Cardlytics, Inc. (CDLX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du marketing numérique et de l'intelligence des données, Cardlytics, Inc. (CDLX) apparaît comme une plate-forme révolutionnaire qui transforme la façon dont les entreprises comprennent et s'engagent dans les comportements de dépenses de consommation. En tirant ingénieusement des données de transaction des institutions financières et en créant un écosystème de renseignement d'achat sophistiqué, Cardlytics offre aux annonceurs et aux marques des informations sans précédent sur les modèles d'achat de consommateurs, permettant des stratégies de marketing hyper ciblées qui stimulent les performances mesurables et l'acquisition des clients.

Cardlytics, Inc. (CDLX) - Modèle commercial: partenariats clés

Institutions et banques financières

Depuis le quatrième trimestre 2023, Cardlytics a des partenariats avec plus de 2 300 institutions financières, notamment:

Type de banque	Nombre de partenariats
Top 10 des banques américaines	8
Banques régionales	125
Coopératives de crédit	Plus de 500

Réseaux de cartes de crédit

Les partenariats clés comprennent:

• Visa
• MasterCard
• American Express

Marchands de vente au détail et de commerce électronique

Catégorie marchand	Nombre de partenaires
Marchands de détail	Plus de 1 500
Plates-formes de commerce électronique	250+

Plateformes de marketing numérique

Les partenariats stratégiques comprennent:

• Publicités Google
• Publicité Facebook
• Crête
• Le commerce

Fournisseurs de technologies et d'analyse de données

Type de fournisseur	Partenaires clés
Services cloud	Services Web Amazon
Analyse des données	Flocon de neige
Cybersécurité	Okta

Valeur totale de l'écosystème du partenariat: 750 millions de dollars estimés en revenus collaboratifs annuels à partir de 2023

Cardlytics, Inc. (CDLX) - Modèle commercial: activités clés

Développement de la plate-forme d'achat d'intelligence

Au quatrième trimestre 2023, Cardlytics a investi 12,3 millions de dollars dans le développement de la technologie des plateformes. La plate-forme traitée 1,87 milliard de dollars dans le total des transactions d'achat au cours de l'exercice.

Métrique de la plate-forme	Performance de 2023
Total des transactions de plate-forme	1,87 milliard de dollars
Investissement en R&D	12,3 millions de dollars
Couverture de la plate-forme	Plus de 150 millions de comptes bancaires

Analyse des données et suivi des comportements des consommateurs

Analyses Cardlytics 2.4 Petaoctets de données de transaction mensuellement, couvrant les dépenses de consommation dans plusieurs secteurs.

• Volume de traitement des données mensuel: 2,4 pétaoctets
• Segments de consommateurs suivis: 47 catégories distinctes
• Capacités d'analyse des transactions en temps réel

Gestion du marché de la publicité numérique

L'entreprise a géré 482 millions de dollars en dépenses publicitaires numériques En 2023, avec un marché atteignant plus de 150 institutions financières.

Métriques du marché de la publicité	2023 données
Dépenses publicitaires numériques totales	482 millions de dollars
Partenaires d'institution financière	Plus de 150
RECHERCHER	Environ 35 millions de consommateurs

Mesure des performances marketing

Cardlytics fournit Attribution marketing en temps réel avec le suivi de précision sur les canaux numériques et hors ligne.

• Précision de suivi des campagnes marketing: 94,3%
• Granularité de mesure du rendement: Insistance au niveau de la transaction
• Capacités de mesure du marketing inter-canaux

Aperçu des clients et raffinement des algorithmes de ciblage

L'entreprise affine continuellement ses algorithmes de ciblage, réalisant 97,2% de précision prédictive dans la modélisation du comportement des consommateurs.

Métriques de performance d'algorithme	2023 Résultats
Précision prédictive	97.2%
Mises à jour du modèle d'apprentissage automatique	Trimestriel
Segments de comportement des consommateurs	Plus de 500 profils distincts

Cardlytics, Inc. (CDLX) - Modèle commercial: Ressources clés

Technologie de renseignement d'achat propriétaire

Depuis le quatrième trimestre 2023, Cardlytics détient 22 brevets émis liés à la technologie de renseignement d'achat. La plate-forme technologique de l'entreprise traite environ 2,5 billions de transactions d'achat anonymisées par an.

