Cardlytics Reports Steep Revenue Decline Amid Cost-Cutting Push — Cardlytics, Inc.

Event summary

Cardlytics reported a 36% year-over-year revenue decline to $36.9 million in Q2 2026.
Billings dropped 34% YoY to $65.5 million, while adjusted contribution fell 32% to $21.3 million.
Net loss widened to $(14.9) million from $(9.3) million in the prior-year period.
Monthly qualified users (MQUs) decreased by 17% YoY to 185.4 million.
Adjusted EBITDA was $1.7 million, down from $3.0 million in Q2 2025.

The big picture

Cardlytics' Q2 results reflect broader challenges in the purchase intelligence space, including advertiser budget constraints and shifting consumer behavior. The company's focus on operational efficiency may not offset revenue declines without new growth drivers or deeper partnerships with financial institutions. Scale remains a critical factor as competitors vie for market share.

What we're watching

Revenue Recovery: Whether Cardlytics can stabilize revenue amid declining MQUs and advertiser budgets.
Cost Management: The pace at which cost-cutting measures impact adjusted EBITDA and free cash flow.
Partner Dependence: How reliance on key partners like Chase and Wells Fargo affects long-term sustainability.