Cardlytics, Inc. (CDLX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do marketing digital e da inteligência de dados, a Cardlytics, Inc. (CDLX) surge como uma plataforma inovadora que transforma como as empresas entendem e se envolvem com comportamentos de gastos com consumidores. Ao aproveitar engenhosamente os dados da transação de instituições financeiras e criar um sofisticado ecossistema de inteligência de compras, a Cardlytics oferece aos anunciantes e marcas insights sem precedentes sobre padrões de compra de consumidores, permitindo estratégias de marketing hiper-alvo que impulsionam o desempenho mensurável e a aquisição de clientes.

Cardlytics, Inc. (CDLX) - Modelo de negócios: Parcerias -chave

Instituições financeiras e bancos

A partir do quarto trimestre 2023, a Cardlytics possui parcerias com mais de 2.300 instituições financeiras, incluindo:

Tipo de banco	Número de parcerias
10 principais bancos dos EUA	8
Bancos regionais	125
Cooperativas de crédito	Mais de 500

Redes de cartão de crédito

As principais parcerias incluem:

• Visa
• MasterCard
• American Express

Comerciantes de varejo e comércio eletrônico

Categoria de comerciante	Número de parceiros
Comerciantes de varejo	Mais de 1.500
Plataformas de comércio eletrônico	250+

Plataformas de marketing digital

Parcerias estratégicas incluem:

• Google anúncios
• Publicidade no Facebook
• Criteo
• A mesa de comércio

Provedores de tecnologia e análise de dados

Tipo de provedor	Parceiros -chave
Serviços em nuvem	Amazon Web Services
Análise de dados	Floco de neve
Segurança cibernética	OKTA

Valor do ecossistema total de parceria: estimado US $ 750 milhões em receita colaborativa anual a partir de 2023

Cardlytics, Inc. (CDLX) - Modelo de negócios: Atividades -chave

Comprar o desenvolvimento da plataforma de inteligência

No quarto trimestre 2023, a Cardlytics investiu US $ 12,3 milhões em desenvolvimento de tecnologia da plataforma. A plataforma processada US $ 1,87 bilhão em transações totais de compra durante o ano fiscal.

Métrica da plataforma	2023 desempenho
Total de transações da plataforma	US $ 1,87 bilhão
Investimento em P&D	US $ 12,3 milhões
Cobertura da plataforma	Mais de 150 milhões de contas bancárias

Análise de dados e rastreamento de comportamento do consumidor

Análises cardlytics 2.4 Petabytes de dados de transação mensalmente, cobrindo os gastos do consumidor em vários setores.

• Volume mensal de processamento de dados: 2.4 Petabytes
• Segmentos de consumo rastreados: 47 categorias distintas
• Recursos de análise de transação em tempo real

Gerenciamento de mercado de publicidade digital

A empresa gerenciou US $ 482 milhões em gastos com publicidade digital Durante 2023, com um mercado atingindo mais de 150 instituições financeiras.

Métricas do mercado de publicidade	2023 dados
Gastos com publicidade digital total	US $ 482 milhões
Parceiros da Instituição Financeira	Mais de 150
Alcance do anunciante	Aproximadamente 35 milhões de consumidores

Medição de desempenho de marketing

Cardlytics fornece Atribuição de marketing em tempo real com rastreamento de precisão nos canais digitais e offline.

• Precisão de rastreamento de campanhas de marketing: 94,3%
• Medição de desempenho Granularidade: Insights no nível da transação
• Recursos de medição de marketing entre canais

Insights do cliente e refinamento do algoritmo de segmentação

A empresa refina continuamente seus algoritmos de segmentação, alcançando 97,2% de precisão preditiva na modelagem de comportamento do consumidor.

Métricas de desempenho de algoritmo	2023 Resultados
Precisão preditiva	97.2%
Atualizações do modelo de aprendizado de máquina	Trimestral
Segmentos de comportamento do consumidor	Mais de 500 perfis distintos

Cardlytics, Inc. (CDLX) - Modelo de negócios: Recursos -chave

Tecnologia de inteligência de compra proprietária

A partir do quarto trimestre 2023, a Cardlytics detém 22 patentes emitidas relacionadas à tecnologia de inteligência de compra. A plataforma de tecnologia da empresa processa aproximadamente 2,5 trilhões de transações de compra anonimizadas anualmente.

