The company's financial position is increasingly fragile, characterized by a negative equity balance of -$4.0M and a substantial debt load of $210.0M as of 2026Q1.
Cardlytics, Inc. (CDLX) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Total Current Assets | 96.47M | 137.28M | 177.98M | 223.93M | 250.04M | 358.73M | 385.59M | 195.73M | 124.37M | 74.63M | 68.32M | 68.08M |
| Cash & Short-Term Investments | 29.95M | 48.72M | 65.59M | 91.83M | 121.91M | 233.47M | 293.24M | 104.46M | 39.62M | 21.26M | 22.84M | 27.32M |
| Cash Only | 29.95M | 48.72M | 65.59M | 91.83M | 121.91M | 233.47M | 293.24M | 104.46M | 39.62M | 21.26M | 22.84M | 27.32M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 62.37M | 85.26M | 107.05M | 126M | 120.08M | 117.18M | 86.56M | 85.36M | 60.54M | 51.25M | 43.82M | 39.13M |
| Days Sales Outstanding | 161.72 | 133.4 | 140.4 | 148.74 | 146.81 | 160.12 | 169.04 | 148.06 | 146.65 | 143.48 | 141.75 | 183.95 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.25M | 0 | 130K | 286K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 76.98 | - | 0.66 | 1.99 |
| Other Current Assets | 4.16M | 3.3M | 5.34M | 6.1M | 8.06M | 95K | 110K | 129K | 20.25M | 2.12M | 130K | 286K |
| Total Non-Current Assets | 132.04M | 148.36M | 214.73M | 350.22M | 441.19M | 905.07M | 36.95M | 28.58M | 29.39M | 26.13M | 18.54M | 14.21M |
| Property, Plant & Equipment | 5.26M | 6.97M | 8.94M | 10.63M | 12.49M | 21.47M | 24.63M | 14.29M | 10.23M | 7.32M | 8.35M | 9.55M |
| Fixed Asset Turnover | 26.59x | 33.46x | 31.14x | 29.08x | 23.91x | 12.44x | 7.59x | 14.73x | 14.73x | 17.81x | 13.52x | 8.13x |
| Goodwill | 110.31M | 110.31M | 159.43M | 277.2M | 352.72M | 742.52M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 5.55M | 11.37M | 59.65M | 73.4M | 138.68M | 6.75M | 4.2M | 2M | 961K | 476K | 1.09M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 16.47M | 25.53M | 34.99M | 2.73M | 2.59M | 2.41M | 5.57M | 10.09M | 17.17M | 17.85M | 9.71M | 3.56M |
| Total Assets | 228.51M | 285.64M | 392.71M | 574.14M | 691.24M | 1.26B | 422.54M | 224.31M | 153.76M | 100.76M | 86.86M | 82.29M |
| Asset Turnover | 0.63x | 0.82x | 0.71x | 0.54x | 0.43x | 0.21x | 0.44x | 0.94x | 0.98x | 1.29x | 1.30x | 0.94x |
| Asset Growth % | -112.7% | -27.26% | -31.6% | -16.94% | -45.3% | 199.1% | 88.37% | 45.88% | 52.61% | 16% | 5.55% | - |
| Total Current Liabilities | 53.04M | 78.39M | 148.96M | 171.15M | 248.94M | 327.35M | 81.27M | 78.4M | 51.92M | 42.14M | 39.6M | 67.26M |
| Accounts Payable | 2.86M | 3.36M | 3.69M | 4.42M | 3.77M | 4.62M | 1.36M | 1.23M | 2.1M | 1.55M | 2.37M | 4.38M |
| Days Payables Outstanding | 13.99 | 9.57 | 8.55 | 9.03 | 7.39 | 10.29 | 4.02 | 3.42 | 7.98 | 7.07 | 11.94 | 30.43 |
| Short-Term Debt | 1.3M | 0 | 45.86M | 10K | 0 | 0 | 0 | 0 | 21K | 0 | 0 | 22.03M |
| Deferred Revenue (Current) | 9.57M | 2.59M | 2.15M | 2.4M | 1.75M | 3.28M | 349K | 1.13M | 346K | 132K | 638K | 566K |
| Other Current Liabilities | 49.68M | 6.11M | 10.06M | 150.52M | 114.61M | 194.61M | 7.58M | 8.19M | 43.52M | 4.64M | 23.75M | 21.33M |
| Current Ratio | 1.82x | 1.75x | 1.19x | 1.31x | 1.00x | 1.10x | 4.74x | 2.50x | 2.40x | 1.77x | 1.73x | 1.01x |
| Quick Ratio | 1.82x | 1.75x | 1.19x | 1.31x | 1.00x | 1.10x | 4.74x | 2.50x | 2.01x | 1.77x | 1.72x | 1.01x |
| Cash Conversion Cycle | 147.73 | - | - | - | - | - | - | - | 215.65 | - | 130.47 | 155.51 |
| Total Non-Current Liabilities | 198.5M | 213.76M | 173.76M | 268.2M | 230.69M | 245.75M | 184.07M | 2.65M | 49.87M | 267.31M | 264.09M | 177.19M |
| Long-Term Debt | 198.5M | 208.92M | 167.73M | 257.58M | 226.05M | 184.4M | 174.01M | 0 | 46.69M | 56.91M | 111.7M | 9.82M |
| Capital Lease Obligations | 13.18M | 4.79M | 6.03M | 6.39M | 4.31M | 6.8M | 9.38M | 13K | 37K | 57K | 101K | 64K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 4.16M | 0 | 54.38M | 679K | 2.63M | 3.14M | 210.34M | 152.29M | 167.31M |
| Total Liabilities | 251.54M | 292.15M | 322.72M | 439.35M | 479.63M | 573.1M | 265.35M | 81.05M | 101.79M | 309.44M | 303.69M | 244.45M |
| Total Debt | 199.81M | 215.31M | 221.65M | 266.11M | 235.26M | 197.23M | 188.11M | 37K | 46.71M | 57.01M | 111.9M | 32.26M |
| Net Debt | 169.86M | 166.59M | 156.06M | 174.28M | 113.36M | -36.24M | -105.13M | -104.42M | 7.09M | 35.75M | 89.06M | 4.94M |
| Debt / Equity | -8.68x | - | 3.17x | 1.97x | 1.11x | 0.29x | 1.20x | 0.00x | 0.90x | - | - | - |