Catégorie de brevet	Nombre de brevets
Intelligence d'achat	22
Analyse des données	8
Traitement des transactions	6

Ensemble de données de transactions grand public

Cardlytics gère une couverture de données de transactions massives:

• 2,5 billions de transactions d'achat annuelles
• Plus de 175 millions de comptes bancaires actifs
• Données de plus de 2 500 institutions financières

Capacités avancées d'analyse des données

Les processus d'infrastructure d'analyse de données de l'entreprise:

• Analyse des transactions en temps réel
• Algorithmes d'apprentissage automatique pour les informations prédictives
• Suivi des modèles de dépenses de consommation anonymisés

Talent de l'ingénierie et de la science des données fortes

Catégorie des employés	Nombre
Total des employés	589
Personnel d'ingénierie	214
Data scientifiques	87

Infrastructure logicielle robuste

Prise en charge de l'infrastructure logicielle de Cardlytics:

• Traitement de données basé sur le cloud
• Protocoles de sécurité multicouches
• Architecture des microservices évolutifs

Métrique d'infrastructure	Spécification
Stockage cloud	512 TB
Vitesse de traitement	500 000 transactions / seconde
Durée de la baisse	99.99%

Cardlytics, Inc. (CDLX) - Modèle d'entreprise: propositions de valeur

Solutions marketing ciblées pour les annonceurs

Cardlytics fournit des solutions publicitaires numériques avec les mesures clés suivantes:

Métrique	Valeur
Revenus de plate-forme publicitaire totale (2023)	461,3 millions de dollars
ROI de campagne moyen pour les annonceurs	Retour 4.5x
Nombre de partenariats bancaires	2 500+ institutions financières

Plateforme de publicité numérique basée sur les performances

Caractéristiques de performance de la plate-forme:

• Suivi des données d'achat en temps réel
• Suivi du taux de conversion à 2,3%
• Taux d'engagement de l'annonceur de 15,7%

Programme de cashback et de récompenses à la consommation

Récompenser la métrique	Valeur
Total Cashback Cashback distribué (2023)	127,6 millions de dollars
Récompense moyenne des consommateurs par transaction	$8.42
Utilisateurs de consommateurs actifs	175 millions

Informations marketing personnalisées

Capacités d'informations marketing:

• Points de données analysés par consommateur: 3 500+ comportements d'achat
• Taux de précision d'apprentissage automatique: 92,4%
• Précision de modélisation du comportement des consommateurs prédictives: 87,6%

Stratégies d'acquisition de clients rentables

Métrique d'acquisition	Valeur
Coût d'acquisition des clients	12,50 $ par utilisateur
Valeur à vie du client	$187.30
Taux de rétention	68.5%

Cardlytics, Inc. (CDLX) - Modèle d'entreprise: relations avec les clients

Plateforme de marketing en libre-service

Cardlytics fournit un plateforme de marketing numérique avec les caractéristiques clés suivantes:

Métrique de la plate-forme	Spécification
Clients actifs	Plus de 2 500 partenaires d'institution financière et de vente au détail
Utilisateurs de plate-forme	Environ 140 millions de clients bancaires
Données de transaction traitées	Plus de 1,8 billion de dollars de dépenses de consommation annuelles

Gestion de compte dédiée

La gestion de la relation client comprend:

• Équipes de compte stratégique personnalisées
• Canaux de communication des clients directs
• Stratégies d'optimisation des performances personnalisées

Outils de suivi des performances et de rapports

Capacité de rapport	Détails
Analytique en temps réel	Suivi complet du tableau de bord
Mesure du retour sur investissement	Métriques de performance précise de la campagne
Granularité des données	Informations au niveau du segment

Consultations régulières de réussite client

Cardlytics Offres:

• Avis sur les entreprises trimestrielles
• Ateliers de partenariat stratégique
• Recommandations d'amélioration continue

Canaux de support automatisé et de communication

Canal	Disponibilité
Assistance par e-mail	Réponse 24/7
Assistance au chatbot	Réponse initiale immédiate
Base de connaissances	Ressources d'auto-assistance complètes

Cardlytics, Inc. (CDLX) - Modèle commercial: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Cardlytics maintient une équipe de vente directe d'environ 127 professionnels de la vente ciblant les institutions financières et les partenaires marketing.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	127
Durée moyenne du cycle des ventes	6-9 mois
Focus des ventes de l'entreprise	Top 25 des institutions financières

Plateforme de marketing en ligne

La plate-forme numérique de Cardlytics a traité 1,87 milliard de dollars de dépenses de marketing en 2023, avec 94% des transactions effectuées via des canaux numériques.

• Volume de transaction de plate-forme: 1,87 milliard de dollars
• Pénétration du canal numérique: 94%
• Partenaires marketing actifs: 2 300+

Réseaux de publicité numérique

L'entreprise exploite Réseaux de partenaires bancaires atteignant environ 150 millions de titulaires de carte aux États-Unis.

Métrique du réseau	2023 statistiques
Total des titulaires de carte atteints	150 millions
Couverture réseau	95% des meilleures institutions financières américaines

Programmes de référence des partenaires

Cardlytics a généré 579,4 millions de dollars de revenus pour 2023 via son écosystème de partenaire.

• Revenu total des partenaires: 579,4 millions de dollars
• Taille du réseau partenaire: 2 500+ partenaires marketing
• Valeur de référence du partenaire moyen: 231 760 $

Conférences et salons commerciaux de l'industrie

Cardlytics a participé à 17 grandes conférences de marketing et de technologie financière en 2023, générant environ 42 millions de dollars de possibilités commerciales potentielles.

