CARDLYTICS, INC., 10-K filed on 3/4/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 28, 2026
Jun. 30, 2025
Cover [Abstract]      
Entity Well-known Seasoned Issuer No    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38386    
Entity Registrant Name CARDLYTICS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3039436    
Entity Address, Address Line One 675 Ponce de Leon Ave. NE    
Entity Address, Address Line Two Suite 4100    
Entity Address, City or Town Atlanta    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 30308    
City Area Code (888)    
Local Phone Number 798-5802    
Title of 12(b) Security Common Stock    
Trading Symbol CDLX    
Security Exchange Name NASDAQ    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 85.8
Entity Common Stock, Shares Outstanding (in shares)   55,054,268  
Entity Central Index Key 0001666071    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Atlanta, Georgia
Auditor Firm ID 34
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 48,719 $ 65,594
Accounts receivable and contract assets, net 82,669 103,252
Other receivables 2,587 3,801
Prepaid expenses and other assets 3,304 5,336
Total current assets 137,279 177,983
Long-term assets:    
Property and equipment, net 2,025 2,596
Right-of-use assets under operating leases, net 4,947 6,341
Intangible assets, net 5,553 11,371
Goodwill 110,305 159,429
Capitalized software development costs, net 24,214 33,341
Other long-term assets, net 1,318 1,650
Total assets 285,641 392,711
Current liabilities:    
Accounts payable 3,360 3,689
Accrued liabilities:    
Accrued compensation 6,105 5,494
Accrued expenses 7,725 7,175
Partner Share liability 24,860 32,479
Consumer Incentive liability 32,144 45,513
Contract with Customer, Liability, Current 2,589 2,154
Short-Term Debt 0 45,863
Current operating lease liabilities 1,607 2,025
Current contingent consideration 0 (4,563)
Total current liabilities 78,390 148,955
Long-term liabilities:    
Convertible senior notes, net 168,850 167,729
Other Long-Term Debt 40,070 0
Long-term deferred revenue 52 0
Long-term operating lease liabilities 4,787 6,034
Total liabilities 292,149 322,718
Commitments and contingencies (Note 13)
Stockholders’ (deficit) equity:    
Common stock 10 10
Additional paid-in capital 1,399,542 1,366,958
Accumulated other comprehensive (loss) income (1,996) 3,601
Accumulated deficit (1,404,064) (1,300,576)
Total stockholders’ (deficit) equity (6,508) 69,993
Total liabilities and stockholders’ (deficit) equity $ 285,641 $ 392,711
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 54,514,000 51,257,000
Common stock, shares outstanding (in shares) 54,514,000 51,257,000
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 233,273 $ 278,298 $ 309,204
Costs and expenses:      
Partner Share and other third-party costs 102,949 127,761 150,578
Delivery costs 25,711 29,643 28,248
Sales and marketing expense 39,478 52,649 57,425
Research and development expense 39,765 49,607 51,352
General and administrative expense 47,267 56,482 58,810
Acquisition, integration and divestiture costs (benefits) 561 161 (6,313)
Change in contingent consideration 102 210 1,246
Impairment of goodwill and intangible assets 58,843 131,595 70,518
Gain (Loss) on Disposition of Business (4,831) 0 6,550
Depreciation and amortization expense 25,244 25,689 26,460
Total costs and expenses 335,089 473,797 444,874
Operating loss (101,816) (195,499) (135,670)
Other (expense)/income:      
Interest expense, net (7,919) (5,553) (2,336)
Foreign currency gain/(loss) 6,247 (1,269) 3,304
Gain on debt extinguishment 0 13,017 0
Total other (expense)/income (1,672) 6,195 968
Loss before income taxes (103,488) (189,304) (134,702)
Income tax benefit 0 0 0
Net Loss $ (103,488) $ (189,304) $ (134,702)
Net loss per share, basic (in dollars per share) $ (1.95) $ (3.91) $ (3.69)
Net loss per share, diluted (in dollars per share) $ (1.95) $ (3.91) $ (3.69)
Weighted-average common shares outstanding, basic (in shares) 53,114 48,361 36,488
Weighted-average common shares outstanding, diluted (in shares) 53,114 48,361 36,488
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Loss $ (103,488) $ (189,304) $ (134,702)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]      
Foreign currency translation adjustments (5,597) 1,134 (3,131)
Total Comprehensive Loss $ (109,085) $ (188,170) $ (137,833)
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($)
$ in Thousands
Total
Restricted Stock
Common Stock [Member]
Common Stock [Member]
Restricted Stock
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Beginning balance (in shares) at Dec. 31, 2022     33,477,000        
Beginning balance at Dec. 31, 2022 $ 211,605   $ 9   $ 1,182,568 $ 5,598 $ (976,570)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of common stock options (in shares)     10,000        
Exercise of common stock options 54       54    
Stock-based compensation 43,466       43,466    
Issuance of common stock (in shares)       2,930,000      
Issuance of common stock pursuant to the 2018 ESPP (in shares)     556,000        
Issuance of common stock pursuant to the 2018 ESPP 2,335       2,335    
Other comprehensive income (loss) (3,131)         (3,131)  
Net Income (Loss) (134,702)           (134,702)
Ending balance (in shares) at Dec. 31, 2023     39,728,000        
Ending balance at Dec. 31, 2023 134,798   $ 9   1,243,594 2,467 (1,111,272)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of common stock options (in shares)     6,000        
Exercise of common stock options 15       15    
Stock-based compensation 45,370       45,370    
Issuance of common stock (in shares)     3,592,000 3,503,000      
Issuance of common stock 27,451 $ 1   $ 1 27,451    
Issuance of common stock, net of issuance costs - ATM Offering Program (in shares)     3,908,000        
Issuance of common stock, net of issuance costs - ATM Offering Program 48,151       48,151    
Issuance of common stock pursuant to the 2018 ESPP (in shares)     520,000        
Issuance of common stock pursuant to the 2018 ESPP 2,262       2,262    
Termination of capped calls related to 2020 Convertible Senior Notes 115       115    
Other comprehensive income (loss) 1,134         1,134  
Net Income (Loss) (189,304)           (189,304)
Ending balance (in shares) at Dec. 31, 2024     51,257,000        
Ending balance at Dec. 31, 2024 69,993   $ 10   1,366,958 3,601 (1,300,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation 31,945       31,945    
Issuance of common stock (in shares)     2,755,000 2,833,000      
Issuance of common stock $ 15,171 $ 0   $ 0 15,171    
Issuance of common stock pursuant to the 2018 ESPP (in shares) 610,588   424,000        
Issuance of common stock pursuant to the 2018 ESPP $ 639       639    
Other comprehensive income (loss) (5,597)         (5,597)  
Net Income (Loss) (103,488)           (103,488)
Ending balance (in shares) at Dec. 31, 2025     54,514,000        
Ending balance at Dec. 31, 2025 $ (6,508)   $ 10   $ 1,399,542 $ (1,996) $ (1,404,064)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net Loss $ (103,488) $ (189,304) $ (134,702)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Credit loss expense 2,134 6,106 1,704
Depreciation and amortization 25,244 25,689 26,460
Amortization of financing costs charged to interest expense 1,522 1,633 1,648
Amortization of right-of-use asset 2,165 2,187 3,055
Impairment of goodwill and intangible assets 58,843 131,595 70,518
Gain (Loss) on Disposition of Business (4,831) 0 6,550
Gain on debt extinguishment 0 (13,017) 0
Stock-based compensation expense 28,129 40,367 40,980
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease) 102 210 1,246
Other non-cash expense (income), net (6,243) 1,481 (4,170)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital [Abstract]      
Accounts receivable and contracts assets, net 20,643 12,497 (7,725)
Prepaid expenses and other assets 1,803 1,360 2,492
Accounts payable 179 499 239
Other accrued expenses (724) (6,644) (7,492)
Partner Share liability (8,208) (16,350) 405
Customer Incentive liability (7,980) (7,133) (1,393)
Net cash provided by (used in) operating activities 9,290 (8,824) (185)
Investing activities      
Acquisition of property and equipment (480) (1,562) (667)
Capitalized software development costs (15,302) (17,736) (11,725)
Proceeds from Divestiture of Businesses, Net of Cash Divested 480 552 2,330
Net cash used in investing activities (15,302) (18,746) (10,062)
Financing activities      
Proceeds from issuance of debt 56,000 172,500 30,000
Principal payments of debt (62,000) (199,303) (31)
Proceeds from termination of capped calls related to convertible notes 0 115 0
Proceeds from issuance of common stock 0 48,645 55
Settlement of contingent consideration (5,000) (14,167) (50,050)
Equity issuance costs 0 (309) 0
Debt issuance costs (122) (6,037) 0
Net cash (used in) provided by financing activities (11,122) 1,444 (20,026)
Effect of exchange rates on cash, cash equivalents and restricted cash 259 (110) 118
Net decrease in cash, cash equivalents and restricted cash (16,875) (26,236) (30,155)
Cash, cash equivalents, and restricted cash — Beginning of period 65,594 91,830 121,985
Cash, cash equivalents, and restricted cash — End of period 48,719 65,594 91,830
Supplemental Cash Flow Information [Abstract]      
Cash and cash equivalents 48,719 65,594 91,830
Restricted cash 0 0 0
Total cash, cash equivalents and restricted cash — End of period 48,719 65,594 91,830
Supplemental schedule of non-cash investing and financing activities:      
Cash paid for interest 9,260 6,119 4,240
Amounts accrued for property and equipment 12 95 579
Amounts accrued for capitalized software development costs 39 174 40
Issuance of common stock, net of issuance costs - Settlement Agreement (as defined below) $ 0 $ 27,451 $ 0
v3.25.4
NATURE OF OPERATIONS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS NATURE OF OPERATIONS
Cardlytics, Inc. ("we," "our," "us," the "Company," or "Cardlytics") is a Delaware corporation and was formed on June 26, 2008. We operate a commerce media platform that is designed to make commerce smarter and rewarding for everyone. At the core of our commerce media platform is the financial media network that we run within our partners' digital channels, which includes online and mobile applications (the "Cardlytics platform"). Additionally, we operate an identity resolution platform that utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers to perform analytics and targeted loyalty marketing and also measure the impact of their marketing (the "Bridg platform"). The partners for the Cardlytics platform are predominantly financial institutions ("FI partners") that provide us with access to their anonymized purchase data and digital banking customers. The partners for the Bridg platform are predominantly merchants ("merchant data partners") that provide us with access to their POS data, including product-level purchase data. By applying advanced analytics to the purchase data we receive, we make it actionable, helping marketers reach potential buyers at scale and measure the true sales impact of their marketing spend. We have strong relationships with leading marketers across a variety of industries, including everyday spend, specialty retail, restaurant, travel and entertainment. Using our transaction data and analytics, we enable marketers to reach potential customers across our network of FI partners through their digital banking accounts and present them relevant offers to save money when they are thinking about their finances.
We also operate through Cardlytics UK Limited, a wholly owned and operated subsidiary registered as a private limited company in England and Wales.
CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law. The CARES Act provides an employee retention credit ("ERC"), which is a refundable tax credit against certain payroll taxes. During the year ended December 31, 2025, we evaluated the conditions of the ERC and determined that we were eligible during the first and second quarter of 2021. As a result, we filed amended tax forms with the IRS claiming a tax credit of $5.3 million. The amended tax form for the first quarter and second quarter of 2021 were approved and paid by the IRS, which resulted in a benefit of $5.3 million in operating expense and $0.8 million in interest income within the consolidated statement of operations during the year ended December 31, 2025. The benefit of $5.3 million in operating expense is comprised of $0.9 million in delivery costs, $2.1 million in sales and marketing expense, $1.7 million in research and development expense, and $0.6 million in general and administrative expense.
Restructuring and Reduction of Force
During the year ended December 31, 2025, we implemented certain cost savings measures and incurred one-time costs of $3.8 million in connection with these measures. The one-time costs of $3.8 million in operating expense is comprised of $0.7 million in delivery costs, $0.9 million in sales and marketing expense, $1.7 million in research and development expense, and $0.5 million in general and administrative expense.
2025 Equity Incentive Plan
On May 20, 2025, at the 2025 Annual Meeting of Stockholders (the "Annual Meeting") of Cardlytics, Inc, the Company’s stockholders approved the Cardlytics, Inc. 2025 Equity Incentive Plan (the "2025 Plan"). The aggregate number of shares of the Company's common stock that may be issued pursuant to stock awards under the Plan will not exceed 15,722,908 shares, which is the sum of (i) 10,000,000 new shares, (ii) the number of shares reserved, and remaining available for issuance, under our 2018 Equity Incentive Plan, and (iii) the number of shares subject to stock options or other stock awards granted under our 2008 Stock Plan or 2018 Equity Incentive Plan that would have otherwise returned to our 2018 Equity Incentive Plan (such as upon the expiration or termination of a stock award prior to vesting). The Plan was previously approved, subject to stockholder approval, by the Board of Directors (the "Board") of the Company. The Plan became effective immediately upon stockholder approval at the Annual Meeting.
Divestitures and Dissolutions
On January 23, 2026 (the “Signing Date”), the Company, PAR Technology Corporation (“PAR”) and DB Sub, LLC, an indirectly wholly owned subsidiary of PAR (“Buyer”), entered into an asset purchase agreement (the “Purchase Agreement”), pursuant to which Buyer agreed to acquire all of the Company’s assets, properties and rights primarily related to, or primarily used in, its Bridg platform (the “Purchased Assets” and the sale by the Company thereof, the “Bridg Sale”), subject to certain exceptions. Refer to Note 16—Subsequent Events for further information about the Bridg Sale.
The Dosh app, a consumer facing cashback mobile application operated by Dosh Holdings LLC, was decommissioned on February 28, 2025. In connection with the decommission, we recorded a non-cash gain on disposal or divestiture of $4.8 million primarily related to the derecognition of the wallet liability associated with the Dosh app within the consolidated statement of operations during the year ended December 31, 2025. The wallet liability associated with the Dosh app was included as part of consumer incentive liability on the consolidated balance sheet. On November 13, 2025, the Company completed the dissolution of Dosh Holdings LLC, a former wholly-owned subsidiary.
On December 7, 2023, we sold and transferred substantially all of the assets of Entertainment for $6.0 million in cash, subject to a combined $1.1 million held in escrow for indemnities and sales and use taxes, as well as customary post-closing adjustments. The resulting loss on sale of $6.6 million is recorded within "(Gain)/Loss on divestiture" within the consolidated statement of operations. During the years ended December 31, 2025 and 2024, we received $0.5 million and $0.6 million of cash from escrow, respectively, and we classified the receipt of cash within investing activities within the consolidated statement of cash flows. During the year ended December 31, 2024, we also recorded a $0.1 million divestiture expense associated with the net working capital adjustment.
2024 Convertible Senior Notes
On April 1, 2024, we issued $172.5 million principal amount of our 4.25% Convertible Senior Notes due in 2029 (the "2024 Convertible Senior Notes") in a private offering, including the exercise in full of the initial purchasers' option to purchase up to an additional $22.5 million principal amount of the 2024 Convertible Senior Notes. Refer to Note 9—Debt and Financing Arrangements for further details.
2020 Convertible Senior Notes
In April 2024, we used approximately $169.3 million of net proceeds from the 2024 Convertible Senior Notes offering and cash on hand to repurchase for cash approximately $183.9 million in aggregate principal amount of the 2020 Convertible Senior Notes. As a result of the extinguishment of the 2020 Convertible Senior Notes, we recorded a gain of $13.0 million, which is recorded as a gain on debt extinguishment on our consolidated statement of operations. In September 2025, we repaid in full at par the remaining $46.1 million aggregate principal amount of the 2020 Convertible Senior Notes.
One Big Beautiful Bill Act
On July 4, 2025, the One Big Beautiful Bill Act was enacted into law. The legislation did not have a material impact on our income tax expense or effective tax rate for the year ended December 31, 2025.
Equity Distribution Agreement
On January 29, 2024, we filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC"), which was declared effective by the SEC on February 9, 2024. This shelf registration statement, which includes a base prospectus, allows us to offer and sell up to a maximum aggregate offering amount of $100.0 million of our registered common stock, preferred stock, debt securities, warrants, or any combination of securities described in the prospectus in one or more offerings.
On March 18, 2024, we entered into an equity distribution agreement (the "Equity Distribution Agreement") with Evercore Group L.L.C., BofA Securities, Inc. and Cantor Fitzgerald & Co., as sales agents, pursuant to which we may issue and sell, from time to time, shares of our common stock up to a maximum aggregate offering amount of $50.0 million in "at-the-market" offerings (the "ATM Offering Program"). On March 18, 2024, we sold 3,907,600 shares of our common stock at a weighted average price per share of $12.80, for aggregate net proceeds of $48.3 million after deducting commissions and estimated offering expenses payable by us, pursuant to the Equity Distribution Agreement and completed the ATM Offering Program.
Contingent Consideration for the Acquisition of Bridg
As part of our acquisition of Bridg and pursuant to the terms of the Agreement and Plan of Merger dated as of April 12, 2021, as amended (the "Merger Agreement"), we agreed to make two earnout payments: the First Anniversary Payment Amount and the Second Anniversary Payment Amount, based on the First Anniversary ARR and the Second Anniversary ARR of Bridg, respectively.
As of December 31, 2023, we had paid the First Anniversary Payment consisting of $50.1 million of cash and 2,740,418 shares of our common stock to the Stockholder Representative, inclusive of brokerage fees and transaction bonuses and accounting for all true-ups and credits.
On January 25, 2024, we entered into a settlement agreement (the "Settlement Agreement") with the Stockholder Representative to resolve all outstanding disputes related to the Merger Agreement, pursuant to which we agreed to pay $25.0 million in cash and issue 3,600,000 shares of our common stock to the Stockholder Representative, inclusive of broker fees and transaction bonuses. Pursuant to the Settlement Agreement we paid the Stockholder Representative $20.0 million in cash on January 26, 2024 and we
issued 3.6 million shares of our common stock on February 1, 2024. We subsequently paid the Stockholder Representative $3.0 million in cash on January 29, 2025 and $2.0 million in cash on June 25, 2025. There are no further payments due under the Settlement Agreement as of December 31, 2025. Refer to Note 12—Fair Value Measurements for further information.
On June 10, 2024, PNC Financial Services Group, Inc., which acted as the paying agent in connection with payments made in connection with the Merger Agreement and the Settlement Agreement, notified us of a balance of $5.9 million from a payment account related to the Merger Agreement and transferred the balance to us. We have recorded the $5.9 million as a gain that was realized during the quarter ended June 30, 2024. The gain is reflected as change in contingent consideration in the consolidated statements of operations.
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
consolidated financial statements. Significant items subject to such estimates and assumptions include revenue recognition, internal-use software development costs, stock-based compensation, allowance for doubtful accounts, valuation of acquired intangible assets of Bridg, valuation of contingent consideration for Bridg, valuation of long-lived assets, goodwill valuation, income tax including valuation allowance and contingencies. We base our estimates on historical experience and on assumptions that we believe are reasonable. Changes in facts or circumstances may cause us to change our assumptions and estimates in future periods and it is possible that actual results could differ from our current or revised future estimates.
Foreign Currency
The functional currency of our foreign wholly-owned subsidiaries is the local currency. We translate the financial statements of these subsidiaries into U.S. dollars each reporting period for purposes of consolidation. Assets and liabilities are translated at the period-end currency exchange rates, certain equity accounts are translated at historical exchange rates and income and expense amounts are translated at average currency exchange rates in effect for the period. The effect of these translation adjustments is reported in a separate component of stockholders’ deficit titled accumulated other comprehensive income.
We are also subject to gains and losses from foreign currency denominated transactions and the remeasurement of foreign currency denominated balance sheet accounts, both of which are included in other income (expense), net in the accompanying consolidated statements of operations. We recorded a foreign currency gain totaling $6.2 million in 2025, a loss totaling $1.3 million in 2024 and a gain totaling $3.3 million in 2023.
Partner Share and Other Third-Party Costs
We generally pay our partners a negotiated and fixed percentage of our billings to marketers less any Consumer Incentives that we pay to our partners' customers and certain third-party data costs ("Partner Share"). Partner Share and other third-party costs consist primarily of the Partner Share that we pay our partners, media and data costs, and deferred implementation costs incurred pursuant to our agreements with certain partners. To the extent that we use a specific partners' customer's anonymized purchase data in the delivery of our solutions, we generally pay the applicable partner a Partner Share calculated based on the relative contribution of the data provided by the partner to the overall delivery of the services. We expect that our Partner Share and other third-party costs will fluctuate over time in connection with changes in our revenue.
Delivery Costs
Delivery costs consist primarily of personnel-related costs of our campaign, data operations and production support teams, including salaries, benefits, bonuses and payroll taxes, as well as stock-based compensation expense. Delivery costs also include hosting facility costs, internally developed and purchased or licensed software costs, outsourcing costs and professional services costs.
Macroeconomic Considerations
Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events, including fluctuations in inflation and interest rates, the imposition of tariffs in the United States and abroad, the Russia-Ukraine war and the Middle East conflict have led to economic uncertainty globally. Historically, during periods of economic uncertainty and downturns, businesses may slow spending on advertising, which may impact our business and our customers’ businesses.
The effect of macroeconomic conditions may not be fully reflected in our results of operations until future periods. If, however, economic uncertainty increases or the global economy worsens, our business, financial condition and results of operations may be harmed. For further discussion of the potential impacts of macroeconomic events on our business, financial condition and operating results, see the section titled "Risk Factors."
Acquired Intangible Assets and Goodwill
Acquired intangible assets consist of identifiable intangible assets resulting from our business acquisition. Intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives. The impairment analysis involves determining whether the estimated fair value of each intangible asset exceeds its carrying amount. If the fair value of the intangible asset exceeds its carrying amount, then the asset is not impaired. However, if the carrying amount exceeds the fair value of the asset, the amount of impairment would equal the excess carrying value. We evaluate the recoverability of our finite-lived intangible assets and other long-lived assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. These considerations are evaluated holistically to assess whether it is more likely than not that the carrying value exceeds its fair value. During the year ended December 31, 2024, we recorded an intangible asset impairment of $13.7 million. During the year ended December 31, 2023, we reduced our intangible asset balance by $4.9 million related to the divestiture of Entertainment. Refer to Note 5—Goodwill and Acquired Intangibles for additional information.
Goodwill represents the purchase consideration of an acquired business that exceeds the fair value of the net tangible and identifiable intangible assets. Goodwill is evaluated for impairment by reporting unit annually in the fourth quarter and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate or a significant decrease in expected cash flows. During the year ended December 31, 2025, December 31, 2024 and December 31, 2023, we recorded impairment charges of $49.1 million, $117.8 million and $70.5 million, respectively. During the year ended December 31, 2023, we also reduced our goodwill balance by $5.0 million related to the divestiture of Entertainment.
The decline in the fair value of the Cardlytics platform in the U.S. reporting unit below its carrying value at September 30, 2025 and the decline in the fair values of the Bridg platform reporting unit below its carrying values at September 30, 2024 and October 1, 2023 resulted from a continued slowdown in the economy and decreased consumer spend, and a sustained decline in our stock price. Refer to Note 5—Goodwill and Acquired Intangibles for additional information.
Revenue Recognition
We determine revenue recognition through the following steps:
•identification of a contract with a customer;
•identification of the performance obligation(s) in the contract;
•determination of the transaction price;
•allocation of the transaction price to the performance obligation(s) in the contract; and
•recognition of revenue when or as the performance obligation(s) are satisfied.
Cardlytics Platform
Our revenue generated from our Cardlytics platform consist of transaction-based fees made up of a significant volume of low-dollar transactions, sourced from multiple databases. The processing and recording of revenue are highly automated and are based on contractual terms with marketers, partners, and other parties. Because of the nature of our transaction-based fees, we use automated systems to process and record our revenue transactions.
We sell our solutions by entering into agreements directly with marketers or their marketing agencies, generally through the execution of insertion orders. The agreements state the terms of the arrangement, the negotiated fee, payment terms and the fixed period of time of the campaign. We consider a contract to exist when a campaign, which typically lasts 45 days, is published to an FI partner under the terms of an insertion order.
With respect to our Cardlytics platform service, our performance obligation is to offer incentives to partners' customers to make purchases from the marketer within a specified period. This performance obligation is a series that represents a stand ready obligation to provide a targeted campaign for the marketer to partners' customers. The Cardlytics platform fees represent variable consideration that is resolved when partners' customers make qualifying purchases during the marketing campaign term.
Subsequent to a qualifying purchase, the associated fees are generally not subject to refund or adjustment unless the fees from the marketing campaign exceed a contractual maximum (marketer budget). We have not constrained our revenue because adjustments have historically been immaterial and given the short duration of our marketing campaigns, any adjustments are recognized during the period of the marketing campaign. We recognize revenue for the Cardlytics platform fees over time using the right to invoice practical expedient because the amount billed is equal to the value delivered to marketers through qualified purchases by our FI partners' customers during that period.
Consumer Incentives
We report our revenue on our consolidated statements of operations net of Consumer Incentives. We do not provide the goods or services that are purchased by our partners’ customers from the marketers to which the Consumer Incentives relate. Accordingly, the marketer is deemed to be the principal in the relationship with the customer and, therefore, the Consumer Incentive is deemed to be a reduction in the purchase price paid by the customer for the marketer’s goods or services. While we are responsible for remitting Consumer Incentives to our FI partners for further payment to their customers, we function solely as an agent of marketers in these arrangements.
We invoice marketers monthly based on the qualifying purchases of partners' customers as reported by our partners during the month. Invoice payment terms, negotiated on a marketer-by-marketer basis, are typically between 30 to 60 days. However, for certain marketing agencies with sequential liability terms, payments are not due to us until such marketing agency has received payment from its marketer client. Accounts receivable is recorded at the amount of gross billings to marketers, net of allowances, for the fees and Consumer Incentives that we are responsible to collect. Our accrued liabilities also include the amount of Consumer Incentives due to FI partners. As a result, accounts receivable and accrued liabilities may appear large in relation to revenue, which is reported on a net basis.
Partner Share and Other Third-Party Costs
We report our revenue on our consolidated statements of operations gross of Partner Share. Partner Share costs are included in Partner Share and other third-party costs in our consolidated statements of operations, rather than as a reduction of revenue, because we and not our partners act as the principal in our arrangements with marketers. We are responsible for the fulfillment and acceptability of the services purchased by marketers. We also have latitude in establishing the price of our services, have discretion in supplier selection and earn variable amounts. Partners only supply consumer purchase data and digital marketing space and generally have no involvement in our marketing campaigns or contractual relationship with marketers.
Contract Costs
Given the short-term nature of our marketing campaigns, all contract costs are expensed as incurred since the expected period of benefit is less than one year. Costs to fulfill a contract include immaterial costs to set up a campaign that we expense as incurred due to the short-term nature of our marketing campaigns.
Bridg Platform
Contracts with customers are evaluated on a contract-by-contract basis as contracts may include multiple types of subscription-based services. Revenue is generated from the sale of subscriptions to our cloud-based customer data-platform and the related delivery of professional services such as implementation, onboarding and technical support. Our subscription contracts are generally 6 to 60 months in duration and are generally billed in advance on a monthly, quarterly or annual basis, with the option for renewal at the end of the contractual arrangement. We recognize revenue over the period in which such services are performed. Our model typically includes an up-front implementation fee with a proof-of-concept period that begins once implementation has completed. It is followed with a periodic commitment from the customer that commences upon completion of the implementation and/or proof-of-concept period through the remainder of the customer life. The periodic commitment includes, but is not limited to, a fixed periodic fee and/or a transactional fee based on system usage that exceeds committed minimums. If the up-front implementation fee is not distinct, revenue is deferred until the date the customer commences use of our services, at which point the up-front implementation fee is recognized ratably over the life of the customer arrangement.
For contracts that contain multiple performance obligations, which include combinations of subscriptions to our cloud-based services and related professional services, we account for each individual service as a separate performance obligation if they are distinct. The service is distinct if the service is separately identifiable from other items in the arrangement and if a customer can benefit from it on its own or with other resources that are readily available to the customer. If these criteria are not met, the promised services are accounted for as a combined performance obligation.
The fee is determined based on the consideration to which we will be entitled in exchange for transferring products or services to the customer. We include any fixed charges within our contracts as part of the total transaction price. To the extent that variable consideration is not constrained, we include an estimate of the variable amount, as appropriate, within the total transaction price and update its assumptions over the duration of the contract. As a practical expedient, we do not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of services is expected to be one year or less.
Many of our contracts with customers contain some component of variable fee; however, the constraint will generally not result in a reduction in the estimated transaction price for most forms of variable consideration. We may constrain the estimated transaction price in the event of a high degree of uncertainty as to the final consideration amount owed because of an extended length of time over which the fees may be adjusted.
The transaction price, including any discounts, is allocated between separate services in a contract that contains multiple performance obligations based on their relative standalone selling prices. The standalone selling prices are determined based on the market adjusted approach utilizing prices at which we separately sell or historically sold each service. For items that are not sold separately, we estimate the standalone selling prices using available information such as market conditions and internally approved pricing guidelines. In instances where there are no observable selling prices for professional services, we may apply the residual approach to estimate the standalone selling price of the subscription-based services. In certain situations we allocate the variable consideration to a series of distinct services within a contract. We allocate variable payments to one or more, but not all, of the distinct services or to a series of distinct services in a contract when (i) the variable payment relates specifically to our effort to transfer the distinct service and (ii) the variable payment is for an amount that depicts the amount of consideration to which we expect to be entitled in exchange for transferring the promised services to the customer.
On January 23, 2026 (the “Signing Date”), the Company, PAR Technology Corporation (“PAR”) and DB Sub, LLC, an indirectly wholly owned subsidiary of PAR (“Buyer”), entered into an asset purchase agreement (the “Purchase Agreement”), pursuant to which Buyer agreed to acquire all of the Company’s assets, properties and rights primarily related to, or primarily used in, its Bridg platform (the “Purchased Assets” and the sale by the Company thereof, the “Bridg Sale”), subject to certain exceptions. Refer to Note 16—Subsequent Events for further information about the Bridg Sale.
Contract Balances
Timing may differ between the satisfaction of contractual performance obligations to our customers and corresponding invoicing and cash inflows. Contract assets primarily relate to amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transformed to a receivable (billed or unbilled) once the right to payment is unconditional. Contract liabilities, or deferred revenue, are recorded for amounts collected in advance of the satisfaction of contractual performance obligations. Contract balances are reported in a net contract asset or liability position on a customer-by-customer basis at the end of each reporting period.
Contract Costs
Contract costs are recognized based on the transfer of services to which the asset relates. The recognition period will consider expected customer lives and whether the asset relates to services transferred under a specific anticipated contract.
Accounts Receivable
Accounts receivable are carried at the original invoiced amount less an allowance for credit losses (formerly allowance for doubtful accounts), determined based on the probability of future collection. When we become aware of circumstances that may decrease the likelihood of collection, we record a specific allowance against amounts due, which reduces the receivable to the amount that we believe will be collected. For all other accounts receivable, we determine the adequacy of the allowance for credit losses based on historical loss patterns, the number of days that billings are past due and an evaluation of the potential risk of loss associated with specific accounts.
The following table presents changes in the allowance for credit losses (in thousands):
Year Ended December 31,
202520242023
Beginning balance$5,748 $2,239 $1,808 
Credit loss expense2,134 6,106 1,704 
Write-offs, net of recoveries(3,835)(2,597)(1,273)
Ending balance$4,047 $5,748 $2,239 
Unbilled receivables were $0.3 million, $0.4 million and $0.2 million, as of December 31, 2025, 2024 and 2023, respectively. An unbilled receivable represents revenue earned and recognized from customer activity that was not billed prior to the end of the reporting period. Unbilled receivables are included in accounts receivable and contract assets, net on our consolidated balance sheets.
Leases
At the inception or modification of a contract, we determine whether a lease exists and classify it as an operating or finance lease at commencement. Subsequent to commencement, lease classification is only reassessed upon a change to the expected lease term or contract modification. Finance and operating lease assets represent our right to use an underlying asset as lessee for the lease term, and lease obligations represent our obligation to make lease payments arising from the lease. Lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments, net of incentives such as tenant improvement allowances, over the lease term. As our leases generally do not provide an implicit rate, we use our incremental borrowing rates as of the lease commencement date to determine the present value of lease payments. The incremental borrowing rate used is a fully collateralized rate that considers our credit rating, market conditions and the term of the lease at the lease commencement date.
We consider a termination or renewal option in the determination of the lease term when it is reasonably certain that we will exercise that option. Leases with an initial expected term of 12 months or less are not recorded in the consolidated balance sheets and the related lease expense is recognized on a straight-line basis over the lease term. We have elected to include non-lease components, such as common-area maintenance costs, with lease payments for the purpose of calculating lease right-of-use assets and liabilities, to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments.
We record operating lease expense using the straight-line method within General and administrative expense and/or Research and development expense dependent upon the individual leased assets. Finance lease expense is recognized as amortization expense within Depreciation and amortization expense, and interest expense within Interest expense, net. For leases with step rent provisions whereby the rental payments increase over the life of the lease, and for leases with rent-free periods, we recognize expense on a straight-line basis over the expected lease term, based on the total minimum lease payments to be made or lease receipts expected to be received.
Operating and finance lease assets are reviewed for impairment based on an ongoing review of circumstances that indicate the assets may no longer be recoverable, such as closures of office spaces or data centers, and leased assets that are no longer being utilized in current operations, and other factors. When necessary, we calculate operating and finance lease impairments using a discount rate to calculate the present value of estimated subtenant rentals that could be reasonably obtained for the property or asset, if allowed by the lease. Lease impairment charges for properties or assets no longer used in operations are recorded as a component of Restructuring, acquisition and integration related expenses or General and administrative expenses in the consolidated statements of operations, dependent upon the qualitative factors surrounding the impairment.
The calculation of lease impairment charges may require significant judgments and estimates, including estimated subtenant rentals, discount rates and future cash flows based on our experience and knowledge of the market in which the property or asset is located, previous efforts to dispose of similar assets and the assessment of existing market conditions. Impairments are recognized as a reduction of the carrying value of the right-of-use asset and finance lease assets. Refer to Note 7—Leases for additional information.
Property and Equipment
Property and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred, while betterments that materially extend the life of an asset are capitalized. The cost of assets sold, retired or otherwise disposed of, and the related accumulated depreciation, are eliminated from the accounts and any resulting gain or loss is recognized.
Depreciation of property and equipment is determined using the straight-line method over the estimated useful lives of the applicable assets, which are as follows:
Computer equipment:
2–3 years
Furniture and fixtures:5 years
Leasehold improvements:Lesser of estimated useful life or life of the lease
Internal-Use Software Development Costs
Capitalized software development costs consist of costs incurred in the development of internal-use software, primarily associated with the development and enhancement of our Ads Manager and Ad Server. We capitalize the costs of software developed or obtained for internal use in accordance with ASC Topic 350-40, Internal Use Software. We begin to capitalize our costs upon completion of the preliminary project stage. We consider the preliminary project stage to be complete and the application development stage to have begun when preliminary development efforts are successfully completed, management has authorized and committed project funding and it is probable that the project will be completed, and the software will be used as intended. These costs are amortized on a straight-line basis over the estimated useful life of the related asset, generally estimated to be three years. Costs incurred in the preliminary project stage and post-implementation operation stages are expensed as incurred and recorded in research and development expense on our consolidated statements of operations.
During 2025, 2024 and 2023, we capitalized development costs for improvements to our platforms, including our Ads Manager and Ad Server, totaling $18.9 million, $22.9 million and $14.6 million, respectively.
Capitalized software development costs are as follows (in thousands):
December 31,
20252024
Capitalized software development costs, gross$87,871 $69,269 
Impairment charge(9,719)— 
Less accumulated amortization(53,938)(35,928)
Capitalized software development costs, net$24,214 $33,341 
We have assessed the triggering events criteria along with related conditions and developments as of September 30, 2025. As a result of the triggering event discussed, we performed an impairment test on Capitalized software development costs as of September 30, 2025, and determined that the carrying value of the internal-use software development costs intangible asset associated with the Cardlytics asset group exceeded its fair value. The Cardlytics asset group is included in the Cardlytics platform reportable segment and primarily consists of the internal-use software development costs, which represents the predominant asset from which the group's cash flows are generated. As a result of the impairment test, we recognized an impairment of $9.7 million to the impairment of goodwill and intangible assets within the consolidated statement of operations during the year ended December 31, 2025.
Debt Issuance Costs
Costs incurred to obtain loans, other than lines of credit, are recorded as a reduction of the carrying amount of the related liability and amortized over the applicable loans’ life using the effective interest method. Costs incurred to obtain lines of credit are capitalized and included in other long-term assets on our consolidated balance sheets and amortized ratably over the term of the arrangement.
2020 Convertible Senior Notes
On September 22, 2020, we issued $230.0 million principal amount of our 2020 Convertible Senior Notes, including the exercise in full of the initial purchasers' option to purchase up to an additional $30.0 million principal amount of the 2020 Convertible Senior Notes. The 2020 Convertible Senior Notes were issued pursuant to an indenture, dated September 22, 2020 (the "2020 Indenture"), between us and U.S. Bank National Association, as trustee.
In April 2024, we used $169.3 million, consisting of the net proceeds from the 2024 Convertible Senior Notes offering, together with cash on hand, to repurchase for cash $183.9 million in aggregate principal amount of the 2020 Convertible Senior Notes, together with accrued and unpaid interest, in privately negotiated transactions below par and entered into concurrently with the pricing of the offering through one of the initial purchasers or one of its affiliates, as our agents. As a result of the extinguishment of the 2020 Convertible Senior Notes, we have recorded a gain of $13.0 million, which is recorded as a Gain on debt extinguishment on the consolidated statement of operations. In September 2025, we repaid in full at par the remaining $46.1 million aggregate principal amount of the 2020 Convertible Senior Notes, and as a result, the 2020 Convertible Senior Notes are no longer outstanding as of December 31, 2025.
2024 Convertible Senior Notes
On April 1, 2024, we issued $172.5 million principal amount of our 2024 Convertible Senior Notes in a private offering, including the exercise in full of the initial purchasers' option to purchase up to an additional $22.5 million principal amount of the 2024 Convertible Senior Notes. The net proceeds from this offering were $166.8 million, after deducting the initial purchasers' discounts, commissions and the offering expenses payable by us.
Amortization of debt issuance costs included in interest expense, net totaled $1.5 million for each period in 2025 and $1.6 million in 2024 and 2023, respectively.
Deferred debt issuance costs related to our lines of credit included in other long-term assets are as follows (in thousands):
December 31,
20252024
Debt issuance costs, gross$1,333 $1,211 
Less accumulated amortization(1,184)(990)
Debt issuance costs, net$149 $221 
Deferred debt issuance costs related to our 2024 Convertible Senior Notes included in debt are as follows (in thousands):
December 31,
20252024
Debt issuance costs, gross$5,610 $5,610 
Less accumulated amortization(1,960)(839)
Debt issuance costs, net$3,650 $4,771 
Deferred debt issuance costs related to our 2020 Convertible Senior Notes included in debt are as follows (in thousands):
December 31,
20252024
Debt issuance costs, gross$5,572 $5,572 
Less accumulated amortization(5,572)(5,365)
Debt issuance costs, net$— $207 
Future amortization of debt issuance costs is as follows (in thousands):
Years Ending December 31,Amortization
2026$1,185 
20271,185 
20281,146 
2029283 
2030— 
Total$3,799 
Advertising
We expense advertising costs as incurred. These costs are included in sales and marketing expense on our consolidated statements of operations. Advertising costs include direct marketing costs such as print advertisements, market research, direct mail, public relations and trade show expenses and totaled $1.3 million, $2.4 million and $1.9 million in 2025, 2024 and 2023, respectively.
Stock-Based Compensation
We measure and recognize compensation expense based on the estimated fair value of the award on the grant date. The fair value is recognized as expense over the requisite service period, which is generally the vesting period of the respective award, on a straight-line basis when the only condition to vesting is continued service. We recognize the fair value of awards that contain performance conditions based upon the probability of the performance conditions being met. Expense for awards with performance conditions are estimated and adjusted on a quarterly basis based upon our assessment of the probability that the performance condition will be met. We recognize the fair value of awards that contain market conditions over the derived service period. Forfeitures are accounted for when they occur. Refer to Note 10—Stock-based Compensation for additional information regarding our specific award plans and estimates and assumptions used to determine fair value.
Fair Value of Financial Instruments
When required by GAAP, assets and liabilities are reported at fair value on our consolidated financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Valuation inputs are arranged in a hierarchy that consists of the following levels:
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
•Level 2 inputs are inputs other than Level 1 inputs such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 inputs are unobservable inputs for the asset or liability.
Our nonfinancial assets that we recognize or disclose at fair value on our consolidated financial statements on a nonrecurring basis include property and equipment, intangible assets, capitalized software development costs and deferred implementation costs. The fair values for these assets are evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. Refer to Note 12—Fair Value Measurements for information regarding the fair value of our financial instruments.
Income Taxes
Income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carry-forwards. Valuation allowances are provided when we determine that it is more likely than not that all of, or a portion of, deferred tax assets will not be utilized in the future.
Significant judgment is required in determining any valuation allowance recorded against net deferred tax assets. In assessing the need for a valuation allowance, we consider all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that we change our determination as to the amount of deferred tax assets that can be realized, we will adjust our valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
Estimates of future taxable income are based on assumptions that are consistent with our plans. Assumptions represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. If actual amounts differ from our estimates, the amount of our tax expense and liabilities could be materially impacted.
We have recorded a full valuation allowance related to our net deferred tax assets due to the uncertainty of the ultimate realization of the future benefits of those assets.
For tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures, including software development, as defined under Code Section 174, in the year incurred. Instead, taxpayers are required to amortize such expenditures over five years if incurred in the U.S. and over fifteen years if incurred in a foreign jurisdiction. The depreciation and amortization deferred income taxes line includes these capitalized research and development expenses.
We recognize the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date, and then, only in an amount more likely than not to be sustained upon review by the tax authorities. Where applicable, we classify associated interest and penalties as income tax expense. The total amounts of interest and penalties were not material. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes.
v3.25.4
ACCOUNTING STANDARDS
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
ACCOUNTING STANDARDS ACCOUNTING STANDARDS
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-12, Codification Improvements, which makes incremental improvements to the FASB Accounting Standards Codification® in response to stakeholder feedback. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods. Early adoption is permitted, and the amendments may generally be applied prospectively or retrospectively, depending on the specific amendment. We are currently evaluating the potential effects of ASU 2025-12 on our consolidated financial statements.
In November 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-11 titled Interim Reporting (Topic 270): Narrow-Scope Improvements, which refines and reorganizes the guidance related to interim disclosure requirements and the application of Topic 270. The amendments in this update are effective for interim periods beginning January 1, 2028. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. We do not expect the adoption of ASU 2025-11 to have a material impact on our consolidated financial statements.
In June 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06 titled "Targeted Improvements to the Accounting for Internal-Use Software," which simplifies the capitalization guidance by removing all references to software development project stages, so that the guidance is neutral to different software development methods. The amendments in this update are effective for annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either retrospectively, prospectively to software costs incurred after the adoption date or on a modified prospective basis. We are currently evaluating the potential effects of ASU 2025-06 on our financial statements.
In May 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-05 titled Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which updates the guidance related to the measurement of expected credit losses for accounts receivable and contract assets. The amendments in this update are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The amendments are required to be applied on a modified retrospective basis. We are currently evaluating the potential effects of ASU 2025-05 on our financial statements.
In November 2024, the FASB released ASU 2024-03 titled "Disaggregation of Income Statement Expenses," which mandates that certain costs and expenses be disclosed in the notes to financial statements. These amendments will take effect for fiscal years starting after December 15, 2026, with early adoption allowed. The changes should be applied either prospectively to financial statements for periods after the effective date or retrospectively to any or all prior periods presented. We are currently assessing how the enhanced disclosure requirements of ASU 2024-03 will impact our financial statements.
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09 titled "Income Taxes (Topic 740): Improvement to Income Tax Disclosures," aimed at improving the transparency and usefulness of income tax information by enhancing disclosures related to rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning with our fiscal year ending December 31, 2025. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. Refer to Note 11 for more information.
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. The new standard also permits companies to disclose more than one measure of segment profit or loss, requires disclosure of the title and position of the Chief Operating Decision Maker, and requires companies with a single reportable segment to provide all disclosures required by Topic 280. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and companies are required to apply the ASU retrospectively to all periods presented. During the year ended December 31, 2024, we adopted this standard and added additional disclosure in our Segment Footnote. Refer to Note 15—Segments for further information.
v3.25.4
BUSINESS COMBINATIONS AND DIVESTITURES
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS AND DIVESTITURES BUSINESS COMBINATIONS AND DIVESTITURES
Our acquisitions were accounted for as business combinations and the total purchase consideration of each was allocated to the net tangible and intangible assets and liabilities acquired based on their fair values on the acquisition dates with the remaining amounts recorded as goodwill.
During the year ended December 31, 2025, we incurred $0.6 million of costs, which related to divestiture expense consisting of professional fees associated with the Bridg Sale. During the year ended December 31, 2024, we incurred $0.2 million of costs, which related to the net working capital adjustment associated with the divestiture of Entertainment and the interest accretion on the contingent consideration related to our Bridg acquisition. During the year ended December 31, 2023, we realized a benefit of $6.3 million primarily due to a reduction of the estimated brokerage fee related to our reduced estimate of contingent consideration related to our Bridg acquisition. These expenses and gains are included in acquisition, integration and divestiture costs/(benefits) on our consolidated statements of operations.
Bridg Sale
On January 23, 2026, the Company, PAR and DB Sub, LLC, an indirectly wholly owned subsidiary of PAR, entered into an asset purchase agreement, pursuant to which Buyer agreed to acquire all of the Company’s assets, properties and rights primarily related to, or primarily used in, its Bridg platform, subject to certain exceptions. Refer to Note 16—Subsequent Events for further information about the Bridg Sale.
Dosh Holdings LLC Dissolution
The Dosh app, a consumer facing cashback mobile application operated by Dosh Holdings LLC, was decommissioned on February 28, 2025. In connection with the decommission, we recorded a gain on disposal or divestiture of $4.8 million primarily related to the derecognition of the wallet liability associated with the Dosh app within the consolidated statement of operations during the year ended December 31, 2025. The wallet liability associated with the Dosh app was included as part of consumer incentive liability on the consolidated balance sheet. On November 13, 2025, the Company completed the dissolution of Dosh Holdings LLC, a former wholly-owned subsidiary.
Divestiture of Entertainment
On December 7, 2023, we sold and transferred substantially all of the assets of Entertainment for $6.0 million in cash, subject to a combined $1.1 million held in escrow for indemnities and sales and use taxes, as well as customary post-closing adjustments. The resulting loss on sale of $6.6 million is recorded within "(Gain)/loss on divestiture" within the consolidated statement of operations. During the years ended December 31, 2025 and 2024, we received $0.5 million and $0.6 million of cash from escrow, respectively, and we classified the receipt of cash within investing activities within the consolidated statement of cash flows. During the year ended December 31, 2024, we also recorded a $0.1 million divestiture expense associated with the net working capital adjustment.
v3.25.4
GOODWILL AND ACQUIRED INTANGIBLES
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND ACQUIRED INTANGIBLES GOODWILL AND ACQUIRED INTANGIBLES
Goodwill
Goodwill is tested annually for impairment, unless certain triggering events require an interim impairment analysis, including macroeconomic conditions, industry and market considerations, costs factors, overall financial performance, and other relevant entity-specific events and changes. These considerations are evaluated holistically to assess whether it is more likely than not that a reporting unit's carrying value exceeds its fair value. Our reporting units consist of the Cardlytics platform in the U.S., the Cardlytics platform in the U.K. and the Bridg platform. There is no goodwill recorded within the Cardlytics platform in the U.K.
The changes in the carrying amount of goodwill for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
Cardlytics Platform in the U.S.Consolidated
Balance as of December 31, 2024$159,429 $159,429 
Goodwill impairment(49,124)(49,124)
Balance as of December 31, 2025$110,305 $110,305 
Cardlytics Platform in the U.S.Bridg PlatformConsolidated
Balance as of December 31, 2023$159,429 $117,773 $277,202 
Goodwill impairment— (117,773)(117,773)
Balance as of December 31, 2024$159,429 $— $159,429 
Cardlytics Platform in the U.S.Bridg PlatformConsolidated
Balance as of December 31, 2022$164,430 $188,291 $352,721 
Goodwill impairment— (70,518)(70,518)
Divestiture of Entertainment(5,001)— (5,001)
Balance as of December 31, 2023$159,429 $117,773 $277,202 
We assessed the triggering events criteria along with related conditions and developments as of September 30, 2025 and September 30, 2024, and we concluded that we had a triggering event as a result of a sustained decline in our stock price during the three months ended September 30, 2025 and 2024. We, therefore, performed a quantitative impairment test as of September 30, 2025 and 2024. As a result of our quantitative impairment tests, we determined that the carrying value of the Cardlytics platform in the U.S. exceeded its fair value for the three months ended September 30, 2025 and that the carrying value of the Bridg platform exceeded its fair value for the three months ended September 30, 2024. As such, we recognized a goodwill impairment of $49.1 million for the Cardlytics platform in the U.S. during the three months ended September 30, 2025 and $117.8 million for the Bridg platform during the three months ended September 30, 2024. We performed our annual goodwill impairment test in the fourth quarter of 2025 and 2024 and concluded that there was no additional impairment associated with the Cardlytics platform in the U.S.
We performed our annual impairment test as of October 1, 2023 and determined that the carrying value of the Bridg platform, which is comprised entirely of an acquired business exceeded its fair value, and we recognized a goodwill impairment of $70.5 million. On December 7, 2023, we sold and transferred substantially all of the assets of Entertainment, and as a result, we reduced goodwill by $5.0 million, which is the amount of goodwill attributed to Entertainment. The reduction of goodwill is included as part of the determination of the (Gain)/loss on divestiture of $6.6 million in the consolidated statements of operations.
The decline in the fair value of the Cardlytics platform in the U.S. below its carrying value at September 30, 2025 and the decline in the fair values of the Bridg platform reporting unit below its carrying values at September 30, 2024 and October 1, 2023 resulted from a continued slowdown in the economy and decreased consumer spend that led to a sustained decline in our stock price. The method of determining fair values of the reporting units at September 30, 2025, September 30, 2024 and October 1, 2023 was the discounted cash flow method under the income approach, and to a lesser extent the market approach. The most significant assumptions utilized in the determination of the estimated fair values of the Cardlytics platform in the U.S. and the Bridg platform are the discount rate and forecasts of future revenues and cash flows.
We prepared cash flow projections based on management's estimates of revenue growth rates and earnings growth rates for each reporting unit, taking into consideration the historical performance and the current macroeconomic, industry, and market conditions. The discount rate, which is consistent with a weighted average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment and volatility in the equity and debt markets.
Acquired Intangibles
We evaluate the recoverability of our finite-lived intangible assets and other long-lived assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. Prior to the quantitative goodwill impairment test, we evaluated the recoverability of these long-lived assets for our asset groups. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value.
2025 Acquired Intangibles
Acquired intangible assets subject to amortization as of December 31, 2025 were as follows:
Gross Carrying AmountAccumulated AmortizationNetWeighted Average Remaining Useful Life
(in thousands)(in years)
Developed technology49,873 (45,055)4,818 1.5
Merchant relationships21,930 (21,195)735 0.4
Total other intangible assets$71,803 $(66,250)$5,553 
Amortization expense of acquired intangibles for the year ended December 31, 2025 was $5.8 million.
2024 Acquired Intangibles
Acquired intangible assets subject to amortization as of December 31, 2024 were as follows:
Gross Carrying AmountAccumulated AmortizationImpairment of Intangible AssetsNetWeighted Average Remaining Useful Life
(in thousands)(in years)
Developed technology63,621 (41,442)(13,748)8,431 2.5
Merchant relationships21,930 (18,989)— 2,941 1.4
Total other intangible assets$85,551 $(60,432)$(13,748)$11,371 
Amortization expense of acquired intangibles for the year ended December 31, 2024 was $9.8 million.
2023 Acquired Intangibles
Acquired intangible assets subject to amortization as of December 31, 2023 were as follows:
Gross Carrying AmountAccumulated AmortizationDivestiture of EntertainmentNetWeighted Average Remaining Useful Life
(in thousands)(in years)
Trade name$2,315 $(1,802)$(513)$— 0.0
Developed technology64,070 (33,838)(449)29,783 3.4
Merchant relationships25,915 (16,784)(3,985)5,146 2.4
Total other intangible assets$92,300 $(52,424)$(4,947)$34,929 
Amortization expense of acquired intangibles for the year ended December 31, 2023 was $13.6 million.
We have assessed the triggering events criteria along with related conditions and developments as of September 30, 2024. As a result of a triggering event in 2024 as discussed above, we performed an impairment test as of September 30, 2024, and determined that the carrying value of the Bridg platform Developed technology intangible asset exceeded its fair values. As such, we recognized an acquired intangible asset impairment of $13.7 million during the year ended December 31, 2024.
Our impairment analysis at September 30, 2024 incorporated revised forecasts that took into account the continued slowdown in the global economy and decreased consumer spend during the quarter and expected impacts of these disruptions on our results in the near term. Given the significant level of uncertainty that currently exists, management applied several alternative scenarios for market and Company performance over the next several years to determine fair value. Other key assumptions were updated as appropriate, including the discount rate, which increased as a result of an increase in the equity risk premium, which was partially offset by a decrease in the risk-free rate.
As of December 31, 2025, we expect amortization expense in future periods to be as follows (in thousands):
Amount
20264,348 
20271,205 
2028— 
2029— 
2030— 
Thereafter— 
Total expected future amortization expense$5,553 
v3.25.4
REVENUE (Notes)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Cardlytics Platform
The Cardlytics platform is our proprietary native bank advertising channel that enables marketers to reach consumers through the FI partners' trusted and frequently visited digital banking channels. Working with the marketer, we design a campaign that targets customers based on their purchase history. The consumer is offered an incentive to make a purchase from the marketer within a specified period. We use a portion of the fees that we collect from marketers to provide these Consumer Incentives to our FI partners' customers after they make qualifying purchases ("Consumer Incentives"). Leveraging our platform, we are able to create compelling Consumer Incentives that have the potential to increase return on advertising spend for marketers and measure the effectiveness of the advertising. During the years ended December 31, 2025, 2024 and 2023, Consumer Incentives totaled $151.7 million, $165.5 million and $144.2 million, respectively. We pay certain partners a negotiated and fixed percentage of our billings to marketers less any Consumer Incentives that we pay to partners’ customers and certain third-party data costs ("Partner Share"). Revenue on our consolidated statements of operations is presented net of Consumer Incentives and gross of Partner Share.
The Cardlytics platform has two different pricing models: (1) served based pricing and (2) engagement based pricing.
•Served Based Pricing Our primary pricing model is Cost per Served Sale ("CPS"). We generate Revenue by charging a percentage, which we refer to as the CPS rate, of all purchases from the marketer by consumers who (1) are served marketing and (2) subsequently make a purchase from the marketer during the campaign period, regardless of whether consumers engage with the applicable offer and thereby becomes eligible to earn the applicable Consumer Incentive. We set CPS rates for marketers based on our expectation of the marketer's return on spend for the relevant campaign. Additionally, we set the amount of the Consumer Incentives payable for each campaign based on our estimation of our ability to drive incremental sales for the marketer. We seek to optimize the level of Consumer Incentives to retain a greater portion of Billings. However, if the amount of Consumer Incentives exceeds the amount of Billings that we are paid by the applicable marketer we are still responsible for paying the total Consumer Incentive. In some instances, we may also charge the marketer, the Consumer Incentive, in which case the marketer determines the level of Consumer Incentive for the campaign.
•Engagement Based Pricing. Under our engagement based pricing model, marketers generally pay us a fee for each purchase that we generate following a consumer's engagement with an offer. Marketers may choose between three variations of our engagement based pricing model: (1) Cost per Redemption whereby marketers specify and fund the Consumer Incentive and pay us a separate negotiated, fixed marketing fee, (2) Cost per Transaction whereby marketers pay us a negotiated, fixed marketing fee out of which we fund the Consumer Incentive, which is determined in our discretion or (3) Cost per Engagement whereby marketers specify a target return on ad spend based on which we will determine a fee for each engagement a consumer has with the applicable offer. We generate Revenue if the consumer (i) is served an offer, (ii) selects the offer and thereby becomes eligible to earn the applicable Consumer Incentive, and (iii) makes a qualifying purchase from the marketer during the campaign period. We set the fees for engagement based pricing for marketers based on our estimation of the marketers' return on spend for the relevant campaign.

