# Cardlytics, Inc. (CDLX)

> Source: Nexqual · https://nexqual.com/CDLX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cardlytics, Inc. (CDLX), nexqual.com/CDLX" · informational, not investment advice.

**Price:** USD 1.87 (+3.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1.81 · day 1.76–1.89 · 52w 1.67–21.7 · market cap $11.0M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $179M, net income -$100M (-55.9% margin), free cash flow $463K (SEC filings).
- 1 of 80 tracked superinvestors hold CDLX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $264K; 5 not under a Rule 10b5-1 plan ($264K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $129K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Sell (mean 3.50 on a 1–5 scale) (4 analysts), mean target USD 6 (range 4–10).
- Total return with dividends: 1Y -91.0% vs S&P 500 +14.9%; 5Y -99.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -1.04, revenue estimate $37.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $267M | $299M | $309M | $278M | $233M | $179M |
| Operating income | -$123M | -$458M | -$136M | -$195M | -$102M | -$88.7M |
| Net income | -$129M | -$465M | -$135M | -$189M | -$103M | -$100M |
| EPS (diluted) | -$39.90 | -$139.20 | -$36.90 | -$39.10 | -$19.50 | — |
| Free cash flow | -$41.6M | -$55.1M | -$852K | -$10.4M | $8.8M | $463K |
| Operating margin | -45.9% | -153.3% | -43.9% | -70.2% | -43.6% | -49.4% |
| Net margin | -48.1% | -155.8% | -43.6% | -68.0% | -44.4% | -55.9% |
| Revenue growth | +42.9% | +11.8% | +3.6% | -10.0% | -16.2% | — |
| Cash + short-term investments | $233M | $122M | $91.8M | $65.6M | $48.7M | — |
| Total debt | $184M | $226M | $258M | $259M | $209M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/Sales 1.0x · P/FCF 23.8x · FCF yield 4.20% · Earnings yield -910.64% · Net debt $173M · EV $184M

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CDLX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Clifford Sosin | CAS Investment Partners | 0.11% | $2.1M | Reduced -90.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01…2026-10-02 | Gupta Amit | Chief Executive Officer | 17,733 | $47K | 11.3% | No | Too little history (no open-market trades in 2023) |
| 2026-08-17…2026-08-18 | Gupta Amit | Chief Executive Officer | 13,461 | $54K | 9.7% | No | Too little history (no open-market trades in 2023) |
| 2026-07-02…2026-07-06 | Gupta Amit | Chief Executive Officer | 16,138 | $71K | 12.4% | No | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Lynton Nicholas Hollmeyer | Chief Legal & Privacy Officer | 2,151 | $9K | 10% | No | Routine (sold in Jul & Oct each year 2023–2025) |
| 2026-04-06 | Gupta Amit | Chief Executive Officer | 69,833 | $83K | 6.6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $129K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-15…2026-05-18 | Evans David Thomas | Chief Financial Officer | 200,000 | $129K | 0.65 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Sell (mean 3.50 on a 1–5 scale), 4 analysts; mean target USD 6 (low 4, high 10).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -91.0% | -99.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -91.0% | -70.4% |
| Volatility (annualized) | 93.8% | 126.6% |
| Max drawdown | -91.3% (Oct 2025→Oct 2026) | -99.8% (Nov 2021→Oct 2026) |

## Peers (Advertising Agencies)
TJGC (TJGC Group Limited) USD 31.89 +0.00% · PERI (Perion Network Ltd) USD 8.75 +0.11% · ADV (Advantage Solutions Inc.) USD 30.34 +7.21% · NEXN (Nexxen International Ltd.) USD 9.05 +0.78% · EVC (Entravision Communications Corp) USD 6.26 -0.79% · CRTO (Criteo S.A.) USD 14.87 -0.47%

## More
Full page: https://nexqual.com/CDLX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CDLX's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1666071/000166607126000010/cdlx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Bridg | "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." |
| Partner | Express Travel Related Services Company | "Today, our FI partners include JPMorgan Chase Bank, National Association ("Chase"), Wells Fargo Bank, National Association ("Wells Fargo"), and American Express Travel Related Services Company, Inc. ("American Express"),…" |

Other companies that name CDLX in their own reports (relationship from CDLX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | PAR TECHNOLOGY CORP (PAR) | 10-K 2026-02-26 | "On January 26, 2026, the Company announced that it had entered into an asset purchase agreement with Cardlytics, Inc. to acquire substantially all of the assets of Bridg, an identity resolution and sh…" |

## Revenue by business segment (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cardlytic Direct | $47.0M | 90.3% | -23.2% |
| Bridg Acquisition | $5.1M | 9.7% | -14.8% |
| Total revenue | $52.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Engagement based pricing | $23.9M | 64.7% | -33.5% |
| Served based pricing | $11.8M | 32.0% | -44.8% |
| Other Revenue(1) | $1.2M | 3.2% | +58.6% |
| Total revenue | $36.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $29.6M | 80.1% | -41.9% |
| United Kingdom | $7.3M | 19.9% | +2.3% |
| Total revenue | $36.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 20% of revenue from unnamed direct customers (10-K, filed 2026-03-04).

## Company outlook (8-K filed 2026-08-05)

- "Cautionary Language Concerning Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the " safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements related to building long-term value for shareholders and our financial guidance for the third quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.04 | $-0.90 | +15.6% | $37.1M | 2 |
| Next quarter (ends 2026-12-31) | $-0.84 | $-0.57 | +49.1% | $41.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $-2.31 | $-4.35 | -47.0% | $148.7M | 2 |
| Next fiscal year (ends 2027-12-31) | $-3.29 | $-3.10 | +6.3% | $160.9M | 2 |