Cardlytics, Inc. CDLX
We operate a commerce media platform that is designed to make commerce smarter and rewarding for everyone. At the core of our commerce media platform is the financial media network that we run within our partners' digital channels, which includes online and mobile applications (the "Cardlytics platform"). Additionally, we operate an identity resolution platform that utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers to perform analytics and targeted loyalty marketing and also measure the impact of their marketing (the "Bridg platform"). The partners for the Cardlytics platform are predominantly financial institutions ("FI partners") that provide us with access to their anonymized purchase data and digital banking customers. The partners for the Bridg platform are predominantly merchants ("merchant data partners") that provide us with access to their POS data, including product-level purchase data. By applying advanced analytics to the purchase data we receive, we make it actionable, helping marketers reach potential buyers at scale and measure the true sales impact of their marketing spend. We have strong relationships with leading marketers across a variety of industries, including everyday spend, specialty retail, restaurant, travel and entertainment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $212.3M | $255.6M | $285.4M | $277.2M | $258.8M | $186.9M | $210.4M | $150.7M | $130.4M | $112.8M |
| R&D | $39.8M | $49.6M | $51.4M | $54.4M | $38.1M | $17.5M | $11.7M | $16.2M | $12.2M | $13.9M |
| SG&A | $47.3M | $56.5M | $58.8M | $81.4M | $66.2M | $46.5M | $36.7M | $34.2M | $20.1M | $21.4M |
| Total operating expenses | $335.1M | $473.8M | $444.9M | $756.3M | $389.7M | $240.8M | $227.8M | $191.6M | $147.5M | $169.1M |
| Operating income | -$101.8M | -$195.5M | -$135.7M | -$457.8M | -$122.6M | -$53.9M | -$17.3M | -$40.9M | -$17.1M | -$56.2M |
| Interest expense | $10.6M | $8.9M | $6.2M | $4.0M | $12.6M | $3.0M | $548.0K | $3.3M | $8.2M | $6.2M |
| Pre-tax income | -$103.5M | -$189.3M | -$134.7M | -$466.7M | -$136.4M | -$55.4M | -$17.1M | -$53.0M | -$19.6M | -$75.7M |
| Income tax | $0 | $0 | $0 | $1.4M | $7.9M | $0 | $0 | $0 | $0 | $0 |
| Net income | -$104.0M | -$189.0M | -$135.0M | -$465.3M | -$128.6M | -$55.4M | -$17.1M | -$53.0M | -$19.6M | -$75.7M |
| EPS, basic | -1.95 | -3.91 | -3.69 | -13.92 | -3.99 | -2.04 | — | — | — | — |
| EPS, diluted | -1.95 | -3.91 | -3.69 | -13.92 | -3.99 | -2.04 | -0.72 | -2.79 | -7.86 | -32.48 |
| Shares, diluted (wtd. avg.) | $53.1M | $48.4M | $36.5M | $33.4M | $32.2M | $27.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $48.7M | $65.6M | $91.8M | $122.0M | $233.6M | $293.3M | $104.6M | $59.9M | $21.3M | $23.0M |
| Receivables | $82.7M | $103.3M | $120.6M | $115.6M | $111.1M | $81.2M | $81.5M | $58.1M | $48.3M | — |
| Total current assets | $137.3M | $178.0M | $223.9M | $250.0M | $358.7M | $385.6M | $195.7M | $124.4M | $74.6M | — |
| Property, plant and equipment | $2.0M | $2.6M | $3.3M | $5.9M | $11.3M | $13.9M | $14.3M | $10.2M | $7.3M | — |
| Goodwill | $110.3M | $159.4M | $277.2M | $352.7M | $742.5M | $0 | — | — | — | — |
| Other intangibles | $5.6M | $11.4M | $34.9M | $53.4M | $125.5M | $447.0K | $389.0K | $370.0K | $528.0K | — |
| Total assets | $285.6M | $392.7M | $574.1M | $691.2M | $1.26B | $422.5M | $224.3M | $153.8M | $100.8M | — |
| Accounts payable | $3.4M | $3.7M | $4.4M | $3.8M | $4.6M | $1.4M | $1.2M | $2.1M | $1.6M | — |
| Short-term debt | $0 | $45.9M | $0 | — | — | $13.0K | $24.0K | $21.0K | $44.0K | — |
| Total current liabilities | $78.4M | $149.0M | $171.1M | $248.9M | $327.4M | $81.3M | $78.4M | $51.9M | $42.1M | — |
| Long-term debt | $212.6M | $218.6M | — | $226.0M | $184.4M | $174.0M | $13.0K | $46.7M | $57.0M | — |
| Total liabilities | $292.1M | $322.7M | $439.3M | $479.6M | $573.1M | $265.3M | $81.0M | — | — | — |
| Retained earnings | -$1.40B | -$1.30B | -$1.11B | -$976.6M | -$522.6M | -$394.1M | -$338.6M | -$321.5M | -$268.4M | — |
| Total equity | -$6.5M | $70.0M | $134.8M | $211.6M | $690.7M | $157.2M | $143.3M | $52.0M | -$208.7M | -$216.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.3M | -$8.8M | -$185.0K | -$53.9M | -$38.5M | -$7.6M | $11.5M | -$19.0M | -$22.1M | -$32.5M |
| Depreciation and amortisation | $25.2M | $25.7M | $26.5M | $37.5M | $29.9M | $7.8M | $4.5M | $3.3M | $3.0M | $4.2M |
| Stock-based compensation | $28.1M | $40.4M | $41.0M | $44.7M | $50.3M | $32.4M | $15.9M | $26.8M | $5.1M | $3.4M |
| Capital expenditure | $480.0K | $1.6M | $667.0K | $1.2M | $3.1M | $5.4M | $8.3M | $5.9M | $1.2M | $1.8M |
| Investing cash flow | -$15.3M | -$18.7M | -$10.1M | -$15.8M | -$506.7M | -$10.1M | -$11.0M | -$7.3M | -$1.6M | -$2.5M |
| Financing cash flow | -$11.1M | $1.4M | -$20.0M | -$40.0M | $486.0M | $206.4M | $44.2M | $65.2M | $21.8M | $30.8M |
| Buybacks | — | $0 | $0 | $40.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-024446.
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