The following table summarizes revenue by pricing model (in thousands):
 Year Ended December 31,
 202520242023
Served based pricing$79,062 $151,455 $191,260 
Engagement based pricing129,294 99,412 86,529 
Other Revenue(1)
3,972 4,747 7,636 
Cardlytics platform revenue$212,328 $255,614 $285,425 
(1)Other Revenue during the year ended December 31, 2025 primarily includes pricing models that do not relate to Served based pricing and Engagement based pricing, which includes proof-of-concept pricing models that we are exploring and hosting fees that we charge our FI partners to support the costs required to host our services. Other Revenue during the year ended December 31, 2023 primarily consists of revenue from Entertainment.
The Bridg Platform
The Bridg platform generates revenue through the sale of subscriptions to our cloud-based customer-data platform and the delivery of professional services, such as implementation, onboarding and technical support in connection with each subscription. We recognize subscription revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. For non-recurring services or transactional based fees dependent on system usage, revenue is recognized as services are delivered. Our subscription contracts are generally 6 to 60 months in duration and are generally billed in advance on a monthly, quarterly or annual basis.
The following table summarizes revenue from the Bridg platform (in thousands):
 Year Ended December 31,
 202520242023
Subscription revenue$20,945 $22,684 $23,779 
Bridg platform revenue$20,945 $22,684 $23,779 
The following table summarizes contract balances from the Bridg platform (in thousands):
Year Ended December 31,
Contract Balance TypeConsolidated Balance Sheets Location20252024
Contract assets, currentAccounts receivable and contract assets, net$588 $232 
Total contract assets$588 $232 
Contract liabilities, currentDeferred revenue$48 $2,154 
Contract liabilities, long-termLong-term deferred revenue52 — 
Total contract liabilities$100 $2,154 
During the year ended December 31, 2025, we recognized $0.2 million of Revenue related to amounts that were included in Deferred revenue as of December 31, 2024.
The following information represents the total transaction price for the remaining performance obligations as of December 31, 2025 related to contracts expected to be recognized over future periods. This includes deferred revenue on our consolidated balance sheets and contracted amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2025, we had $17.8 million of remaining performance obligations, of which $7.9 million is expected to be recognized in the next twelve months, with the remaining amount recognized thereafter. The remaining performance obligations exclude future transaction revenue of variable consideration that are allocated to wholly unsatisfied distinct services that form part of a single performance obligation and meets certain variable allocation criteria.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
We have various non-cancellable operating leases for our office spaces and operational assets with lease periods expiring between 2023 and 2032. During the year ended December 31, 2024, we recognized additional right-of-use assets and lease liabilities of $1.6 million related to a new lease agreement for office space. There were no new lease agreements for office space during the year ended December 31, 2025.
During the year ended December 31, 2025 and 2024, there were no impairments on any of our leases. Refer to Note 15—Segments for more information on our operating segments.
During the year ended December 31, 2025 and 2024, respectively, we made cash payments of $2.8 million and $2.3 million for operating leases which are included in cash flows used in operating activities in our consolidated statement of cash flows.
Lease assets and liabilities, net, are as follows (in thousands):
December 31,
Lease TypeConsolidated Balance Sheets Location20252024
Operating lease assetsRight-of-use assets under operating leases, net$4,947 $6,341 
Total lease assets4,947 6,341 
Operating lease liabilities, currentCurrent operating lease liabilities1,607 2,025 
Operating lease liabilities, long-termLong-term operating lease liabilities4,787 6,034 
Total lease liabilities$6,394 $8,059 

