Cardlytics Inc 2025年度报告

FORM 10-K 区ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 For thefiscal year ended December31, 2025OR TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934For the transition period fromtoCommission File Number: 001-38386 cardlytics CARDLYTICS, INC. (Exact Name of Registrant as Specified in its Charter) Indicate by check mark iftheregistrant is not required tofilereports pursuant to Section 13 or15(d) ofthe Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to befiled by Section 13 orI5(d) ofthe Securities Exchange Act of1934 during thepreceding 12 months (orfor such shorter period that theregistrant was required tofilesuch reports), and (2) has been subject to suchfiling requirements for the past 90 Indicatebycheckmarkwhethertheregistranthas submittedelectronically everyInteractiveDataFilerequiredtobesubmitedpursuanttoRule405ofRegulationS-T(232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit such files).Yes区No Indcatbychckmarkwhethrthergistrant isalargaceeratedfer,anacceleratedfleranonacceleratedfiler,mallerrportingompanyoranmerginggrowhcompany. See the definitions of"large accelerated filer,""accelerated filer,""smaller reporting company,"and"emerging growth company"in Rule 12b-2ofthe Exchange If an emerginggrowth company, indicate by check mark iftheregistrant has elected not to usetheextended transition periodforcomplying with any neworrevisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Ifsecuritiesareregistered pursuant toSection2(b)othe Act, indicatebycheckmark whetherthefinancialstatementsoftheregistrantincluded inthefilingrelectthecorrection ofan error to previously issued financial statements. Indicatebycheckmarkwhetherany ofthoseerrorcorections arerestatements that requiredarecoveryanalysisofincentive-basedcompensationreceived by anyoftheregistrant's executive officers during the relevant recovery period pursuant to s240.10D-1(b). Indicate by checkmark whether the registrant is a shellcompany (as defined in Rule12b-2oftheExchange Act).YesNoAsofJun325tlastbusinssdaythrgisrant'smotrecentyompledsondfisalquarerthaggregatemarkaluthotingstockhedbyaffiliates ofthe registrant was S85.8million based upon the closing sale price ofour common stock on thatdate. Portions oftheregistrant'sdefinitive proxy statement, tobefiled pursuant toRegulation4Aunderthe Securities ExchangeActof1934,foris 2026AnualMeetingofStockholders are incorporated by reference in Part II ofthe Form 10K. Such definitive proxy statement will be filed with the Securities and Exchange Commission within120 days of the registrant's fiscal year ended December 31, 2025. CARDLYTICS, INC.ANNUALREPORTONFORM10-KTABLE OF CONTENTS PagePARTL4Item 1.Business4Item1A.RiskFactors11Item 1B.Unresolved Staff Comments38Item1C.Cybersecurity39Item 2.Properties40Item3.Legal Proceedings40Item 4.Mine Safety Disclosures41PARTIL.42Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of42Equity SecuritiesItem6.[Reserved]42Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations42Item7A.Quantitative and QualitativeDisclosures about MarketRisk62Item 8.Financial Statements and Supplementary Data64Item9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure110Item 9A.Controls and Procedures110Item9B.OtherInformation111Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsPARTIL.112Item 10.Directors,Executive Officers and Corporate Govermance112Item 11.ExecutiveCompensation112Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder112MattersItem13.Certain Relationships and Related Transactions,and Director Independence112Item 14.Principal Accounting Fees and Services112PARTIV.112Item 15.Exhibits. Financial Statement Schedules113Item16.Form 10-K Summary117Signatures117 SPECIALNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS ThisAnnual ReportonForm10-K("Annual Report")contains"forward-looking statements"withinthemeaning of Section27Aof the Securities Act of1933,as amended ("Securities Act"),and Section 21Eofthe Securities Exchange Act of1934,as amendedfuture revenues,projected costs,prospects,plans and objectives of management.Forward-looking statements include any statementthat does not directly relate to a current or historical fact. In some cases,you can identify forward-looking statements by the words"project,""potential,""should,""will," or"would," or the negative of these terms, or other comparable terminology intended to identifystatements about thefuture,These statements involveknown and unknownrisks, uncertainties and otherfactors that maycause ouractualresults,levelsofactivity,performanceorachievementstobemateriallydifferentfromtheinformationexpressedor impliedbytheseforward-looking statements.T