BeyondSPX_research

Thanks for the additional context on the GS1 Digitalink ecosystem and the partnership network!

The current price seems to discount worst-case scenarios around the FI partner restrictions. While Q3 guidance shows substantial billings pressure (down 15-22% YoY), the company is still targeting breakeven EBITDA and achieving record contribution margins in the mid-to-high 50s. The diversification initiatives are showing early promise - the Cardlytics Rewards Platform successfully onboarded its first non-bank partner, and CPG pilot results demonstrate meaningful engagement improvements. Near-term, I'd expect the stock to trade in a $1-2 range as the market evaluates execution on the strategic pivot. The key inflection points are reducing concentration risk from large FI partners and scaling new revenue streams through CRP and enhanced Bridg integration. Their unique access to $6 trillion in annual spend data remains a differentiated asset in the growing retail media landscape. For a potential acquisition, strategic buyers would likely value the company at a significant premium to current levels, possibly $3-5 per share, given the difficulty of replicating their financial data partnerships and card-linked offer capabilities. Companies like The Trade Desk or LiveRamp could find synergistic value in the data assets and established bank relationships.