The following table summarizes activity related to our leases (in thousands):
December 31,
20252024
Operating lease expense$2,600 $2,822 
Variable lease expense559 693 
Short-term lease expense168 1,058 

The following table presents our weighted average borrowing rates and weighted average lease terms:
December 31,
 20252024
Operating leases:
Weighted average borrowing rate7.2 %7.3 %
Weighted average remaining lease term (years)3.063.81

The following table summarizes future maturities of lease liabilities as of December 31, 2025 (in thousands):
Fiscal YearOperating Leases
2026$2,321 
20272,211 
20281,491 
20291,122 
Thereafter1,784 
Total lease payments8,929 
Imputed interest2,535 
Total lease liabilities$6,394 
v3.25.4
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Significant components of property and equipment are as follows (in thousands):
December 31,
20252024
Computer equipment$4,370 $9,753 
Leasehold improvements1,981 2,034 
Furniture and fixtures411 464 
Property and equipment, gross6,762 12,251 
Less accumulated depreciation and amortization(4,737)(9,655)
Property and equipment, net$2,025 $2,596 
v3.25.4
DEBT AND FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT AND FINANCING ARRANGEMENTS DEBT AND FINANCING ARRANGEMENTS
Our debt consists of the following (in thousands):
December 31,
20252024
Line of Credit$40,070 $— 
2024 Convertible Senior Notes, net168,850 $167,729 
2020 Convertible Senior Notes, net— $45,863 
Total debt$208,920 $213,592 
Accrued interest is included within accrued expenses in our consolidated balance sheet. As of December 31, 2025, we had accrued interest related to our 2024 Convertible Senior Notes of $1.8 million. As of December 31, 2024, we had accrued interest related to our 2024 Convertible Senior Notes and 2020 Convertible Senior Notes of $1.9 million.

For the years ended December 31, 2025, 2024 and 2023, interest expense, net reflected on the consolidated statements of operations consisted of interest expense of $10.6 million, $8.9 million and $6.2 million and interest income of $2.7 million, $3.4 million, and $3.8 million, respectively.
2024 Convertible Senior Notes
On April 1, 2024, we issued $172.5 million principal amount of our 2024 Convertible Senior Notes in a private offering, including the exercise in full of the initial purchasers' option to purchase up to an additional $22.5 million principal amount of the 2024 Convertible Senior Notes. The net proceeds from this offering were $166.8 million, after deducting the initial purchasers' discounts, commissions and the offering expense payable by us. The 2024 Convertible Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of April 1, 2024 ( the "2024 Indenture"), between us and U.S. Bank Trust Company, National Association, as Trustee.
The 2024 Convertible Senior Notes will accrue interest at a rate of 4.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024. The 2024 Convertible Senior Notes will mature on April 1, 2029, unless earlier converted or repurchased by us. Before January 2, 2029, noteholders will have the right to convert their 2024 Convertible Senior Notes only in the following circumstances: (i) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2024, if the last reported sale price per share of our common stock, exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (ii) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the "measurement period") if the trading price per $1,000 principal amount of 2024 Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the common stock on such trading day and the conversion rate on such trading day; (iii) upon the occurrence of certain corporate events or distributions on the common stock, as described in the 2024 Indenture; and (iv) at any time from, and including, January 2, 2029 until the close of business on the scheduled trading day immediately before the maturity date. We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The initial conversion rate is 55.4939 shares of common stock per $1,000 principal amount of 2024 Convertible Senior Notes, which represents an initial conversion price of $18.02 per share of common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a "Make-Whole Fundamental Change" (as defined in the 2024 Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
If a "Fundamental Change" (as defined in the 2024 Indenture) occurs, then, subject to a limited exception for certain cash mergers, noteholders may require us to repurchase their 2024 Convertible Senior Notes at a cash repurchase price equal to the principal amount of the 2024 Convertible Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving us and certain de-listing events with respect to the common stock.
The net carrying amount of the liability component of the 2024 Convertible Senior Notes is as follows (in thousands):

December 31,
20252024
Principal$172,500 $172,500 
Minus:
Unamortized issuance costs(3,650)(4,771)
Net carrying amount$168,850 $167,729 

Interest expense recognized related to the 2024 Convertible Senior Notes is as follows (in thousands):
December 31,
20252024
Contractual interest expense (due in cash)$7,331 $5,478 
Amortization of debt issuance costs1,122 838 
Total interest expense related to the 2024 Convertible Senior Notes$8,453 6,316 
Effective interest rate4.90 %4.90 %
2020 Convertible Senior Notes
On September 22, 2020, we issued $230.0 million principal amount of our 2020 Convertible Senior Notes, including the exercise in full of the initial purchasers' option to purchase up to an additional $30.0 million principal amount of the 2020 Convertible Senior Notes. The 2020 Convertible Senior Notes were issued pursuant to an indenture, dated September 22, 2020 (the "2020 Indenture"), between us and U.S. Bank National Association, as trustee.
In April 2024, we used $169.3 million, consisting of the net proceeds from the 2024 Convertible Senior Notes offering, together with cash on hand, to repurchase for cash $183.9 million in aggregate principal amount of the 2020 Convertible Senior Notes, together with accrued and unpaid interest, in privately negotiated transactions below par and entered into concurrently with the pricing of the offering through one of the initial purchasers or one of its affiliates, as our agents. As a result of the extinguishment of the 2020 Convertible Senior Notes, we have recorded a gain of $13.0 million, which is recorded as a Gain on debt extinguishment on the consolidated statement of operations. In September 2025, we repaid in full at par the remaining $46.1 million aggregate principal amount of the 2020 Convertible Senior Notes, and as a result, the 2020 Convertible Senior Notes are no longer outstanding as of December 31, 2025.
The 2020 Convertible Senior Notes were general senior, unsecured obligations with a maturity date of September 15, 2025, unless earlier converted, redeemed or repurchased. The 2020 Convertible Senior Notes bore interest at a rate of 1.00% per year, payable semiannually in arrears on March 15 and September 15 of each year, which began on March 15, 2021. Following June 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2020 Convertible Senior Notes could have converted all or any portion of their 2020 Convertible Senior Notes at any time.
The net carrying amount of the liability component of the 2020 Convertible Senior Notes is as follows (in thousands):

December 31,
20252024
Principal$— $46,070 
Minus: Unamortized issuance costs— (207)
Net carrying amount of the liability component$— $45,863 

Interest expense recognized related to the 2020 Convertible Senior Notes is as follows (in thousands):
December 31,
20252024
Contractual interest expense (due in cash)$326 $921 
Amortization of debt issuance costs207 585 
Total interest expense related to the 2020 Convertible Senior Notes
$533 $1,506 
Effective interest rate1.64 %1.64 %
Capped Call Transactions
In connection with the issuance of the 2020 Convertible Senior Notes, we entered into privately negotiated capped call transactions (the "Capped Calls") with an affiliate of one of the initial purchasers or the 2020 Convertible Senior Notes and certain other financial institutions. The Capped Calls are recorded in stockholders' equity and were not accounted for as derivatives.
The Capped Calls each had an initial strike price of $85.14 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2020 Convertible Senior Notes. The Capped Calls had an initial cap price of $128.51 per share, subject to certain adjustments. On May 29, 2024, we entered into agreements to terminate all remaining Capped Calls associated with the 2020 Convertible Senior Notes. The Capped Calls were separate transactions, entered into by the Company with the counterparties, and were not part of the terms of the 2020 Convertible Senior Notes. Cash proceeds from the termination of the Capped Calls totaled $0.1 million, which we received on June 3, 2024. The $0.1 million cash proceeds from the termination of the Capped Calls were recorded as a credit to additional paid in capital on our consolidated balance sheet.
2018 Loan Facility
In April 2022, we amended our loan facility with Pacific Western Bank (the "2018 Loan Facility") to increase the capacity of our asset-backed revolving line of credit (the "2018 Line of Credit") from $50.0 million to $60.0 million with an option to increase to $75.0 million upon syndication. Additionally with this amendment, the former cash covenant, as described below, was removed and was replaced with a requirement to maintain a minimum level of Adjusted Contribution and a minimum adjusted cash of $25.0 million, which is reduced by eligible accounts receivable in excess of the loan capacity. In November 2022, we amended our 2018 Loan Facility to modify the eligible account receivable to exclude U.K. accounts, reduce the ability to borrow up to 85% of the amount of our eligible accounts receivable to 50% and adjusted the required minimum level of Adjusted Contribution. In February 2023, we amended our 2018 Loan Facility to remove and replace the former Adjusted Contribution covenant with a requirement to maintain a minimum level of Adjusted EBITDA. In May 2023, we amended our 2018 Loan Facility to modify the covenants related to the maximum amount of cash we are allowed to pay for the First Anniversary Payment Amount and Second Anniversary Payment Amount under the Merger Agreement. In February 2024, we amended our 2018 Loan Facility to increase the ability to borrow up to 75% of the amount of our eligible accounts receivable, adjusted the required minimum level of Adjusted EBITDA and increased the interest rate to the prime rate plus 0.25%.
The 2018 Loan Facility includes customary representations, warranties and covenants (affirmative and negative), including restrictive covenants that prohibit mergers, acquisitions, dispositions of assets, incurrence of indebtedness, encumbrances on our assets and the payment or declaration of dividends, in each case subject to specified exceptions.
The 2018 Loan Facility also includes standard events of default, including in the event of a material adverse change. Upon the occurrence of an event of default, the lender may declare all outstanding obligations immediately due and payable and take such other actions as are set forth in the 2018 Loan Facility and increase the interest rate otherwise applicable to advances under the 2018 Line of Credit by an additional 3.00%. All of our obligations under the 2018 Loan Facility are secured by a first priority lien on substantially all of our assets. The 2018 Loan Facility does not include any prepayment penalties.
In April 2024, we repaid in full $30.0 million of the principal balance of the 2018 Line of Credit. Interest on advances under the 2018 Line of Credit bore an interest rate equal to the prime rate plus 0.25%. In addition, we were required to pay an unused line fee of 0.15% per annum on the average daily unused amount of the revolving commitment.
In July 2024, we amended our 2018 Loan Facility, which increased the ability to borrow up to 85% of the amount of our U.S. eligible accounts receivable and 30% of the amount of our U.K. eligible accounts receivable, decreased our required minimum level of Adjusted EBITDA, and decreased the interest rate to prime rate plus 0.125%. The amendment also established a reserve and included an extension of the maturity date of the loan to July 31, 2026.
In September 2024, we entered into an amended and restated Loan and Security Agreement, which amended and restated the original Loan and Security Agreement to consolidate the original agreement and all subsequent amendments thereto into a single document. In January 2025, we amended our 2018 Loan Facility to decrease our required minimum level of Adjusted EBITDA. In April 2025, we amended our 2018 Loan Facility to extend the maturity date of the loan to April 15, 2028.
As of December 31, 2025, we had net borrowings of $40.1 million under the 2018 Line of Credit, which includes total draw downs of $56.0 million and repayments totaling $15.9 million during the year ended December 31, 2025. Subsequent to December 31, 2025, we repaid $10.0 million on February 25, 2026 under the 2018 Line of Credit.
During the years ended December 31, 2025 and 2024, we incurred $1.5 million and $0.7 million of interest expense associated with the 2018 Loan Facility, respectively. As of December 31, 2025, we had $8.5 million of unused available borrowings under our 2018 Line of Credit. We believe we are in compliance with all financial covenants as of December 31, 2025.
Future Payments
Aggregate future payments of principal due upon maturity are as follows (in thousands):
Years Ending December 31,Debt
2026$— 
2027— 
202840,070 
2029172,500 
Future periods— 
Total debt$212,570 
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Domestic and foreign components of loss before income taxes are as follows (in thousands):
Year Ended December 31,
202520242023
Domestic$(98,691)$(179,555)$(122,026)
Foreign(4,797)(9,749)(12,676)
Loss before income taxes$(103,488)$(189,304)$(134,702)
The significant components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$— $— $— 
State— — — 
Foreign— — — 
Total current— — — 
Deferred:
Federal— — — 
State— — — 
Foreign— — — 
Change in uncertain tax positions— — — 
Change in valuation allowance— — — 
Total deferred— — — 
Income tax benefit$— $— $— 
We adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis beginning with the year ended December 31, 2025. A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the year ended December 31, 2025 is presented accordingly as follows (dollar amounts in thousands):
Year Ended
December 31, 2025
AmountPercent
Statutory federal income tax rate$(21,732)21.00 %
State and local income taxes, net of federal benefit— — %
Tax credits
Federal research & development(1,490)1.44 %
Changes in valuation allowance5,263 (5.09)%
Nontaxable or nondeductible items
Stock compensation5,705 (5.51)%
Goodwill impairment10,316 (9.97)%
Other321 (0.31)%
Other reconciling items237 (0.23)%
Unrecognized tax benefits373 (0.36)%
Foreign tax effects:
United Kingdom:
Fair value adjustments2,228 (2.15)%
Other(1,234)1.19 %
Other jurisdictions13 (0.01)%
Total provision for income taxes$— — %
The following table summarizes the significant differences between the U.S. federal statutory tax rate and our effective tax rate for the years ended December 31, 2024 and 2023 based on the required disclosure prior to our adoption of ASU 2023-09:

