Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 120

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 120
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 30, 2024, driven primarily by reduced client spend on D2C ad products.

Cost of revenue

Three months ended September 30,Change20252024$%(in thousands, except percentages)Cost of revenue$17,142 $12,172 $4,970 41 %

Cost of revenue increased $5.0 million, or 41%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due primarily to the addition of third-party publishers.

38

Sales and marketing

Three months ended September 30,Change20252024$%(in thousands, except percentages)Sales and marketing$26,629 $27,761 $(1,132)(4)%

Sales and marketing decreased $1.1 million, or 4%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to decreases of $1.0 million in self-funded user awards and $0.6 million in media spend, partially offset by an increase of $0.5 million in personnel-related costs. The decreases in self-funded user awards and media spend were driven by shifts in marketing strategy. The increase in personnel-related costs was driven primarily by $0.4 million of restructuring charges.

Research and development

Three months ended September 30,Change20252024$%(in thousands, except percentages)Research and development$14,022 $16,285 $(2,263)(14)%

Research and development decreased $2.3 million, or 14%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to decreases of $1.9 million in personnel-related costs and $0.3 million in software licensing costs. The decrease in personnel-related costs was related primarily to higher capitalization of personnel costs due to increased investment in our platform and infrastructure and a decrease in average headcount.

General and administrative

Three months ended September 30,Change20252024$%(in thousands, except percentages)General and administrative$22,465 $20,631 $1,834 9 %

General and administrative increased $1.8 million, or 9%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to increases of $2.0 million