Categoria de patentes	Número de patentes
Comprar inteligência	22
Análise de dados	8
Processamento de transações	6

Conjunto de dados de transações de consumidor grande

Cardlytics gerencia um conjunto de dados de transações massivas:

• 2,5 trilhões de transações anuais de compra
• Mais de 175 milhões de contas bancárias ativas
• Dados de mais de 2.500 instituições financeiras

Recursos avançados de análise de dados

Os processos de infraestrutura de análise de dados da empresa:

• Análise de transações em tempo real
• Algoritmos de aprendizado de máquina para insights preditivos
• Rastreamento de padrões de gastos com consumidores anonimizados

Forte engenharia e talento de ciência de dados

Categoria de funcionários	Número
Total de funcionários	589
Equipe de engenharia	214
Cientistas de dados	87

Infraestrutura de software robusta

A infraestrutura de software da Cardlytics é suportada:

• Processamento de dados baseado em nuvem
• Protocolos de segurança de várias camadas
• Arquitetura de microsserviços escaláveis

Métrica de infraestrutura	Especificação
Armazenamento em nuvem	512 TB
Velocidade de processamento	500.000 transações/segundo
Tempo de atividade	99.99%

Cardlytics, Inc. (CDLX) - Modelo de Negócios: Proposições de Valor

Soluções de marketing direcionadas para anunciantes

A Cardlytics fornece soluções de publicidade digital com as seguintes métricas principais:

Métrica	Valor
Receita total da plataforma de publicidade (2023)	US $ 461,3 milhões
ROI da campanha média para anunciantes	4.5x retorno
Número de parcerias bancárias	2.500+ instituições financeiras

Plataforma de publicidade digital baseada em desempenho

Características de desempenho da plataforma:

• Rastreamento de dados de compra em tempo real
• Rastreamento da taxa de conversão a 2,3%
• Taxa de engajamento do anunciante de 15,7%

Programa de reembolso e recompensa do consumidor

Métrica de recompensa	Valor
Total de reembolso do consumidor distribuído (2023)	US $ 127,6 milhões
Recompensa média do consumidor por transação	$8.42
Usuários ativos do consumidor	175 milhões

Insights de marketing personalizados

Recursos de insight de marketing:

• Pontos de dados analisados ​​por consumidor: Mais de 3.500 comportamentos de compra
• Taxa de precisão do aprendizado de máquina: 92,4%
• Precisão preditiva de modelagem de comportamento do consumidor: 87,6%

Estratégias de aquisição de clientes econômicas

Métrica de aquisição	Valor
Custo de aquisição do cliente	US $ 12,50 por usuário
Valor da vida útil do cliente	$187.30
Taxa de retenção	68.5%

Cardlytics, Inc. (CDLX) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de marketing de autoatendimento

Cardlytics fornece a plataforma de marketing digital Com os seguintes recursos importantes:

Métrica da plataforma	Especificação
Clientes ativos	Mais de 2.500 parceiros de instituição financeira e de varejo
Usuários da plataforma	Aproximadamente 140 milhões de clientes bancários
Dados da transação processados	Mais de US $ 1,8 trilhão em gastos anuais do consumidor

Gerenciamento de conta dedicado

O gerenciamento de relacionamento com o cliente inclui:

• Equipes de conta estratégicas personalizadas
• Canais de comunicação direta do cliente
• Estratégias de otimização de desempenho personalizadas

Ferramentas de rastreamento e relatório de desempenho

Capacidade de relatório	Detalhes
Análise em tempo real	Rastreamento abrangente do painel
Medição de ROI	Metrics de desempenho de campanha precisos
Granularidade de dados	Insights no nível do segmento

Consultas regulares de sucesso do cliente

Ofertas cardlytics:

• Revisões de negócios trimestrais
• Workshops de parceria estratégica
• Recomendações de melhoria contínua

Canais de suporte e comunicação automatizados

Canal	Disponibilidade
Suporte por e -mail	Resposta 24/7
Assistência ao chatbot	Resposta inicial imediata
Base de conhecimento	Recursos abrangentes de auto-ajuda

Cardlytics, Inc. (CDLX) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Cardlytics mantém uma equipe de vendas direta de aproximadamente 127 profissionais de vendas direcionados a instituições financeiras e parceiros de marketing.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	127
Comprimento médio do ciclo de vendas	6-9 meses
Foco em vendas corporativo	As 25 principais instituições financeiras

Plataforma de marketing online

A plataforma digital da Cardlytics processou US $ 1,87 bilhão em gastos com marketing durante 2023, com 94% das transações realizadas através de canais digitais.

• Volume da transação da plataforma: US $ 1,87 bilhão
• Penetração de canal digital: 94%
• Parceiros de marketing ativos: 2.300+

Redes de publicidade digital

A empresa aproveita Redes de parceiros bancários atingindo aproximadamente 150 milhões de portadores de cartão nos Estados Unidos.

Métrica de rede	2023 Estatística
Total de titulares de cartão alcançados	150 milhões
Cobertura de rede	95% das principais instituições financeiras dos EUA

Programas de referência de parceiros

A Cardlytics gerou US $ 579,4 milhões em receita para 2023 por meio de seu ecossistema de parceiros.

• Receita total do parceiro: US $ 579,4 milhões
• Tamanho da rede de parceiros: mais de 2.500 parceiros de marketing
• Valor médio de referência do parceiro: US $ 231.760

Conferências e feiras do setor

A Cardlytics participou de 17 principais conferências de marketing e tecnologia financeira em 2023, gerando cerca de US $ 42 milhões em possíveis oportunidades de negócios.

