Cardlytics ($CDLX): 1Q25 Post-Earnings Analysis

Analysis of CDLX's latest earnings.

The following CDLX Research Note includes notes and thoughts following the Q1 2025 earnings results and call.

Topics include:

1. Cardlytics Rewards Platform (CRP)

   1. How CRP works.

   2. Who the new non-FI partner is (different than who I originally believed).

   3. Existing partners of this non-FI (with videos, examples, and more).

      1. CDLX is partnering with this company to provide offers to this non-FI.

   4. Other important considerations with CRP.

2. Bridg / CPG Offers (including info related to CPG advertisers)

3. New Neobank Partner (name confirmed)

4. MQU and ACPU

5. AmEx

6. Delivery Issues

7. BofA Non-Renewal

8. 1Q25 Results

9. 2Q25 Guidance

10. Full-Year 2025 Guidance

11. New Targeting

I will provide any follow-up thoughts or notes within the Substack Chat.