Engagement de la conférence	2023 données
Les conférences totales ont assisté	17
Opportunités commerciales potentielles	42 millions de dollars
Emplacements des événements clés	New York, San Francisco, Chicago

Cardlytics, Inc. (CDLX) - Modèle d'entreprise: segments de clientèle

Institutions financières

Depuis le quatrième trimestre 2023, Cardlytics dessert environ 1 500 institutions financières, y compris les grandes banques et les coopératives de crédit. Les partenaires bancaires de l'entreprise comprennent:

• Banque d'Amérique
• Wells Fargo
• JPMorgan Chase
• Capital One

Type de client	Nombre d'institutions	Pénétration du marché
Grandes banques	15	65%
Banques régionales	85	22%
Coopératives de crédit	1,400	13%

Marques de vente au détail et de commerce électronique

Cardlytics travaille avec plus de 2 000 marques de vente au détail et de commerce électronique dans divers secteurs, générant 458,7 millions de dollars de revenus en 2023.

Secteur de la vente au détail	Nombre de marques	Dépenses publicitaires
Vêtements	350	85,2 millions de dollars
Électronique	175	62,5 millions de dollars
Nourriture et restauration	500	45,6 millions de dollars

Annonceurs numériques

Cardlytics prend en charge environ 3 500 annonceurs numériques avec des solutions de marketing ciblées.

Agences de marketing

L'entreprise collabore avec 250 agences de marketing, fournissant des technologies de ciblage et d'attribution avancées.

Petites et moyennes entreprises

Cardlytics dessert plus de 10 000 petites et moyennes entreprises via sa plate-forme, avec un coût d'acquisition moyen de 1 200 $.

Taille de l'entreprise	Nombre d'entreprises	Dépenses de marketing moyennes
Petites entreprises	8,000	$5,000
Entreprises moyennes	2,000	$25,000

Cardlytics, Inc. (CDLX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Cardlytics a déclaré des dépenses de R&D de 91,8 millions de dollars, ce qui représente 35,2% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	91,8 millions de dollars	35.2%
2022	86,3 millions de dollars	33.7%

Maintenance des infrastructures technologiques

Les coûts annuels de maintenance des infrastructures technologiques pour Cardlytics étaient d'environ 23,5 millions de dollars en 2023.

• Hébergement cloud et coûts de serveur: 12,7 millions de dollars
• Infrastructure réseau: 6,2 millions de dollars
• Systèmes de cybersécurité: 4,6 millions de dollars

Investissements de vente et de marketing

Cardlytics a alloué 65,4 millions de dollars aux frais de vente et de marketing en 2023, représentant 25,1% des revenus totaux.

Canal de marketing	Dépense
Publicité numérique	28,6 millions de dollars
Acquisition de partenaires	22,1 millions de dollars
Marketing d'événement et de conférence	14,7 millions de dollars

Coûts d'acquisition et de traitement des données

Les dépenses liées aux données ont totalisé 37,2 millions de dollars en 2023, notamment:

• Achat et licence de données: 18,5 millions de dollars
• Infrastructure de traitement des données: 12,7 millions de dollars
• Outils d'analyse et d'apprentissage automatique: 6 millions de dollars

Acquisition du personnel et des talents

Les dépenses totales liées au personnel pour Cardlytics en 2023 étaient de 112,6 millions de dollars.

Catégorie de personnel	Dépenses
Salaires de base	78,4 millions de dollars
Avantages et assurance	22,1 millions de dollars
Recrutement et formation	12,1 millions de dollars

Cardlytics, Inc. (CDLX) - Modèle commercial: Strots de revenus

Frais de publicité basés sur les performances

Cardlytics a généré 526,6 millions de dollars de revenus totaux pour l'exercice 2023. Les frais de publicité basés sur les performances constituent une partie importante de cette source de revenus.

Catégorie de revenus	Montant (2023)	Pourcentage du total des revenus
Frais de publicité de performance	382,4 millions de dollars	72.6%

Licence et idées de données

La société génère des revenus en vendant des informations agrégées aux achats de consommateurs aux institutions financières et aux spécialistes du marketing.

• Revenus de licences de données pour 2023: 54,3 millions de dollars
• Prix ​​moyen par package de vision des données: 15 000 $ - 75 000 $

Accès à la plate-forme basée sur l'abonnement

Cardlytics offre un accès à plate-forme à plusieurs niveaux pour l'analyse marketing et la gestion des campagnes.

Niveau d'abonnement	Coût annuel	Caractéristiques
Basic	$24,000	Accès d'analyse standard
Professionnel	$72,000	Gestion de campagne avancée

Pourcentages de commission de transaction

Cardlytics obtient des commissions des transactions d'achat via sa plateforme de marketing bancaire.

• Taux de commission moyen: 3-5% par transaction
• Valeur totale de la transaction traitée en 2023: 14,2 milliards de dollars

Frais de service d'analyse marketing

Les services d'analyse marketing spécialisés fournissent une source de revenus supplémentaire.

Type de service	Prix ​​moyen	Revenus annuels
Rapport d'analyse personnalisée	$50,000	12,6 millions de dollars
Informations sur le marketing prédictif	$85,000	8,9 millions de dollars

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.