Engajamento da conferência	2023 dados
As conferências totais compareceram	17
Oportunidades de negócios em potencial	US $ 42 milhões
Locais principais de eventos	Nova York, São Francisco, Chicago

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

Instituições financeiras

A partir do quarto trimestre de 2023, a Cardlytics atende a aproximadamente 1.500 instituições financeiras, incluindo grandes bancos e cooperativas de crédito. Os parceiros bancários da empresa incluem:

• Bank of America
• Wells Fargo
• JPMorgan Chase
• Capital um

Tipo de cliente	Número de instituições	Penetração de mercado
Principais bancos	15	65%
Bancos regionais	85	22%
Cooperativas de crédito	1,400	13%

Marcas de varejo e comércio eletrônico

A Cardlytics trabalha com mais de 2.000 marcas de varejo e comércio eletrônico em vários setores, gerando US $ 458,7 milhões em receita em 2023.

Setor de varejo	Número de marcas	Gastos com publicidade
Vestuário	350	US $ 85,2 milhões
Eletrônica	175	US $ 62,5 milhões
Comida e jantar	500	US $ 45,6 milhões

Anunciantes digitais

A Cardlytics suporta aproximadamente 3.500 anunciantes digitais com soluções de marketing direcionadas.

Agências de marketing

A empresa colabora com 250 agências de marketing, fornecendo tecnologias avançadas de segmentação e atribuição.

Pequenas e médias empresas

A Cardlytics atende a mais de 10.000 empresas pequenas e médias por meio de sua plataforma, com um custo médio de aquisição de clientes de US $ 1.200.

Tamanho comercial	Número de negócios	Gastos médios de marketing
Pequenas empresas	8,000	$5,000
Empresas médias	2,000	$25,000

Cardlytics, Inc. (CDLX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Cardlytics registrou despesas de P&D de US $ 91,8 milhões, representando 35,2% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 91,8 milhões	35.2%
2022	US $ 86,3 milhões	33.7%

Manutenção de infraestrutura de tecnologia

Os custos anuais de manutenção de infraestrutura tecnológica para a cardíase foram de aproximadamente US $ 23,5 milhões em 2023.

• Custos de hospedagem e servidor em nuvem: US $ 12,7 milhões
• Infraestrutura de rede: US $ 6,2 milhões
• Sistemas de segurança cibernética: US $ 4,6 milhões

Investimentos de vendas e marketing

A Cardlytics alocou US $ 65,4 milhões às despesas de vendas e marketing em 2023, representando 25,1% da receita total.

Canal de marketing	Gasto
Publicidade digital	US $ 28,6 milhões
Aquisição de parceiros	US $ 22,1 milhões
Marketing de evento e conferência	US $ 14,7 milhões

Aquisição de dados e custos de processamento

As despesas relacionadas a dados totalizaram US $ 37,2 milhões em 2023, incluindo:

• Compra e licenciamento de dados: US $ 18,5 milhões
• Infraestrutura de processamento de dados: US $ 12,7 milhões
• Ferramentas de análise e aprendizado de máquina: US $ 6 milhões

Aquisição de pessoal e talento

O total de despesas relacionadas ao pessoal para a cardicária em 2023 foi de US $ 112,6 milhões.

Categoria de pessoal	Despesas
Salários da base	US $ 78,4 milhões
Benefícios e seguro	US $ 22,1 milhões
Recrutamento e treinamento	US $ 12,1 milhões

Cardlytics, Inc. (CDLX) - Modelo de negócios: fluxos de receita

Taxas de publicidade baseadas em desempenho

A Cardlytics gerou US $ 526,6 milhões em receita total para o ano fiscal de 2023. As taxas de publicidade baseadas em desempenho constituem uma parcela significativa deste fluxo de receita.

Categoria de receita	Valor (2023)	Porcentagem da receita total
Taxas de publicidade de desempenho	US $ 382,4 milhões	72.6%

Licenciamento de dados e insights

A empresa gera receita através da venda de informações agregadas de compra de consumidores para instituições financeiras e profissionais de marketing.

• Receita de licenciamento de dados para 2023: US $ 54,3 milhões
• Preço médio por pacote de insight de dados: US $ 15.000 - $ 75.000

Acesso à plataforma baseada em assinatura

A Cardlytics oferece acesso de plataforma em camadas para análise de marketing e gerenciamento de campanhas.

Camada de assinatura	Custo anual	Características
Basic	$24,000	Acesso ao Analytics Standard
Profissional	$72,000	Gerenciamento avançado de campanha

Porcentagens da Comissão de Transações

A Cardlytics ganha comissões de transações de compra por meio de sua plataforma de marketing bancária.

• Taxa média de comissão: 3-5% por transação
• Valor total da transação processado em 2023: US $ 14,2 bilhões

Cobranças de serviço de análise de marketing

Os serviços especializados de análise de marketing fornecem um fluxo de receita adicional.

Tipo de serviço	Preço médio	Receita anual
Relatório de análise personalizada	$50,000	US $ 12,6 milhões
Insights preditivos de marketing	$85,000	US $ 8,9 milhões

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.