Cardlytics Reports Mixed Q1 2026 Results: Revenue Drops 39% but EBITDA Turns Positive
Event summary
- Cardlytics reported Q1 2026 revenue of $34.3M, down 39% YoY from $56.4M in Q1 2025.
- Adjusted EBITDA turned positive at $0.2M, compared to a loss of $4.1M in Q1 2025.
- Monthly qualified users (MQUs) decreased 8% YoY to 197M.
- Net loss narrowed to $4.5M from $13.3M in the same period last year.
- Company completed the sale of its Bridg business on March 24, 2026.
The big picture
Cardlytics' Q1 2026 results reflect the challenges of transitioning to a leaner operating model while navigating shifts in its banking partner mix. The positive EBITDA marks progress in cost management, but revenue declines and user metrics suggest ongoing strategic hurdles in a competitive commerce media landscape. The divestiture of Bridg signals a focus on core platform strengths.
What we're watching
- Revenue Recovery
- Whether Cardlytics can stabilize and grow revenue amid banking mix shifts and competitive pressures.
- Operational Efficiency
- The pace at which the company can sustain improved EBITDA margins through cost discipline.
- User Engagement
- How the decline in MQUs will impact advertiser demand and long-term platform viability.
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