Year Ended December 31,
20242023
Tax benefit at federal statutory rate21.00 %21.00 %
State income taxes, net of federal benefit— %(0.01)%
Change in federal and state statutory rate1.69 %0.01 %
Foreign rate differential0.06 %(0.22)%
Goodwill impairment(13.06)%(10.94)%
Contingent liability remeasurement(0.78)%(0.81)%
Other adjustments(1.61)%(1.40)%
Valuation allowance(7.24)%(7.54)%
Income tax benefit0.06 %0.09 %

There was no cash paid or refunds received for income taxes for the year ended December 31, 2025. Therefore, there are no jurisdictions accounting for 5% or more of the total cash paid for income taxes.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Certain unrecognized tax benefits are presented as a reduction to related deferred tax assets in our consolidated balance sheets. The significant components of deferred income taxes as of December 31, 2025 and 2024 are as follows (in thousands):
December 31,
20252024
Deferred tax assets:
Net operating loss carry-forwards$176,226 $161,418 
Allowance for credit losses860 1,474 
Depreciation and amortization17,374 23,233 
Stock-based compensation2,329 3,025 
Deferred costs— 740 
Lease liability1,345 1,867 
Other tax credit carry-forward12,742 11,625 
Other— 1,451 
Total210,876 204,833 
Valuation Allowance(209,423)(203,377)
Total deferred tax assets, net of valuation allowance$1,453 $1,456 
Deferred tax liabilities:
Right of use assets(995)(1,457)
Deferred costs(332)— 
Other(126)— 
Total deferred tax liabilities(1,453)(1,457)
Net long-term deferred tax asset$— $— 
We have generated historical net losses and recorded a full valuation allowance against our net deferred tax assets, and we expect to maintain a full valuation allowance in the near term. Realization of any of our net deferred tax assets depends upon future earnings, the timing and amount of which are uncertain.
We recorded a valuation allowance for deferred tax assets of $209.4 million, $203.4 million, and $189.7 million as of December 31, 2025, 2024, and 2023, respectively. The net increase of our valuation allowance each year is primarily due to the continued generation of net operating loss carryforwards.
As of December 31, 2025 and 2024, we have $690.0 million and $631.6 million, respectively, of gross U.S. federal net operating loss carry-forwards that will begin to expire in the 2028 tax year. Additionally, we have $302.0 million and $269.1 million of gross state net operating loss carry-forwards as of December 31, 2025 and 2024, respectively, some of which have expiration dates and will begin to expire between 2025 and 2045.
As of December 31, 2025 and 2024, we have $15.7 million and $14.2 million, respectively, of federal research and development ("R&D") tax credit carryforwards. These credits expire/start expiring between 2038 and 2045.
Ownership changes, as defined by Code Section 382, may limit the amount of net operating losses that a company may utilize to offset future taxable income and taxes payable. Pursuant to Code Section 382, an ownership change occurs when the stock ownership of 5% stockholders increases by more than 50% over a testing period of three years. We have experienced ownership changes in the past, with the last identified ownership change occurring on April 2, 2020. We have analyzed whether we have experienced an additional ownership change through December 31, 2024 and have not identified an ownership change. It is possible that we have experienced additional ownership changes or that we may experience additional ownership changes in the future. Any such ownership change may limit our ability to utilize net operating losses.
As of December 31, 2025 and 2024, Cardlytics UK had gross net operating losses of $53.6 million and $50.0 million, respectively. Foreign net operating loss carry-forwards expire according to the rules of each country. In the U.K., there is an indefinite carry-forward period. As of December 31, 2025, Cardlytics UK held cash and cash equivalents of $5.0 million. While our investment in Cardlytics UK is not considered to be permanently invested, we do not plan to repatriate these funds. Further, although the tax basis of our investment in Cardlytics UK exceeds its book basis, we have not recorded a deferred tax asset since we do not believe that a reversal of this temporary difference will occur in the foreseeable future.
The Organization for Economic Cooperation and Development has developed guidance known as the Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15% and are intended to apply to tax years beginning in 2024. As of December 31, 2025, based on the countries in which we do business that have enacted legislation, including the U.K., we do not expect these rules to have a material impact on our income tax provision.
The following table summarizes the activity related to our gross unrecognized tax benefits that would affect our effective tax rate, if recognized (in thousands):
Year Ended December 31,
202520242023
Beginning balance$3,550 $2,925 $1,606 
Increase related to current year tax position373 625 1,319 
Ending balance$3,923 $3,550 $2,925 
All such positions, if recognized, would impact our effective tax rate.
We recognize interest and penalties accrued on income tax uncertainties as a component of income tax expense/benefit. In 2025, 2024 and 2023, we did not recognize a benefit or expense for interest and penalties. As of December 31, 2025 and 2024, there are no accrued interest and penalties related to unrecognized tax benefits in the accompanying consolidated balance sheet.
We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Our tax filings from inception remain subject to income tax examinations.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASURMENTS FAIR VALUE MEASUREMENTS
We record the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement ("ASC 820"). ASC 820 defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.
In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety.
During the years ended December 31, 2025, 2024 and 2023, we recognized a goodwill impairment of $49.1 million, $117.8 million and $70.5 million, respectively. The fair value of our reporting units was classified in Level 3 of the fair value hierarchy due to the significance of unobservable inputs developed using company-specific information. Refer to Note 5—Goodwill and Acquired Intangibles for further details.
These levels are:
•Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
•Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and
•Level 3 - unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability at fair value.
Included in the fair value table are cash equivalents and contingent consideration. Cash equivalents are comprised of money market funds and U.S. treasury bills stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. The fair values of cash equivalents are as follows (in thousands):
 December 31, 2025
 Level 1Level 2Level 3Total
Assets:
Cash equivalents
Money market funds$26,238 $— $— $26,238 
Total cash equivalents at fair value$26,238 $— $— $26,238 

 December 31, 2024
 Level 1Level 2Level 3Total
Assets:
Money market funds$32,332 $— $— $32,332 
US Treasury Bills13,450 — — 13,450 
Total cash equivalents at fair value$45,782 $— $— $45,782 

The following table shows a reconciliation of the beginning and ending fair value measurements of our contingent consideration, which we have valued using level 3 inputs:
December 31, 2025December 31, 2024
Beginning balance$— $43,560 
Decrease due to earnout settlement— (45,114)
Change in contingent consideration— 5,817 
Reclassification due to remaining payments being fixed per Settlement Agreement— (4,263)
Ending balance$— $— 
As part of our acquisition of Bridg, Inc. ("Bridg") and pursuant to the terms of the Agreement and Plan of Merger dated as of April 12, 2021, as amended (the "Merger Agreement"), we agreed to make two earnout payments: the First Anniversary Payment Amount and the Second Anniversary Payment Amount, based on the First Anniversary ARR and the Second Anniversary ARR of Bridg, respectively.
As of December 31, 2023, we paid the First Anniversary Payment consisting of $50.1 million of cash and 2,740,418 shares of our common stock to the Stockholder Representative, inclusive of brokerage fees and transaction bonuses and accounting for all true-ups and credits.
On January 25, 2024, we entered into a settlement agreement (the "Settlement Agreement") with the Stockholder Representative to resolve all outstanding disputes related to the Merger Agreement pursuant to which we agreed to pay $25.0 million in cash and issue 3,600,000 shares of our common stock to the Stockholder Representative, inclusive of broker fees and transaction bonuses. Pursuant to the Settlement Agreement we paid the Stockholder Representative $20.0 million in cash on January 26, 2024 and we issued 3,600,000 shares of our common stock on February 1, 2024. We subsequently paid the Stockholder Representative $3.0 million in cash on January 29, 2025 and $2.0 million in cash on June 25, 2025. There are no further payments due under the Settlement Agreement as of December 31, 2025.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments
We lease property and equipment under non-cancelable operating lease agreements. Refer to Note 7—Leases for further details. In September 2020, we issued convertible senior notes with an aggregate principal amount of $230.0 million bearing an interest
rate of 1.00% due in September 2025. During the year ended December 31, 2024, we partially paid down the 2020 Convertible Senior Notes and issued 2024 Convertible Senior Notes with an aggregate principal amount of $172.5 million bearing an interest rate of 4.25% due on April 1, 2029. In connection with our acquisition of Bridg, we owe a brokerage fee as per the Settlement Agreement. In September 2025, we repaid in full at par the remaining $46.1 million aggregate principal amount of the 2020 Convertible Senior Notes, and as a result, the 2020 Convertible Senior Notes are no longer outstanding as of December 31, 2025. Refer to Note 9—Debt and Financing Arrangements for further details.
In January 2024, we renewed a cloud hosting agreement guaranteeing an aggregated spend of $17.0 million each year over the next thirty-six month period. During the second year of the agreement, we had $16.2 million of aggregated spend. As a result of the shortfall, we have accrued $0.8 million within accrued expenses liability on our consolidated balance sheets.
Litigation
From time to time, we may become involved in legal actions arising in the ordinary course of business including, but not limited to, intellectual property infringement, collection matters and indemnifications. We make assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. We record a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range. If no amount within the range is a better estimate than any other amount, we accrue the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, we disclose the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, we disclose the nature and estimate of the possible loss of the litigation. We do not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Additionally, in the ordinary course of business, we have entered into indemnification agreements with directors and certain officers and employees that will require Cardlytics, among other things, to indemnify them against certain liabilities and litigation that may arise by reason of their status or service as directors, officers or employees. To date, the Company has not incurred material costs in any year presented to settle claims related to these indemnification agreements, and the Company has not accrued any liabilities for these agreements as of December 31, 2025 and 2024.
As part of the acquisition of Bridg, and pursuant to the terms of the Merger Agreement, we agreed to make two earnout payments: the First Anniversary Payment Amount and the Second Anniversary Payment Amount, based on the First Anniversary ARR and the Second Anniversary ARR of Bridg, respectively. We were unable to reach an agreement with respect to the First Anniversary Payment Amount with the Stockholder Representative and submitted our dispute to an independent accountant as contemplated by the Merger Agreement.
On April 28, 2023, the independent accountant made its determination of the appropriate amount of the First Anniversary ARR, determining the First Anniversary ARR to be $23.2 million. After review of the determination by the independent accountant, we filed a verified complaint in the Delaware Court of Chancery in May 2023 seeking declaratory judgment that a certain portion of the independent accountant's determination related to the First Anniversary ARR be stricken as null and void. Subsequently, on January 25, 2024, we entered into the Settlement Agreement with the Stockholder Representative to resolve all outstanding disputes related to the Merger Agreement, including the First Anniversary Payment Amount, pursuant to which we agreed to pay $25.0 million in cash and issue 3,600,000 shares of our common stock to the Stockholder Representative, inclusive of broker fees and transaction bonuses and to dismiss our verified complaint in the Delaware Court of Chancery.
We are not presently a party to any other legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Refer to Note 12—Fair Value Measurements for further information about the Bridg acquisition and related contingent consideration.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Diluted net loss per share is the same as basic net loss per share for 2025, 2024 and 2023 because the effects of potentially dilutive items were anti-dilutive, given our net loss during these periods. The following securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive (in thousands):
 December 31,
 202520242023
Common stock options39 52 84 
2020 Convertible Senior Notes— 541 2,701 
2024 Convertible Senior Notes9,573 9,573 — 
Unvested restricted stock units7,786 4,507 5,491 
Common stock issuable pursuant to the ESPP148 150 65 
v3.25.4
SEGMENTS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
As of December 31, 2025, we have three operating segments: the Cardlytics platform in the U.S. and U.K. and the Bridg platform, 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 6—Revenue for further information.
The following table provides information regarding our reportable segments (in thousands):
 Year Ended December 31,
 202520242023
Cardlytics platform
Revenue$212,326 $255,615 $285,425 
Minus: Adjusted Partner Share97,278 122,370 144,502 
Minus: Other third-party costs(1)
3,816 4,171 5,405 
Adjusted Contribution$111,232 $129,074 $135,518 
Bridg platform
Revenue$20,947 $22,683 $23,779 
Minus: Adjusted Partner Share— — — 
Minus: Other third-party costs(1)
1,855 1,220 671 
Adjusted Contribution$19,092 $21,463 $23,108 
(1)Other third-party costs above primarily represents media and data costs that we incur to support the Cardlytics and Bridg 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):
 Year Ended December 31,
 202520242023
Adjusted Contribution$130,324 $150,537 $158,626 
Minus:
Delivery costs25,711 29,643 28,248 
Sales and marketing expense39,478 52,649 57,425 
Research and development expense39,765 49,607 51,352 
General and administrative expense47,267 56,482 58,810 
Change in contingent consideration102 210 1,246 
Impairment of goodwill and intangible assets58,843 131,595 70,518 
Acquisition, integration and divestiture costs/(benefits)561 161 (6,313)
(Gain)/loss on divestiture(4,831)— 6,550 
Depreciation and amortization expense25,244 25,689 26,460 
Total non-operating (income) expense(1)
1,672 (6,195)(968)
Loss before income taxes$(103,488)$(189,304)$(134,702)
(1)Non-operating (income) expense includes interest income, interest expense and foreign currency loss.
As a percentage of our total consolidated revenues, revenues from external customers in the United States for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 were 87%, 92% and 94%, respectively. Revenues from external customers are attributed to individual countries based on the location of the customer arrangements. Our results of operations and our financial condition are not significantly reliant upon any single customer.
The following tables provide geographical information (in thousands):
 Year Ended December 31,
 202520242023
Revenue:
United States$202,974 $254,081 $291,420 
United Kingdom30,299 24,217 17,784 
Total$233,273 $278,298 $309,204 
December 31,
20252024
Property and equipment:
United States$1,966 $2,530 
United Kingdom59 66 
Total$2,025 $2,596 
Capital expenditures within the United Kingdom were $0.1 million, $0.1 million and $0.2 million during 2025, 2024 and 2023, respectively.
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 majority of our cash and cash equivalents are held in treasury obligation funds and money market accounts at financial institutions with high credit facility. Our remaining cash and cash equivalents are held in fully FDIC-insured demand deposit accounts that distribute funds, and credit risk, over a vast number of financial institutions.
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. We believe this is a more accurate representation for how marketing budgets are managed at our customer level. This methodology change in our aggregation impacts how we calculate our revenue and accounts receivable concentration and we changed the prior year presentation to be in conformity.
Our Revenue and accounts receivable are diversified among a large number of marketers segregated by both geography and industry. During the years ended December 31, 2025, 2024 and 2023, our top five marketers accounted for 20%, 16% and 15% of our Revenue, respectively, with no marketer accounting for over 10% during each period. As of December 31, 2025 and 2024, our top five marketers accounted for 30% and 17% of our accounts receivable, respectively, with no individual marketer representing over 10% as of the end of each period.
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. If an FI partner terminates its agreement with us, we would lose that FI as a source of purchase data and online banking customers.
During the year ended December 31, 2025, our top three FI partners combined to account for over 80% of the total Partner Share we paid to all partners. During the years ended 2024 and 2023, our top three FI partners combined to account for over 85% in each year. During 2025, no FI partner represented over 50% and each represented over 15% of Partner Share. During 2024 and 2023, the top FI partner represented over 50% and the second and third largest FI partners each represented over 10% of Partner Share
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On January 23, 2026, the Company, PAR Technology Corporation and DB Sub, LLC, an indirectly wholly owned subsidiary of PAR, entered into an asset purchase agreement, pursuant to which Buyer agreed to acquire all of the Company’s assets, properties and rights primarily related to, or primarily used in, its Bridg platform, subject to certain exceptions. In connection with the Bridg Sale, Buyer also agreed to assume certain liabilities and obligations of the Company arising out of the use, ownership, possession, operation or sale of the Purchased Assets. Other than the Purchased Assets, neither Buyer nor PAR will acquire any other assets of the Company pursuant to the Bridg Sale.

Pursuant to the Purchase Agreement, and upon the terms and subject to the conditions thereof, as promptly as practicable after the closing of the Bridg Sale (the “Closing” and the date thereof, the “Closing Date”), but in any event on the Closing Date, PAR will deliver to the Company a number of shares of common stock of PAR (“PAR Common Stock”) equal to the quotient obtained by dividing (i) (A) $27,500,000 plus (B) an adjustment amount for certain new customer contracts entered into by the Company prior to Closing less (C) an estimated closing net adjustment amount for revenue received by the Company for goods or services to be delivered or performed after the Closing pursuant to contracts assigned to Buyer in connection with the Bridg Sale (provided, that, the number pursuant to this (i) shall not exceed $30,000,000) by (ii) the volume weighted average price of a share of PAR Common Stock on the New York Stock Exchange for the 15 consecutive trading days ending on the trading day immediately prior to (and excluding) the Closing Date as reported by Bloomberg, L.P. (“Purchase Consideration”). PAR has also agreed to use reasonable best efforts to promptly file a registration statement with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of PAR Common Stock comprising the Purchase Consideration within three business days following the Closing Date, or, if later, PAR’s receipt of a completed investor questionnaire. PAR has also agreed to use commercially reasonable efforts to keep such registration statement effective until the earlier of the date that all such shares of PAR Common Stock have been sold or otherwise disposed of or can be sold without restriction pursuant to Rule 144 (or any successor thereof) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

The Purchase Agreement contains customary representations, warranties, conditions and covenants of the Company, PAR and Buyer, including a non-competition and non-solicitation covenant for the Company with respect to the Purchased Assets for a period of five years following the Closing. Additionally, during the period from the Signing Date through and including the Closing Date, the Company has agreed to carry on its business with respect to the Purchased Assets in the ordinary course and consistent with past practices.

The Closing is subject to the satisfaction or waiver of a number of customary closing conditions in the Purchase Agreement, including the absence of certain governmental restraints and the absence of a material adverse effect with respect to the Bridg platform or the Company’s ability to consummate the Bridg Sale.

The Purchase Agreement may be terminated prior to the Closing by mutual written agreement of the Company and Buyer, or by either the Company or Buyer in certain circumstances specified in the Purchase Agreement, including by Buyer if any of the closing conditions specified in the Purchase Agreement have not been fulfilled by March 24, 2026, unless such failure is due to Buyer’s failure to perform or comply with any of the covenants, agreements or conditions required to be performed or complied with by Buyer prior to the Closing.

The Purchase Agreement, the Bridg Sale and the other transactions contemplated by the Purchase Agreement have been approved by the board of directors of the Company.

The foregoing is a summary description of certain terms of the Purchase Agreement, is not complete and is qualified in its entirety by reference to the text of the Purchase Agreement, a copy of which the Company has filed as an exhibit to this Annual Report on Form 10-K for the year ended December 31, 2025.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We rely on information technology and data to operate our business and develop, market and deliver our products and services to our customers. A critical part of our strategy involves focusing on gathering data without collecting, maintaining or using sensitive personal data such as social security numbers, credit card numbers, financial account information or medical records. The Cardlytics platform is designed so that we do not receive or have access to any personal data from our FI partners. We only perform targeted marketing using data that has undergone processing such that it is only linked to anonymized identifiers.
We have implemented and maintain various information security risk assessment processes intended to identify cybersecurity threats, determine their likelihood of occurring, and assess potential material impact to our business. Based on our assessment, we implement and maintain risk management processes designed to protect the confidentiality, integrity and availability of our information assets and mitigate harm to our business.
Risks from cybersecurity threats are among those that we address in our enterprise risk management program, where we conduct investigations and take actions as required to assess risks to the organization and take mitigating actions designed to reduce, eliminate or manage risks. Risk assessments are performed quarterly as part of this program and the results are discussed and reviewed with management.
We maintain measures designed to identify such threats by, among other things, monitoring the threat environment using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environment, evaluating threats reported to us, logging and monitoring our IT environment, conducting threat assessments for internal and external threats, conducting vulnerability assessments to identify vulnerabilities and conducting tabletop incident response exercises.
We rely on a multidisciplinary team (including from our information security function, management, and third-party service providers) to assess how cybersecurity threats could impact our business. We assess the likelihood that such threats could result in a material impact to our information assets, operations, ability to provide our goods and services, our core business functions, customer acquisition and retention, personnel, reputation and identified critical business objectives.
Based on our assessment process, we implement and maintain various technical, physical and organizational measures designed to manage and mitigate such risks and potential material impacts. We implement measures designed to prevent, detect, respond to, mitigate and recover from identified and significant cybersecurity threats. We prioritize our efforts based on the threats that are more likely to lead to a material impact to our business, such as ransomware, theft of IP and interruption of services. The risk management and reduction measures we implement, depending on the computing environment or system, may include the following: policies and procedures designed to address cybersecurity threats, including an incident response plan, vulnerability management policy, disaster recovery/business continuity plans and clear desk policies; threat detection and incident response; internal and/or external audits to assess our exposure to cybersecurity threats, environment, compliance with risk mitigation procedures, and effectiveness of relevant controls; documented risk assessments; implementation of security standards and certifications; credit and background checks on our personnel and contractors; encryption of data; network security controls; threat modeling; data segregation; physical and electronic access controls; physical security; asset management, tracking and disposal; continuous monitoring for potential intrusions; vendor risk management program; employee security training; penetration testing; cyber insurance; and a dedicated cybersecurity staff and officer.
Cardlytics’ information security control environment is designed to align with elements of the NIST Cybersecurity Framework (CSF) or other industry standards. Our controls are structured around the NIST core functions (Govern, Identify, Protect, Detect, Respond, and Recover) and are periodically reviewed to ensure they remain appropriate to the nature, scale, and complexity of our operations and risk profile.