| Debt / EBITDA | -37.22x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -31.64x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -3.94x | -8.74x | -20.26x | -20.79x | -116.21x | -9.63x | -15.02x | -12.05x | -15.25x | -1.37x | -4.92x | -26.71x |
| Total Equity | -23.02M | -6.51M | 69.99M | 134.8M | 211.6M | 690.7M | 157.19M | 143.27M | 51.98M | -208.69M | -216.84M | -162.16M |
| Equity Growth % | -732.26% | -109.3% | -48.08% | -36.3% | -69.36% | 339.4% | 9.72% | 175.65% | 124.91% | 3.76% | -33.72% | - |
| Book Value per Share | -3.90 | -1.23 | 14.47 | 36.94 | 63.32 | 214.49 | 57.76 | 60.33 | 27.27 | -106.91 | -154.58 | -758.38 |
| Total Shareholders' Equity | -23.02M | -6.51M | 69.99M | 134.8M | 211.6M | 690.7M | 157.19M | 143.27M | 51.98M | -208.69M | -216.84M | -162.16M |
| Common Stock | 1K | 10K | 10K | 9K | 9K | 9K | 8K | 8K | 7K | 0 | 1K | 1K |
| Retained Earnings | -1.43B | -1.4B | -1.3B | -1.11B | -976.57M | -522.62M | -394.05M | -338.63M | -321.49M | -268.44M | -248.8M | -173.11M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -988K | -2M | 3.6M | 2.47M | 5.6M | 486K | -192K | 1.31M | 1.99M | 1.07M | 2.1M | 583K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CDLX stock.
As of 2025, Cardlytics, Inc. (CDLX) had total assets of $285.6M including $137.3M in current assets.
Cardlytics, Inc. (CDLX) carries total debt of $215.3M, offset by $48.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cardlytics, Inc. (CDLX) has total shareholders' equity (book value) of $-6.5M ($-1.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cardlytics, Inc. (CDLX) reported a current ratio of 1.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity exhaustion and insolvency
Metrics are mathematically derived from official filings.
Eroding Equity Base Signals Distress
As reported in recent financial statements, the company's equity position has deteriorated into negative territory, falling to -$4.0M in 2026Q1 from a peak of $210.0M in 2024Q2, which underscores a rapid depletion of shareholder value driven by persistent net losses and ongoing operational cash burn.
The shift to negative equity suggests that the company's accumulated losses have now fully offset its capital base, raising significant questions regarding long-term solvency. Investors should monitor whether this trajectory necessitates further dilutive financing or restructuring to stabilize the balance sheet.
Cash Runway Nearing Critical Thresholds
Based on the company's reported figures, cash reserves have declined to $35.7M in 2026Q1, down from $97.8M in 2024Q1, indicating a tightening liquidity buffer that may struggle to support ongoing operations if the current rate of cash consumption persists without a meaningful improvement in revenue.
While the current ratio of 2.17 appears superficially healthy, the absolute decline in cash balances relative to the company's high fixed-cost structure warrants caution. The narrowing gap between available liquidity and operational requirements suggests that the firm may face increasing pressure to secure external funding in the near term.
Intangible Asset Concentration Risks Valuation
According to recent SEC filings, goodwill remains a significant component of the asset base at $110.3M, representing a substantial portion of the $263.9M total assets, which implies that the company's book value is highly sensitive to potential impairment charges if business performance continues to decline.
The heavy reliance on intangible assets, largely stemming from past acquisitions, suggests that the balance sheet may be overstating the tangible value of the firm. If the core platform fails to regain growth momentum, the risk of a material goodwill write-down could further impair the already fragile equity position.
Hidden Leverage Through Debt Obligations
As evidenced by the company's balance sheet data, total debt remains elevated at $210.0M as of 2026Q1, a figure that dwarfs the company's cash position and highlights a precarious leverage profile that limits financial flexibility during this period of sustained revenue contraction.
The presence of significant debt in the absence of positive free cash flow creates a structural vulnerability that could restrict the company's ability to pivot its strategy. Investors should consider the potential for debt covenants to be triggered if operating performance does not align with the expectations of creditors.