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SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Segment information presented below is based on our Cardlytics Platform reportable segment. Refer to Note 3—Discontinued Operations for further discussion regarding the divestiture of our Bridg business.
As of March 31, 2026, we have two operating segments: the Cardlytics platform in the U.S. and U.K, as determined by the information that our Chief Executive Officer, who we consider our chief operating decision-maker ("CODM"), uses to make strategic goals and operating decisions. Our Cardlytics platform operating segments in the U.S. and U.K. represent our proprietary advertising channels and are aggregated into one reportable segment given their similar economic characteristics, nature of service, types of customers and method of distribution. Our CODM allocates resources to, and evaluates the performance of, our operating segments based on Adjusted Contribution. Our CODM uses Adjusted Contribution extensively to measure the efficiency of our advertising platform, make decisions to manage advertising campaigns and evaluate our operational performance. We view Adjusted Contribution as an important operating measure of our financial results. We believe that Adjusted Contribution provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and Board of Directors. Our CODM does not review assets by operating segment for the purposes of evaluating performance or allocating resources.
Revenue can be directly attributable to each segment. With the exception of deferred implementation costs, Partner Share and other third-party costs is also directly attributable to each segment. The accounting policies of each of our reportable segments are the same as those described in the summary of significant accounting policies. Refer to Note 5—Revenue for further information.
The following tables provide information regarding the Cardlytics platform reportable segment (in thousands):
 Three Months Ended
March 31,
 20262025
Cardlytics platform
Revenue$34,319 $56,435 
Minus: Adjusted Partner Share13,890 28,065 
Minus: Other third-party costs(1)
707 1,039 
Adjusted Contribution$19,722 $27,331 
(1)Other third-party costs above primarily represents media and data costs that we incur to support the Cardlytics platform.
Adjusted Contribution
Adjusted Contribution measures the degree by which Revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted Contribution demonstrates how incremental Revenue on our platforms generates incremental amounts to support our sales and marketing, research and development, general and administrative and other investments. Adjusted Contribution is calculated by taking our total Revenue less our Partner Share and other third-party costs. Adjusted Contribution does not take into account all costs associated with generating Revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. Management views Adjusted Contribution as the most relevant metric to measure the financial performance as it reflects the dollars we keep after all of our partners are paid.
The following table presents a reconciliation of loss before income taxes presented in accordance with GAAP to Adjusted Contribution (in thousands):
 Three Months Ended
March 31,
 20262025
Adjusted Contribution$19,722 $27,331 
Minus:
Delivery costs2,581 5,786 
Sales and marketing expense6,761 10,382 
Research and development expense6,430 10,278 
General and administrative expense8,281 12,943 
Change in contingent consideration— 60 
Gain on divestiture
— (5,350)
Depreciation and amortization expense3,943 4,347 
Total other expense (income)
5,524 (797)
Loss before income taxes from continuing operations
$(13,798)$(10,318)
The following tables provide geographical information (in thousands):
 Three Months Ended
March 31,
 20262025
Revenue:
United States$27,634 $50,926 
United Kingdom6,685 5,509 
Total$34,319 $56,435 
March 31, 2026December 31, 2025
Property and equipment, net:
United States$1,693 $1,872 
United Kingdom50 59 
Total$1,743 $1,931 
Capital expenditures within the United States totaled less than $0.1 million for each period during the three months ended March 31, 2026 and 2025. Capital expenditures within the United Kingdom totaled less than $0.1 million for each period during the three months ended March 31, 2026 and 2025.
Concentrations of Risk
Cash and Cash Equivalents
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. A significant portion of our cash and cash equivalents are held in fully FDIC-insured money market accounts and demand deposit accounts that distribute funds, and credit risk, over a vast number of financial institutions. Our remaining cash and cash equivalents are held with five financial institutions, which are of high credit quality.
Marketers
As of December 31, 2025, we define a marketer as a customer who has a distinct contractual relationship with us, rather than aggregating by parent company.
Our Revenue and accounts receivable are diversified among a large number of marketers segregated by both geography and industry. During the three months ended March 31, 2026 and 2025, our top five marketers accounted for 26% and 19% of our Revenue, respectively, with no marketer accounting for over 10%. As of March 31, 2026 and 2025, our top five marketers accounted for 26% and 17% of our accounts receivable, respectively, with one marketer accounting for over 10% during the three months ended March 31, 2026.
FI Partners
Our business is substantially dependent on a limited number of FI partners. We require participation from our FI partners in the Cardlytics platform and access to their purchase data in order to offer our solutions to marketers and their agencies. We must have FI partners with a sufficient number of customers and levels of customer engagement to ensure that we have robust purchase data and marketing space to support a broad array of incentive programs for marketers. Our agreements with a substantial majority of our FI partners have terms of three to seven years but are generally terminable by the FI partner on 90 days or less prior notice. The agreements generally have auto-renewal provisions that allow for the agreements to extend past their originally contemplated end date, unless terminated earlier in accordance with the terms of the agreement. If an FI partner terminates its agreement with us, we would lose that FI partner as a source of purchase data and online banking customers.
During the three months ended March 31, 2026 and 2025, our top three FI partners combined to account for over 88% and 80% respectively, of the total Partner Share we paid to all partners for each period, with the top two FI partners representing over 70% for each period.
On April 22, 2025, we received a written non-renewal notice from Bank of America related to our agreements, which will each expire pursuant to their terms effective as of July 31, 2025. Pursuant to the agreements, Bank of America has requested that we continue to provide uninterrupted operations under the agreements for a period through January 27, 2026, which period was extended through February 16, 2026, at which point our relationship with Bank of America ended.
On July 7, 2025, we entered into a Fourth Amendment (the "Fourth Amendment") to Schedule #1 of the Master Agreement, as previously amended (the "Master Agreement"), with JPMorgan Chase Bank, National Association. The Fourth Amendment extends the term of the Master Agreement until November 18, 2028, and further amends provisions related to Supplier Billings Share, Incentive Bonus, Quality Credits, and certain other matters. Pursuant to the Fourth Amendment, among other items, the parties agreed to reduce the Supplier Billings Share beginning on January 1, 2026, although the Supplier Billings Share, or the portion of Billings retained by the Company, remains higher than it was prior to the Third Amendment to Schedule #1 of the Master Agreement.