We work with third parties from time to time that assist us to identify, assess and manage cybersecurity risks, including professional services firms to conduct SOC 2, Type II assessments, incident response consultants, cybersecurity software providers, managed cybersecurity service providers, penetration testing firms and other vendors that help to identify, assess, or manage cybersecurity risks.
To operate our business, we utilize certain third-party service providers to perform a variety of functions, such as professional services, SaaS platforms, managed services, cloud-based infrastructure, encryption and authentication technology and other functions. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include reviewing the cybersecurity practices of such provider, contractually imposing obligations on the provider related to the services they provide or the information they process, conducting security assessments, requiring their completion of written questionnaires regarding their services and data handling practices and conducting periodic re-assessments during their engagement.
For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, refer to our risk factors under Part 1. Item 1A. "Risk Factors" in this Annual Report, including "An actual or perceived breach of the security of our systems, or those of third parties with whom we work, could result in adverse consequences resulting from such breach, including but not limited to a disruption of our operations, reputational harm, loss of revenue or profits, loss of customers, regulatory investigations or actions, litigation, fines and penalties and other adverse consequences."
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We rely on information technology and data to operate our business and develop, market and deliver our products and services to our customers. A critical part of our strategy involves focusing on gathering data without collecting, maintaining or using sensitive personal data such as social security numbers, credit card numbers, financial account information or medical records. The Cardlytics platform is designed so that we do not receive or have access to any personal data from our FI partners. We only perform targeted marketing using data that has undergone processing such that it is only linked to anonymized identifiers.
We have implemented and maintain various information security risk assessment processes intended to identify cybersecurity threats, determine their likelihood of occurring, and assess potential material impact to our business. Based on our assessment, we implement and maintain risk management processes designed to protect the confidentiality, integrity and availability of our information assets and mitigate harm to our business.
Risks from cybersecurity threats are among those that we address in our enterprise risk management program, where we conduct investigations and take actions as required to assess risks to the organization and take mitigating actions designed to reduce, eliminate or manage risks. Risk assessments are performed quarterly as part of this program and the results are discussed and reviewed with management.
We maintain measures designed to identify such threats by, among other things, monitoring the threat environment using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environment, evaluating threats reported to us, logging and monitoring our IT environment, conducting threat assessments for internal and external threats, conducting vulnerability assessments to identify vulnerabilities and conducting tabletop incident response exercises.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors addresses the Company's cybersecurity risk management as part of its general oversight function. The board of directors along with the audit committee is responsible for overseeing Company's cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our cybersecurity risk management strategy relies on input from management, including the Chief Technology Officer, Chief Legal and Privacy Officer, and Chief Financial Officer, who report to the Chief Executive Officer, as well as the Chief Information Security Officer, to help us understand cybersecurity risks, establish priorities, determine the scope and details of our cybersecurity program and implement it. The Chief Technology Officer and Chief Information Security Officer in particular have decades of experience assessing and managing cybersecurity risk at various organizations with differentiated risk profiles.
Management is also responsible for hiring appropriate personnel, integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees. Our cybersecurity incident response and vulnerability management processes involve management, who participate in our disclosure controls and procedures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our cybersecurity risk management strategy relies on input from management, including the Chief Technology Officer, Chief Legal and Privacy Officer, and Chief Financial Officer, who report to the Chief Executive Officer, as well as the Chief Information Security Officer, to help us understand cybersecurity risks, establish priorities, determine the scope and details of our cybersecurity program and implement it. The Chief Technology Officer and Chief Information Security Officer in particular have decades of experience assessing and managing cybersecurity risk at various organizations with differentiated risk profiles.
Management is also responsible for hiring appropriate personnel, integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees. Our cybersecurity incident response and vulnerability management processes involve management, who participate in our disclosure controls and procedures.
On a regular basis, management discusses cybersecurity risk and reviews our cybersecurity program. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, responding to cybersecurity incidents, approving cybersecurity policies and procedures, reviewing audit reports, and reporting to the board of directors regarding cybersecurity matters.
Management is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing and testing of incident response plans. Management participates in cybersecurity incident response efforts by being a member of the incident response team and helping direct our response to cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity risk management strategy relies on input from management, including the Chief Technology Officer, Chief Legal and Privacy Officer, and Chief Financial Officer, who report to the Chief Executive Officer, as well as the Chief Information Security Officer, to help us understand cybersecurity risks, establish priorities, determine the scope and details of our cybersecurity program and implement it. The Chief Technology Officer and Chief Information Security Officer in particular have decades of experience assessing and managing cybersecurity risk at various organizations with differentiated risk profiles.
Management is also responsible for hiring appropriate personnel, integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees. Our cybersecurity incident response and vulnerability management processes involve management, who participate in our disclosure controls and procedures.
On a regular basis, management discusses cybersecurity risk and reviews our cybersecurity program. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, responding to cybersecurity incidents, approving cybersecurity policies and procedures, reviewing audit reports, and reporting to the board of directors regarding cybersecurity matters.
Management is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing and testing of incident response plans. Management participates in cybersecurity incident response efforts by being a member of the incident response team and helping direct our response to cybersecurity incidents.
Our board of directors oversees our risk management strategy with respect to cybersecurity risks and threats. The board, through its audit committee, holds regular meetings quarterly to discuss issues including our cybersecurity threats, and has a dedicated agenda during such meetings that are designed to assist the audit committee to exercise its oversight function. The meetings involve presentations and reports from the Chief Information Security Officer and management, including updates on contemporary cybersecurity threats faced by us and steps we are taking to address them.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our cybersecurity risk management strategy relies on input from management, including the Chief Technology Officer, Chief Legal and Privacy Officer, and Chief Financial Officer, who report to the Chief Executive Officer, as well as the Chief Information Security Officer, to help us understand cybersecurity risks, establish priorities, determine the scope and details of our cybersecurity program and implement it. The Chief Technology Officer and Chief Information Security Officer in particular have decades of experience assessing and managing cybersecurity risk at various organizations with differentiated risk profiles.
Management is also responsible for hiring appropriate personnel, integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees. Our cybersecurity incident response and vulnerability management processes involve management, who participate in our disclosure controls and procedures.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Chief Technology Officer and Chief Information Security Officer in particular have decades of experience assessing and managing cybersecurity risk at various organizations with differentiated risk profiles.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our cybersecurity risk management strategy relies on input from management, including the Chief Technology Officer, Chief Legal and Privacy Officer, and Chief Financial Officer, who report to the Chief Executive Officer, as well as the Chief Information Security Officer, to help us understand cybersecurity risks, establish priorities, determine the scope and details of our cybersecurity program and implement it. The Chief Technology Officer and Chief Information Security Officer in particular have decades of experience assessing and managing cybersecurity risk at various organizations with differentiated risk profiles.
Management is also responsible for hiring appropriate personnel, integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees. Our cybersecurity incident response and vulnerability management processes involve management, who participate in our disclosure controls and procedures.
On a regular basis, management discusses cybersecurity risk and reviews our cybersecurity program. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, responding to cybersecurity incidents, approving cybersecurity policies and procedures, reviewing audit reports, and reporting to the board of directors regarding cybersecurity matters.
Management is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing and testing of incident response plans. Management participates in cybersecurity incident response efforts by being a member of the incident response team and helping direct our response to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
consolidated financial statements. Significant items subject to such estimates and assumptions include revenue recognition, internal-use software development costs, stock-based compensation, allowance for doubtful accounts, valuation of acquired intangible assets of Bridg, valuation of contingent consideration for Bridg, valuation of long-lived assets, goodwill valuation, income tax including valuation allowance and contingencies. We base our estimates on historical experience and on assumptions that we believe are reasonable. Changes in facts or circumstances may cause us to change our assumptions and estimates in future periods and it is possible that actual results could differ from our current or revised future estimates.
Foreign Currency
Foreign Currency
The functional currency of our foreign wholly-owned subsidiaries is the local currency. We translate the financial statements of these subsidiaries into U.S. dollars each reporting period for purposes of consolidation. Assets and liabilities are translated at the period-end currency exchange rates, certain equity accounts are translated at historical exchange rates and income and expense amounts are translated at average currency exchange rates in effect for the period. The effect of these translation adjustments is reported in a separate component of stockholders’ deficit titled accumulated other comprehensive income.
We are also subject to gains and losses from foreign currency denominated transactions and the remeasurement of foreign currency denominated balance sheet accounts, both of which are included in other income (expense), net in the accompanying consolidated statements of operations. We recorded a foreign currency gain totaling $6.2 million in 2025, a loss totaling $1.3 million in 2024 and a gain totaling $3.3 million in 2023.
FI Share and Other Third-Party Costs
Partner Share and Other Third-Party Costs
We generally pay our partners a negotiated and fixed percentage of our billings to marketers less any Consumer Incentives that we pay to our partners' customers and certain third-party data costs ("Partner Share"). Partner Share and other third-party costs consist primarily of the Partner Share that we pay our partners, media and data costs, and deferred implementation costs incurred pursuant to our agreements with certain partners. To the extent that we use a specific partners' customer's anonymized purchase data in the delivery of our solutions, we generally pay the applicable partner a Partner Share calculated based on the relative contribution of the data provided by the partner to the overall delivery of the services. We expect that our Partner Share and other third-party costs will fluctuate over time in connection with changes in our revenue.
Delivery Costs
Delivery costs consist primarily of personnel-related costs of our campaign, data operations and production support teams, including salaries, benefits, bonuses and payroll taxes, as well as stock-based compensation expense. Delivery costs also include hosting facility costs, internally developed and purchased or licensed software costs, outsourcing costs and professional services costs.
Macroeconomic Considerations
Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events, including fluctuations in inflation and interest rates, the imposition of tariffs in the United States and abroad, the Russia-Ukraine war and the Middle East conflict have led to economic uncertainty globally. Historically, during periods of economic uncertainty and downturns, businesses may slow spending on advertising, which may impact our business and our customers’ businesses.
The effect of macroeconomic conditions may not be fully reflected in our results of operations until future periods. If, however, economic uncertainty increases or the global economy worsens, our business, financial condition and results of operations may be harmed. For further discussion of the potential impacts of macroeconomic events on our business, financial condition and operating results, see the section titled "Risk Factors."
Acquired Intangible Assets and Goodwill
Acquired intangible assets consist of identifiable intangible assets resulting from our business acquisition. Intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives. The impairment analysis involves determining whether the estimated fair value of each intangible asset exceeds its carrying amount. If the fair value of the intangible asset exceeds its carrying amount, then the asset is not impaired. However, if the carrying amount exceeds the fair value of the asset, the amount of impairment would equal the excess carrying value. We evaluate the recoverability of our finite-lived intangible assets and other long-lived assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. These considerations are evaluated holistically to assess whether it is more likely than not that the carrying value exceeds its fair value. During the year ended December 31, 2024, we recorded an intangible asset impairment of $13.7 million. During the year ended December 31, 2023, we reduced our intangible asset balance by $4.9 million related to the divestiture of Entertainment. Refer to Note 5—Goodwill and Acquired Intangibles for additional information.
Goodwill represents the purchase consideration of an acquired business that exceeds the fair value of the net tangible and identifiable intangible assets. Goodwill is evaluated for impairment by reporting unit annually in the fourth quarter and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate or a significant decrease in expected cash flows. During the year ended December 31, 2025, December 31, 2024 and December 31, 2023, we recorded impairment charges of $49.1 million, $117.8 million and $70.5 million, respectively. During the year ended December 31, 2023, we also reduced our goodwill balance by $5.0 million related to the divestiture of Entertainment.
The decline in the fair value of the Cardlytics platform in the U.S. reporting unit below its carrying value at September 30, 2025 and the decline in the fair values of the Bridg platform reporting unit below its carrying values at September 30, 2024 and October 1, 2023 resulted from a continued slowdown in the economy and decreased consumer spend, and a sustained decline in our stock price. Refer to Note 5—Goodwill and Acquired Intangibles for additional information.
Revenue Recognition
We determine revenue recognition through the following steps:
•identification of a contract with a customer;
•identification of the performance obligation(s) in the contract;
•determination of the transaction price;
•allocation of the transaction price to the performance obligation(s) in the contract; and
•recognition of revenue when or as the performance obligation(s) are satisfied.
Cardlytics Platform
Our revenue generated from our Cardlytics platform consist of transaction-based fees made up of a significant volume of low-dollar transactions, sourced from multiple databases. The processing and recording of revenue are highly automated and are based on contractual terms with marketers, partners, and other parties. Because of the nature of our transaction-based fees, we use automated systems to process and record our revenue transactions.
We sell our solutions by entering into agreements directly with marketers or their marketing agencies, generally through the execution of insertion orders. The agreements state the terms of the arrangement, the negotiated fee, payment terms and the fixed period of time of the campaign. We consider a contract to exist when a campaign, which typically lasts 45 days, is published to an FI partner under the terms of an insertion order.
With respect to our Cardlytics platform service, our performance obligation is to offer incentives to partners' customers to make purchases from the marketer within a specified period. This performance obligation is a series that represents a stand ready obligation to provide a targeted campaign for the marketer to partners' customers. The Cardlytics platform fees represent variable consideration that is resolved when partners' customers make qualifying purchases during the marketing campaign term.
Subsequent to a qualifying purchase, the associated fees are generally not subject to refund or adjustment unless the fees from the marketing campaign exceed a contractual maximum (marketer budget). We have not constrained our revenue because adjustments have historically been immaterial and given the short duration of our marketing campaigns, any adjustments are recognized during the period of the marketing campaign. We recognize revenue for the Cardlytics platform fees over time using the right to invoice practical expedient because the amount billed is equal to the value delivered to marketers through qualified purchases by our FI partners' customers during that period.
Consumer Incentives
We report our revenue on our consolidated statements of operations net of Consumer Incentives. We do not provide the goods or services that are purchased by our partners’ customers from the marketers to which the Consumer Incentives relate. Accordingly, the marketer is deemed to be the principal in the relationship with the customer and, therefore, the Consumer Incentive is deemed to be a reduction in the purchase price paid by the customer for the marketer’s goods or services. While we are responsible for remitting Consumer Incentives to our FI partners for further payment to their customers, we function solely as an agent of marketers in these arrangements.
We invoice marketers monthly based on the qualifying purchases of partners' customers as reported by our partners during the month. Invoice payment terms, negotiated on a marketer-by-marketer basis, are typically between 30 to 60 days. However, for certain marketing agencies with sequential liability terms, payments are not due to us until such marketing agency has received payment from its marketer client. Accounts receivable is recorded at the amount of gross billings to marketers, net of allowances, for the fees and Consumer Incentives that we are responsible to collect. Our accrued liabilities also include the amount of Consumer Incentives due to FI partners. As a result, accounts receivable and accrued liabilities may appear large in relation to revenue, which is reported on a net basis.
Partner Share and Other Third-Party Costs
We report our revenue on our consolidated statements of operations gross of Partner Share. Partner Share costs are included in Partner Share and other third-party costs in our consolidated statements of operations, rather than as a reduction of revenue, because we and not our partners act as the principal in our arrangements with marketers. We are responsible for the fulfillment and acceptability of the services purchased by marketers. We also have latitude in establishing the price of our services, have discretion in supplier selection and earn variable amounts. Partners only supply consumer purchase data and digital marketing space and generally have no involvement in our marketing campaigns or contractual relationship with marketers.
Contract Costs
Given the short-term nature of our marketing campaigns, all contract costs are expensed as incurred since the expected period of benefit is less than one year. Costs to fulfill a contract include immaterial costs to set up a campaign that we expense as incurred due to the short-term nature of our marketing campaigns.
Bridg Platform
Contracts with customers are evaluated on a contract-by-contract basis as contracts may include multiple types of subscription-based services. Revenue is generated from the sale of subscriptions to our cloud-based customer data-platform and the related delivery of professional services such as implementation, onboarding and technical support. Our subscription contracts are generally 6 to 60 months in duration and are generally billed in advance on a monthly, quarterly or annual basis, with the option for renewal at the end of the contractual arrangement. We recognize revenue over the period in which such services are performed. Our model typically includes an up-front implementation fee with a proof-of-concept period that begins once implementation has completed. It is followed with a periodic commitment from the customer that commences upon completion of the implementation and/or proof-of-concept period through the remainder of the customer life. The periodic commitment includes, but is not limited to, a fixed periodic fee and/or a transactional fee based on system usage that exceeds committed minimums. If the up-front implementation fee is not distinct, revenue is deferred until the date the customer commences use of our services, at which point the up-front implementation fee is recognized ratably over the life of the customer arrangement.
For contracts that contain multiple performance obligations, which include combinations of subscriptions to our cloud-based services and related professional services, we account for each individual service as a separate performance obligation if they are distinct. The service is distinct if the service is separately identifiable from other items in the arrangement and if a customer can benefit from it on its own or with other resources that are readily available to the customer. If these criteria are not met, the promised services are accounted for as a combined performance obligation.
The fee is determined based on the consideration to which we will be entitled in exchange for transferring products or services to the customer. We include any fixed charges within our contracts as part of the total transaction price. To the extent that variable consideration is not constrained, we include an estimate of the variable amount, as appropriate, within the total transaction price and update its assumptions over the duration of the contract. As a practical expedient, we do not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of services is expected to be one year or less.
Many of our contracts with customers contain some component of variable fee; however, the constraint will generally not result in a reduction in the estimated transaction price for most forms of variable consideration. We may constrain the estimated transaction price in the event of a high degree of uncertainty as to the final consideration amount owed because of an extended length of time over which the fees may be adjusted.
The transaction price, including any discounts, is allocated between separate services in a contract that contains multiple performance obligations based on their relative standalone selling prices. The standalone selling prices are determined based on the market adjusted approach utilizing prices at which we separately sell or historically sold each service. For items that are not sold separately, we estimate the standalone selling prices using available information such as market conditions and internally approved pricing guidelines. In instances where there are no observable selling prices for professional services, we may apply the residual approach to estimate the standalone selling price of the subscription-based services. In certain situations we allocate the variable consideration to a series of distinct services within a contract. We allocate variable payments to one or more, but not all, of the distinct services or to a series of distinct services in a contract when (i) the variable payment relates specifically to our effort to transfer the distinct service and (ii) the variable payment is for an amount that depicts the amount of consideration to which we expect to be entitled in exchange for transferring the promised services to the customer.
On January 23, 2026 (the “Signing Date”), the Company, PAR Technology Corporation (“PAR”) and DB Sub, LLC, an indirectly wholly owned subsidiary of PAR (“Buyer”), entered into an asset purchase agreement (the “Purchase Agreement”), pursuant to which Buyer agreed to acquire all of the Company’s assets, properties and rights primarily related to, or primarily used in, its Bridg platform (the “Purchased Assets” and the sale by the Company thereof, the “Bridg Sale”), subject to certain exceptions. Refer to Note 16—Subsequent Events for further information about the Bridg Sale.
Contract Balances
Timing may differ between the satisfaction of contractual performance obligations to our customers and corresponding invoicing and cash inflows. Contract assets primarily relate to amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transformed to a receivable (billed or unbilled) once the right to payment is unconditional. Contract liabilities, or deferred revenue, are recorded for amounts collected in advance of the satisfaction of contractual performance obligations. Contract balances are reported in a net contract asset or liability position on a customer-by-customer basis at the end of each reporting period.
Contract Costs
Contract costs are recognized based on the transfer of services to which the asset relates. The recognition period will consider expected customer lives and whether the asset relates to services transferred under a specific anticipated contract.
Accounts Receivable
Accounts receivable are carried at the original invoiced amount less an allowance for credit losses (formerly allowance for doubtful accounts), determined based on the probability of future collection. When we become aware of circumstances that may decrease the likelihood of collection, we record a specific allowance against amounts due, which reduces the receivable to the amount that we believe will be collected. For all other accounts receivable, we determine the adequacy of the allowance for credit losses based on historical loss patterns, the number of days that billings are past due and an evaluation of the potential risk of loss associated with specific accounts.
The following table presents changes in the allowance for credit losses (in thousands):
Year Ended December 31,
202520242023
Beginning balance$5,748 $2,239 $1,808 
Credit loss expense2,134 6,106 1,704 
Write-offs, net of recoveries(3,835)(2,597)(1,273)
Ending balance$4,047 $5,748 $2,239 
Unbilled receivables were $0.3 million, $0.4 million and $0.2 million, as of December 31, 2025, 2024 and 2023, respectively. An unbilled receivable represents revenue earned and recognized from customer activity that was not billed prior to the end of the reporting period. Unbilled receivables are included in accounts receivable and contract assets, net on our consolidated balance sheets.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred, while betterments that materially extend the life of an asset are capitalized. The cost of assets sold, retired or otherwise disposed of, and the related accumulated depreciation, are eliminated from the accounts and any resulting gain or loss is recognized.
Depreciation of property and equipment is determined using the straight-line method over the estimated useful lives of the applicable assets, which are as follows:
Computer equipment:
2–3 years
Furniture and fixtures:5 years
Leasehold improvements:Lesser of estimated useful life or life of the lease
Intangible assets
Acquired Intangible Assets and Goodwill
Acquired intangible assets consist of identifiable intangible assets resulting from our business acquisition. Intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives. The impairment analysis involves determining whether the estimated fair value of each intangible asset exceeds its carrying amount. If the fair value of the intangible asset exceeds its carrying amount, then the asset is not impaired. However, if the carrying amount exceeds the fair value of the asset, the amount of impairment would equal the excess carrying value. We evaluate the recoverability of our finite-lived intangible assets and other long-lived assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. These considerations are evaluated holistically to assess whether it is more likely than not that the carrying value exceeds its fair value.
Internal Use Software
Internal-Use Software Development Costs
Capitalized software development costs consist of costs incurred in the development of internal-use software, primarily associated with the development and enhancement of our Ads Manager and Ad Server. We capitalize the costs of software developed or obtained for internal use in accordance with ASC Topic 350-40, Internal Use Software. We begin to capitalize our costs upon completion of the preliminary project stage. We consider the preliminary project stage to be complete and the application development stage to have begun when preliminary development efforts are successfully completed, management has authorized and committed project funding and it is probable that the project will be completed, and the software will be used as intended. These costs are amortized on a straight-line basis over the estimated useful life of the related asset, generally estimated to be three years. Costs incurred in the preliminary project stage and post-implementation operation stages are expensed as incurred and recorded in research and development expense on our consolidated statements of operations.
Debt Issuance Costs
Debt Issuance Costs
Costs incurred to obtain loans, other than lines of credit, are recorded as a reduction of the carrying amount of the related liability and amortized over the applicable loans’ life using the effective interest method. Costs incurred to obtain lines of credit are capitalized and included in other long-term assets on our consolidated balance sheets and amortized ratably over the term of the arrangement.
2020 Convertible Senior Notes
On September 22, 2020, we issued $230.0 million principal amount of our 2020 Convertible Senior Notes, including the exercise in full of the initial purchasers' option to purchase up to an additional $30.0 million principal amount of the 2020 Convertible Senior Notes. The 2020 Convertible Senior Notes were issued pursuant to an indenture, dated September 22, 2020 (the "2020 Indenture"), between us and U.S. Bank National Association, as trustee.
In April 2024, we used $169.3 million, consisting of the net proceeds from the 2024 Convertible Senior Notes offering, together with cash on hand, to repurchase for cash $183.9 million in aggregate principal amount of the 2020 Convertible Senior Notes, together with accrued and unpaid interest, in privately negotiated transactions below par and entered into concurrently with the pricing of the offering through one of the initial purchasers or one of its affiliates, as our agents. As a result of the extinguishment of the 2020 Convertible Senior Notes, we have recorded a gain of $13.0 million, which is recorded as a Gain on debt extinguishment on the consolidated statement of operations. In September 2025, we repaid in full at par the remaining $46.1 million aggregate principal amount of the 2020 Convertible Senior Notes, and as a result, the 2020 Convertible Senior Notes are no longer outstanding as of December 31, 2025.
2024 Convertible Senior Notes
On April 1, 2024, we issued $172.5 million principal amount of our 2024 Convertible Senior Notes in a private offering, including the exercise in full of the initial purchasers' option to purchase up to an additional $22.5 million principal amount of the 2024 Convertible Senior Notes. The net proceeds from this offering were $166.8 million, after deducting the initial purchasers' discounts, commissions and the offering expenses payable by us.
Amortization of debt issuance costs included in interest expense, net totaled $1.5 million for each period in 2025 and $1.6 million in 2024 and 2023, respectively.
Advertising
Advertising
We expense advertising costs as incurred. These costs are included in sales and marketing expense on our consolidated statements of operations. Advertising costs include direct marketing costs such as print advertisements, market research, direct mail, public relations and trade show expenses and totaled $1.3 million, $2.4 million and $1.9 million in 2025, 2024 and 2023, respectively.
Stock-Based Compensation
Stock-Based Compensation
We measure and recognize compensation expense based on the estimated fair value of the award on the grant date. The fair value is recognized as expense over the requisite service period, which is generally the vesting period of the respective award, on a straight-line basis when the only condition to vesting is continued service. We recognize the fair value of awards that contain performance conditions based upon the probability of the performance conditions being met. Expense for awards with performance conditions are estimated and adjusted on a quarterly basis based upon our assessment of the probability that the performance condition will be met. We recognize the fair value of awards that contain market conditions over the derived service period. Forfeitures are accounted for when they occur. Refer to Note 10—Stock-based Compensation for additional information regarding our specific award plans and estimates and assumptions used to determine fair value.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
When required by GAAP, assets and liabilities are reported at fair value on our consolidated financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Valuation inputs are arranged in a hierarchy that consists of the following levels:
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
•Level 2 inputs are inputs other than Level 1 inputs such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 inputs are unobservable inputs for the asset or liability.
Our nonfinancial assets that we recognize or disclose at fair value on our consolidated financial statements on a nonrecurring basis include property and equipment, intangible assets, capitalized software development costs and deferred implementation costs. The fair values for these assets are evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. Refer to Note 12—Fair Value Measurements for information regarding the fair value of our financial instruments.
Income Taxes
Income Taxes
Income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carry-forwards. Valuation allowances are provided when we determine that it is more likely than not that all of, or a portion of, deferred tax assets will not be utilized in the future.
Significant judgment is required in determining any valuation allowance recorded against net deferred tax assets. In assessing the need for a valuation allowance, we consider all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that we change our determination as to the amount of deferred tax assets that can be realized, we will adjust our valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
Estimates of future taxable income are based on assumptions that are consistent with our plans. Assumptions represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. If actual amounts differ from our estimates, the amount of our tax expense and liabilities could be materially impacted.
We have recorded a full valuation allowance related to our net deferred tax assets due to the uncertainty of the ultimate realization of the future benefits of those assets.
For tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures, including software development, as defined under Code Section 174, in the year incurred. Instead, taxpayers are required to amortize such expenditures over five years if incurred in the U.S. and over fifteen years if incurred in a foreign jurisdiction. The depreciation and amortization deferred income taxes line includes these capitalized research and development expenses.
We recognize the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date, and then, only in an amount more likely than not to be sustained upon review by the tax authorities. Where applicable, we classify associated interest and penalties as income tax expense. The total amounts of interest and penalties were not material. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes.
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of allowance for doubtful accounts
The following table presents changes in the allowance for credit losses (in thousands):
Year Ended December 31,
202520242023
Beginning balance$5,748 $2,239 $1,808 
Credit loss expense2,134 6,106 1,704 
Write-offs, net of recoveries(3,835)(2,597)(1,273)
Ending balance$4,047 $5,748 $2,239 
Schedule of property and equipment, useful life
Depreciation of property and equipment is determined using the straight-line method over the estimated useful lives of the applicable assets, which are as follows:
Computer equipment:
2–3 years
Furniture and fixtures:5 years
Leasehold improvements:Lesser of estimated useful life or life of the lease
Significant components of property and equipment are as follows (in thousands):
December 31,
20252024
Computer equipment$4,370 $9,753 
Leasehold improvements1,981 2,034 
Furniture and fixtures411 464 
Property and equipment, gross6,762 12,251 
Less accumulated depreciation and amortization(4,737)(9,655)
Property and equipment, net$2,025 $2,596 
Schedule of indefinite-lived intangible assets
Capitalized software development costs are as follows (in thousands):
December 31,
20252024
Capitalized software development costs, gross$87,871 $69,269 
Impairment charge(9,719)— 
Less accumulated amortization(53,938)(35,928)
Capitalized software development costs, net$24,214 $33,341 
Schedule of debt issuance costs
Deferred debt issuance costs related to our lines of credit included in other long-term assets are as follows (in thousands):
December 31,
20252024
Debt issuance costs, gross$1,333 $1,211 
Less accumulated amortization(1,184)(990)
Debt issuance costs, net$149 $221 
Deferred debt issuance costs related to our 2024 Convertible Senior Notes included in debt are as follows (in thousands):
December 31,
20252024
Debt issuance costs, gross$5,610 $5,610 
Less accumulated amortization(1,960)(839)
Debt issuance costs, net$3,650 $4,771 
Deferred debt issuance costs related to our 2020 Convertible Senior Notes included in debt are as follows (in thousands):
December 31,
20252024
Debt issuance costs, gross$5,572 $5,572 
Less accumulated amortization(5,572)(5,365)
Debt issuance costs, net$— $207 
Schedule of future amortization of debt issuance costs
Future amortization of debt issuance costs is as follows (in thousands):
Years Ending December 31,Amortization
2026$1,185 
20271,185 
20281,146 
2029283 
2030— 
Total$3,799 
Schedule of restructuring costs
Schedule of deferred costs
v3.25.4
GOODWILL AND ACQUIRED INTANGIBLES (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Finite-lived Intangible Assets Amortization Expense
As of December 31, 2025, we expect amortization expense in future periods to be as follows (in thousands):
Amount
20264,348 
20271,205 
2028— 
2029— 
2030— 
Thereafter— 
Total expected future amortization expense$5,553 
Schedule of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
Cardlytics Platform in the U.S.Consolidated
Balance as of December 31, 2024$159,429 $159,429 
Goodwill impairment(49,124)(49,124)
Balance as of December 31, 2025$110,305 $110,305 
Cardlytics Platform in the U.S.Bridg PlatformConsolidated
Balance as of December 31, 2023$159,429 $117,773 $277,202 
Goodwill impairment— (117,773)(117,773)
Balance as of December 31, 2024$159,429 $— $159,429 
Cardlytics Platform in the U.S.Bridg PlatformConsolidated
Balance as of December 31, 2022$164,430 $188,291 $352,721 
Goodwill impairment— (70,518)(70,518)
Divestiture of Entertainment(5,001)— (5,001)
Balance as of December 31, 2023$159,429 $117,773 $277,202 
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table summarizes revenue by pricing model (in thousands):
 Year Ended December 31,
 202520242023
Served based pricing$79,062 $151,455 $191,260 
Engagement based pricing129,294 99,412 86,529 
Other Revenue(1)
3,972 4,747 7,636 
Cardlytics platform revenue$212,328 $255,614 $285,425 
(1)Other Revenue during the year ended December 31, 2025 primarily includes pricing models that do not relate to Served based pricing and Engagement based pricing, which includes proof-of-concept pricing models that we are exploring and hosting fees that we charge our FI partners to support the costs required to host our services. Other Revenue during the year ended December 31, 2023 primarily consists of revenue from Entertainment.
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease, Cost
The following table summarizes activity related to our leases (in thousands):
December 31,
20252024
Operating lease expense$2,600 $2,822 
Variable lease expense559 693 
Short-term lease expense168 1,058 

