Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 100

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 100
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 Program. 

9. Revenue

Disaggregation of RevenueThe Company’s disaggregated revenue by type of service is as follows (in thousands):Three months ended September 30,Nine months ended September 30,2025202420252024Redemption revenue$72,081 $84,485 $218,688 $226,425 Ad & other revenue11,179 14,136 35,175 42,449 Total revenue$83,260 $98,621 $253,863 $268,874 Deferred RevenueDeferred revenue, a contract liability, consists of fees and cash back offers collected from clients that will be applied to future campaigns. Deferred revenue is expected to be recognized as consumers redeem offers over the term of the campaigns, net of the cash back offer, which generally occurs within 12 months. Deferred revenue was $4.7 million and $5.0 million as of September 30, 2025 and December 31, 2024, respectively. Revenue recognized from deferred revenue at the beginning of the year is as follows (in thousands):Three months ended September 30,Nine months ended September 30,2025202420252024Revenue recognized$618 $27 $4,133 $1,687 

10. Stock-Based Compensation 

Stock-Based Compensation ExpenseThe Company’s stock-based compensation expense is recorded as follows (in thousands):Three months ended September 30,Nine months ended September 30,2025202420252024Cost of revenue$622 $476 $1,904 $999 Sales and marketing(1)4,133 4,347 14,135 34,777 Research and development2,381 2,447 8,028 7,036 General and administrative5,486 6,405 15,949 20,525 Total stock-based compensation expense$12,622 $13,675 $40,016 $63,337 _______________(1)Sales and marketing includes common stock warrant expense of $2.3 million and $2.2 million recognized during the three months ended September 30, 2025 and 2024, respectively, and $6.6 million and $27.1 million recognized during the nine months ended September 30, 2025 and 2024, respectively. See Note 8 – Stockholders’ Equity. 

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