Cardlytics Rehires IPO-Era CFO to Steer Critical Turnaround

ATLANTA, GA – December 18, 2025 – By Patrick Griffin

In a strategic move signaling a push for stability and renewed growth, commerce media platform Cardlytics Inc. (NASDAQ: CDLX) announced it is bringing back a familiar face to its executive suite. David Evans, the company’s former Chief Financial Officer who guided it through a successful 2018 IPO, will reassume the role effective January 12, 2026.

The appointment comes at what CEO Amit Gupta has termed a “critical stage of our turnaround,” as the company navigates persistent revenue declines while showing nascent signs of improved operational efficiency. Evans’ return is a clear bet on seasoned leadership and deep institutional knowledge to steer the company toward long-term value creation.

A Bet on Experience Amidst a Turnaround

Cardlytics' recent financial performance paints a complex picture of a company in transition. While it has successfully grown its user base, with Monthly Qualified Users (MQUs) climbing 21% year-over-year to 230.3 million in the third quarter of 2025, this growth has not translated into top-line revenue. The company has reported consistent year-over-year revenue declines throughout 2025, with Q3 revenue falling 22% to $52.0 million. This performance has weighed heavily on investor sentiment, with the company's stock declining approximately 74% year-to-date.

However, beneath the surface, the company’s efforts to reset its financial health are beginning to show. Cardlytics has managed to improve its bottom line, reporting a positive Adjusted EBITDA of $3.2 million in Q3 2025, a significant improvement from a loss of $1.8 million in the same period last year. The company also beat analyst expectations on its adjusted net loss, suggesting that cost-control measures are taking hold.

It is within this challenging environment that Evans makes his return. Having served as CFO and Chief Administrative Officer from 2014 to 2020, he possesses an intimate understanding of the company's business model and its historical growth trajectory. His leadership during the 2018 IPO is a key part of his legacy, representing a period of significant value creation for shareholders.

“We are thrilled to welcome David Evans back to Cardlytics as our new Chief Financial Officer at a critical stage of our turnaround,” said Amit Gupta, Chief Executive Officer. “His deep understanding of our business and industry, proven leadership, and strong track record during his previous tenure make him uniquely equipped to help guide Cardlytics through this next phase.”

A Deliberate Shift in Financial Leadership

Evans’ appointment follows the departure of Alexis DeSieno, who has served as CFO since August 2023. DeSieno will step down from her role but remain with the company in a non-officer advisory capacity until March 6, 2026, to facilitate a seamless transition.

The company took care to note that DeSieno’s departure was not the result of any disagreement over company policy or financial reporting. In his statement, Gupta praised her contributions, highlighting her role in strengthening the company's finances.

“I want to reiterate my sincere thanks to Alexis for her contributions to our business during her time at Cardlytics,” Gupta stated. “As a member of the leadership team, she has helped to implement strong financial discipline and improve our cost structure and liquidity.”

DeSieno’s tenure, though brief, was focused on stabilizing the company’s financial foundation during a turbulent period. Her successor’s mandate appears to be building upon that foundation. Evans’ return signals a pivot from stabilization to a disciplined push for growth, leveraging his experience in scaling the business and navigating public markets.

The Path Forward: Rigor in a Competitive Market

Since leaving Cardlytics in 2020, Evans has remained active in the technology sector, serving as an advisor and board member for several software companies. Most recently, he has been the Board Chair at Atlanta-based Neighborly Software, which secured a significant growth investment in late 2024. This experience has kept him immersed in strategic growth initiatives and capital management in evolving tech environments.

“I have a tremendous affinity for Cardlytics, its mission, and its employees. At this point in my career, returning to this organization is especially meaningful,” Evans said in the press release. “I’ve had the opportunity to tackle new challenges through different market environments, and I’m eager to bring those experiences back to a company I know well. With a strong foundation already in place, I’m looking forward to building on the momentum with financial rigor and disciplined execution.”

That rigor will be essential as Cardlytics competes in the burgeoning but fiercely competitive commerce media landscape. The sector is projected to capture over 15% of global ad spend in 2025, but it is dominated by retail giants like Amazon and Walmart. Cardlytics' core value proposition is its access to vast first-party purchase data from financial institutions, providing visibility into roughly half of all U.S. card transactions. This is a powerful asset in an advertising world increasingly wary of third-party cookies.

The challenge for Evans and the leadership team will be to more effectively monetize this data and demonstrate a clear return on ad spend for its clients, turning its impressive user growth into sustainable revenue and, ultimately, profitability. The market will be watching closely to see if this leadership change can catalyze the company’s next chapter and restore investor confidence.