The following table presents our weighted average borrowing rates and weighted average lease terms:
December 31,
 20252024
Operating leases:
Weighted average borrowing rate7.2 %7.3 %
Weighted average remaining lease term (years)3.063.81
Lessee, Operating Lease, Liability, Maturity
The following table summarizes future maturities of lease liabilities as of December 31, 2025 (in thousands):
Fiscal YearOperating Leases
2026$2,321 
20272,211 
20281,491 
20291,122 
Thereafter1,784 
Total lease payments8,929 
Imputed interest2,535 
Total lease liabilities$6,394 
v3.25.4
DEBT AND FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Our debt consists of the following (in thousands):
December 31,
20252024
Line of Credit$40,070 $— 
2024 Convertible Senior Notes, net168,850 $167,729 
2020 Convertible Senior Notes, net— $45,863 
Total debt$208,920 $213,592 
Convertible Debt
The net carrying amount of the liability component of the 2024 Convertible Senior Notes is as follows (in thousands):

December 31,
20252024
Principal$172,500 $172,500 
Minus:
Unamortized issuance costs(3,650)(4,771)
Net carrying amount$168,850 $167,729 

Interest expense recognized related to the 2024 Convertible Senior Notes is as follows (in thousands):
December 31,
20252024
Contractual interest expense (due in cash)$7,331 $5,478 
Amortization of debt issuance costs1,122 838 
Total interest expense related to the 2024 Convertible Senior Notes$8,453 6,316 
Effective interest rate4.90 %4.90 %
The net carrying amount of the liability component of the 2020 Convertible Senior Notes is as follows (in thousands):

December 31,
20252024
Principal$— $46,070 
Minus: Unamortized issuance costs— (207)
Net carrying amount of the liability component$— $45,863 

Interest expense recognized related to the 2020 Convertible Senior Notes is as follows (in thousands):
December 31,
20252024
Contractual interest expense (due in cash)$326 $921 
Amortization of debt issuance costs207 585 
Total interest expense related to the 2020 Convertible Senior Notes
$533 $1,506 
Effective interest rate1.64 %1.64 %
Aggregate Future Payments of Principal Due Upon Maturity
Aggregate future payments of principal due upon maturity are as follows (in thousands):
Years Ending December 31,Debt
2026$— 
2027— 
202840,070 
2029172,500 
Future periods— 
Total debt$212,570 
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Allocation of recognized period costs
The following table summarizes the allocation of stock-based compensation on the consolidated statements of operations (in thousands):
 Year Ended December 31,
 202520242023
Delivery costs$1,673 $2,680 $2,427 
Sales and marketing expense4,611 10,017 12,624 
Research and development expense10,431 14,957 16,392 
General and administrative expense11,414 12,713 9,537 
Total stock-based compensation expense$28,129 $40,367 $40,980 
Summary of RSU activity
We grant restricted stock units ("RSUs") to certain employees and our non-employee directors. The following table summarizes changes in RSUs, inclusive of performance-based RSUs:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value Per Share		Weighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs
(in thousands)
Unvested - December 31, 20244,507 $13.20 
Granted7,950 2.01 
Vested(2,833)12.40 
Forfeited(1,838)8.67 
Unvested - December 31, 20257,786 $3.15 0.76$13,374 
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value Per Share		Weighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs
(in thousands)
Unvested - December 31, 20235,485 $15.70 
Granted4,949 9.65 
Vested(3,503)13.30 
Forfeited(2,424)11.47 
Unvested - December 31, 20244,507 $13.20 1.20$43,710 
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value Per Share		Weighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs
(in thousands)
Unvested - December 31, 20225,956 $25.43 
Granted3,560 7.19 
Vested(2,947)19.51 
Forfeited/canceled(1,084)31.66 
Unvested - December 31, 20235,485 $15.70 2.01$68,092 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions STOCK-BASED COMPENSATION
On May 20, 2025, at the 2025 Annual Meeting our stockholders approved the 2025 Plan. The aggregate number of shares of our common stock that may be issued pursuant to stock awards under the 2025 Plan will not exceed 15,722,908 shares, which is the sum of (i) 10,000,000 new shares, (ii) the number of shares reserved, and remaining available for issuance, under our 2018 Equity Incentive Plan ("2018 Plan"), and (iii) the number of shares subject to stock options or other stock awards granted under our 2008 Stock Plan ("2008 Plan") or 2018 Plan that would have otherwise returned to our 2018 Plan (such as upon the expiration or termination of a stock award prior to vesting). The 2025 Plan was previously approved, subject to stockholder approval, by our Board of Directors. The 2025 Plan became effective immediately upon stockholder approval at the 2025 Annual Meeting.
The 2018 Plan became effective in February 2018. Prior to the 2018 Plan, we granted awards under our 2008 Plan. Any awards granted under the 2008 Plan and the 2018 Plan remain subject to the terms of our 2008 Plan and 2018 Plan and applicable award agreements, and shares subject to awards granted under our 2008 Plan that are forfeited, canceled or expired prior to vesting become available for use under our 2025 Plan. As of December 31, 2025, there were 7,355,232 shares of our common stock reserved for issuance under our 2025 Plan.
On July 18, 2022, our board of directors adopted the Cardlytics, Inc. 2022 Inducement Plan ("2022 Inducement Plan"). Our board of directors also adopted a form of stock option grant notice and agreement and a form of restricted stock unit grant notice and agreement for use with the 2022 Inducement Plan. We reserved a total of 1,500,000 shares of our Common Stock under the 2022 Inducement Plan. On January 18, 2023, our board of directors approved an amendment to the 2022 Inducement Plan to reserve an additional 350,000 shares of our common stock. On July 13, 2023, our board of directors approved an amendment to the 2022 Inducement Plan to reserve an additional 800,000 shares of our common stock. On November 6, 2024, our board of directors approved an amendment to the 2022 Inducement Plan to reserve an additional 2,500,000 shares of our common stock. As of December 31, 2025, there were 2,291,849 shares available under the 2022 Inducement Plan.
The following table summarizes the allocation of stock-based compensation on the consolidated statements of operations (in thousands):
 Year Ended December 31,
 202520242023
Delivery costs$1,673 $2,680 $2,427 
Sales and marketing expense4,611 10,017 12,624 
Research and development expense10,431 14,957 16,392 
General and administrative expense11,414 12,713 9,537 
Total stock-based compensation expense$28,129 $40,367 $40,980 
During 2025, 2024 and 2023, we capitalized $3.8 million, $5.0 million and $2.5 million, respectively, of stock-based compensation expense for software development.
Restricted Stock Units
We grant restricted stock units ("RSUs") to certain employees and our non-employee directors. The following table summarizes changes in RSUs, inclusive of performance-based RSUs:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value Per Share		Weighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs
(in thousands)
Unvested - December 31, 20244,507 $13.20 
Granted7,950 2.01 
Vested(2,833)12.40 
Forfeited(1,838)8.67 
Unvested - December 31, 20257,786 $3.15 0.76$13,374 
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value Per Share		Weighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs
(in thousands)
Unvested - December 31, 20235,485 $15.70 
Granted4,949 9.65 
Vested(3,503)13.30 
Forfeited(2,424)11.47 
Unvested - December 31, 20244,507 $13.20 1.20$43,710 
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value Per Share		Weighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs
(in thousands)
Unvested - December 31, 20225,956 $25.43 
Granted3,560 7.19 
Vested(2,947)19.51 
Forfeited/canceled(1,084)31.66 
Unvested - December 31, 20235,485 $15.70 2.01$68,092 
Service-based Restricted Stock Units
During the year ended December 31, 2025, we granted 7,949,868 RSUs to employees and non-employee directors, which have vesting periods ranging from vesting immediately to vesting in four years.
Subsequent to December 31, 2025, we granted 5,614,375 RSUs to employees, which have vesting periods ranging from nine months to two years. The unamortized stock-based compensation expense related to all RSUs granted subsequent to December 31, 2025 is $5.4 million.
Performance-based Restricted Stock Units
In June 2025 and March 2025, we granted 442,500 and 95,625 PSUs, respectively, which will vest at the achievement of specific stock price hurdles for at least 20 consecutive trading days at market close between April 1, 2025 and April 1, 2028; provided, however, that in the event that the applicable triggering stock price is met prior to April 1, 2026, such vesting will not occur until April 1, 2026.
In July 2022, we granted 100,990 PSUs which included two tranches that vest on the achievement of specific Revenue-based performance metrics ("2022 Bridg PSUs"). During the three months ended September 30, 2025 and September 30, 2024, we reassessed the likelihood of achieving the first and second tranche of the 2022 Bridg PSUs, respectively, and concluded that the achievement of each is no longer probable. As a result of the change in estimate, we reversed the previously recognized cumulative expense associated with each grant as a benefit to stock-based compensation during the period in which we deemed it no longer probable.
In March 2022 and August 2022, we granted 269,202 and 25,248 performance-based restricted stock units ("2022 PSUs"),
respectively, consisting of three tranches. The first two tranches each represent 25% of the grant, and each vests upon the achievement of certain milestones related to the installation of our Ad Server at our FI partners. In December 2022, the compensation committee of our Board of Directors certified that the first tranche's milestone related to the installation of our Ad Server at our FI partners had been achieved, which resulted in the immediate vesting of the first tranche representing 25% of the grant. In January 2025, the compensation committee of our Board of Directors certified that the second tranche's milestone had been achieved, which resulted in the immediate vesting of the second tranche representing 25% of the grant. Fifty percent of the third tranche vests upon the achievement of a certain number of advertisers purchasing both the Cardlytics and Bridg platforms at a target incremental Billings amount over the 2021 Billings amount, and the remaining 50% of the tranche vests six months after this target is achieved. During the year ended December 31, 2024, we reassessed the likelihood of achieving the third tranche's milestones and concluded that the achievement is no longer probable. As a result of the change in estimate, we have reversed the previously recognized cumulative expense associated with the third tranche of this grant as a benefit to stock-based compensation during the year ended December 31, 2024.
In September 2021, we granted 6,667 PSUs which have the same unmet revenue target vesting condition of the 2021 PSUs and 6,667 PSUs which have the same unmet different revenue target vesting condition of the 2021 PSUs as described below. As discussed below, we concluded that the achievement of the 2021 PSUs is no longer probable and have reversed the previously recognized cumulative expense in the respective period in which the 2021 PSUs were determined to no longer be achievable. As of April 1, 2025, the 2021 PSU was forfeited as the performance condition was not met during the performance period.
In April 2021, we granted 110,236 performance-based restricted stock units ("2021 PSUs") consisting of two tranches. The first tranche consists of 55,118 units that have a performance-based vesting condition based on a minimum Revenue target over a trailing 12-month period. The units in this first tranche fully vest upon achievement. The second tranche consists of 55,118 units with a performance-based vesting condition based on a different minimum Revenue target over a trailing 12-month period. Half of the units in the second tranche vest upon achievement and the remaining units vest six months after the achievement date, subject to continued service. Each performance-based vesting condition within the two tranches must be achieved within four years of the grant date and are subject to certification by the compensation committee of our Board of Directors. During the year ended December 31, 2023, we reassessed the likelihood of achieving the 2021 PSUs performance-based vesting condition and concluded that the achievement is no longer probable. As a result of the change in estimate, we have reversed the previously recognized cumulative expense associated with the 2021 PSUs since the grant date as a benefit to stock-based compensation during the year ended December 31, 2023. On April 1, 2025, the 2021 PSUs were forfeited as the performance condition was not met during the performance period.
With the exception of the 2021 PSUs, the third tranche of the 2022 PSUs, the 2022 Bridg PSUs and any other PSUs tied to these vesting conditions, we believe that the achievement of all of the above referenced performance-based vesting conditions are probable before the awards' respective expiration dates.
Employee Stock Purchase Plan
Our board of directors adopted and our stockholders have approved our 2018 Employee Stock Purchase Plan ("2018 ESPP"). Our 2018 ESPP became effective on February 8, 2018, the date our registration statement in connection with our IPO was declared effective and enables eligible employees to purchase shares of our common stock at a discount. Purchases will be accomplished through participation in discrete offering periods. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85% of the lesser of the fair market value of our common stock on the first trading day of the offering period or the date of purchase. During the years ended December 31, 2025, 2024 and 2023, a total of 424,324, 520,197 and 555,915 shares of common stock were purchased by employees under the 2018 ESPP, respectively.
As of December 31, 2025, 610,588 shares of common stock were reserved for issuance pursuant to our 2018 ESPP. Additionally, the number of shares of our common stock reserved for issuance under our 2018 ESPP will automatically increase on January 1 of each year, beginning on January 1, 2019 and continuing through and including January 1, 2028, by the lesser of (i) 1% of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year, (ii) 500,000 shares of our common stock or (iii) such lesser number of shares of common stock as determined by our board of directors. Accordingly, the number of shares of our common stock reserved for issuance under our 2018 ESPP increased by 500,000 shares on January 1, 2026. Shares subject to purchase rights granted under our 2018 ESPP that terminate without having been issued in full will not reduce the number of shares available for issuance under our 2018 ESPP.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of domestic and foreign components of income (loss) before income taxes
Domestic and foreign components of loss before income taxes are as follows (in thousands):
Year Ended December 31,
202520242023
Domestic$(98,691)$(179,555)$(122,026)
Foreign(4,797)(9,749)(12,676)
Loss before income taxes$(103,488)$(189,304)$(134,702)
Schedule of components of income tax (expense) benefit
The significant components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$— $— $— 
State— — — 
Foreign— — — 
Total current— — — 
Deferred:
Federal— — — 
State— — — 
Foreign— — — 
Change in uncertain tax positions— — — 
Change in valuation allowance— — — 
Total deferred— — — 
Income tax benefit$— $— $— 
We adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis beginning with the year ended December 31, 2025. A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the year ended December 31, 2025 is presented accordingly as follows (dollar amounts in thousands):
Year Ended
December 31, 2025
AmountPercent
Statutory federal income tax rate$(21,732)21.00 %
State and local income taxes, net of federal benefit— — %
Tax credits
Federal research & development(1,490)1.44 %
Changes in valuation allowance5,263 (5.09)%
Nontaxable or nondeductible items
Stock compensation5,705 (5.51)%
Goodwill impairment10,316 (9.97)%
Other321 (0.31)%
Other reconciling items237 (0.23)%
Unrecognized tax benefits373 (0.36)%
Foreign tax effects:
United Kingdom:
Fair value adjustments2,228 (2.15)%
Other(1,234)1.19 %
Other jurisdictions13 (0.01)%
Total provision for income taxes$— — %
Schedule of effective tax rate
The following table summarizes the significant differences between the U.S. federal statutory tax rate and our effective tax rate for the years ended December 31, 2024 and 2023 based on the required disclosure prior to our adoption of ASU 2023-09:

