento de la campaña
Granularidad de datos	Ideas a nivel de segmento

Consultas regulares de éxito del cliente

Ofertas de Cardlytics:

• Revisiones comerciales trimestrales
• Talleres de asociación estratégica
• Recomendaciones de mejora continua

Canales automatizados de soporte y comunicación

Canal	Disponibilidad
Soporte por correo electrónico	Respuesta 24/7
Asistencia de chatbot	Respuesta inicial inmediata
Base de conocimiento	Recursos integrales de autoayuda

Cardlytics, Inc. (CDLX) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Cardlytics mantiene un equipo de ventas directo de aproximadamente 127 profesionales de ventas dirigidos a instituciones financieras y socios de marketing.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	127
Duración del ciclo de ventas promedio	6-9 meses
Enfoque de ventas empresariales	Las 25 principales instituciones financieras

Plataforma de marketing en línea

La plataforma digital de Cardlytics procesó $ 1.87 mil millones en gastos de marketing durante 2023, con el 94% de las transacciones realizadas a través de canales digitales.

• Volumen de transacción de plataforma: $ 1.87 mil millones
• Penetración del canal digital: 94%
• Socios de marketing activos: más de 2,300

Redes de publicidad digital

La empresa aprovecha Redes de socios bancarios Alcanzar a aproximadamente 150 millones de titulares de tarjetas en los Estados Unidos.

Métrico de red	2023 estadística
Los titulares de tarjetas totales alcanzados	150 millones
Cobertura de red	95% de las principales instituciones financieras de los Estados Unidos

Programas de referencia de socios

Cardlytics generó $ 579.4 millones en ingresos para 2023 a través de su ecosistema socio.

• Ingresos totales de socios: $ 579.4 millones
• Tamaño de la red de socios: más de 2,500 socios de marketing
• Valor de referencia promedio de socios: $ 231,760

Conferencias de la industria y ferias comerciales

Cardlytics participó en 17 principales conferencias de marketing y tecnología financiera en 2023, generando aproximadamente $ 42 millones en posibles oportunidades comerciales.

Compromiso de conferencia	2023 datos
Conferencias totales a las que asistió	17
Oportunidades comerciales potenciales	$ 42 millones
Ubicaciones de eventos clave	Nueva York, San Francisco, Chicago

Cardlytics, Inc. (CDLX) - Modelo de negocio: segmentos de clientes

Instituciones financieras

A partir del cuarto trimestre de 2023, Cardlytics atiende a aproximadamente 1,500 instituciones financieras, incluidos los principales bancos y cooperativas de crédito. Los socios bancarios de la compañía incluyen:

• Banco de América
• Wells Fargo
• JPMorgan Chase
• Capital uno

Tipo de cliente	Número de instituciones	Penetración del mercado
Bancos principales	15	65%
Bancos regionales	85	22%
Coeficientes de crédito	1,400	13%

Marcas minoristas y de comercio electrónico

Cardlytics funciona con más de 2,000 marcas minoristas y de comercio electrónico en varios sectores, generando $ 458.7 millones en ingresos en 2023.

Sector minorista	Número de marcas	Gasto publicitario
Vestir	350	$ 85.2 millones
Electrónica	175	$ 62.5 millones
Comida y comida	500	$ 45.6 millones

Anunciantes digitales

Cardlytics admite aproximadamente 3.500 anunciantes digitales con soluciones de marketing específicas.

Agencias de marketing

La compañía colabora con 250 agencias de marketing, que proporciona tecnologías avanzadas de orientación y atribución.

Pequeñas y medianas empresas

Cardlytics sirve a más de 10,000 pequeñas y medianas empresas a través de su plataforma, con un costo promedio de adquisición de clientes de $ 1,200.

Tamaño de negocio	Número de negocios	Gasto promedio de marketing
Pequeñas empresas	8,000	$5,000
Empresas medianas	2,000	$25,000

Cardlytics, Inc. (CDLX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Cardlytics reportó gastos de I + D de $ 91.8 millones, lo que representa el 35.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 91.8 millones	35.2%
2022	$ 86.3 millones	33.7%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de infraestructura de tecnología anual para Cardlytics fueron de aproximadamente $ 23.5 millones en 2023.

• Hosting en la nube y costos del servidor: $ 12.7 millones
• Infraestructura de red: $ 6.2 millones
• Sistemas de ciberseguridad: $ 4.6 millones

Inversiones de ventas y marketing

Cardlytics asignó $ 65.4 millones a los gastos de ventas y marketing en 2023, representando el 25.1% de los ingresos totales.

Canal de marketing	Gasto
Publicidad digital	$ 28.6 millones
Adquisición de socios	$ 22.1 millones
Marketing de eventos y conferencias	$ 14.7 millones

Costos de adquisición de datos y procesamiento

Los gastos relacionados con los datos totalizaron $ 37.2 millones en 2023, que incluyen:

• Compra de datos y licencias: $ 18.5 millones
• Infraestructura de procesamiento de datos: $ 12.7 millones
• Herramientas de análisis y aprendizaje automático: $ 6 millones

Adquisición de personal y talento

Los gastos totales relacionados con el personal para Cardlytics en 2023 fueron de $ 112.6 millones.

Categoría de personal	Gastos
Salarios base	$ 78.4 millones
Beneficios y seguro	$ 22.1 millones
Reclutamiento y capacitación	$ 12.1 millones

Cardlytics, Inc. (CDLX) - Modelo de negocios: flujos de ingresos

Tarifas publicitarias basadas en el desempeño

Cardlytics generó $ 526.6 millones en ingresos totales para el año fiscal 2023. Las tarifas publicitarias basadas en el rendimiento constituyen una parte significativa de este flujo de ingresos.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Tarifas publicitarias de rendimiento	$ 382.4 millones	72.6%

Licencias de datos e información

La compañía genera ingresos mediante la venta de información agregada de compra del consumidor a instituciones financieras y vendedores.

• Ingresos de licencia de datos para 2023: $ 54.3 millones
• Precio promedio por paquete de información de datos: $ 15,000 - $ 75,000

Acceso a la plataforma basado en suscripción

Cardlytics ofrece acceso a la plataforma escalonada para análisis de marketing y gestión de campañas.

Nivel de suscripción	Costo anual	Características
Basic	$24,000	Acceso de análisis estándar
Profesional	$72,000	Gestión de campaña avanzada

Porcentajes de comisión de transacciones

Cardlytics gana comisiones de las transacciones de compra a través de su plataforma de marketing bancario.

• Tasa de comisión promedio: 3-5% por transacción
• Valor de transacción total procesado en 2023: $ 14.2 mil millones

Cargos de servicio de análisis de marketing

Los servicios especializados de análisis de marketing proporcionan un flujo de ingresos adicional.

Tipo de servicio	Precio medio	Ingresos anuales
Informe de análisis personalizado	$50,000	$ 12.6 millones
Insights de marketing predictivo	$85,000	$ 8.9 millones

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.