Year Ended December 31,
20242023
Tax benefit at federal statutory rate21.00 %21.00 %
State income taxes, net of federal benefit— %(0.01)%
Change in federal and state statutory rate1.69 %0.01 %
Foreign rate differential0.06 %(0.22)%
Goodwill impairment(13.06)%(10.94)%
Contingent liability remeasurement(0.78)%(0.81)%
Other adjustments(1.61)%(1.40)%
Valuation allowance(7.24)%(7.54)%
Income tax benefit0.06 %0.09 %
Schedule of deferred income taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Certain unrecognized tax benefits are presented as a reduction to related deferred tax assets in our consolidated balance sheets. The significant components of deferred income taxes as of December 31, 2025 and 2024 are as follows (in thousands):
December 31,
20252024
Deferred tax assets:
Net operating loss carry-forwards$176,226 $161,418 
Allowance for credit losses860 1,474 
Depreciation and amortization17,374 23,233 
Stock-based compensation2,329 3,025 
Deferred costs— 740 
Lease liability1,345 1,867 
Other tax credit carry-forward12,742 11,625 
Other— 1,451 
Total210,876 204,833 
Valuation Allowance(209,423)(203,377)
Total deferred tax assets, net of valuation allowance$1,453 $1,456 
Deferred tax liabilities:
Right of use assets(995)(1,457)
Deferred costs(332)— 
Other(126)— 
Total deferred tax liabilities(1,453)(1,457)
Net long-term deferred tax asset$— $— 
Summary of changes in valuation allowance
We recorded a valuation allowance for deferred tax assets of $209.4 million, $203.4 million, and $189.7 million as of December 31, 2025, 2024, and 2023, respectively. The net increase of our valuation allowance each year is primarily due to the continued generation of net operating loss carryforwards.
Schedule of unrecognized tax benefits activity
The following table summarizes the activity related to our gross unrecognized tax benefits that would affect our effective tax rate, if recognized (in thousands):
Year Ended December 31,
202520242023
Beginning balance$3,550 $2,925 $1,606 
Increase related to current year tax position373 625 1,319 
Ending balance$3,923 $3,550 $2,925 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Cash Equivalents The fair values of cash equivalents are as follows (in thousands):
 December 31, 2025
 Level 1Level 2Level 3Total
Assets:
Cash equivalents
Money market funds$26,238 $— $— $26,238 
Total cash equivalents at fair value$26,238 $— $— $26,238 

 December 31, 2024
 Level 1Level 2Level 3Total
Assets:
Money market funds$32,332 $— $— $32,332 
US Treasury Bills13,450 — — 13,450 
Total cash equivalents at fair value$45,782 $— $— $45,782 
Fair Value Measurements of Contingent Consideration
The following table shows a reconciliation of the beginning and ending fair value measurements of our contingent consideration, which we have valued using level 3 inputs:
December 31, 2025December 31, 2024
Beginning balance$— $43,560 
Decrease due to earnout settlement— (45,114)
Change in contingent consideration— 5,817 
Reclassification due to remaining payments being fixed per Settlement Agreement— (4,263)
Ending balance$— $— 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of antidilutive securities The following securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive (in thousands):
 December 31,
 202520242023
Common stock options39 52 84 
2020 Convertible Senior Notes— 541 2,701 
2024 Convertible Senior Notes9,573 9,573 — 
Unvested restricted stock units7,786 4,507 5,491 
Common stock issuable pursuant to the ESPP148 150 65 
v3.25.4
SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of segment reporting information
The following table provides information regarding our reportable segments (in thousands):
 Year Ended December 31,
 202520242023
Cardlytics platform
Revenue$212,326 $255,615 $285,425 
Minus: Adjusted Partner Share97,278 122,370 144,502 
Minus: Other third-party costs(1)
3,816 4,171 5,405 
Adjusted Contribution$111,232 $129,074 $135,518 
Bridg platform
Revenue$20,947 $22,683 $23,779 
Minus: Adjusted Partner Share— — — 
Minus: Other third-party costs(1)
1,855 1,220 671 
Adjusted Contribution$19,092 $21,463 $23,108 
(1)Other third-party costs above primarily represents media and data costs that we incur to support the Cardlytics and Bridg platform.
The following table presents a reconciliation of loss before income taxes presented in accordance with GAAP to Adjusted Contribution (in thousands):
 Year Ended December 31,
 202520242023
Adjusted Contribution$130,324 $150,537 $158,626 
Minus:
Delivery costs25,711 29,643 28,248 
Sales and marketing expense39,478 52,649 57,425 
Research and development expense39,765 49,607 51,352 
General and administrative expense47,267 56,482 58,810 
Change in contingent consideration102 210 1,246 
Impairment of goodwill and intangible assets58,843 131,595 70,518 
Acquisition, integration and divestiture costs/(benefits)561 161 (6,313)
(Gain)/loss on divestiture(4,831)— 6,550 
Depreciation and amortization expense25,244 25,689 26,460 
Total non-operating (income) expense(1)
1,672 (6,195)(968)
Loss before income taxes$(103,488)$(189,304)$(134,702)
(1)Non-operating (income) expense includes interest income, interest expense and foreign currency loss.
Schedule of revenue by geographic areas
The following tables provide geographical information (in thousands):
 Year Ended December 31,
 202520242023
Revenue:
United States$202,974 $254,081 $291,420 
United Kingdom30,299 24,217 17,784 
Total$233,273 $278,298 $309,204 
December 31,
20252024
Property and equipment:
United States$1,966 $2,530 
United Kingdom59 66 
Total$2,025 $2,596 
v3.25.4
NATURE OF OPERATIONS (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 10, 2024
USD ($)
Apr. 01, 2024
USD ($)
Mar. 18, 2024
USD ($)
$ / shares
shares
Jan. 29, 2024
USD ($)
Dec. 07, 2023
USD ($)
Sep. 30, 2025
USD ($)
Apr. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
shares
Jun. 30, 2025
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
May 20, 2025
shares
Jan. 26, 2024
USD ($)
shares
Jan. 25, 2024
USD ($)
shares
Apr. 12, 2021
payment
Nature of Operations [Line Items]                                  
Income Tax Credits and Adjustments                   $ 5,300              
Restructuring Costs                     $ 3,800            
Number of shares authorized (in shares) | shares                           15,722,908      
Gain (Loss) on Disposition of Business                     (4,831) $ 0 $ 6,550        
Proceeds from Divestiture of Businesses, Net of Cash Divested                     480 552 2,330        
Loss on divestiture                 $ 100                
Debt instrument, face amount               $ 230,000     $ 230,000            
Debt Instrument, Interest Rate, Stated Percentage               1.00%     1.00%            
Gain on debt extinguishment                     $ 0 13,017 $ 0        
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares delivered | shares               2,740,418     2,740,418       3,600,000 3,600,000  
First Anniversary, Annualized Recurring Revenue, cash paid               $ 50,100     $ 50,100         $ 25,000  
Contingent Consideration, Number Of Earnout Payments | payment                                 2
Settlement Agreement, Annualized Recurring Revenue, Cash Paid                             $ 20,000 25,000  
New Shares                                  
Nature of Operations [Line Items]                                  
Number of shares authorized (in shares) | shares                           10,000,000      
Operating Expense                                  
Nature of Operations [Line Items]                                  
Income Tax Credit, Realized Tax Benefit                     5,300            
Delivery costs                                  
Nature of Operations [Line Items]                                  
Income Tax Credit, Realized Tax Benefit                     900            
Restructuring Costs                     700            
Sales and marketing expense                                  
Nature of Operations [Line Items]                                  
Income Tax Credit, Realized Tax Benefit                     2,100            
Restructuring Costs                     900            
Research and development expense                                  
Nature of Operations [Line Items]                                  
Income Tax Credit, Realized Tax Benefit                     1,700            
Restructuring Costs                     1,700            
General and administrative expense                                  
Nature of Operations [Line Items]                                  
Income Tax Credit, Realized Tax Benefit                     600            
Restructuring Costs                     500            
Interest Income                                  
Nature of Operations [Line Items]                                  
Income Tax Credit, Realized Tax Benefit                     800            
Dosh Holdings                                  
Nature of Operations [Line Items]                                  
Gain (Loss) on Disposition of Business                     (4,800)            
Disposal Group, Disposed of by Sale, Not Discontinued Operations | HSP EPI Acquisition, LLC                                  
Nature of Operations [Line Items]                                  
Proceeds from Divestiture of Businesses, Net of Cash Divested         $ 6,000                        
Escrow Deposit         1,100                        
Loss on divestiture         $ 6,600                        
Convertible Senior Notes 2024 | Convertible Debt                                  
Nature of Operations [Line Items]                                  
Debt instrument, face amount   $ 172,500                              
Debt Instrument, Interest Rate, Stated Percentage   4.25%                              
Debt Instrument, Face Amount, Additional Principal Available   $ 22,500                              
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $6,900   $ 166,800         $ 169,300                    
2020 Convertible Senior Notes                                  
Nature of Operations [Line Items]                                  
Debt instrument, face amount               $ 230,000     $ 230,000            
Debt Instrument, Interest Rate, Stated Percentage               1.00%     1.00%            
2020 Convertible Senior Notes | Convertible Debt                                  
Nature of Operations [Line Items]                                  
Debt Instrument, Repurchased Face Amount           $ 46,100 183,900                    
Gain on debt extinguishment             $ 13,000         $ 13,000          
Repayments of Convertible Debt           $ 46,100                      
Tranche One                                  
Nature of Operations [Line Items]                                  
Settlement Agreement, Annualized Recurring Revenue, Cash Paid                               3,000  
Tranche Two                                  
Nature of Operations [Line Items]                                  
Settlement Agreement, Annualized Recurring Revenue, Cash Paid                               $ 2,000  
Bridg Acquisition                                  
Nature of Operations [Line Items]                                  
Acquisition and Integration Costs (Benefit) $ 5,900             $ 5,900                  
Equity Distribution Agreement                                  
Nature of Operations [Line Items]                                  
Sale of Stock, Maximum Offering Amount     $ 50,000 $ 100,000                          
Sale of stock, number of shares issued in transaction (in shares) | shares     3,907,600                            
Sale of stock, price per share (in usd per share) | $ / shares     $ 12.80                            
Sale of Stock, Consideration Received on Transaction     $ 48,300                            
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Foreign Currency Transaction Gain (Loss), Realized, after Tax $ 6,200 $ 1,300 $ 3,300
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)
Dec. 31, 2025
Capitalized software development costs  
Property, Plant and Equipment [Line Items]  
Software development costs, estimate useful life 3 years
Computer equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 2 years
Computer equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 5 years
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 01, 2023
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]          
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)   $ 13,700 $ 13,700 $ 13,748 $ 4,947
Impairment of Intangible Assets (Excluding Goodwill)       13,700 4,900
Goodwill impairment     49,124 117,773 70,518
Divestiture of Entertainment         5,001
Bridg Platform          
Finite-Lived Intangible Assets [Line Items]          
Goodwill impairment $ 70,500 $ 117,800   $ 117,773 70,518
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]       Impairment of goodwill and intangible assets  
Divestiture of Entertainment         $ 0
Entertainment          
Finite-Lived Intangible Assets [Line Items]          
Divestiture of Entertainment     $ 5,000 $ 5,000  
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Beginning balance $ 5,748 $ 2,239 $ 1,808
Credit loss expense 2,134 6,106 1,704
Write-offs, net of recoveries (3,835) (2,597) (1,273)
Ending balance 4,047 5,748 2,239
Unbilled receivables $ 300 $ 400 $ 200
Minimum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Subscription contract, duration 6 months    
Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Subscription contract, duration 60 months    
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Capitalized Software (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Capitalized Computer Software, Additions $ 18,900 $ 22,900 $ 14,600
Movement in Capitalized Computer Software, Net [Roll Forward]      
Capitalized software development costs, gross 87,871 69,269  
Impairment charge (9,719) 0  
Less accumulated amortization (53,938) (35,928)  
Capitalized software development costs, net 24,214 $ 33,341  
Capitalized software, impairment $ 9,700    
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Debt Issuance Costs (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 01, 2024
Apr. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2025
Sep. 22, 2020
Debt Instrument [Line Items]              
Debt instrument, face amount     $ 230,000        
Gain on debt extinguishment     0 $ 13,017 $ 0    
Accretion of debt discount and non-cash interest expense     1,500 1,600 $ 1,600    
2026     1,185        
2027     1,185        
2028     1,146        
2029     283        
2030     0        
Total     3,799        
2024 Convertible Senior Notes              
Debt Instrument [Line Items]              
Accretion of debt discount and non-cash interest expense     1,122 838      
Debt issuance costs, gross     5,610 5,610      
Less accumulated amortization     (1,960) (839)      
Debt issuance costs, net     3,650 4,771      
2020 Convertible Senior Notes              
Debt Instrument [Line Items]              
Debt instrument, face amount     230,000        
Accretion of debt discount and non-cash interest expense     207 585      
Debt issuance costs, gross     5,572 5,572      
Less accumulated amortization     (5,572) (5,365)      
Debt issuance costs, net     0 207      
Convertible Senior Notes, Additional Principal Option              
Debt Instrument [Line Items]              
Debt instrument, face amount             $ 30,000
Lines of Credit              
Debt Instrument [Line Items]              
Debt issuance costs, gross     1,333 1,211      
Less accumulated amortization     (1,184) (990)      
Debt issuance costs, net     $ 149 221      
Convertible Debt | 2020 Convertible Senior Notes              
Debt Instrument [Line Items]              
Debt Instrument, Repurchased Face Amount   $ 183,900       $ 46,100  
Gain on debt extinguishment   13,000   $ 13,000      
Convertible Debt | Convertible Senior Notes 2024              
Debt Instrument [Line Items]              
Debt instrument, face amount $ 172,500            
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $6,900 166,800 $ 169,300          
Debt Instrument, Face Amount, Additional Principal Available $ 22,500            
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Reduction in Force (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense $ 28,129 $ 40,367 $ 40,980
Delivery costs      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 1,673 2,680 2,427
Sales and marketing expense      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 4,611 10,017 12,624
Research and development expense      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 10,431 14,957 16,392
General and administrative expense      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense $ 11,414 $ 12,713 $ 9,537
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Advertising costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Advertising expense $ 1.3 $ 2.4 $ 1.9
v3.25.4
ACCOUNTING STANDARDS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accumulated deficit $ (1,404,064) $ (1,300,576)
Other Long-Term Debt $ 40,070 $ 0
v3.25.4
BUSINESS COMBINATIONS AND DIVESTITURES (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 07, 2023
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Asset Acquisition [Line Items]          
Acquisition, integration and divestiture costs (benefits)     $ 561 $ 161 $ (6,313)
Proceeds from Divestiture of Businesses, Net of Cash Divested     480 552 2,330
(Gain) loss on divestiture       6,600  
Loss on divestiture   $ 100      
(Gain) loss on divestiture     4,831 $ 0 $ (6,550)
Dosh Holdings          
Asset Acquisition [Line Items]          
(Gain) loss on divestiture     $ 4,800    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | HSP EPI Acquisition, LLC          
Asset Acquisition [Line Items]          
Proceeds from Divestiture of Businesses, Net of Cash Divested $ 6,000        
Escrow Deposit 1,100        
Loss on divestiture $ 6,600        
v3.25.4
GOODWILL AND ACQUIRED INTANGIBLES - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 01, 2023
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]          
Goodwill, Beginning Balance     $ 159,429 $ 277,202 $ 352,721
Goodwill impairment     (49,124) (117,773) (70,518)
Divestiture of Entertainment         (5,001)
Goodwill, Ending Balance   $ 110,305 110,305 159,429 277,202
Cardlytics Platform          
Goodwill [Roll Forward]          
Goodwill, Beginning Balance     159,429 159,429 164,430
Goodwill impairment     (49,124) 0 0
Divestiture of Entertainment         (5,001)
Goodwill, Ending Balance   110,305 110,305 159,429 159,429
Bridg Platform          
Goodwill [Roll Forward]          
Goodwill, Beginning Balance     $ 0 117,773 188,291
Goodwill impairment $ (70,500) $ (117,800)   (117,773) (70,518)
Divestiture of Entertainment         0
Goodwill, Ending Balance       $ 0 $ 117,773
v3.25.4
GOODWILL AND ACQUIRED INTANGIBLES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 01, 2023
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]            
Goodwill impairment     $ 49,124 $ 117,773 $ 70,518  
Goodwill   $ 110,305 110,305 159,429 277,202 $ 352,721
Divestiture of Entertainment         5,001  
(Gain) loss on divestiture       6,600    
Amortization of Intangible Assets     5,800 9,800 13,600  
Impairment of Intangible Assets (Excluding Goodwill)       $ 13,700 4,900  
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]       Impairment of goodwill and intangible assets    
Cardlytics Platform            
Finite-Lived Intangible Assets [Line Items]            
Goodwill impairment     49,124 $ 0 0  
Goodwill   110,305 110,305 159,429 159,429 164,430
Divestiture of Entertainment         5,001  
Bridg Platform            
Finite-Lived Intangible Assets [Line Items]            
Goodwill impairment $ 70,500 $ 117,800   117,773 70,518  
Goodwill       0 117,773 $ 188,291
Divestiture of Entertainment         $ 0  
Entertainment            
Finite-Lived Intangible Assets [Line Items]            
Divestiture of Entertainment     $ 5,000 $ 5,000    
v3.25.4
GOODWILL AND ACQUIRED INTANGIBLES - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 71,803 $ 85,551 $ 92,300
Accumulated Amortization (66,250) (60,432) (52,424)
Impairment of Intangible Assets (13,700) (13,748) (4,947)
Net 5,553 11,371 34,929
Trade name      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount     2,315
Accumulated Amortization     (1,802)
Impairment of Intangible Assets     (513)
Net     $ 0
Weighted Average Remaining Useful Life     0 years
Developed technology      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 49,873 63,621 $ 64,070
Accumulated Amortization (45,055) (41,442) (33,838)
Impairment of Intangible Assets   (13,748) (449)
Net $ 4,818 $ 8,431 $ 29,783
Weighted Average Remaining Useful Life 1 year 6 months 2 years 6 months 3 years 4 months 24 days
Merchant relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 21,930 $ 21,930 $ 25,915
Accumulated Amortization (21,195) (18,989) (16,784)
Impairment of Intangible Assets   0 (3,985)
Net $ 735 $ 2,941 $ 5,146
Weighted Average Remaining Useful Life 4 months 24 days 1 year 4 months 24 days 2 years 4 months 24 days
v3.25.4
GOODWILL AND ACQUIRED INTANGIBLES - Future Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
2026 $ 4,348    
2027 1,205    
2028 0    
2029 0    
2030 0    
Thereafter 0    
Net $ 5,553 $ 11,371 $ 34,929
v3.25.4
REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Consumer incentives, expense $ 151,700 $ 165,500 $ 144,200
Revenue from Contract with Customer, Excluding Assessed Tax 212,328 255,614 285,425
Contract with Customer, Asset, after Allowance for Credit Loss 588 232  
Contract with Customer, Liability, Current 2,589 2,154  
Long-term deferred revenue 52 0  
Revenue, Remaining Performance Obligation, Amount 17,800    
Contract with Customer, Liability, Revenue Recognized 200    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 7,900    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 12 months    
Minimum      
Disaggregation of Revenue [Line Items]      
Subscription contract, duration 6 months    
Maximum      
Disaggregation of Revenue [Line Items]      
Subscription contract, duration 60 months    
Bridg Acquisition      
Disaggregation of Revenue [Line Items]      
Contract with Customer, Asset, after Allowance for Credit Loss, Current $ 588 232  
Contract with Customer, Liability, Current 48 2,154  
Long-term deferred revenue 52 0  
Contract with Customer, Liability 100 2,154  
Cost per Served Sales [Member]      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 79,062 151,455 191,260
Cost per Redemption [Member]      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 129,294 99,412 86,529
Cost Other [Member]      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 3,972 4,747 7,636
Bridg Subscription Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 20,945 22,684 23,779
Bridg Total Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 20,945 $ 22,684 $ 23,779
v3.25.4
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability   $ 1.6
Right-of-use assets under operating leases, impairment loss $ 0.0 0.0
Operating Lease, Payments $ 2.3 $ 2.8
v3.25.4
LEASES - Lease Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets under operating leases, net $ 4,947 $ 6,341
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization 4,947 6,341
Current operating lease liabilities 1,607 2,025
Long-term operating lease liabilities 4,787 6,034
Total lease liabilities 6,394 8,059
Operating lease expense 2,600 2,822
Variable lease expense 559 693
Short-term lease expense $ 168 $ 1,058
Operating Lease, Weighted Average Discount Rate, Percent 7.20% 7.30%
Operating Lease, Weighted Average Remaining Lease Term 3 years 21 days 3 years 9 months 21 days
v3.25.4
LEASES - Future Minimum Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 2,321
2027 2,211
2028 1,491
2029 1,122
Thereafter 1,784
Total lease payments 8,929
Imputed interest 2,535
Total lease liabilities $ 6,394
v3.25.4
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 6,762 $ 12,251  
Less accumulated depreciation and amortization (4,737) (9,655)  
Property, Plant and Equipment, Net 2,025 2,596  
Depreciation expense 1,000 1,800 $ 3,700
Computer equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 4,370 9,753  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 1,981 2,034  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 411 $ 464  
v3.25.4
DEBT AND FINANCING ARRANGEMENTS - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Convertible senior notes, net $ 168,850 $ 167,729
Debt and Lease Obligation 208,920 213,592
2024 Convertible Senior Notes    
Debt Instrument [Line Items]    
Convertible senior notes, net 168,850 167,729
2020 Convertible Senior Notes    
Debt Instrument [Line Items]    
Convertible senior notes, net $ 0 $ 45,863
v3.25.4
DEBT AND FINANCING ARRANGEMENTS - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 12 Months Ended
Apr. 01, 2024
USD ($)
numberOfDays
$ / shares
Sep. 22, 2020
USD ($)
$ / shares
Apr. 30, 2024
USD ($)
Mar. 04, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2025
USD ($)
Feb. 29, 2024
Nov. 30, 2022
Apr. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Debt Instrument [Line Items]                        
Debt Instrument, Increase, Accrued Interest         $ 1,800 $ 1,900            
Interest Expense, Nonoperating         10,600 (8,900) $ (6,200)          
Investment Income, Interest         2,700 3,400 3,800          
Debt instrument, face amount         $ 230,000              
Debt Instrument, Interest Rate, Stated Percentage         1.00%              
Accumulated deficit         $ (1,404,064) (1,300,576)            
Other Long-Term Debt         40,070 0            
Option Indexed to Issuer's Equity, Strike Price | $ / shares   $ 85.14                    
Option Indexed to Issuer's Equity, Cap Price | $ / shares   $ 128.51                    
Proceeds from termination of capped calls related to convertible notes         0 115 0          
Gain on debt extinguishment         0 13,017 $ 0          
Debt Instrument, Unused Borrowing Capacity, Amount         8,500              
2020 Convertible Senior Notes                        
Debt Instrument [Line Items]                        
Debt instrument, face amount         230,000              
Debt issuance costs, gross         5,572 5,572            
Debt issuance costs, net         $ 0 $ 207            
Debt instrument, interest rate         1.64% 1.64%            
Debt Instrument, Interest Rate, Stated Percentage         1.00%              
Interest Expense, Debt         $ 533 $ 1,506            
Convertible Senior Notes, Additional Principal Option                        
Debt Instrument [Line Items]                        
Debt instrument, face amount   $ 30,000                    
Lines of Credit                        
Debt Instrument [Line Items]                        
Debt issuance costs, gross         1,333 1,211            
Debt issuance costs, net         $ 149 221            
Commitment fee percentage         0.15%              
Lines of Credit | Line Of Credit 2018                        
Debt Instrument [Line Items]                        
Long-term finance lease liabilities         $ 40,100              
Proceeds from Long-Term Lines of Credit         56,000              
Repayments of Long-Term Lines of Credit         15,900              
Lines of Credit | Line Of Credit 2018 | Subsequent Event                        
Debt Instrument [Line Items]                        
Repayments of Long-Term Lines of Credit       $ 10,000                
Term loans                        
Debt Instrument [Line Items]                        
Long-term finance lease liabilities         $ 40,070 0            
Convertible Debt | Convertible Senior Notes 2024                        
Debt Instrument [Line Items]                        
Debt instrument, face amount $ 172,500                      
Debt Instrument, Interest Rate, Stated Percentage 4.25%                      
Debt Instrument, Convertible, Conversion Ratio 0.0554939                      
Conversion Price (in usd per share) | $ / shares $ 18.02                      
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $6,900 $ 166,800   $ 169,300                  
Debt Instrument, Face Amount, Additional Principal Available $ 22,500                      
Convertible Debt | Convertible Senior Notes 2024 | Debt Conversion Terms One                        
Debt Instrument [Line Items]                        
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger 130.00%                      
Debt Instrument, Convertible, Threshold Consecutive Trading Days | numberOfDays 30                      
Debt Instrument, Convertible, Threshold Trading Days | numberOfDays 20                      
Convertible Debt | Convertible Senior Notes 2024 | Debt Conversion Terms Two                        
Debt Instrument [Line Items]                        
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger 98.00%                      
Debt Instrument, Convertible, Threshold Consecutive Trading Days | numberOfDays 10,000                      
Debt Instrument, Convertible, Consecutive Business Days After Threshold Trading Days 5 days                      
Convertible Debt | 2020 Convertible Senior Notes                        
Debt Instrument [Line Items]                        
Debt Instrument, Convertible, Conversion Ratio 0.0117457                      
Debt Instrument, Repurchased Face Amount     183,900         $ 46,100        
Gain on debt extinguishment     13,000     13,000            
Revolving Credit Facility | Lines of Credit | Line Of Credit 2018                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity                     $ 60,000 $ 50,000
Line of Credit Facility, Option To Increase Borrowing Capacity, Maximum                     75,000  
Debt Instrument, Covenant, Adjusted Cash, Minimum                     $ 25,000  
Debt Instrument, Maximum Borrowing Capacity, Eligible Accounts Receivable, Percentage                 75.00% 50.00% 85.00%  
Basis spread on variable rate         0.25%              
Repayments of Long-Term Lines of Credit     $ 30,000                  
Interest Expense, Debt         $ 1,500 $ 700            
Debt Instrument, Increase Upon Default, Interest Rate, Percentage                 3.00%      
Revolving Credit Facility | Lines of Credit | Amended Line Of Credit 2018                        
Debt Instrument [Line Items]                        
Basis spread on variable rate         0.125%              
Revolving Credit Facility | Lines of Credit | Amended Line Of Credit 2018 | United States                        
Debt Instrument [Line Items]                        
Debt Instrument, Maximum Borrowing Capacity, Eligible Accounts Receivable, Percentage         85.00%              
Revolving Credit Facility | Lines of Credit | Amended Line Of Credit 2018 | United Kingdom                        
Debt Instrument [Line Items]                        
Debt Instrument, Maximum Borrowing Capacity, Eligible Accounts Receivable, Percentage         30.00%              
v3.25.4
DEBT AND FINANCING ARRANGEMENTS - Net Carrying Amount of Liability Component (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Convertible senior notes, net $ 168,850 $ 167,729
2024 Convertible Senior Notes    
Debt Instrument [Line Items]    
Long-term Debt, Gross 172,500 172,500
Minus: Unamortized issuance costs (3,650) (4,771)
Convertible senior notes, net 168,850 167,729
2020 Convertible Senior Notes    
Debt Instrument [Line Items]    
Long-term Debt, Gross 0 46,070
Minus: Unamortized issuance costs 0 (207)
Convertible senior notes, net $ 0 $ 45,863
v3.25.4
DEBT AND FINANCING ARRANGEMENTS - Interest Expense Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Accretion of debt discount and non-cash interest expense $ 1,500 $ 1,600 $ 1,600
2024 Convertible Senior Notes      
Debt Instrument [Line Items]      
Interest Expense, Debt, Excluding Amortization 7,331 5,478  
Accretion of debt discount and non-cash interest expense 1,122 838  
Interest Expense, Debt $ 8,453 $ 6,316  
Debt instrument, interest rate 4.90% 4.90%  
2020 Convertible Senior Notes      
Debt Instrument [Line Items]      
Interest Expense, Debt, Excluding Amortization $ 326 $ 921  
Accretion of debt discount and non-cash interest expense 207 585  
Interest Expense, Debt $ 533 $ 1,506  
Debt instrument, interest rate 1.64% 1.64%  
v3.25.4
DEBT AND FINANCING ARRANGEMENTS - Future Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2026 $ 0
2027 0
2028 40,070
2029 172,500
Future periods 0
Total debt $ 212,570
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details)
$ in Thousands
 1 Months Ended 2 Months Ended 12 Months Ended
Nov. 06, 2024
shares
Jul. 13, 2023
shares
Mar. 31, 2023
day
Jan. 18, 2023
shares
Apr. 30, 2021
tranche
Jan. 01, 2021
shares
Jan. 01, 2020
shares
Feb. 08, 2018
Jun. 30, 2025
shares
Mar. 31, 2025
shares
Jan. 31, 2025
Dec. 31, 2022
shares
Aug. 31, 2022
tranche
shares
Jul. 31, 2022
tranche
shares
Mar. 31, 2022
shares
Sep. 30, 2021
shares
Apr. 30, 2021
tranche
shares
Mar. 04, 2026
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
May 20, 2025
shares
Jul. 18, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Number of shares authorized (in shares)                                           15,722,908  
Number of additional shares authorized (in shares)           7,355,232                                  
Issuance of common stock pursuant to the 2018 ESPP (in shares)             500,000                       610,588        
Share-Based Payment Arrangement, Amount Capitalized | $                                     $ 3,800 $ 5,000 $ 2,500    
2022 Inducement Plan                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Number of shares authorized (in shares)                                             1,500,000
Number of additional shares authorized (in shares) 2,500,000 800,000   350,000                                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant                                     2,291,849        
Share-based Compensation Award, Tranche One                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period, Percentage                         25.00%                    
Share-based Compensation Award, Tranche Two                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period, Percentage                         25.00%                    
Share-based Compensation Award, Tranche Three [Member]                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Vesting Percentage, Conditional                     50.00%                        
Share-Based Payment Arrangement, Tranche Four                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Vesting Percentage, Milestone Achieved                     50.00%                        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                     6 months                        
Restricted Stock Units (RSUs) [Member]                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Granted (in shares)                                     7,950,000 4,949,000 3,560,000    
Unvested PSU (in shares)                       5,956,000             7,786,000 4,507,000 5,485,000    
Forfeited, prior to FI MAU (in shares)                                     1,838,000 2,424,000 1,084,000    
Vested (in shares)                                     2,833,000 3,503,000 2,947,000    
Compensation not yet recognized, awards other than options | $                                     $ 13,374 $ 43,710 $ 68,092    
Restricted Stock Units (RSUs) [Member] | Subsequent Event                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Granted (in shares)                                   5,614,375          
Compensation not yet recognized, awards other than options | $                                   $ 5,400          
Restricted Stock Units (RSUs) [Member] | Minimum | Subsequent Event                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                                   9 months          
Restricted Stock Units (RSUs) [Member] | Maximum | Subsequent Event                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                                   2 years          
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Granted (in shares)                                     7,949,868        
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One | Maximum                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                                     4 years        
Performance-based restricted share unit                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Granted (in shares)                 442,500 95,625     25,248 100,990 269,202 6,667 110,236            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Number Of Tranches | tranche         2               3 2     2            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Conditions, Achievement Period         4 years                                    
Share-Based Compensation Arrangement, Vesting Term, Consecutive Trading Days | day     20                                        
Performance-based restricted share unit | Share-Based Payment Arrangement, Tranches One and Two                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Number Of Tranches | tranche                         2                    
Performance-based restricted share unit | Share-based Compensation Award, Tranche One                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Granted (in shares)                                 55,118            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                                 12 months            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage                       25.00%                      
Performance-based restricted share unit | Share-based Compensation Award, Tranche Two                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Granted (in shares)                                 55,118            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                                 12 months            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage                     25.00%                        
Performance-based restricted share unit | Share-based Compensation Award, Tranche Three [Member]                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period                                 6 months            
Employee Stock [Member]                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period                                     424,324 520,197 555,915    
Share-based Compensation Arrangement by Share-based Payment Award, Number Of Shares Authorized, Annual Percentage Increase                                         1.00%    
Purchase price of common stock, percent               85.00%                              
Employee Stock Purchase Plan, Number Of Shares Authorized, Annual Increase                                     500,000        
New Shares                                              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                              
Number of shares authorized (in shares)                                           10,000,000  
v3.25.4
STOCK-BASED COMPENSATION - Allocation of Stock-based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation expense $ 28,129 $ 40,367 $ 40,980
Delivery costs      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation expense 1,673 2,680 2,427
Sales and marketing expense      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation expense 4,611 10,017 12,624
Research and development expense      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation expense 10,431 14,957 16,392
General and administrative expense      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation expense $ 11,414 $ 12,713 $ 9,537
v3.25.4
STOCK-BASED COMPENSATION - Summary of Common Stock Option Activity (Details)
May 20, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized (in shares) 15,722,908
v3.25.4
STOCK-BASED COMPENSATION - Summary of RSU Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Aug. 31, 2022
Jul. 31, 2022
Mar. 31, 2022
Sep. 30, 2021
Apr. 30, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Document Period End Date               Dec. 31, 2025    
Restricted Stock Units (RSUs) [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition               9 months 3 days 1 year 2 months 12 days 2 years 3 days
Shares                    
Unvested — Beginning balance (in shares)               4,507,000 5,485,000 5,956,000
Granted (in shares)               7,950,000 4,949,000 3,560,000
Vested (in shares)               (2,833,000) (3,503,000) (2,947,000)
Forfeited (in shares)               (1,838,000) (2,424,000) (1,084,000)
Unvested — Ending balance (in shares)               7,786,000 4,507,000 5,485,000
Weighted-Average Grant Date Fair Value                    
Unvested — Beginning balance (in usd per share)               $ 13.20 $ 15.70 $ 25.43
Granted (in usd per share)               2.01 9.65 7.19
Vested (in usd per share)               12.40 13.30 19.51
Forfeited (in usd per share)               8.67 11.47 31.66
Unvested — Ending balance (in usd per share)               $ 3.15 $ 13.20 $ 15.70
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options               $ 13,374 $ 43,710 $ 68,092
Performance Shares [Member]                    
Shares                    
Granted (in shares) 442,500 95,625 25,248 100,990 269,202 6,667 110,236      
Share-based Compensation Award, Tranche Two | Performance Shares [Member]                    
Shares                    
Granted (in shares)             55,118      
Share-based Compensation Award, Tranche One | Restricted Stock Units (RSUs) [Member]                    
Shares                    
Granted (in shares)               7,949,868    
Share-based Compensation Award, Tranche One | Performance Shares [Member]                    
Shares                    
Granted (in shares)             55,118      
v3.25.4
INCOME TAXES - Domestic and Foreign Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (98,691) $ (179,555) $ (122,026)
Foreign (4,797) (9,749) (12,676)
Loss before income taxes $ (103,488) $ (189,304) $ (134,702)
v3.25.4
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 0 $ 0 $ 0
State 0 0 0
Foreign 0 0 0
Total current 0 0 0
Deferred:      
Federal 0 0 0
State 0 0 0
Foreign 0 0 0
Change in uncertain tax positions 0 0 0
Change in valuation allowance 0 0 0
Total deferred 0 0 0
Income tax benefit $ 0 $ 0 $ 0
v3.25.4
INCOME TAXES - Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount [Abstract]      
Statutory federal income tax rate $ (21,732)    
State and local income taxes, net of federal benefit 0    
Federal research & development (1,490)    
Changes in valuation allowance 5,263    
Stock compensation 5,705    
Goodwill impairment 10,316    
Other 321    
Other reconciling items 237    
Unrecognized tax benefits 373    
Income tax benefit $ 0 $ 0 $ 0
Percent [Abstract]      
Tax benefit at federal statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit 0.00% 0.00% (0.01%)
Federal research & development 1.44%    
Valuation allowance (5.09%) (7.24%) (7.54%)
Stock compensation (5.51%)    
Goodwill impairment (9.97%) (13.06%) (10.94%)
Other (0.31%)    
Other reconciling items (0.23%)    
Unrecognized tax benefits (0.36%) (0.78%) (0.81%)
Foreign rate differential   0.06% (0.22%)
Change in federal and state statutory rate   1.69% 0.01%
Other adjustments   (1.61%) (1.40%)
Income tax benefit 0.00% 0.06% 0.09%
United Kingdom      
Amount [Abstract]      
Foreign tax effects: $ 2,228    
Other $ (1,234)    
Percent [Abstract]      
Foreign rate differential (2.15%)    
Other 1.19%    
Other jurisdictions      
Amount [Abstract]      
Foreign tax effects: $ 13    
Percent [Abstract]      
Foreign rate differential (0.01%)    
v3.25.4
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Net operating loss carry-forwards $ 176,226 $ 161,418  
Allowance for credit losses 860 1,474  
Depreciation and amortization 17,374 23,233  
Stock-based compensation 2,329 3,025  
Deferred costs 0 740  
Lease liability 1,345 1,867  
Other tax credit carry-forward 12,742 11,625  
Other 0 1,451  
Total 210,876 204,833  
Valuation Allowance (209,423) (203,377) $ (189,700)
Total deferred tax assets, net of valuation allowance 1,453 1,456  
Right of use assets (995) (1,457)  
Deferred costs (332) 0  
Other (126) 0  
Total deferred tax liabilities (1,453) (1,457)  
Net long-term deferred tax asset $ 0 $ 0  
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Cash and cash equivalents $ 48,719 $ 65,594 $ 91,830
Income tax expense (benefit) 0 0 0
Release of valuation allowance 0 0 $ 0
Federal      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 690,000 631,600  
Federal | Research and Development Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credits 15,700 14,200  
State      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 302,000 269,100  
Foreign      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 53,600 $ 50,000  
Foreign | Cardlytics UK      
Operating Loss Carryforwards [Line Items]      
Cash and cash equivalents $ 5,000    
v3.25.4
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 3,550 $ 2,925 $ 1,606
Increase related to current year tax position 373 625 1,319
Ending balance $ 3,923 $ 3,550 $ 2,925
v3.25.4
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 26, 2024
Jan. 25, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]          
Goodwill impairment $ 49,124 $ 117,773 $ 70,518    
Contingent Consideration Classified as Equity, Fair Value [Roll Forward]          
Beginning balance 0 43,560      
Decrease due to earnout settlement 0 (45,114)      
Change in contingent consideration 0 5,817      
Reclassification due to remaining payments being fixed per Settlement Agreement 0 (4,263)      
Ending balance 0 0 $ 43,560    
First Anniversary, Annualized Recurring Revenue, cash paid $ 50,100       $ 25,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares delivered 2,740,418     3,600,000 3,600,000
Settlement Agreement, Annualized Recurring Revenue, Cash Paid       $ 20,000 $ 25,000
Tranche One          
Contingent Consideration Classified as Equity, Fair Value [Roll Forward]          
Settlement Agreement, Annualized Recurring Revenue, Cash Paid         3,000
Tranche Two          
Contingent Consideration Classified as Equity, Fair Value [Roll Forward]          
Settlement Agreement, Annualized Recurring Revenue, Cash Paid         $ 2,000
Fair Value, Recurring          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Money Market Funds, at Carrying Value $ 26,238        
Cash and Cash Equivalents, Fair Value Disclosure 26,238        
Business Combination, Contingent Consideration, Liability, Current   32,332      
Business Combination, Contingent Consideration, Liability, Noncurrent   13,450      
Financial and Nonfinancial Liabilities, Fair Value Disclosure   45,782      
Level 1 | Fair Value, Recurring          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Money Market Funds, at Carrying Value 26,238        
Cash and Cash Equivalents, Fair Value Disclosure 26,238        
Business Combination, Contingent Consideration, Liability, Current   32,332      
Business Combination, Contingent Consideration, Liability, Noncurrent   13,450      
Financial and Nonfinancial Liabilities, Fair Value Disclosure   45,782      
Level 2 | Fair Value, Recurring          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Money Market Funds, at Carrying Value 0        
Cash and Cash Equivalents, Fair Value Disclosure 0        
Business Combination, Contingent Consideration, Liability, Current   0      
Business Combination, Contingent Consideration, Liability, Noncurrent   0      
Financial and Nonfinancial Liabilities, Fair Value Disclosure   0      
Level 3 | Fair Value, Recurring          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Money Market Funds, at Carrying Value 0        
Cash and Cash Equivalents, Fair Value Disclosure $ 0        
Business Combination, Contingent Consideration, Liability, Current   0      
Business Combination, Contingent Consideration, Liability, Noncurrent   0      
Financial and Nonfinancial Liabilities, Fair Value Disclosure   $ 0      
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 28, 2023
Sep. 30, 2025
Jan. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Apr. 01, 2024
Jan. 26, 2024
Jan. 25, 2024
Loss Contingencies [Line Items]                
Debt instrument, face amount       $ 230,000        
Debt Instrument, Interest Rate, Stated Percentage       1.00%        
Accrued expenses       $ 7,725 $ 7,175      
First Anniversary, Annualized Recurring Revenue $ 23,200              
First Anniversary, Annualized Recurring Revenue, cash paid       $ 50,100       $ 25,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares delivered       2,740,418     3,600,000 3,600,000
Cloud Hosting Agreement                
Loss Contingencies [Line Items]                
Guaranteed aggregate spend, next 36 months     $ 17,000          
Long-Term Purchase Commitment, Payments       $ 16,200        
Accrued expenses       800        
Convertible Senior Notes 2024 | Convertible Debt                
Loss Contingencies [Line Items]                
Debt instrument, face amount           $ 172,500    
Debt Instrument, Interest Rate, Stated Percentage           4.25%    
2020 Convertible Senior Notes                
Loss Contingencies [Line Items]                
Debt instrument, face amount       $ 230,000        
Debt Instrument, Interest Rate, Stated Percentage       1.00%        
2020 Convertible Senior Notes | Convertible Debt                
Loss Contingencies [Line Items]                
Repayments of Convertible Debt   $ 46,100            
v3.25.4
EARNINGS PER SHARE (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 39 52 84
2020 Convertible Senior Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0 541 2,701
2024 Convertible Senior Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 9,573 9,573 0
Restricted Stock Units (RSUs) [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 7,786 4,507 5,491
Employee Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 148 150 65
v3.25.4
SEGMENTS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments 3    
Number of reportable segments 2    
United Kingdom and India      
Segment Reporting Information [Line Items]      
Segment, Expenditure, Addition to Long-Lived Assets | $ $ 0.1 $ 0.1 $ 0.2
v3.25.4
SEGMENTS - Revenue by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 233,273 $ 278,298 $ 309,204
Adjusted Contribution 130,324 150,537 158,626
Cardlytics Direct      
Segment Reporting Information [Line Items]      
Revenues 212,326 255,615 285,425
Plus: FI Share and other third-party costs 97,278 122,370 144,502
Other Expenses 3,816 4,171 5,405
Adjusted Contribution 111,232 129,074 135,518
Bridg Acquisition      
Segment Reporting Information [Line Items]      
Revenues 20,947 22,683 23,779
Plus: FI Share and other third-party costs 0 0 0
Other Expenses 1,855 1,220 671
Adjusted Contribution $ 19,092 $ 21,463 $ 23,108
v3.25.4
SEGMENTS - Adjusted Contribution Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Adjusted Contribution $ 130,324 $ 150,537 $ 158,626
Delivery costs 25,711 29,643 28,248
Sales and marketing expense 39,478 52,649 57,425
Research and development expense 39,765 49,607 51,352
General and administrative expense 47,267 56,482 58,810
Change in contingent consideration 102 210 1,246
Impairment of goodwill and intangible assets 58,843 131,595 70,518
Acquisition, integration and divestiture costs (benefits) 561 161 (6,313)
Gain (Loss) on Disposition of Business (4,831) 0 6,550
Depreciation and amortization expense 25,244 25,689 26,460
Total non-operating (income) expense(1) 1,672 (6,195) (968)
Loss before income taxes $ (103,488) $ (189,304) $ (134,702)
v3.25.4
SEGMENTS - Geographical Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 233,273 $ 278,298 $ 309,204
Property and equipment 2,025 2,596  
United States      
Segment Reporting Information [Line Items]      
Revenues 202,974 254,081 291,420
Property and equipment 1,966 2,530  
United Kingdom      
Segment Reporting Information [Line Items]      
Revenues 30,299 24,217 $ 17,784
Property and equipment $ 59 $ 66  
v3.25.4
SEGMENTS - Concentration of Risk (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue Benchmark | Geographic Concentration Risk | United States      
Concentration Risk [Line Items]      
Concentration risk 94.00% 92.00% 87.00%
Revenue Benchmark | Customer Concentration Risk | Top Five Marketers      
Concentration Risk [Line Items]      
Concentration risk 20.00% 16.00% 15.00%
Accounts Receivable Benchmark | Customer Concentration Risk | Top Five Marketers      
Concentration Risk [Line Items]      
Concentration risk 30.00% 17.00%  
Partner Share Benchmark | Partner Concentration | Top Three Partners      
Concentration Risk [Line Items]      
Concentration risk 80.00% 85.00% 85.00%
Partner Share Benchmark | Partner Concentration | Top Partner      
Concentration Risk [Line Items]      
Concentration risk 15.00% 50.00% 50.00%
Partner Share Benchmark | Partner Concentration | Second Largest Partner      
Concentration Risk [Line Items]      
Concentration risk 15.00% 10.00% 10.00%
Partner Share Benchmark | Partner Concentration | Third Largest Partner      
Concentration Risk [Line Items]      
Concentration risk 15.00% 10.00% 10.00%
v3.25.4
SUBSEQUENT EVENTS (Details) - Subsequent Event - Bridg Platform
Jan. 23, 2026
USD ($)
Subsequent Event [Line Items]  
Calculation of shares to be received under Purchase Agreement, base amount $ 27,500,000
Calculation of shares to be received under Purchase Agreement, maximum amount $ 30,000,000